Press Release

JCR-VIS Reaffirms Fund Stability Rating of Meezan Islamic Income Fund

Karachi, December 30, 2016: JCR-VIS Credit Rating Company Ltd. (JCR-VIS) has reaffirmed the Fund Stability Rating (FSR) of Meezan Islamic Income Fund (MIIF) at ‘A-(f)’ (Single A Minus(f)). The previous rating action was announced on January 12, 2016.
MIIF remained largely invested in corporate and government backed sukuks. Approximately 48% of net assets were held as cash & equivalents in order to maintain high liquidity levels. Moreover, Assets Under Management has increased to Rs. 9.1b at end FY16 (FY15: Rs. 4.3b). As, net assets of the fund doubled, retail investment was maintained at 42%. Retail penetration as evidenced by increased number of retail investors, slightly improved granularity. Although return of the fund declined owing to prevalent low interest rate scenario, MIIF resided in top quartile relative to peers.

For further information on this rating announcement, please contact Mr. Jamal Abbas Zaidi (Ext: 207) or the undersigned (Ext: 201) at 021-35311861-70 or fax to 021-35311872-3.



Javed Callea
Advisor

Applicable rating criteria: Fund Stability Ratings (February 2012)
http://jcrvis.com.pk/Images/FSRMeth-201202.pdf

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