Fund Stability Rating of Al-Ameen Islamic Aggressive Income Fund

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Karachi, December 31, 2018 (PPI-OT): JCR-VIS Credit Rating Company Limited (JCR-VIS) has reaffirmed the Fund Stability Rating (FSR) of Al-Ameen Islamic Aggressive Income Fund (AIAIF) at ‘BBB+(f)’ (Triple B Plus (f)). The previous rating action was announced on December 29, 2017.

On monthly average basis, actual asset allocation of the fund remained in compliance with the stipulated limits, with sizeable maintenance of cash and exposure in corporate sukuks. Interest rate risk is considered manageable on account of lower duration maintained by the fund. Ability of the fund to meet redemptions in a timely manner is adequate given the unit holder concentration and asset allocation of the fund.

In line with its categorization, the fund’s ability to assume risk is on the higher side, with no minimum threshold defined for credit risk. Moreover, there is no restriction on time to maturity of a single security. As per the fund’s investment policy, Weighted Average Maturity (WAM) is capped at 5 years. WAM has remained in line with the specific limit in the outgoing fiscal year.

For more information, contact:
CFA
JCR-VIS Credit Rating Company Limited
VIS House, 128/C,
25th Lane off Khayaban-e-Ittehad,
Phase VII, DHA, Karachi
Tel: +92-21-35311861-72
Fax: +92-21-35311873
Email: sobia@jcrvis.com.pk