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. The objective of the Fund is to meet liquidity needs of the investors by providing periodic dividend through investment in Shariah Compliant money market instruments. As of Dec’25, the Fund’s Assets Under Management (AUM) stood at ~PKR 8,154mln, compared to ~PKR 4,214mln as of Jun’25, reflecting a notable increase in the Fund size over the period. In terms of asset allocation, ~74.1% of the portfolio was invested in Banks/DFIs, ~17.4% was maintained in cash, and ~6.3% was allocated to GOP Ijara Sukuks, while the remaining portion was invested in other instruments. From a credit quality perspective, ~46.4% of the Fund’s investments were allocated to AA+ rated avenues, ~23.4% to Government Securities/AAA rated instruments, and ~27.9% to AA rated avenues, with the remaining exposure held in other instruments. The Weighted Average Maturity (WAM) of the Fund stood at 45 days as of Dec’25, indicating exposure to moderate levels of interest rate and credit rate risk. However, the associated credit risk is mitigated through the Fund’s allocation to Government Securities/AAA rated avenues. The unit holding pattern remained concentrated, with the top ten investors accounting for approximately ~51.6% of the total units, indicating elevated redemption pressure. Nevertheless, potential redemption requirements are considered manageable, given the Fund’s allocation to bank deposits, which provide liquidity to meet redemption needs. In terms of performance, the Fund reported an annualized return of approximately ~9.41% as of Dec’25, remaining below the benchmark return of approximately ~9.51% and the peer average return of approximately ~9.63%, reflecting slight underperformance relative to comparable funds.
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, established in 1995, is Pakistan’s oldest private-sector asset management company and is listed on the Pakistan Stock Exchange. It operates as part of the Jahangir Siddiqui (JS) Group, with JS Bank Limited holding a majority stake of around ~85%. The Company offers a wide range of services, including asset management, investment advisory, private equity, venture capital, REIT management, and pension fund management under the Voluntary Pension System Rules, 2005. Led by CEO Ms. Iffat Zehra Mankani, the firm benefits from strong leadership and an experienced eight-member Board comprising independent and non-executive directors. As of December 2025, JS Investments manages approximately ~PKR 125 billion in assets, reflecting its strong position in Pakistan’s asset management industry.