PACRA Assigns Initial Stability Rating to Al Ameen Islamic Money Market Fund

Al Ameen Islamic Money Market Fund (“AIMMF” or “the Fund”) is categorized under a low-risk profile, with the objective of providing high liquidity and earning riba-free competitive returns while seeking maximum possible preservation of capital through investment in low-risk and liquid Shariah compliant instruments. The Fund is structured as a Shariah compliant money market scheme with a strong focus on capital preservation and liquidity management. The Fund was launched on November 6, 2026, following approval of its Offering Document by the Securities and Exchange Commission of Pakistan (SECP) on October 8, 2026. The Fund is expected to build its asset base progressively, with AUM envisaged to exceed PKR 500mln over the first three to six months of operations. The Fund’s targeted asset allocation comprises Islamic placements of ~15-20% and bank deposits of ~80-85%, reflecting a predominantly liquid portfolio positioning with the Fund’s investments confined to Shariah compliant avenues, consistent with its mandate. From a credit quality perspective, management has committed to maintaining a minimum of 50% of the Fund’s assets in AAA rated avenues, and with a maximum of 25% in AA rated avenues. This targeted credit structure is considered sound and well-defined, with the dominant allocation to the highest rated Shariah compliant instruments providing a strong quality anchor to the proposed portfolio. The Fund’s Weighted Average Maturity (WAM) is expected to remain within a limit of 60 days. This maturity profile reflects limited sensitivity to interest rate movements and supports the Fund’s strong liquidity position, consistent with its low-risk money market classification. The Fund’s intended investor segment comprises retail investors, corporates, and pension funds, enabling the Fund to build a broad and stable investor mix over time. Investor concentration will be determined following the launch, and is expected to diversify progressively as the Fund gains scale. The Fund’s predominantly liquid asset allocation and short WAM profile are expected to provide adequate comfort regarding its ability to meet potential redemption requirements. In terms of performance, the Fund is yet to be launched and does not have a performance track record. Performance will be reported in subsequent reviews following launch.
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
UBL Fund Managers Limited, incorporated in 2001 as a public unlisted company, is one of Pakistan's leading Asset Management and Investment Advisory companies. It is licensed by the Securities and Exchange Commission of Pakistan (SECP) to carry out these services under the Non-Banking Finance Companies Regulations. The Company is ~98% owned by United Bank Limited, while the remaining stake belongs to individuals. The Company’s Board of Directors comprises seven members including the CEO. Mr. Asif Ali Qureshi, CFA, serves as the Chief Executive Officer (CEO) and Director of UBL Asset Management Company Limited. With over 25 years of experience in the financial sector, his expertise spans banking, economic and financial research, investment banking, consulting, teaching, training, and entrepreneurship. The Company’s diverse product slate includes 18 conventional funds and 10 Shariah-compliant funds belonging to all major categories. The assets under management (AUMs) stood at ~PKR 446bln at the end of Sep'26.