Press Release

JCR-VIS Reaffirms Fund Stability Rating of Meezan Islamic Income Fund at A(f)

Karachi, December 28, 2018: 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 (f)). The previous rating action was announced on December 29, 2017.

MIIF operates as a Shariah compliant open end fund with an aim to provide investors comparable returns by investing in diversified pool of debt instruments, bank deposits and other approved investment avenues. Asset allocation of the fund has largely remained within the recently updated credit risk guidelines set in the investment policy requiring the fund to limit its exposure to minimum A rated securities. Moreover, exposure in corporate Sukuk has witnessed a noticeable increase on a timeline basis.

With major investments in corporate Sukuk and sizeable cash placements, modified duration remained within JCR-VIS’s criteria for the assigned rating. Highest duration was recorded in Sept’2017 at 80 days indicating low exposure to market risk. Investor concentration levels in the fund have been maintained on a timeline basis and are considered manageable.

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

Jamal Abbas Zaidi

Applicable rating criteria: Fund Stability Ratings (September 2018)

Information herein was obtained from sources believed to be accurate and reliable; however, VIS Credit Rating Company Limited 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.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.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 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.

JCR-VIS Credit Rating Company Limited