PACRA Maintains Stability Rating of Al Ameen Islamic Income Fund

Al Ameen Islamic Income Fund ("AIIF" or the "Fund") is a medium-risk profile Fund. It is an open-ended Shariah-compliant Income Fund with the objective to provide a competitive rate of return to its investors by investing in quality Sukuks, Shariah-compliant Government Securities, Islamic Bank Deposits, and short and long-term Shariah debt instruments. The investment policy of the Fund targets allocation of a maximum 75-100% in Shariah compliant Government Securities. The AUM's of the Fund as of end Sep'24 was PKR 345mln. The credit quality of the Fund is in line with the rating criteria, as end of Sep'24, the Fund had placed ~63.6% investments in Govt Sec/AAA rated category and ~29.2% in AA rated avenues. The Fund had majorly invested in GOP Ijara sukuk (~50.8%), ~42.0% as Bank placements, while the remaining was invested in others. The Duration of the Fund stood at 2.06 years at the end of Sep'24; representing very high exposure to interest rate risk. The top 10 investors' concentration of the Fund, at the period end Sep'24 was ~40% exposing the Fund to low level of redemption pressure.
Going forward, any material changes in the investment policy or the devised rating criteria for the assigned rating would have an impact on the ratings.

About the Entity
UBL Fund Managers Limited, incorporated in 2001 as a public unlisted company, is one of Pakistan's leading Asset Management and Investment Advisory companies. It 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 ~98% owned by United Bank Limited, while the remaining stake belongs to individuals. The Company’s Board of Directors comprises seven members including the CEO. As of January 2025, Mr. Asif Ali Qureshi, CFA, serves as the Chief Executive Officer (CEO) and Director of UBL Asset Management Company Limited. With over 25 years of experience in the financial sector, his expertise spans banking, economic and financial research, investment banking, consulting, teaching, training, and entrepreneurship. The Company’s diverse product slate includes 18 conventional funds and 10 Shariah-compliant funds as of the end of Mar'24 belonging to all major categories. The assets under management stood at ~PKR 237,943 at the end of Sep'24.