Press Release

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

Karachi, December 29, 2017: 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 December 29, 2016.

The investment objective of AICF is to provide high liquidity and competitive returns to investors while seeking maximum possible preservation of capital through investment in low risk and Shariah Compliant instruments. The rating reflects the fund's risk profile emanating from its portfolio allocation towards low risk avenues. At end-June 2017, majority assets of the fund were invested as cash with banks rated AA & above. Unit holder concentration reduced in the outgoing year and is on the lower side indicating limited redemption risk. Weighted Average Maturity of the fund is capped at 90 days with the same remaining below the stipulated ceiling during the review period. Resultantly, exposure to market risk is on the lower side.

During first half of FY17, net assets of the fund exhibited significant volatility. By end of outgoing fiscal year, fund size depicted sizeable growth to 4.0b (FY16: Rs. 1.9b). Net assets further increased to Rs. 7.7b at end-September 2017.

For further information on this rating announcement, please contact the undersigned (Ext: 207) or Mr. Javed Callea (Ext: 201) at 35311861-70 or fax to 35311872.




Jamal Abbas Zaidi
Advisor


Applicable Rating Criteria: Fund Stability Ratings (December 2017)

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