Karachi, January 07, 2021 (PPI-OT): VIS Credit Rating Company Limited (VIS) has upgraded Fund Stability Rating (FSR) of Al-Ameen Islamic Cash Fund (AICF) to ‘AA+ (f)’ (Double A plus (f)) from ‘AA (f)) (Single A (f)). The previous rating action was announced on December 31, 2019.
The rating action incorporates updated ‘FUND STBILITY RATING methodology which can be found on our website or on the following link:
AICF aims to provide high liquidity and competitive returns while seeking maximum possible preservation of capital by investing in low risk and liquid Shariah Compliant instruments. The rating reflects the fund’s risk profile emanating from its portfolio allocation towards low risk avenues. Fund size substantially increased to Rs. 8.2b (FY19: Rs. 4.2b) by end-FY19. Throughout FY20, the fund’s assets remained concentrated in its cash balances.
Weighted Average Maturity of the fund is capped at 90 days with the same remaining below the stipulated limits during the period under review. Resultantly, exposure to market risk is on the lower side.
For more information, contact:
Director Compliance and Rating Analytics,
VIS Credit Rating Company Limited
VIS House, 128/C, 25th Lane off Khayaban-e-Ittehad,
Phase VII, DHA, Karachi, Pakistan
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