Press Release

VIS Reaffirms Fund Stability Rating of Meezan Islamic Income Fund

Karachi, December 27, 2021: VIS Credit Rating Company Ltd. (VIS) has reaffirmed the Fund Stability Rating (FSR) of Meezan Islamic Income Fund (MIIF) at ‘A+ (f)’ (Single A Plus (f)). The previous rating action was announced on January 12, 2021.

Meezan Islamic Income Fund (MIIF) is a Shariah compliant open-end fund which aims to provide its investors with comparable returns by investing in a diversified pool of debt instruments, bank deposits and other approved investment avenues subject to the necessary condition of capital preservation. As at end-October’21, assets under management (net FoF) of the fund witnessed an increase and were reported at Rs. 30.7b (FY21: Rs. 26.8b; FY20: Rs. 26.7b).

In line with updated investment policy guidelines, MIIF has remained compliant with requirement of limiting its exposure to ‘A’ rated and above exposures. On an average, the fund parked its exposure in cash, government securities and Bai Muajjal placements. Modified duration remained within the limit of 365 days. The fund has remained compliant with maintaining minimum 25% of net assets as cash and cash equivalents. Liquidity profile remains adequate while fund performance depicts improvement in FY21. Maintenance of credit quality and fund performance will be important for assigned level of ratings, going forward.

For further information on this rating announcement, please contact Ms. Asfia Aziz or the undersigned (Ext: 306) at (021) 35311861-66 or email at

Faryal Ahmed Faheem
Deputy CEO

Applicable Rating Criteria: Fund Stability Ratings (Dec 2020)

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 2021 VIS Credit Rating Company Limited . All rights reserved. Contents may be used by news media with credit to VIS .

VIS Credit Rating Company Limited