PACRA Maintains Stability Rating of Alhamra Government Securities Fund

Alhamra Government Securities Fund ("ALHGSF" or the "Fund") maintains a medium risk profile. The objective of the Alhamra Government Securities Fund is to seek the maximum possible rate of return by investing primarily in Shariah-compliant Government Securities and Islamic Banks and licensed Islamic Banking Windows of Conventional Banks. As of June 2025, the Fund operated with a single allocation plan under its umbrella. As of June 2025, the Fund reported Assets Under Management (AUM) of PKR 639 million. In terms of asset class, the Fund’s allocation remained prudently concentrated in sovereign Islamic instruments, with approximately 64.2% invested in GoP Ijara Sukuk, 29.4% in placements with Islamic banks and Islamic windows of conventional banks, and the remaining 6.4% in other avenues including receivables. This composition reflects a conservative deployment strategy anchored in high-quality, Shariah-compliant liquidity sources. From a credit quality standpoint, the Fund’s holdings were largely positioned in strong-grade exposures, with 66% allocated to Government/AAA-rated securities, 27.6% in AA-rated placements, and 6.4% in other instruments. As of June 2025, the Fund’s Weighted Average Maturity (WAM) stood at 621 days, indicating a medium-to-high sensitivity to rate movements, consistent with the Fund’s stated risk profile.
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 rating.

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 393 Billion as of June 2025, reflecting its strong market presence and consistent growth in Pakistan’s asset management industry.