The Pakistan Credit Rating Agency Limited
20-Aug-25
Analyst
Usama Ali
usama.ali@pacra.com
+92-42-35869504
www.pacra.com
Applicable Criteria
- Methodology | Correlation Between Long-term & Short-term Rating Scales | Apr-25
- Methodology | Rating Modifiers | Apr-25
Related Research
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Stability Rating to NBP Islamic Fixed Term Munafa Plan-III under NBP Islamic Mustahkam Fund Matured | PACRA Withdraws the Rating
| Rating Type | Stability Rating | |
|
Current (20-Aug-25 ) |
Previous (16-May-25 ) |
|
| Action | Withdraw | Maintain |
| Long Term | - | AAA(f) |
| Short Term | - | - |
| Outlook | Stable | |
| Rating Watch | - | - |
As per management representation, NBP Islamic Fixed Term Munafa Plan-III has been matured, subsequently, the management requested to withdraw the ratings.
Consequently, PACRA withdraws the stability rating of NBP Islamic Fixed Term Munafa Plan III under NBP Islamic Mustahkam Fund, with immediate effect. The previous Stability Rating 'AAA(f)', was announced on 16 May 2025.
About
the Entity
NBP Fund Management Limited (the 'Company'), established in 2005, is licensed by the Securities and Exchange Commission of Pakistan (SECP) to carry out asset management and investment advisory services. The National Bank of Pakistan is the largest shareholder of the company, with a ~54% stake, followed by Baltoro Growth Fund (~36%) and individual investors (~10%). The CEO of NBP Fund Management Limited, Dr. Amjad Waheed, CFA, has over 25 years of experience in mutual funds and portfolio management. The Company’s eight-member Board of Directors includes three independent directors and the CEO. With total assets under management of ~PKR 538bln as of June 2025, the Company manages a diversified portfolio of twenty-six open-end mutual funds, four voluntary pension schemes, and one exchange-traded fund (ETF).