Karachi, January 13, 2021 (PPI-OT): VIS Credit Rating Company Ltd. (VIS) has reaffirmed the Fund Stability Rating (FSR) of Meezan Cash Fund (MCF) at ‘AA (f)’ (Double A (f)). The previous rating action was announced on December 30, 2019.
Meezan Cash Fund (MCF) is an open-end Shariah compliant money market scheme. The fund aims to provide investors maximum returns through investing in specified money market and debt securities. MCF further offers maximum preservation of principal investment while maintaining high level of liquidity. As per the Investment Policy Statement (IPS), WAM of the fund is capped at 90 days where assets may take exposure in AA and above rated investment avenues. Net assets of the fund witness an increase closing at Rs. 14b (FY19: 8.8b).
Asset allocation and credit quality of the fund remained in line with limits stipulated in investment policy guidelines for the assigned rating. On a monthly average basis the fund managed to park 60% of its investments in AAA rated issue/issuer where the fund’s asset based primarily comprised of cash balances and Corporate Sukuk / Bai Muajjal Placements.
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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