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The Pakistan Credit Rating Agency Limited
Press Release

Date
06-Mar-20

Analyst
Madiha Sohail
madiha.sohail@pacra.com
+92-42-35869504
www.pacra.com

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This press release is being transmitted for the sole purpose of dissemination through print/electronic media. The press release may be used in full or in part without changing the meaning or context thereof with due credit to PACRA

PACRA Withdraws Stability Rating of Askari Islamic Income Fund

Rating Type Stability Rating
Current
(06-Mar-20)
Previous
(05-Sep-19)
Action Withdraw Downgrade
Long Term - BBB+(f)
Short Term - -
Outlook Stable
Rating Watch - -

The management of Pak Oman Asset Management Company Limited has decided to close Askari Islamic Income Fund to consolidate its fund slate. The Company is already managing Pak Oman Advantage Islamic Income Fund in similar category. The Board of Directors of the Company have approved the liquidation of the Fund, therefore the fund was closed on 24-Oct-2019.
Consequently, Pakistan Credit Rating Agency Limited withdraws the stability rating of Askari Islamic Income Fund.

About the Entity
Pak Oman Asset Management Company Limited was incorporated on July 28, 2006 as a public unlisted company. It is licensed by the Securities and Exchange Commission of Pakistan to carry out asset management and investment advisory services under the Non-Banking Finance Companies Regulations. The Company is a majority owned subsidiary of Pak Oman Investment Company Limited (97%). The remaining shareholders include Oman International Development Company (1.2%), Bank Muscat (0.6%) and National Logistic Cell (1.2%).

The Company’s Board of Directors comprises six members including the managing director of Pak Oman Investment Company, Mr. Bahauddin Khan. The board’s chairman H.E. Yahya Bin Said Bin Abdullah Al-Jabri is the Minister of the Special Economic Zone Authority at A’Duqum, Sultanate of Oman. The Company’s diverse product slate includes eight open-end funds, six conventional and two shariah compliant funds, as at Dec'19 belonging to all major categories.

The primary function of PACRA is to evaluate the capacity and willingness of an entity to honor its obligations. Our ratings reflect an independent, professional and impartial assessment of the risks associated with a particular instrument or an entity. PACRA's comprehensive offerings include instrument and entity credit ratings, insurer financial strength ratings, fund ratings, asset manager ratings and real estate gradings. PACRA opinion is not a recommendation to purchase, sell or hold a security, in as much as it does not comment on the security's market price or suitability for a particular investor.