JCR-VIS assigns Fund Stability Rating to PICIC Islamic Income Fund

Karachi, August 05, 2014 (PPI-OT): JCR-VIS Credit Rating Company Limited has assigned Fund Stability Rating (FSR) of ‘A(f)’ (Single A (f)) to PICIC Islamic Income Fund (PIIF).

Launched by PICIC Asset Management Company Limited, PIIF is structured as a Shariah compliant open end income fund. Credit risk profile of the fund is proposed to be managed by investing in ‘A’ and above rated instruments and counterparties.

Maximum limit for investment in Shari’ah compliant corporate debt instrument is 5% of the issue size or net assets, whichever is lower. However, the said limit may be enhanced to 10% with the prior approval of relevant authority. A minimum of 25% of net assets will be deployed in cash equivalents.

At end June 2014, the fund had net assets of Rs. 770m with these placed with financial institutions. The maximum time to maturity of net assets excluding Shari’ah compliant government securities may not exceed 4 years while the maximum duration of the fund is targeted at 1 year.

For more information, contact:
Ms. Sobia Maqbool
CFA
JCR-VIS Credit Rating Company Limited
VIS House, 128/C,
25th Lane Off Khayaban-e-Ittehad,
Phase VII, DHA, Karachi
Tel: +92-21-35311861-72
Fax: +92-21-35311873
Email: sobia@jcrvis.com.pk

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