PACRA Affirms Stability of Pak Qatar Asan Munafa Plan

Karachi: The Pakistan Credit Rating Agency Limited (PACRA) has maintained the stability rating of the Pak Qatar Asan Munafa Plan under the Pak Qatar Islamic Cash Fund, underscoring its low-risk profile. The Plan continues to focus on generating competitive returns while preserving capital through investments in low-risk, liquid, Shariah-compliant instruments.

As of March 2025, the Plan reported Assets Under Management (AUM) totaling PKR 227 million, indicating its strategic role in Pakistan’s Islamic liquidity market. The asset allocation strategy includes 51% in bank deposits, 22% in Government Sukuks, 13% in Development Finance Institutions (DFIs), and 12% in Corporate Sukuks. This allocation reflects a methodical approach to managing Islamic liquidity.

From a credit quality standpoint, a significant portion of the assets, 81%, are invested in AAA-rated instruments, with additional investments in A+ (9%) and AA (8%) rated avenues. This investment grade concentration offers substantial protection against credit risk, while fully adhering to Shariah principles.

The Plan’s duration and Weighted Average Maturity (WAM) are both maintained at 47 days as of March 2025, minimizing exposure to interest rate fluctuations. This strategic positioning helps the Plan offer stability in changing rate environments, mitigating the effects of monetary policy changes.

Any substantial modifications to the investment policy or rating criteria could potentially impact the current ratings, PACRA noted.