Press Release

VIS Upgrades Fund Stability Rating of Meezan Rozana Amdani Fund

Karachi, January 12, 2021: VIS Credit Rating Company Limited has upgraded the Fund Stability Rating (FSR) of Meezan Rozana Amdani Fund (MRAF) to ‘AA+ (f)’ (Double A Plus (f)) from ‘AA (f)’ (Double AA (f))’. Previous rating action was announced on June 30, 2020.

The rating action incorporates updated ‘FUND STABILITY RATING’ methodology which can be found on our website or on the following link

MRAF is an open-end Shariah compliant fund launched in 2018. The fund aims to provide a daily payout through investing in specified Islamic money market instruments while daily payout is being reinvested offering high liquidity. Net assets of the fund witnessed a multi-fold growth and stood at Rs. 45.5b (Jun’19: Rs. 16.2b) at end-Nov’20. At present, MRAF is the largest fund in terms of fund size. Corporate investors comprise the major chunk of the fund’s investor base. The fund features concentration with top 10 investors representing 67% of total AUMs as at end-Jun’20.

Assigned rating continues to factor in low overall exposure to risk as evident from fund’s weighted average time maturity (WAM) and duration being capped at 90 days while exposures can only be taken in AA and above rated investment avenues. The fund during the period under review largely remained compliant to credit quality stipulations. Asset allocation has also been maintained in line with limits stipulated in investment policy guidelines.

For further information on this rating announcement, please contact the undersigned (Ext: 306) or Mr. Arsal Ayub (Ext: 216) or the undersigned (Ext: 306) at 021 35311861-66 or email at

Faryal Ahmad Faheem
Deputy CEO

Applicable Rating Criteria: Fund Stability Ratings (Dec 2020)

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