Press Release

VIS Reaffirms Fund Stability Rating of Meezan Rozana Amdani Fund

Karachi, December 27, 2021: VIS Credit Rating Company Limited has reaffirmed the Fund Stability Rating (FSR) of Meezan Rozana Amdani Fund (MRAF) at ‘AA+ (f)’ (Double A Plus (f)). Previous rating action was announced on January 12, 2021.

Meezan Rozana Amdani Fund (MRAF) is a Shariah Compliant, open-end fund that aims to provide a daily payout through investing in specified Islamic money market instruments. The daily pay-out is reinvested offering high liquidity. Maintaining its historical trend, net assets witnessed a multi-fold growth and stood at Rs. 73.2b (June’2: Rs. 53.4b) at end-June’21. However, with greater redemptions in the ongoing year due to liquidity requirements of the corporate investors, the size of the fund reduced to Rs. 45.9b at end-Oct’21. At present, MRAF is the largest fund in terms of fund size contributing around 28% (FY21: 39%) of the AUM base at end-Oct’21.

During the year, fund has remained primarily invested in cash and bank placements with remaining exposure comprising Bai Mujjal, commercial paper, and other receivables. Actual asset allocation has been maintained in line with the policy limits. As per VIS benchmarks, the fund remained complied with minimum exposure of 50% in AAA rated investments in the outgoing year. Moreover, in accordance with the offering documents guidelines, the fund since its launch has complied with exposure in minimum AA rated investments. With major investments in cash placements, modified duration remained within the limit of 60 days as per the assigned rating and within 90 days as per the offering document. Liquidity profile has room for improvement given top 10 investors and unrelated corporates representing 52% (FY20: 67%) and 75% of total AUMs as at end-Jun’21. Fund continued to outperform its benchmark return as well as its peer average.

For further information on this rating announcement, please contact Ms. Asfia Aziz 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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