Press Release

VIS Reaffirms Fund Stability Rating of Al-Ameen Islamic Aggressive Income Fund
 

Karachi, January 13, 2022: VIS Credit Rating Company Limited (VIS) has reaffirmed the Fund Stability Rating (FSR) of Al-Ameen Islamic Aggressive Income Fund (AIAIF) at ‘A+ (f)’ (Single A Plus (f)). Previous rating action was announced on January 6, 2021.

AIAIF has an objective to provide its investors with long-term risk adjusted returns through investments in medium to long-term Shariah Compliant income instruments and short-term money market securities in Pakistan. Net assets of the funds decreased to Rs. 375m (FY20: Rs. 422m) at end-FY21. As per Funds Investment Policy, duration is capped at 125 days while exposures are capped at 15% for ‘A-’ rated investment avenues.

The fund complied with the credit quality requisites for the assigned ratings. More than 86% of the fund’s net assets remained vested in ‘AA-’ and above exposures mostly comprising of cash placements and Sukuks. Weighted Asset Maturity (WAM) and modified duration have remained compliant within the specified limit as per assigned ratings. Fund performance remained subdued with the fund underperforming its benchmark. Given the liquid asset composition of the portfolio liquidity remains sound. Top 10 investor concentration of the fund is moderate.

For further information on this rating announcement, please contact Ms. Sara Ahmed (Ext: 207) or the undersigned (Ext: 204) at 35311861-70 or email at info@vis.com.pk





Faryal Ahmad Faheem
Deputy CEO

Applicable rating criteria: Fund Stability Ratings (December 2020)
https://s3-us-west-2.amazonaws.com/backupsqlvis/docs/FundstabilityRating.pdf

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VIS Credit Rating Company Limited