Karachi, December 30, 2016: JCR-VIS Credit Rating Company Ltd. (JCR-VIS) has reaffirmed the Fund Stability Rating of ABL Islamic Income Fund from at ‘A(f)’ (Single A (f)). The previous rating action was announced on December 31st, 2015.
The rating incorporates policy guidelines and actual investment allocation portfolio. On average basis, more than half of net assets are held as cash and bank balances, thus supporting liquidity. Credit quality of exposures has remained in line with JCR-VIS’s criteria for the assigned rating with investments comprising exposures in at least ‘A+’ rated investment avenues. The fund’s exposure to interest rate risk is expected to remain manageable as return on Islamic instruments held are re-priced to market benchmark rates periodically.
Net assets of the fund increased from Rs. 1.8b at and-FY15 to Rs. 3.3b at end-FY16, with growth stemming from both retail and corporate investors. However, investor concentration in the fund has increased on a timeline basis.
For further information on this rating announcement, please contact the undersigned (Ext: 208) or Javed Callea (Ext: 201) at 021-35311861-70 or fax to 021-35311873.
Mohammed Khalid Ali
Applicable Rating Criteria: Fund Stability Ratings (February 2012)
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