Lahore, October 04, 2021 (PPI-OT): JS Islamic Income Fund (or the “Fund”) is a medium risk profile fund moderate strength. The investment policy holds that the Fund will invest in Shariah Compliant Authorized Investments only. The investment policy further states that the Fund must invest at least 25% of its assets in cash and near cash instruments. The Fund remained compliant with its investment policy. At end Jun’21, the total placement with banks consisted of 23.35% of the Fund’s assets in banks rated AA+ and above.

Placement in Sukuks constituted 20.8% of the total assets. Considerable holding in cash and bank balances enforce the liquidity profile of the Fund. The duration of the Fund remained at an average of 22 days and as such does well to mitigate exposure to interest rate risk (At end Jun’21). The top 10 investors possess a concentration of 86.56% in the Fund’s total assets. Therefore, it holds true that the Fund holds a high unit holding pattern. Going forward, material changes in the Fund’s asset allocation strategy, impacting its credit quality and/or exposure to interest rate risk, would affect 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