Press Release
JCR-VIS Reaffirms Fund Stability Rating of HBL Islamic Money Market Fund
Karachi, January 14, 2016: JCR-VIS Credit Rating Company Limited (JCR-VIS) has reaffirmed the Fund Stability Rating (FSR) of HBL Islamic Money Market Fund (HBL IMMF) at ‘AA(f)’ (Double A (f)). The previous rating action was announced on December 26, 2014.
Structured as a Shariah compliant money market fund, operational investment policy and asset allocation of HBL IMMF reflect low exposure to credit and market risk. While earlier the fund had deployed assets in Ijarah Sukuk, no exposure has been witnessed in this avenue during FY15 and in the ongoing year as per month-end details; funds have instead been placed in bank deposits. In line with the investment criteria, counterparties are highly rated banks. While investor concentration levels in the fund are on the higher side, ability to meet redemptions is supported by the liquidity profile of assets.
For further information on this rating announcement, please contact the undersigned (Ext: 517) or Mr. Javed Callea (Ext: 501) at 021-35311861-70 (10 lines) or fax to 021-35311873.
Jamal Abbas Zaidi
Advisor
Applicable Rating Criteria: Fund Stability Ratings (February 2012)
http://www.jcrvis.com.pk/Images/FSRMeth-201202.pdf
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