Karachi, December 27, 2021 (PPI-OT):VIS Credit Rating Company Ltd. (VIS) has reaffirmed the Fund Stability Rating (FSR) of Meezan Islamic Income Fund (MIIF) at ‘A+ (f)’ (Single A Plus (f)). The previous rating action was announced on January 12, 2021.

Meezan Islamic Income Fund (MIIF) is a Shariah compliant open-end fund which aims to provide its investors with comparable returns by investing in a diversified pool of debt instruments, bank deposits and other approved investment avenues subject to the necessary condition of capital preservation. As at end-October’21, assets under management (net FoF) of the fund witnessed an increase and were reported at Rs. 30.7b (FY21: Rs. 26.8b; FY20: Rs. 26.7b).

In line with updated investment policy guidelines, MIIF has remained compliant with requirement of limiting its exposure to ‘A’ rated and above exposures. On an average, the fund parked its exposure in cash, government securities and Bai Muajjal placements. Modified duration remained within the limit of 365 days. The fund has remained compliant with maintaining minimum 25% of net assets as cash and cash equivalents. Liquidity profile remains adequate while fund performance depicts improvement in FY21. Maintenance of credit quality and fund performance will be important for assigned level of ratings, going forward.

For more information, contact:
Director Compliance and Rating Analytics,
VIS Credit Rating Company Limited
VIS House, 128/C, 25th Lane off Khayaban-e-Ittehad,
Phase VII, DHA, Karachi, Pakistan
Tel: +92-21-35311861-72
Fax: +92-21-35311873
Email: bilal@jcrvis.com.pk
Website: https://www.vis.com.pk/