Press Release

JCR-VIS Reaffirms Fund Stability Rating of Al-Ameen Islamic Cash Fund

Karachi, December 31, 2018: JCR-VIS Credit Rating Company Limited has reaffirmed Fund Stability Rating (FSR) of Al-Ameen Islamic Cash Fund (AICF) at ‘AA(f)’ (Double A (f)). The previous rating action was announced on December 29, 2017.

AICF aims to provide high liquidity and competitive returns while seeking maximum possible preservation of capital by investing in low risk and liquid Shariah Compliant instruments. The rating reflects the fund's risk profile emanating from its portfolio allocation towards low risk avenues. Throughout FY18, majority assets of the fund were invested as cash with banks rated AA & above. Unit holder concentration reduced in the outgoing year and is on the lower side indicating limited redemption risk. Weighted Average Maturity of the fund is capped at 90 days with the same remaining below the stipulated ceiling during the review period. Resultantly, exposure to market risk is on the lower side.

During FY18, net assets of the fund exhibited significant volatility. By end of outgoing fiscal year, fund size depicted moderate growth to 5.2b (FY17: Rs. 4.0b).

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