Press Release

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

Karachi, December 31, 2019: VIS Credit Rating Company Limited (VIS) 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 31, 2018.

AICF aims to provide high liquidity and competitive returns while seeking maximum possible preservation of capital by investing in low risk and liquid Shariah Compliant instruments. The rating reflects the fund's risk profile emanating from its portfolio allocation towards low risk avenues. Throughout FY19, majority assets of the fund were invested as cash with banks rated AA & above. 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.

Fund size declined to Rs. 4.2b (FY18: Rs. 5.2b) by end-FY19. However, by end-November 2019 net assets depicted an increase to Rs. 5.2b.

For further information on this rating announcement, please contact Mr. Talha Iqbal (Ext: 213) or the undersigned (Ext: 201) at (021) 35311861-66 or email at info@vis.com.pk .




Javed Callea
Advisor


Applicable Rating Criteria: Fund Stability Ratings (September 2018)
https://s3-us-west 2.amazonaws.com/backupsqlvis/docs/Fund%20stability%20Rating092018.pdf

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