Lahore, December 05, 2022 (PPI-OT):Pak Qatar Islamic Cash Fund (or the “Fund”) is an open-ended shariah compliant money market fund. The Fund falls under a very low risk profile. The objective of the Fund is to maximize the investor’s return by investing in shariah-compliant authorized investable avenues. The under mentioned plans are initially offered under the umbrella of the Fund i) Pak-Qatar Asan Munafa Plan ii) Pak-Qatar Cash Plan and iii) Pak-Qatar Daily Dividend Plan. Subsequently, additional plans may also be launched.
Pak Qatar Asan Munafa Plan (PQAMP or the ‘Plan’) focus on retail investors having short term liquidity needs who prefer yearly dividend under a stable Money Market category. The objective to invest in competitive return while seeking maximum possible preservation of capital of low risk and liquid Shariah Compliant instruments. The term of the plan is perpetual. The plan may change the dividend frequency at its own discretion for the benefit of the unit holder with prior intimation.
Currently, the plan had invested ~76.2% in single bank rated AA whereas ~23.1% in corporate sukuks in the end Oct’22. The duration of the plan stood at 43 days in the end Oct’22, limiting the exposure to interest rate risk. The WAM of the plan stood at 40 days, limiting the exposure to credit risk at the end Oct’22. The unit holding pattern of top ten investor concentration is 100% which is all related party holding, hence reducing redemption pressure. Going forward, the plan is intended to invest in AA and above rated avenues. Out of which at least 25% would remain invested in AA+ rated avenues.
Going forward, the plan ensures to diversify their investment in AA and above rated avenues. Any material changes in the investment policy or the devised rating criteria for the assigned rating would have an impact on the rating.
For more information, contact:
Analyst,
The Pakistan Credit Rating Agency Limited (PACRA)
Awami Complex, FB1, Usman Block New Garden Town,
Lahore, Pakistan
Tel: +92-42-5869504-6
Fax: +92-42-5830425
Email: hammad.rashid@pacra.com
Website: www.pacra.com