Press Release

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

Karachi, January 16, 2018: JCR-VIS Credit Rating Company Ltd. (JCR-VIS) has reaffirmed the Fund Stability Rating of ABL Islamic Income Fund at ‘A(f)’ (Single A (f)). The previous rating action was announced on December 30th, 2016.

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. There was no duration breach according to internal and JCR-VIS set policies.

Net assets of the fund increased to Rs. 3.9b (FY16: Rs. 3.3b) by end-FY17, with growth stemming from unrelated corporate investors. However, investor concentration in the fund has increased over the year.

For further information on this rating announcement, please contact the undersigned at 021-35311861-70 or Maimoon Rasheed at 042-35723411 or fax to 021-35311872.

Jamal Abbas Zaidi

Applicable Rating Criteria: Fund Stability Ratings (December 2017)

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 2018 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