Press Release

VIS Reaffirms Fund Stability Rating of Meezan Daily Income Fund

Karachi, December 27, 2023: VIS Credit Rating Company Limited (VIS) has reaffirmed Fund Stability Ratings (FSR) of Meezan Daily Income Fund Amdani Fund (MDIF) at ‘A+(f)’ (A Plus (f)). Medium to long-term entity rating of ‘A+’ reflects Moderate degree of stability in Net Asset Value; Risk factors may vary with possible changes in the economy. Previous rating action was announced on January 19, 2023.

Launched in September 2021, Meezan Daily Income Plan-I (MDIP-I) is an Asset Allocation Plan under the Meezan Daily Income Fund (MDIF) scheme which is a Shariah compliant open end Income Scheme. The objective of the plan is to provide investors with a competitive rate of return, together with daily payout, through investment in Shariah Compliant Fixed Income Instruments.

The fund’s size notably increased to Rs. 90.8b (June’22: Rs. 30.4b) as at Jun’23. The fund’s asset allocation comprises of cash (59.2%), placements with banks and DFIs (17.7%), sukuk and commercial papers (10.7%), bai muajjal placement (5.2%), placement with NBFC and modarabas (4.1%) and government guarantees (1.2%). In order to cater to its mandate, the fund has complied to invest in instruments that have a minimum credit quality rating of ‘A+’ or higher during the year.

As per the offering document, the duration of the fund remained within specified limit. Since the net AUMs of the fund is dominated by retail investors, top 10 investor concentration remain on the lower side. The Fund returns have noticeably outperformed the benchmark rates and peer average as of June’23. Relative to its peers, the fund’s ranking maintained its position in the first quartile.

For further information on this rating announcement, please contact Mr. M. Amin Hamdani (Ext: 217) or the undersigned (Ext: 201) at (021) 35311861-4 or email at info@vis.com.pk.






Javed Callea
Advisor

Applicable Rating Criteria: Fund Stability
https://docs.vis.com.pk/docs/FundstabilityRating.pdf

VIS Issue/Issuer Rating Scale
https://docs.vis.com.pk/docs/VISRatingScales.pdf

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