Karachi, December 31, 2018 (PPI-OT): JCR-VIS Credit Rating Company Limited has reaffirmed Fund Stability Rating (FSR) of Al-Ameen Islamic Cash Fund (AICF) at ‘AA(f)’ (Double A (f)). The previous rating action was announced on December 29, 2017.
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. Throughout FY18, majority assets of the fund were invested as cash with banks rated AA and above. Unit holder concentration reduced in the outgoing year and is on the lower side indicating limited redemption risk. Weighted Average Maturity of the fund is capped at 90 days with the same remaining below the stipulated ceiling during the review period. Resultantly, exposure to market risk is on the lower side.
During FY18, net assets of the fund exhibited significant volatility. By end of outgoing fiscal year, fund size depicted moderate growth to 5.2b (FY17: Rs. 4.0b).
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