Press Release
VIS Assigns Initial Fund Stability Rating to HBL Islamic Saving Fund Plan I
Karachi, August 18, 2026: VIS Credit Rating Company Limited (VIS) has assigned the initial Fund Stability Rating (FSR) of ‘AA (f)’ (Double A Plus (f)) to HBL Islamic Savings Fund Plan I (‘HBL-ISAVFP-I’ 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.
The plan was launched in March 2024 and the duration of the plan is perpetual. AUM's as of June 2026 were recorded at Rs. 35,040m. The Plan's asset allocation remained consistent with the investment parameters prescribed in the Offering Document. On an average basis during FY26, the portfolio was primarily invested in placements with Shariah-compliant banks and DFIs, followed by cash balances, while the remaining allocation comprised Sukuk instruments and government backed securities. The Plan's investment policy mandates investing in instruments with a minimum long-term of ‘AA’ and short-term rating of ‘A1’. The fund’s investments have primarily been concentrated in AAA rated instruments, followed by investments in AA+ rated instruments. The plan’s liquidity profile is considered adequate, with majority of the portfolio invested in liquid assets on average. Going forward, adherence to the asset allocation and credit quality parameters outlined in the offering document will remain important for the rating
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