Press Release

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

Karachi, January 09, 2025: VIS Credit Ratings Company Ltd. (VIS) has reaffirmed Fund Stability Rating (FSR) at ‘A+(f)’ (Single A Plus (f)). The medium to long-term fund 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 2023.

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.

Assigned rating incorporates the Fund’s asset allocation, which aligned with the guidelines stated in the offering document. During FY24, the Fund’s allocation shifted towards GOP Ijarah Sukuks and other Sukuks while proportion of cash deposits declined. Assigned rating also incorporates the credit quality of the fund, which was maintained in instruments rated AA- or AAA. Additionally, the funds credit quality aligns with the VIS benchmark for the assigned rating.

The weighted average time to maturity (WAM) of the Fund remained under the defined threshold in the offering document. The Fund’s investor base is dominated by retail. Additionally, client concentration risk is considered manageable. In terms of the performance, the Fund’s return outperformed its benchmark both on an annualized and a monthly basis.

For further information on this rating announcement, please contact at 021-35311861-64 or email at info@vis.com.pk.

Applicable Rating Criteria: Fund Stability Ratings
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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