Press Release

VIS Assigns Initial Fund Stability Rating to Meezan Munafa Plan I

Karachi, September 15, 2026: VIS Credit Rating Company Limited (VIS) has assigned the initial Fund Stability Rating (FSR) of ‘AA (f)’ (Double A (f)) to Meezan Munafa Plan I (‘MMP-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 August 2023 and will mature in December 2026. AUM's as of June 2026 were recorded at Rs. 71,433m. 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 (~47%), followed by cash balances (~38%), while the remaining allocation comprised Sukuk instruments (~10%) and government-backed securities (~3%). The Plan's investment policy mandates investing in instruments with a minimum long-term of ‘A+’. The plan’s investments have primarily been concentrated in AA band rating accounting for about 49% on average, while 41% were invested in AAA rated instruments and remaining in A+. The assigned rating is sensitive to the plan maintaining a short modified duration and a shift in the portfolio allocation towards short maturity government instruments. The Plan maintains a strong liquidity profile, with approximately 87% of its portfolio invested in liquid assets on average. The Plan’s AUM is predominantly held by retail investors, who accounted for approximately 79% of net assets as of July 2026. Moreover, the top ten investors represented approximately 17% of the Plan’s AUM as of July 2026, reflecting a well-diversified investor base. During FY26, the plan yielded an annualized return of 9.94%, outperforming the peer average of 8.9%, placing the plan in the first quartile. 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-2026/FSR-Methodology-2026.pdf
VIS Issue/Issuer Rating Scale
https://docs.vis.com.pk/docs/VISRatingScales.pdf

Information herein was obtained from sources believed to be accurate and reliable; however, VIS Credit Rating Company Limited (VIS) does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. VIS, the analysts involved in the rating process and members of its rating committee do not have any conflict of interest relating to the rating(s)/ranking(s) mentioned in this report. VIS is paid a fee for most rating assignments. This rating/ranking is an opinion and is not a recommendation to buy or sell any securities. Copyright September 15, 2026 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.