Press Release

VIS Reaffirms Fund Stability Rating of HBL Islamic Money Market Fund

Karachi, March 03, 2025: VIS Credit Rating Company Limited (VIS) has reaffirmed the Fund Stability Rating (FSR) of HBL Islamic Money Market Fund (HBL-IMMF) at ‘AA+ (f)’ (Double A plus (f)). The medium to long-term rating of ‘AA+ (f)’ 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. Previous rating action was announced on January 02, 2024.

Launched in May 10, 2011, HBL IMMF is an open-end fund which offers high liquidity, competitive return by investment in low risk Shariah Compliant securities.

Assigned rating takes into account the Fund’s asset allocation, which aligns with the parameters outlined in the offering document. The majority of investments were allocated to placements with banks and DFIs, followed by investments in GOP Ijarah Sukuk and TFCs/Sukuks. Assigned rating also incorporates the credit quality of the Fund, which was primarily maintained in AA and above-rated credit exposures, with the largest allocation to Government Securities/AAA rated assets, though a minor deviation occurred in one month, underscoring the importance of future adherence to rating benchmarks. Weighted average time to maturity (WAM) of the Fund has remained within the defined threshold stated in the offering document. Liquidity Profile of the Fund is supported by higher proportion of liquid assets.

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 .