Press Release

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

Karachi, December 29, 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)). The medium to long-term rating denotes high degree of stability in NAV. Risk is modest but may vary slightly from time to time because of changing economic conditions. Previous rating action was announced on January 13, 2022.

AISF is a Shariah Compliant fund aimed at providing competitive returns by investing in low risk Shariah Compliant instruments. Net assets of the funds increased slightly to Rs. 2.94b at end Jun’22 from Rs. 2.79b at end Jun’21. As per Offering Document (OD), Weighted Average Maturity (WAM) is capped at 4 years excluding Government securities, while exposures are limited to ‘AA-’ or higher rated investment avenues.

The fund’s asset allocation was in compliance with the standards specified in the OD with high proportion (84% average FY22) of the net assets invested in GoP Ijarah Sukuk and GoP energy Sukuk. The fund complied with the credit quality requisites of the Offering Document as well as VIS Criteria. Liquidity profile remains adequate with retail proportion (66%) and modest top-10 investor concentration (39%). Fund performance in FY22 remained subdued with the fund underperforming against its benchmark return as well as peer average. Improvement in the same will be considered important.

For further information on this rating announcement, please contact Ms. Asfia Aziz (Ext: 212) or the undersigned (Ext: 201) at 35311861-70 or email at info@vis.com.pk









Javed Callea
Advisor

Applicable rating criteria: Fund Stability Ratings (December 2020)
https://docs.vis.com.pk/docs/FundstabilityRating.pdf

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