The Pakistan Credit Rating Agency Limited
17-Oct-25
Analyst
Usama Ali
usama.ali@pacra.com
+92-42-35869504
www.pacra.com
Applicable Criteria
- Methodology | Correlation Between Long-term & Short-term Rating Scales | Apr-25
- Methodology | Rating Modifiers | Apr-25
- Assessment Framework | Stability Rating | Jul-25
Related Research
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 Maintains Stability Rating of NBP Islamic Mahana Amdani Fund
| Rating Type | Stability Rating | |
|
Current (17-Oct-25 ) |
Previous (17-Apr-25 ) |
|
| Action | Maintain | Maintain |
| Long Term | A+(f) | A+(f) |
| Short Term | - | - |
| Outlook | Stable | Stable |
| Rating Watch | - | - |
NBP Islamic Mahana Amdani Fund ('NIMAF' or 'the Fund') is a medium risk-profile fund. The investment objective of the Fund is to earn a reasonable rate of return in a Shariah compliant manner by investing in Shariah compliant debt securities, money market instruments and bank deposits. The assigned rating reflects the Fund's moderate credit and interest rate risk profile emanating from its investment strategy. In perspective of asset class, as of June-2025, the Fund had invested ~50.1% in GoP Ijarah Sukuk, ~20.9% in Cash as Bank Deposit, ~9% in Government Backed Securities, ~4.65 in Certificate of Musharika (COM), ~4% in Sukuk, and the remaining ~11.4% in others including receivables. The credit quality of the Fund was in line with the rating criteria and had invested ~71% in Govt Backed/AAA rated avenues, ~8% in A+, ~5.7% in AA+, ~2.2% in AA-, ~1.4% in A1, ~0.3% in AA, and the remainder ~11.4% was invested in other categories. The duration of the Fund stood at 75 days at the end June-2025. The WAM of the Fund stood at 476 days, which indicates credit risk at the higher end of moderate spectrum. At the end of Jun'25, the top ten investor concentration stood at 19.25% which indicates low 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
NBP Fund Management Limited (the 'Company'), established in 2005, is licensed by the Securities and Exchange Commission of Pakistan (SECP) to carry out asset management and investment advisory services. The National Bank of Pakistan is the largest shareholder of the company, with a ~54% stake, followed by Baltoro Growth Fund (~36%) and individual investors (~10%). The CEO of NBP Fund Management Limited, Dr. Amjad Waheed, CFA, has over 25 years of experience in mutual funds and portfolio management. The Company’s eight-member Board of Directors includes three independent directors and the CEO. With total assets under management of ~PKR 483bln as of June 2025, the Company manages a diversified portfolio of twenty-six open-end mutual funds, four voluntary pension schemes, and one exchange-traded fund (ETF).