Press Release

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

Karachi, December 31, 2019: VIS Credit Rating Co. Ltd. (VIS) has reaffirmed the Fund Stability Rating of Al-Ameen Islamic Sovereign Fund (AISF) at ‘AA-(f)’ (Double A Minus (f)). The previous rating action was announced on December 31, 2018.

Being a sovereign fund, AISF is required to maintain at least 70% of assets in Shariah compliant sovereign instruments while a floor of 10% is also applicable in relation to cash and near cash instruments. Asset quality restrictions limit the fund from investing in any instrument rated below ‘AA-’. Majority of the assets remained vested with Shariah compliant Government of Pakistan (GoP) Ijarah Sukuks and bank deposits with a rating of AA+ and above. Actual Weighted Average Maturity (WAM) of the fund remained in line with policy limits. Given that most of the fund is invested in liquid avenues, the fund’s ability to meet redemptions in a timely manner remains sound.

For further information on this rating announcement, please contact Mr. Talha Iqbal (Ext: 213) or the undersigned (Ext: 201) at (021) 35311861-66 or email at info@vis.com.pk.

Javed Callea
Advisor

Applicable Rating Criteria: Fund Stability Ratings (September 2018)
https://s3-us-west 2.amazonaws.com/backupsqlvis/docs/Fund%20stability%20Rating092018.pdf

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