Press Release

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

Karachi, January 13, 2022: VIS Credit Rating Company Limited (VIS) has reaffirmed the Fund Stability Rating (FSR) of Al-Ameen Islamic Sovereign Fund (AISF) at ‘AA (f)’ (Double A (f)). Previous rating action was announced on January 6, 2021.

AISF is a Shariah Compliant fund aimed at providing competitive returns by investing in low risk Shariah Compliant instruments. Net assets of the funds remained fairly stable only increasing slightly to Rs. 2.63b at end Jun’21 from Rs. 2.3b at end Jun’20. As per Offering Document (OD), Weighted Average Maturity (WAM) is capped at 4 years excluding Government securities, while exposures are limited to ‘AA’ rated investment avenues.

The fund complied with the credit quality and asset allocation requisites as per the OD. Credit quality also remained complaint with the benchmarks for the assigned rating. Liquidity profile remains adequate. The fund’s retail proportion remains high. Fund performance in FY21 remained subdued with the fund underperforming against its benchmark return as well as peer average however, relative ranking compared to last year improved vis-à-vis peers.


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://docs.vis.com.pk/docs/FundstabilityRating.pdf

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