Press Release
VIS Upgrades Fund Stability Rating of Al-Ameen Islamic Sovereign Fund
Karachi, January 06, 2021: VIS Credit Rating Co. Ltd. (VIS) has upgraded the Fund Stability Rating of Al-Ameen Islamic Sovereign Fund (AISF) to ‘AA (f)’ (Double A (f)) from ‘AA- (f)’ (Double A Minus (f)). The previous rating action was announced on December 31, 2019.
Al-Ameen Islamic Sovereign Fund (AISF) was launched in 2010 as an Islamic open-ended fund. The fund aims to provide competitive returns with low risk through Shariah compliant avenues. The rating action incorporates updated ‘FUND STBILITY RATING methodology which can be found on our website or on the following link https://s3-us-west-2.amazonaws.com/backupsqlvis/docs/FundstabilityRating.pdf.
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-’. 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. Arsal Ayub (Ext: 216) or the undersigned (Ext: 306) at (021) 35311861-66 or email at info@vis.com.pk
Faryal Ahmed Faheem
Deputy CEO
Applicable Rating Criteria: Fund Stability Ratings (December 2020)
https://s3-us-west-2.amazonaws.com/backupsqlvis/docs/FundstabilityRating.pdf
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