Lahore, December 28, 2018 (PPI-OT): The objective of the fund is to provide monthly income to investors by investing in Shariah Compliant money market and debt avenues. The rating incorporates the fund’s good credit quality and sound liquidity profile emanating from the fund’s strategy to invest in good quality shariah compliant instruments. At end Oct-18, ~99% of the fund’s net assets were invested as cash with banks. The fund has a diversified unit holding pattern, with top 10 investors representing ~95% of the fund size, of which ~61% are group’s own investments, which exposes the fund to a low level of redemption pressure.
Going forward, the fund intends to maintain its exposure in cash. Material changes in the fund’s asset allocation strategy, which could negatively impact the fund’s credit quality and exposure to interest rate risk, remains critical for the rating.
For more information, contact:
Analyst
The Pakistan Credit Rating Agency Limited (PACRA)
Awami Complex, FB1, Usman Block New Garden Town,
Lahore – Pakistan
Tel: +9242 586 9504 -6
Fax: +9242 583 0425
Email: hammad.rashid@pacra.com
Web: www.pacra.com