The Pakistan Credit Rating Agency Limited
02-Mar-21
Analyst
Muhammad Zain Ayaz
zain.ayaz@pacra.com
+92-42-35869504
www.pacra.com
Applicable Criteria
Related Research
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PACRA Withdraws Performance Ranking of First Habib Islamic Stock Fund
| Rating Type | Performance Ranking | |
|
Current (02-Mar-21 ) |
Previous (28-Aug-20 ) |
|
| Action | Withdraw | Improved |
| Long Term | - | 3-Star |
| Short Term | - | 3-Star |
| Outlook | - | |
| Rating Watch | - | - |
The management of AL Habib Asset Management Company Limited (or the "Company") has decided to withdraw performance ranking of First Habib Islamic Stock Fund (or the "Fund"). The Company is of the view that as performance ranking is not a regulatory requirement hence, discontinuing the respective mandate.
Consequently, Pakistan Credit Rating Agency Limited withdraws the performance ranking of the Fund.
About
the Entity
AL Habib Asset Management Limited incorporated in September 2005 as an unlisted public company, is one of the growing Asset Management and Investment Advisory Company in Pakistan. The company is 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 a wholly owned subsidiary of Bank AL Habib Limited.
The Board of Directors comprises six members. The CEO, Mr. Kashif Rafi. Mr. Kashif Rafi has vast experience expanding over 20 years in the field of Investments and Fund Management. The Company’s diverse product slate includes 4 conventional funds and 2 shariah compliant funds.