Press Release

JCR-VIS Reaffirms Fund Stability Rating of Al-Ameen Islamic Cash Fund

Karachi, January 06, 2016: JCR-VIS Credit Rating Company Limited has reaffirmed Fund Stability Rating (FSR) of Al-Ameen Islamic Cash Fund (AICF) at ‘AA(f)’ (Double A (f)). The previous rating action was announced on June 2, 2014.

Launched in September’2012, AICF operates as an open end Shariah complaint money market fund. Operational investment policy and asset allocation of AICF reflect low exposure to credit and market risk. On average, four-fifth net assets of the fund were held in the form of bank deposits while average allocation to Sukuk was 2%. Weighted Average Maturity (WAM) of the fund is capped at 90 days. Maximum WAM of 76 days was observed in July’2014; WAM has been maintained significantly on the lower side since January’2015. Resultantly, exposure to market risk is on the lower side. Unit holder concentration remained on the higher side with sizeable investment by related parties. Ability of the fund to meet redemptions in a timely manner is adequate, given the strong liquidity profile of investments held by the fund.

For further information on this rating announcement, please contact the undersigned (Ext: 516) or Mr. Javed Callea (Ext: 501) at 35311861-70 or fax to 35311872.


Jamal Abbas Zaidi
Advisor


Applicable Rating Criteria: Fund Stability Ratings (February 2012)

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