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Karachi: The Pakistan Credit Rating Agency Limited (PACRA) has reaffirmed the stability rating of the Alfalah Islamic Rozana Amdani Fund (AIRAF), classifying it under a low-risk profile. The Fund aims to deliver competitive returns while meeting the liquidity needs of its investors through daily dividends, investing primarily in low-risk, highly liquid Shariah-compliant money market instruments.
As of June 2025, AIRAF reported Assets Under Management (AUM) totaling PKR 17.441 billion. The Fund’s asset allocation demonstrates a prudent approach to liquidity management, with 68% invested in government-backed securities, 13.8% in placements with banks or development finance institutions, 8% in short-term Sukuk or Islamic Commercial Papers (ICPs), 7.9% in cash placements, and 2.3% in other instruments, including receivables.
The Fund’s portfolio concentration in investment-grade instruments underscores its careful management of credit risk while adhering to Shariah compliance. The Weighted Average Maturity (WAM) of the Fund stands at 84 days as of June 2025, indicating limited exposure to interest rate fluctuations.
Future changes in investment policy or adherence to rating criteria could impact the Fund’s ratings, PACRA noted.