PACRA Maintains Stability Rating of AKD Islamic Daily Dividend Fund

AKD Islamic Daily Dividend Fund (‘AKD IDDF’ or the ‘Fund’) reflects the Fund’s low risk profile. The objective of the Fund is to provide competitive return in form of daily dividend by investing in low-risk and highly liquid Shariah Compliant money market instruments. At the end Dec'24, in perspective of asset allocation, the exposure in Cash was ~75.46%, ~21.99% in GoP Ijarah Sukuk, and the remaining ~2.55% in others including receivables. In terms of credit quality, at the end Dec-24, the Fund had invested ~22% in Government Securities, ~75% in AA rated avenues, and the remaining ~3% in unrated avenues. As of end-December 2024, the Fund’s Weighted Average Maturity (WAM) and Duration stood at 67 days, indicating a very low exposure to both credit risk and interest rate risk, in line with a short-duration, liquidity-focused investment strategy.
Going forward, any material changes in the investment policy and compliance with the rating criteria for the assigned rating would have an impact on the ratings.

About the Entity
AKD Investment Management Limited commenced its operations in September 2004. The Company is registered as an Asset Management Company under the Non-Banking Finance Companies Rules, 2003. The Company is sponsored by AKD Group Holdings (Private) Limited [Formerly: Aqeel Karim Dhedhi Securities(Private) Limited] (99.97% ownership). The Board of Directors of the Company comprises seven members, including the CEO Mr. Imran Motiwala, who has been serving as the Chief Executive Officer of AKD Investment Management Limited since 2009. The Company is currently managing eight open-end funds with assets under management of ~PKR 9,752mln at the end of Dec'24.