Press Release

VIS Reaffirms Fund Stability Rating of Al Ameen Islamic Sovereign Fund

Karachi, January 09, 2025: VIS Credit Ratings Company Ltd. (VIS) has reaffirmed Fund Stability Rating (FSR) at ‘AA(f)’ (Double A (f)). The medium to long-term fund rating of ‘AA’ denotes high degree of stability in Net Asset Value. Risk is modest but may vary slightly from time to time because of changing economic conditions. The previous rating action was announced on December 29 2023.

Launched in November 2010, Al Ameen Islamic Sovereign Fund (AISF) is an open-end income fund, managed by UBL Fund Managers Limited. The objective of the scheme is to generate a competitive return with minimum risk, by investing primarily in Shariah Compliant Government Securities.

During FY24, the Fund's Assets Under Management (AUM) surged by ~191% to Rs. 6.3 billion, with the portfolio primarily allocated to GoP Ijara (48%), Pakistan Energy Sukuk (28%), and Cash (19%), adhering to offering document guidelines. Credit quality remained strong, with ~85% of investments in Govt Securities/AAA-rated assets, the remainder in AA rated securities, and minimal exposure to AA-.

The weighted average time to maturity (WAM) has remained within the defined benchmark outlined in the offering document. Liquidity profile of the Fund is considered sound given the quantum of liquid assets relative to its total assets. The Fund’s clientele was dominantly composed of retail investors followed by remaining portion held by corporate investors. In terms of the performance, the Fund’s annualized return underperformed its benchmark rate.

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/docs/FundstabilityRating.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 2025 VIS Credit Rating Company Limited . All rights reserved. Contents may be used by news media with credit to VIS .