Press Release

VIS Credit Rating Company Assigns Initial Fund Stability Rating to Meezan Rozana Amdani Fund

Karachi, May 16, 2019: VIS Credit Rating Company Limited has assigned initial fund stability rating of ‘AA (f)’ (Double A (f)) to Meezan Rozana Amdani Fund (MRAF). The AA(f) fund stability ratings denote high degree of stability in NAV. Risk is modest but may vary slightly from time to time because of changing economic conditions.

The assigned ratings indicate fund’s low overall exposure to risk as evident from fund’s weighted average time maturity (WAM) and duration being capped at 90 days while exposures can only be taken in AA and above rated investment avenues. In line with the investment policy, the fund’s exposure to credit and market risk has been maintained at low end of the risk spectrum. Duration of the fund has remained in line with policy guidelines and criteria for the assigned rating with maximum duration being reported at 18 days in Mar’2019.

MRAF is a Shariah Compliant, open-end fund launched on 28th December’2018 that aims to provide a daily payout through investing in specified Islamic money market instruments. The daily payout is being reinvested offering high liquidity. Net assets of the fund were reported at Rs. 14.3b (Dec’18: Rs. 1b) at end-Mar’2019. Retail investors comprise the major chunk of the fund’s investor base. Top 10 unit holder concentration is reported at adequate levels. Given the fund’s asset mix, ability to meet redemptions is considered strong.

For further information on this rating announcement, please contact the undersigned (Ext: 201) at 35311861-70 (10 lines) or fax to 35311873.

Javed Callea

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 not an NRSRO and its credit ratings are not NRSRO credit ratings.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 2019 VIS Credit Rating Company Limited . All rights reserved. Contents may be used by news media with credit to VIS .

VIS Credit Rating Company Limited