PACRA Maintains Stability Rating of Alhamra Islamic Money Market Fund

Alhamra Islamic Money Market Fund ("the Fund") represents a low-risk Shariah-compliant liquidity solution designed to provide capital preservation and competitive returns through high-quality Islamic money market instruments. The Fund's conservative investment approach combines strict Shariah compliance with rigorous liquidity management, making it an attractive option for Islamic institutional and corporate investors. As of December 2024, the Fund reported Assets Under Management (AUM) of PKR 6.2 billion, reflecting its established position in Pakistan's Islamic liquidity market. In terms of asset class, 46% of assets were allocated to Banks and DFIs, 30% to Government of Pakistan Ijara Sukuks, and 15% as cash, with the remainder in other approved Islamic instruments. From a credit quality metric, 54% of assets were allocation to Government Securities/AAA rated instruments, 23% to AA+ rated avenues, 14% to AA rated securities. With a Weighted Average Maturity (WAM) of 71 days, the Fund maintains moderate sensitivity to short-term rate movements. This duration profile reflects the Fund's liquidity-focused mandate while allowing for measured yield capture across Islamic money market instruments.
Going forward, any material changes in the investment policy and/or compliance with the 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.