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 designed to provide investors with capital preservation and competitive returns while maintaining strict adherence to Islamic principles. The Fund's ultra-short duration profile and high-quality Islamic instruments make it particularly suitable for institutional investors seeking Shariah-compliant liquidity solutions. As of December 2024, the Fund reported Assets Under Management (AUM) of PKR 3.8 billion, reflecting its established position in Pakistan's Islamic money market sector. The Fund allocates its assets as follows: 77% to Development Finance Institutions (DFIs), 17% to Islamic bank deposits, 5% to Government of Pakistan Ijara Sukuks, and 1% to other Shariah-compliant instruments. In perspective of credit quality, 41% of the net assets were allocated to Government Securities and AAA rated instruments, 41% in AA+ rated, 16% in AA rated, and 2% in other investment-grade Islamic securities. This high-quality allocation provides substantial protection against credit risk while ensuring full Shariah compliance. With both Weighted Average Maturity (WAM) and duration standing at 44 days as of December 2024, the Fund maintains minimal exposure to credit rate and interest rate risk.
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 is the oldest private-sector Asset Management Company in Pakistan. The company was established in 1995 and is listed on the Pakistan Stock Exchange. The Company is part of the Jahangir Siddiqui (JS) Group. JS Bank Limited holds ~85% shareholding in the Company. JS Group has a strong presence in the financial sector with entities operating in the banking, insurance, brokerage, and asset management sectors. The group has recently ventured into energy infrastructure and OMC segments. JS Investments possesses licenses for Asset Management Services, Investment Advisory, Private Equity, Venture Capital services, and REIT management. In addition, the Company also acts as Pension Fund Manager under the Voluntary Pension System Rules, 2005. Ms. Iffat Zehra Mankani is the Chief Executive Officer of JS Investments Limited. She comes with a globally diversified experience of over two decades in both public and private markets across multiple asset classes. The Company’s board of directors comprises eight members including the Chief Executive Officer. The board is dominated by representatives of JS Bank Limited and Jahangir Siddiqui & Company Limited. The board has three independent directors while all the other directors are non-executive directors. The board members possess strong profiles and skills suited to the financial services industry. Assets under management of the Company stood at ~PKR 128.17bln at the end of Dec'24.