JCR-VIS Credit Rating Company Limited reaffirms Fund Stability Rating of Habib Bank Limited Islamic Money Market Fund

Karachi, October 21, 2013 (PPI-OT): JCR-VIS Credit Rating Company Limited has reaffirmed the Fund Stability Rating (FSR) of HBL Islamic Money Market Fund (HBL IMMF) at ‘AA(f)’ (Double A (f)).

HBL IMMF is designed as a low risk fund, both in terms of the credit exposures assumed by the fund and their interest rate sensitivity. The investment objective of the fund is to seek high liquidity, competitive return and maximum possible preservation of capital for investors by investment in low risk Shari’ah compliant securities.

While average allocation to GoP Ijara Sukuk was significantly low during FY13, the fund had built sizeable exposure in this avenue by the close of the year. Asset allocation is in line with the investment policy of the fund and features low exposure to credit risk. Moreover, weighted average maturity of the fund was recorded at 64 days at end-Jun’13. Unit-holder concentration continues to persist on the higher side.

For more information, contact:
Mr. Javed Callea
Advisor
JCR-VIS Credit Rating Company Limited
Tel: +9221 35311861 (10 lines) (Ext: 501)
Fax: +9221 35311872-3
E mail: javed.callea@jcrvis.com.pk

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