Press Release
VIS Assigns Initial Fund Stability Rating to Faysal Islamic Mehdood Muddat Plan-XXIII
Karachi, July 08, 2026: VIS Credit Rating Company Limited (VIS) has assigned the initial Fund Stability Rating (FSR) of ‘AA+ (f)’ (Double A Plus (f)) to Faysal Islamic Mehdood Muddat Plan-XXIII (‘FIMMP-XXIII’ or ‘the Plan’). The medium to long-term rating of ‘AA+ (f)’ denotes high degree of stability in Net Assets Value. Risk is modest but may vary slightly from time to time because of changing economic conditions.
Launched on June 11, 2026, with a tenor of one month, the Plan remains in its initial stage and had already attracted an AUM of Rs. 45,441m as of launch date. The offering document permits investments in Shariah-compliant Government Securities, Certificates of Musharakah, Certificates of Deposit, Shariah-compliant TDRs, and cash balances. The rating reflects the Plan’s sound credit quality, supported by its mandate to maintain exposures in AA-rated and above instruments. Adherence to the asset allocation and credit quality parameters outlined in the offering document will remain important for the rating. While market risk is expected to remain limited given its short duration and liquid profile, the early stage of the Plan underscores the importance of portfolio buildup. Plans performance will be tracked against benchmark returns and peer funds as it develops further.
For further information on this ratings announcement, please contact at 021-35311861-64 or email at info@vis.com.pk
Applicable Rating Criteria: Fund Stability Ratings
https://docs.vis.com.pk/Methodologies-2025/FSR-Methodology-Jan-2025.pdf
VIS Issue/Issuer Rating Scale
https://docs.vis.com.pk/docs/VISRatingScales.pdf