Lahore, October 04, 2021 (PPI-OT): JS Islamic Daily Dividend Fund (or the “Fund”) is a low risk profile fund. The investment policy holds that the minimum requirements of the Fund entails that majority of the Fund must be invested in Shariah Compliant Authorized Investments. At the end of Jun’21, the total cash balances within banks consisted of 96.15% which were rated ‘AA’ and above. This considerable holding in cash and bank balances strengthens the liquidity profile of the Fund. The average duration remained at 6 days and as such minimizes exposure to interest rate risk (At end Jun’21).
The top 10 investors possess a concentration of 99.98% in the Fund’s total assets. This exposes the Fund to a high redemption pressure, but as a result of the it beings highly liquid in nature, the high redemption pressure should not be a concern for the fund in the future. Going forward, material changes in the Fund’s asset allocation strategy, impacting its credit quality and/or exposure to interest rate risk, would affect 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: +92-42-5869504-6
Fax: +92-42-5830425
Email: hammad.rashid@pacra.com
Website: www.pacra.com