Press Release

VIS Reaffirms Fund Stability Rating of Al Ameen Islamic Aggressive Income Fund

Karachi, December 29, 2023: VIS Credit Ratings Company Ltd. (VIS) has reaffirmed Fund Stability Rating (FSR) at ‘A+(f)’ (A Plus (f)). The medium to long-term rating of ‘A+’ denotes moderate degree of stability in Net Asset Value. Risk factors may vary with possible changes in the economy. The previous rating action was announced on December 29, 2022.

Launched in October 2007, Al Ameen Islamic Aggressive Income Fund (AIAIF) is an open-end, shariah-compliant income fund, managed by UBL Fund Managers Limited. The objective of the scheme is to invest in medium to long-term income instruments as well as short-tenor money market instruments to generate high, long-term, risk-adjusted returns while preserving capital over the long term.

The Fund’s Asset under Management has declined to Rs. 618m as of June’23 (June’22: Rs. 848m). The Fund remained compliant with the asset allocation parameters and minimum credit quality rating outlined in the Investment Policy Statement (IPS). The Fund also adhered to the maximum specified Weighted Average Maturity (WAM) and duration in the offering document. Credit quality of the fund has deteriorated during the period under review however the fund's rating is maintained, mainly owing to the improved liquidity position of the fund, with 82.3% of its investments held in cash during FY23.

Proportion of retail clients has dropped yet remains high as of June’23 at 64% (June’22: 76%) while the top 10 investor concentration has increased to 44% as of June’23 (June’22: 27%). The fund's return has consistently outperformed the benchmark return. Going forward, improvement in credit quality will remain important for the maintenance of the current rating.

For further information on this ratings announcement, please contact Mr. Muhammad Amin Hamdani (Ext: 217) or the undersigned (Ext: 208) on 021-35311861-64 or email at info@vis.com.pk.





Syed Asif Ali
Executive Director


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

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 2023 VIS Credit Rating Company Limited . All rights reserved. Contents may be used by news media with credit to VIS .