Press Release

JCR-VIS reaffirms Fund Stability Rating of ABL Islamic Income Fund
 

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
Advisor

Applicable Rating Criteria: Fund Stability Ratings (February 2012)
http://jcrvis.com.pk/docs/FSRMeth-201202.pdf

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Information herein was obtained from sources believed to be accurate and reliable; however, JCR-VIS Credit Rating Company Limited (JCR-VIS) does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. JCR-VIS, the analysts involved in the rating process and members of its rating committee do not have any conflict of interest relating to the rating(s)/ranking(s) mentioned in this report. JCR-VIS is not an NRSRO and its credit ratings are not NRSRO credit ratings. JCR-VIS is paid a fee for most rating assignments. This rating/ranking is an opinion and is not a recommendation to buy or sell any securities. Copyright 2016 JCR-VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to JCR-VIS.

JCR-VIS Credit Rating Company Limited