PACRA Maintains Stability Rating of JS Islamic Money Market Fund

JS Islamic Money Market Fund (“JSIMMF” or “the Fund”) is a low-risk, Shariah-compliant money market fund aimed at providing investors with capital preservation and competitive returns through high-quality Islamic money market instruments. With its ultra-short duration profile and conservative investment strategy, the Fund is well-suited for institutional investors seeking reliable Shariah-compliant liquidity management. As of June 2025, JSIMMF reported Assets Under Management (AUM) of approximately PKR 4,214 million. The Fund maintained a concentrated allocation toward highly liquid and secure avenues, with 78% invested in Development Finance Institutions (DFIs), 20% placed in Islamic bank deposits, and the remainder allocated to other Shariah-compliant instruments. The credit quality of the Fund remained strong, with 46% of assets invested in AA+ rated exposures, 33% in Government Securities/AAA rated avenues, 20% in AA rated securities, and the balance in other approved instruments. As of June 2025, the Fund’s Weighted Average Maturity (WAM) and Duration stood at 28 days, reflecting very low exposure to credit and interest rate risks. Investor concentration remained moderate, with the top ten unit holders accounting for 50% of total AUM, resulting in manageable yet noticeable 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 rating.

About the Entity
JS Investments Limited holds the distinction of being Pakistan’s oldest private-sector Asset Management Company, established in 1995 and listed on the Pakistan Stock Exchange. As a key entity within the Jahangir Siddiqui (JS) Group, the Company benefits from a strong financial ecosystem, with JS Bank Limited maintaining a majority stake of approximately 85%. The JS Group has an extensive footprint across Pakistan’s financial sector, with operations spanning banking, insurance, brokerage, and asset management, while also expanding into energy infrastructure and the oil marketing sector. JS Investments Limited is a fully licensed financial institution, authorized to provide Asset Management Services, Investment Advisory, Private Equity, Venture Capital, and REIT Management. Additionally, the Company serves as a Pension Fund Manager under the Voluntary Pension System Rules, 2005, further solidifying its position as a diversified financial services leader. Under the leadership of Ms. Iffat Zehra Mankani (CEO), JS Investments leverages her extensive global expertise spanning over two decades in public and private markets across multiple asset classes. The Company’s governance structure is anchored by an eight-member Board of Directors, comprising a blend of independent and non-executive directors, with strong representation from JS Bank Limited and Jahangir Siddiqui & Company Limited. The Board is composed of highly accomplished professionals with deep expertise in financial services, ensuring strategic oversight and governance excellence. As of June 2025, JS Investments Limited reported Assets Under Management (AUM) of approximately PKR 124 billion, reflecting its sustained growth and leadership in Pakistan’s asset management industry.