PACRA Maintains Stability Rating of Mahaana Islamic Cash Fund

The Mahaana Islamic Cash Fund (“MICF” or “the Fund”) is characterized as a low-risk Shariah-compliant investment solution, engineered to provide capital preservation and competitive returns through a diversified portfolio of high-quality Islamic money market instruments. The Fund’s disciplined liquidity management framework and stringent adherence to Islamic principles support its profile as an ideal short-term solution for Shariah-conscious investors. As of June 30, 2025, the Fund reported Assets Under Management (AUM) of PKR 2.16 billion, reflecting its growing presence within Pakistan’s Islamic liquidity market. The Fund maintains a prudent allocation across permissible asset classes: a 34% weighting in bank placements serves as the core liquidity buffer, 28% is allocated to Bai-Muajjal Islamic financing instruments, 26% to Government of Pakistan (GoP) Ijara Sukuks providing a sovereign credit anchor, and 11% to short-term Sukuks for yield enhancement. The Fund demonstrates disciplined credit quality management, this includes 55.49% in direct Government securities or ‘AAA’ rated obligations, 20% in ‘AA’ rated instruments, and 13% in ‘AA+’ rated avenues, complemented by 11% in short-term ‘A1’ rated instruments. This high-grade concentration provides substantial protection against credit risk while maintaining full Shariah compliance. The Fund maintains a conservative interest rate risk profile, evidenced by a Weighted Average Maturity (WAM) of 55 days. This short duration indicates minimal exposure to interest rate fluctuations, ensures high liquidity for meeting investor redemption requirements, and achieves an optimal balance between yield generation and capital preservation. The 26% allocation to GoP Ijara Sukuks enhances fundamental credit stability, while the 34% allocation to bank placements ensures immediate liquidity access, collectively providing strong risk mitigation characteristics.
Going forward, any material changes in the investment policy or the devised rating criteria for the assigned rating would have an impact on the rating.

About the Entity
Mahaana Wealth Limited holds the distinction of being Pakistan’s first digital-only Asset Management Company, duly licensed by the Securities and Exchange Commission of Pakistan (SECP) and recognized as a member of the Mutual Funds Association of Pakistan (MUFAP). Founded by certified investment professionals with global experience from Tundra Fonder (Sweden), Mahaana has pioneered the introduction of digital wealth management solutions in Pakistan, having successfully obtained regulatory approval from the SECP for its innovative model. The company is led by Mr. Shamoon Tariq, Chief Executive Officer, an accomplished investment manager recognized by Citywire as one of the Top 10 Global Fund Managers across Emerging Asia, Frontier Asia, and the MENA region. With extensive experience in international financial markets, Mr. Tariq brings strategic vision and execution excellence to Mahaana’s operations. Mahaana’s Board of Directors, comprising four highly qualified members, provides strong governance and sector-specific expertise to guide the company’s growth trajectory. As of June 2025, Mahaana Wealth’s Assets Under Management (AUM) stood at PKR 2,502 million, reflecting steady growth and investor confidence in its digital-first model. Mahaana Wealth continues to redefine Pakistan’s asset management landscape through innovation, transparency, and accessibility, positioning itself as the investment platform of choice for the digital age.