Press Release

JCR-VIS Assigns Fund Stability Rating to PICIC Islamic Income Fund

Karachi, August 04, 2014: JCR-VIS Credit Rating Company Limited has assigned Fund Stability Rating (FSR) of ‘A(f)’ (Single A (f)) to PICIC Islamic Income Fund (PIIF).

Launched by PICIC Asset Management Company Limited, PIIF is structured as a Shariah compliant open end income fund. Credit risk profile of the fund is proposed to be managed by investing in ‘A’ and above rated instruments and counterparties. Maximum limit for investment in Shari’ah compliant corporate debt instrument is 5% of the issue size or net assets, whichever is lower. However, the said limit may be enhanced to 10% with the prior approval of relevant authority. A minimum of 25% of net assets will be deployed in cash equivalents. At end June 2014, the fund had net assets of Rs. 770m with these placed with financial institutions. The maximum time to maturity of net assets excluding Shari’ah compliant government securities may not exceed 4 years while the maximum duration of the fund is targeted at 1 year.

For further information on this rating announcement, please contact Ms. Sobia Maqbool, CFA (Ext: 604) or Mr. Javed Callea (Ext: 501) at 35311861-70 or fax to 35311872-3.

Jamal Abbas Zaidi
Deputy CEO

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 2014 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