Press Release

JCR-VIS Reaffirms Fund Stability Rating of HBL Islamic Money Market Fund

Karachi, December 26, 2018: JCR-VIS Credit Rating Company Limited (JCR-VIS) has reaffirmed the Fund Stability Rating (FSR) of HBL Islamic Money Market Fund (HIMMF) at ‘AA (f)’ (Double A (f)). The previous rating action was announced on December 29, 2017.

HIMMF is a Shariah compliant open end fund which is designed to provide investors with maximum possible return and high liquidity while ensuring capital preservation. Net assets of the fund increased to Rs. 957m (FY17: Rs. 835m) at end-FY18. Exposures of the fund have largely remained compliant with credit quality and asset allocation stipulation for the assigned ratings. Duration of the fund remained on the lower side posing low interest rate risk. Investor concentration in the fund remains on the higher side. However, given the liquidity profile of assets, ability to meet redemptions is considered sound.

For further information on this rating announcement, please contact the undersigned (Ext: 207) or Mr. Javed Callea (Ext: 201) at 021-35311861-71 or fax to 021-35311872-3.



Jamal Abbas Zaidi
Advisor

Applicable Rating Criteria: Fund Stability Ratings (September 2018)
http://jcrvis.com.pk/docs/Fund%20stability%20Rating092018.pdf

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