Press Release

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

Karachi, December 29, 2017: JCR-VIS Credit Rating Company Limited (JCR-VIS) has reaffirmed the Fund Stability Rating (FSR) of HBL Islamic Income Fund at ‘A+(f)’ (Single A Plus (f)). The previous rating action was announced on January 05, 2017.

During the ongoing year, PICIC Islamic Income Fund (PICIC IIF) was renamed to HBL Islamic Income Fund (HBL IIF) as a part of rebranding post the amalgamation of PICIC Asset Management Company into HBL Asset Management Limited. Actual asset allocation was in alignment with the fund’s policy guidelines. During the year, average asset allocation was inclined towards bank deposits and Corporate Sukuks, thereby lowering liquidity risk. In compliance with its Investment Policy Statement, the fund deployed resources largely in A+ and AA- rated issue/issuer. Market risk is considered manageable on account of lower duration. As at end-June 2017, net assets of the fund significantly increased to Rs. 4.4b (FY16: Rs. 227m).

For further information on this rating announcement, please contact the undersigned (Ext: 207) or Mr. Javed Callea (Ext: 201) at 021-35311861-71 or fax to 021-35311872-3.

Jamal Abbas Zaidi

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 2017 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