Press Release

JCR-VIS Reaffirms Fund Stability Rating of Faysal Islamic Savings Growth Fund
 

Karachi, April 28, 2016: JCR-VIS Credit Rating Company Limited (JCR-VIS) has reaffirmed the Fund Stability Rating (FSR) of Faysal Islamic Savings Growth Fund (FISGF) at ‘A(f)’ (Single A (f)). The previous rating action was announced on June 29, 2015.

FISGF’s asset allocation has been altered to reduce the emphasis on cash and invest in avenues like Banks and well rated Corporate Sukuks. Furthermore, maintenance of cash reserves over the minimum required 25% positively contributes to fund’s liquidity profile.

During the period under review, fund had parked over 50% of its resources in securities rated ‘A-’.As per the management, funds have been shifted from ‘A-’ to ‘A+’ rated instruments, limiting the exposure in ‘A-’ to a maximum of 15%.

As per the policy, duration of the fund is capped at 180 days. For FY15, fund’s duration of 12 days indicates minimal exposure to interest rate risk. Though investor base increased, unit holding remained concentrated.

For further information on this rating announcement, please contact the undersigned (Ext: 508) or Mr. Javed Callea (Ext: 501) at 021-35311861 - 70 or fax to 021-35311873.


Mohammed Khalid Ali
Advisor

Applicable Rating Criteria: Fund Stability Ratings (February 2012)
http://www.jcrvis.com.pk/Images/FSRMeth-201202.pdf

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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 2016 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