Karachi: The VIS Credit Rating Company Limited (VIS) has issued an initial Fund Stability Rating (FSR) of 'AA(f)' to Faysal Islamic Sovereign Plan-I (FISP-1), indicating a high degree of stability in the fund's Net Asset Value. This rating reflects modest risk, which may vary with changing economic conditions.

According to VIS Credit Rating Company Limited, the assigned 'AA(f)' rating is influenced by the fund's investment strategy, which focuses on Shariah-compliant government securities and Islamic banking instruments. Despite fluctuations in assets under management since its inception through May 2024, FISP-1 has maintained a portfolio primarily consisting of highly rated Ijara Sukuk, adhering to its mandate of investing in instruments rated 'AA-' and above. The fund’s performance has exceeded both its benchmark return and peer average on a year-to-date basis at the end of fiscal year 2023 and in the first 11 months of fiscal year 2024, underscoring its effective management and strategic asset allocation which ensures liquidity to meet redemption demands.