PACRA Maintains Stability Rating of Alhamra Islamic Money Market Fund

Alhamra Islamic Money Market Fund ("ALHIMMF" or "the Fund") is classified under a low risk profile. The Objective of the Fund is to provide a reasonable rate of return with a maximum possible capital preservation by investing primarily in liquid Shariah Compliant money market securities. As of June 2025, the Fund reported Assets Under Management (AUM) of PKR 5.713 billion, reflecting its established position in Pakistan's shariah compliant money market. In terms of asset class, 50.3% of assets were allocated as Cash Placements, 19.2% to Government of Pakistan Ijara Sukuks, 15.7% in shariah compliant placement with banks & DFIs, with the remainder 13.5% in short term sukuks and 1.3% in others including receivables. From a credit quality metric, 47.1% of assets were allocated to Government Securities/AAA rated instruments, 30.2% to AA rated avenues, 13.5% to A1 rated instruments, while 7.9% in AA+ rated securities and 1.3% in others. With a Weighted Average Maturity (WAM) of 61 days, the Fund maintains low sensitivity to short-term rate movements. This duration profile reflects the Fund's liquidity-focused mandate while allowing for measured yield capture across Islamic money market instruments.
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 rating.

About the Entity
MCB Investment Management Limited (MCBIM) is a public listed company regulated by the Securities and Exchange Commission of Pakistan (SECP). It holds licenses for asset management, investment advisory, and pension fund management, catering to both Conventional and Shariah investment solutions. As of December 2024, MCBIM manages a diversified portfolio, including 26 Open-End Mutual Funds and 4 Voluntary Pension Schemes, while also maintaining a leading position in Separately Managed Accounts (SMA) and investment advisory services. MCBIM’s major shareholders include MCB Bank Limited (~81.42%), Adamjee Insurance Company Limited (~7.59%), and the general public (~9.28%). Mr. Khawaja Khalil Shah serves as the Chief Executive Officer of the company. The Board comprises a balanced composition of 4 Non-Executive Directors and 3 Independent Directors, ensuring robust governance, objective decision-making, and alignment with regulatory best practices. The Company’s assets under management (AUM) have grown significantly, reaching approximately PKR 393 Billion as of June 2025, reflecting its strong market presence and consistent growth in Pakistan’s asset management industry.