The Pakistan Credit Rating Agency Limited
26-Dec-24
Analyst
Hassaan Ahmad
Hassaan.Ahmad@pacra.com
+92-42-35869504
www.pacra.com
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Related Research
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PACRA Withdraws Stability Rating of JS Islamic Premium Fund
| Rating Type | Stability Rating | |
|
Current (26-Dec-24 ) |
Previous (09-Jul-24 ) |
|
| Action | Withdraw | Maintain |
| Long Term | - | A(f) |
| Short Term | - | - |
| Outlook | Stable | |
| Rating Watch | - | - |
As per management representation, JS Islamic Premium Fund has been matured, subsequently, the management requested to withdraw the ratings.
Consequently, PACRA withdraws the stability rating of JS Islamic Premium Fund, with immediate effect. The previous Stability Rating 'A(f)', was announced on 09 July 2024.
About
the Entity
JS Investments Limited, established in 1995, is the oldest private-sector asset management company in Pakistan and is listed on the Pakistan Stock Exchange. As a member of the Jahangir Siddiqui (JS) Group, the company benefits from strong support, with JS Bank Limited holding approximately 85% of its shares. The JS Group has a prominent presence in the financial sector, encompassing banking, insurance, brokerage, and asset management, and has recently expanded into energy infrastructure and oil marketing segments. JS Investments is licensed to provide a range of services, including asset management, investment advisory, private equity, venture capital, and REIT management. Additionally, the company serves as a Pension Fund Manager under the Voluntary Pension System Rules,2005.
Ms. Iffat Zehra Mankani is the Chief Executive Officer of the Company. She possesses over 20 years of global experience in both public and private markets across multiple asset classes. The Company’s board of directors comprises eight members including the CEO. The board is dominated by representatives of JS Bank Limited and Jahangir Siddiqui & Company Limited. The board has three independent directors while all the other directors are non-executive. The board members possess strong profiles and skills suited to the financial services industry.