Karachi: The Pakistan Credit Rating Agency Limited (PACRA) has maintained its stability rating for the Faysal Islamic Special Income Fund (FISIF), a medium-risk investment portfolio. Comprising two plans—Faysal Islamic Special Income Plan-I and Plan-III—the Fund aims at delivering competitive, risk-adjusted returns by focusing on a range of Shariah-compliant financial instruments.

At the close of December 2024, Plan-I of the Fund was primarily invested in GOP Ijarah Sukuk, which constituted approximately 76.6% of its portfolio. The remaining assets were allocated to cash and other investments, accounting for 15.5% and 7.9% respectively. The credit quality of Plan-I showed a similar allocation with 76.64% in government securities and a smaller share divided between AA and A-rated avenues.

Plan-III, on the other hand, displayed a distinct asset allocation strategy. By the end of December, 94.31% of its assets were held in cash and placements, reducing its exposure to credit risk. The remaining funds were categorized under other receivables. This plan maintained a higher credit quality focus, with 94.31% invested in AA-rated avenues.

The net asset values for Plan-I and Plan-III stood at PKR 141 million and PKR 718 million respectively, with the total net asset of the Fund amounting to PKR 859 million as of December 2024.

The Weighted Average Maturity (WAM) for Plan-I was noted at 635 days, indicating a high exposure to credit rate risk, whereas Plan-III had a WAM of zero, minimizing such risks.

The rating reaffirmation by PACRA highlights the Fund's solid asset allocation and credit quality strategy. However, future changes in investment policy or rating criteria could affect its current rating.