PACRA Maintains the Stability Rating of Alhamra Wada Fund

Alhamra Wada Fund (“AH-WF” or the “Fund”) is classified as a moderate risk-profile, Shariah-compliant investment vehicle, structured as a perpetual fund with exposure offered exclusively through dedicated Allocation Plans. These plans, launched periodically under the Fund’s umbrella, may carry perpetual or fixed-term maturities, tailored to deliver promised returns at plan maturity in compliance with Islamic finance principles. As of March 2025, the Fund comprises Alhamra Wada Plan IX, XVII, and XVIII, each structured to achieve its targeted return profile by investing in authorized, Shariah-compliant short-term fixed income instruments. The Fund does not permit direct retail or institutional investment into its units; participation is facilitated exclusively through these Allocation Plans. The Fund's investment strategy is anchored in capital preservation, liquidity optimization, and adherence to Shariah principles, with a high-quality, diversified asset mix. As of period-end, the Fund's portfolio allocation reflected a liquidity-focused posture, with approximately 47.4% deployed in cash deposits, 33% in GOP Ijarah Sukuks, and 19% in short-term Shariah-compliant placements. The Fund continues to exhibit strong credit discipline, with the portfolio heavily concentrated in high-grade exposures. Approximately 47% of assets were allocated to AA rated, 43% to AAA-rated or sovereign-backed instruments, and 9% to AA+ rated issuers demonstrating a clear preference for credit quality and risk mitigation. The Fund’s Weighted Average Maturity (WAM) stood at 25 days as of March 2025, underscoring a very low interest rate sensitivity and effective positioning for short-term liquidity management amid evolving market dynamics. This ultra-short WAM enables the Fund to swiftly adapt to rate shifts while preserving capital and ensuring timely fulfillment of its Allocation Plans' return commitments.
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
MCB Investment Management Limited (MCBIM) is a public listed company regulated by the Securities and Exchange Commission of Pakistan (SECP). It holds licenses for asset management, investment advisory, and pension fund management, catering to both Conventional and Shariah investment solutions. As of December 2024, MCBIM manages a diversified portfolio, including 26 Open-End Mutual Funds and 4 Voluntary Pension Schemes, while also maintaining a leading position in Separately Managed Accounts (SMA) and investment advisory services. MCBIM’s major shareholders include MCB Bank Limited (~81.42%), Adamjee Insurance Company Limited (~7.59%), and the general public (~9.28%). Mr. Khawaja Khalil Shah serves as the Chief Executive Officer of the company. The Board comprises a balanced composition of 4 Non-Executive Directors and 3 Independent Directors, ensuring robust governance, objective decision-making, and alignment with regulatory best practices. The Company’s assets under management (AUM) have grown significantly, reaching approximately PKR 588 Billion as of December 2024, reflecting its strong market presence and consistent growth in Pakistan’s asset management industry.