Press Release

VIS Reaffirms Fund Stability Rating of Faysal Islamic Savings Growth Fund

Karachi, December 13, 2022: VIS Credit Rating Company Ltd. (VIS) has reaffirmed the Fund Stability Rating (FSR) of Faysal Islamic Savings Growth Fund (FISGF) at ‘A+ (f)’ (Single A Plus (f)). The previous rating action was announced on January 01, 2022.
Faysal Islamic Savings Growth Fund (FISGF) aims to provide a consistent income stream to investors by investing in Shariah compliant instruments. The fund is managed by Faysal Asset Management Limited (FAML), which has a management quality rating of AM2+. In 2022, AUM’s of the fund decreased to Rs.2.8b from Rs.4.01b in FY21. In line with investment policy guidelines (IPS), FISGF has remained largely compliant with requirement. On an average, the fund has diversified its exposure in cash, Sukuks, Term Finance Certificates (TFCs), and short-term Sukuk/Islamic commercial paper. Duration remained within the limit of 180 days. Credit quality of exposures has remained in line with the fund’s investment policy, limiting its exposure to ‘A-’ and above rated issue/issuer. Liquidity profile remains adequate while fund performance has posted improvement in FY21, albeit lagging behind peer average. Going forward, the rating will continue to incorporate maintenance of credit quality of exposures and fund performance in line with the IPS.

For further information on this rating announcement, please contact the Mr. Shaheryar Khan (Ext: 209) or the undersigned (Ext: 207) at (021) 35311861-66 or email at info@vis.com.pk.






Sara Ahmed
Director

Applicable Rating Criteria: Fund Stability Ratings (Dec 2020)
https://docs.vis.com.pk/docs/FundstabilityRating.pdf

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 .