Press Release

VIS Reaffirms Fund Stability Rating of Meezan Cash Fund at AA(f)

Karachi, December 30, 2019: VIS Credit Rating Company Ltd. (VIS) has reaffirmed the Fund Stability Rating (FSR) of Meezan Cash Fund (MCF) at ‘AA(f)’ (Double A (f)). The previous rating action was announced on December 28, 2018.

Meezan Cash Fund (MCF) is an open-end Shariah compliant money market scheme. The fund aims to provide investors maximum returns through investing in specified money market and debt securities. MCF further offers maximum preservation of principal investment while maintaining high level of liquidity. In order to achieve the same, the fund’s weighted average maturity (WAM) and duration are capped at 90 days while exposures can only be taken in AA and above rated investment avenues. As at end-November’19, net assets stood at Rs. 10.38b (FY19: Rs. 8.85b; FY18: Rs. 9.92b).

Reaffirmation of rating incorporates exposures remaining compliant with credit quality stipulations. Asset allocation has also been maintained in line with limits stipulated in investment policy guidelines. Maximum duration during FY19 was reported at 29 days during June’2019 which is below the limit of 90 days as per policy and criteria for the assigned rating. Top 10 investor concentration has declined while proportion of retail share in total AUM has increased considerably.

For further information on this rating announcement, please contact Mr. Talha Iqbal (Ext: 213) or the undersigned (Ext: 201) at (021) 35311861-66 or email at

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 .

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