The Pakistan Credit Rating Agency Limited
Press Release


Muhammad Zain Ayaz

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PACRA Withdraws Performance Ranking of First Habib Islamic Stock Fund

Rating Type Performance Ranking
Action Withdraw Improved
Long Term - 3-Star
Short Term - 3-Star
Outlook -
Rating Watch - -

The management of AL Habib Asset Management Company Limited (or the "Company") has decided to withdraw performance ranking of First Habib Islamic Stock Fund (or the "Fund"). The Company is of the view that as performance ranking is not a regulatory requirement hence, discontinuing the respective mandate.
Consequently, Pakistan Credit Rating Agency Limited withdraws the performance ranking of the Fund.

About the Entity
AL Habib Asset Management Limited incorporated in September 2005 as an unlisted public company, is one of the growing Asset Management and Investment Advisory Company in Pakistan. The company is is licensed by the Securities and Exchange Commission of Pakistan (SECP) to carry out these services under the Non-Banking Finance Companies Regulations. The Company is a wholly owned subsidiary of Bank AL Habib Limited.
The Board of Directors comprises six members. The CEO, Mr. Kashif Rafi. Mr. Kashif Rafi has vast experience expanding over 20 years in the field of Investments and Fund Management. The Company’s diverse product slate includes 4 conventional funds and 2 shariah compliant funds.

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.