Press Release

VIS Assigns Initial Fund Stability Rating to Faysal Islamic Cash Fund

Karachi, November 4, 2021: VIS Credit Rating Company Limited (VIS) has assigned initial Fund Stability Rating (FSR) of Faysal Islamic Cash Fund (FICF) at ‘AA (f)’ (Double A (f)).

Launched in August 2020, Faysal Islamic Cash Fund (FICF) is an open end money market fund, managed by Faysal Asset Management. The fund’s objective is to seek maximum possible preservation of capital and a reasonable rate of return via investing primarily in Shariah Compliant money market securities.

Assigned rating takes into account the fund’s liquid asset allocation and sound credit quality, with sizeable exposures limited to AA and above rated counterparties, in line with the Investment Policy Statement (IPS). The fund managed to place over 81% of its assets on an average in cash placements during FY21 while 87% of the portfolio remained vested in AA rated issue/issuer. Market risk also remains low with funds investment policy limiting exposures in shorter tenors of less than 90 days.

Fund size significantly grew to Rs.12b end-June’21 (Rs. 1.2b end-June’20). The fund primarily comprsises of corporates and while investor concentration remains high, ability to meet redumtions is considered sound given liquid asset portfolio of the fund.

For further information on this rating announcement, please contact Ms. Sara Ahmad (Ext: 207) or the undersigned (Ext: 301) at 021-35311861-70 or email at .

Javed Callea

Applicable Rating Criteria: Fund Stability Ratings (December 2020)

Information herein was obtained from sources believed to be accurate and reliable; however, VIS Credit Rating Company Limited (VIS) does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information.VIS , the analysts involved in the rating process and members of its rating committee do not have any conflict of interest relating to the rating(s)/ranking(s) mentioned in this report.VIS is paid a fee for most rating assignments. This rating/ranking is an opinion and is not a recommendation to buy or sell any securities. Copyright 2021 VIS Credit Rating Company Limited . All rights reserved. Contents may be used by news media with credit to VIS .

VIS Credit Rating Company Limited