Press Release

VIS Reaffirms Fund Stability Rating of Al -Ameen Islamic Cash Fund

Karachi, January 13, 2022: VIS Credit Rating Company Limited (VIS) has reaffirmed the Fund Stability Rating (FSR) of Al-Ameen Islamic Cash Fund (AICF) at ‘AA+ (f)’ (Double A Plus (f)). Previous rating action was announced on January 6, 2021.

AICF is a Shariah Compliant fund aimed at providing high liquidity and competitive returns while seeking maximum possible preservation of capital by investing in low risk and liquid Shariah Compliant instruments. Net assets of the funds decreased to Rs. 5.8B at end-Jun’21 from Rs. 8.1b at end of FY20. However, net assets increased to Rs. 7.1b in Dec’21. As per Investment Policy Statement (IPS), Weighted Average Maturity (WAM) is capped at 90 days while exposures can only be taken in ‘AA’ and above rated investment avenues.

The fund complied with the credit quality requisites for the assigned ratings. Around 88.7% of the fund’s net assets is concentrated in cash and bank placements. WAM also remained compliant within the specified limit as per assigned ratings. The fund continued to outperformed vis-à-vis its benchmark return rate as well as peer average. However, relative ranking remains in the third quartile which post year end depicts improvement. Around three-fifth of the fund base is provided by retail investors while top-10 investors’ concentration is considered moderate.

For further information on this rating announcement, please contact Ms. Sara Ahmed (Ext: 207) or the undersigned (Ext: 204) at 35311861-70 or email at

Faryal Ahmad Faheem
Deputy CEO

Applicable rating criteria: Fund Stability Ratings (December 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 2022 VIS Credit Rating Company Limited . All rights reserved. Contents may be used by news media with credit to VIS .

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