Karachi: The Pakistan Credit Rating Agency Limited (PACRA) has maintained the stability rating of the AKD Islamic Income Fund (AKDISIF), a medium risk profile fund aimed at providing investors with capital enhancement alongside regular halal income through Shariah-compliant investments. As of June 2026, the Fund's Assets Under Management (AUM) were approximately PKR 1.96 billion, a slight decrease from PKR 2.03 billion in December 2025, indicating a marginal contraction while adhering to its investment strategy.

According to The Pakistan Credit Rating Agency Limited, AKDISIF's asset allocation was diversified, with around 37.73% invested in Government of Pakistan Ijarah Sukuk, 24.83% in cash, and a mix of Sukuk and short-term Sukuk, among other instruments. This portfolio diversification includes a significant stake in sovereign-backed Islamic securities and corporate Sukuk, reflecting moderate credit risk exposure across various rated categories. The Fund's weighted average maturity (WAM) stood at 509 days with a duration of 78 days, indicating longer-tenor exposures but moderate sensitivity to interest rate changes.

The unit holding pattern of the Fund remained concentrated, with the top 10 investors accounting for 82.24% of total holdings, posing higher redemption pressure. However, the Fund's cash allocation offers a liquidity buffer against potential redemptions. Performance-wise, the Fund reported an annualized return of 17.27% as of June 2026, significantly outperforming its benchmark return of 9.60% and the peer average return of 11.43%. Future changes in investment policy or compliance with rating criteria could impact the Fund's ratings, PACRA noted.