PACRA Maintains Stability Rating of AKD Islamic Cash Fund

AKD Islamic Cash Fund (Formerly: AKD Islamic Daily Dividend Fund) reflects the Fund's low risk profile. The objective of AKD Islamic Cash Fund (Formerly: AKD Islamic Daily Dividend Fund) is to provide optimum returns consistent with minimal risk from a portfolio constituted of high quality Shariah Compliant short term securities/ instruments, which will provide liquidity. As of Jun’26, the Fund’s Assets Under Management (AUM) stood at ~PKR 816mln, up from PKR 522mln as of Dec’25, reflecting healthy growth in fund size during the period while maintaining the Fund’s investment strategy. In terms of asset allocation, approximately 48.3% of the portfolio was invested in placements with Banks, NBFCs, and DFIs, ~40.4% in Cash, ~7.86% in Short Term Sukuk, ~0.09% in GoP Ijarah Sukuk, and the remaining ~3.32% in other instruments including receivables. The allocation reflects a highly liquid portfolio with predominant exposure to bank placements and cash, complemented by short-term Shariah-compliant instruments. From a credit quality perspective, ~50% of the assets were invested in AAA rated avenues, ~39% in Government Securities, ~6% in AA rated instruments, ~3% in A1 rated avenues, and ~2% in A1+ rated avenues, indicating a strong overall credit quality profile with significant exposure to sovereign and high-grade instruments. As of Jun’26, the Fund’s WAM stood at 24 days, while duration stood at 21days, effectively limiting exposure to interest rate and credit risk while supporting the Fund’s liquidity position. The unit holding pattern remained highly concentrated, with the top 10 investors accounting for ~73.8% of total holdings, indicating higher redemption pressure. In terms of performance, the Fund delivered an annualized return of 10.25% as of Jun’26, compared to the benchmark return of 10.46% and peer average return of 10.55%, indicating marginal underperformance relative to both its benchmark and comparable funds.
Going forward, any material changes in the investment policy and compliance with the rating criteria for the assigned rating would have an impact on the ratings.

About the Entity
AKD Investment Management Limited commenced its operations in September 2004. The Company is registered as an Asset Management Company under the Non-Banking Finance Companies Rules, 2003. The Company is sponsored by AKD Group Holdings (Private) Limited [Formerly: Aqeel Karim Dhedhi Securities(Private) Limited] (99.97% ownership). The Board of Directors of the Company comprises seven members, including the CEO Mr. Imran Motiwala, who has been serving as the Chief Executive Officer of AKD Investment Management Limited since 2009. The Company is currently managing eight open-end funds with assets under management of ~PKR 14,202mln at the end of Jun '26.