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

Faryal Ahmad Faheem
Deputy CEO

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 2022 VIS Credit Rating Company Limited . All rights reserved. Contents may be used by news media with credit to VIS .

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