PACRA Maintains Stability Rating of Alhamra Islamic Money Market Fund - Press Release issued by The Pakistan Credit Rating Agency Limited.

Lahore -- September 05, 2022 (PPI-OT)

Following is the text of press release issued by The Pakistan Credit Rating Agency Limited (PACRA)

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Alhamra Islamic Money Market Fund (or the 'Fund') is low risk-profile fund. The Fund's rating reflects the Fund's strong credit and interest rate risk profile emanating from its investment strategy. At end Jun'22, the Fund had placed 89.4% of its assets with commercial banks rated 'AA' and 'AAA'. The Fund had placed 42% of its net assets in Shariah Compliant bank placements and deposits.

The weighted average maturity of the Fund was 11 days at end-Jun'22, which is in compliance with the investment policy, while the duration of the Fund remained with 12 days. At end-Jun'22, the top ten investors concentration stood at ~94% representing a high level of redemption pressure, which the Fund is able to cope up owing to its superior liquidity profile.

Going...