Press Release

JCR-VIS Reaffirms Fund Stability Rating of Meezan Islamic Income Fund

Karachi, December 30, 2016: JCR-VIS Credit Rating Company Ltd. (JCR-VIS) has reaffirmed the Fund Stability Rating (FSR) of Meezan Islamic Income Fund (MIIF) at ‘A-(f)’ (Single A Minus(f)). The previous rating action was announced on January 12, 2016.
MIIF remained largely invested in corporate and government backed sukuks. Approximately 48% of net assets were held as cash & equivalents in order to maintain high liquidity levels. Moreover, Assets Under Management has increased to Rs. 9.1b at end FY16 (FY15: Rs. 4.3b). As, net assets of the fund doubled, retail investment was maintained at 42%. Retail penetration as evidenced by increased number of retail investors, slightly improved granularity. Although return of the fund declined owing to prevalent low interest rate scenario, MIIF resided in top quartile relative to peers.

For further information on this rating announcement, please contact Mr. Jamal Abbas Zaidi (Ext: 207) or the undersigned (Ext: 201) at 021-35311861-70 or fax to 021-35311872-3.

Javed Callea

Applicable rating criteria: Fund Stability Ratings (February 2012)

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