PACRA Maintains Stability Rating of Mahaana Islamic Cash Fund

Mahaana Islamic Cash Fund ("MICF" or "the Fund") is a low-risk Shariah-compliant money market Fund designed to provide investors with capital preservation and competitive returns while strictly adhering to Islamic investment principles. The Fund's conservative strategy focuses on high-quality short-term Islamic instruments, positioning it as an ideal liquidity management solution for Shariah-conscious investors. As of December 2024, the Fund reported Assets Under Management (AUM) of PKR 1.6 billion, reflecting its growing presence in Pakistan's Islamic finance sector. The Fund maintains a balanced allocation with 63% invested in Islamic bank deposits, 19% in Government of Pakistan Ijara Sukuks, and 18% in short-term Sukuks, demonstrating a prudent approach to liquidity management within a Shariah framework. From a credit quality perspective, 19% of the net assets were allocated to Government Securities and AAA rated instruments, 63% in AA rated, and 18% in A1 rated short-term Sukuks. This investment-grade allocation provides substantial protection against credit risk while maintaining full Shariah compliance. With a Weighted Average Maturity (WAM) and duration both standing at 75 days as of December 2024, the Fund maintains moderate exposure to interest rate movements. This positioning reflects its balanced approach between yield optimization and liquidity preservation in the current monetary environment.
Going forward, any material changes in the investment policy or devised rating criteria for the assigned rating would have an impact on the ratings.

About the Entity
Mahaana is Pakistan’s first digital-only Asset Management Company licensed by the Securities and Exchange Commission of Pakistan (SECP), and a member of Mutual Funds Association of Pakistan (MUFAP). The brainchild of certified investment managers from Tundra Fonder (Sweden), Mahaana led the successful initiative to introduce digital wealth management models in Pakistan, securing approval from SECP. The company provides seamless digital onboarding, investment, and risk management, led by experts known for generating the best returns in emerging markets across the globe. Backed by IGI Investments (Packages Group), Swedish investment firm Vostok Emerging Finance (VEF), Hong Kong based Sparklabs group, and Y Combinator from United States, Mahaana is on a mission to empower Pakistanis with access to investment opportunities and promote financial inclusion. All investments offered by Mahaana are Shariah-compliant, ensuring that your financial goals are achieved in a manner consistent with your ethical values. The company is led by Mr. Shamoon Tariq, Chief Executive Officer, who has been recognized by Citywire as one of the top 10 global fund managers across Emerging Asia, Frontier Asia, and the MENA region. A seasoned investment manager, Mr. Tariq brings a wealth of experience from the international financial services industry. Mahaana’s Board of Directors consists of four members, including the CEO. Each board member brings a strong professional background and expertise well-suited to the financial services sector. As of December 2024, Mahaana Wealth’s Assets Under Management (AUM) stood at PKR 1,852 million.