VIS Assigns Initial Fund Stability Rating of Meezan Daily Income Plan-I - Press Release issued by VIS Credit Rating Company Limited.

Karachi -- January 19, 2023 (PPI-OT)

Following is the text of press release issued by VIS Credit Rating Company Limited

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VIS Credit Rating Company Limited has assigned initial Fund Stability Rating (FSR) of Meezan Daily Income Fund (MDIF) at 'A+(f)' (Single A Plus (f)). The medium to long-term rating of 'A+(f)' denotes moderate degree of stability in NAV. Risk factors may vary with possible changes in the economy.

Meezan Daily Income Plan-I (MDIP-I) is an Asset Allocation Plan under the Meezan Daily Income Fund (MDIF) scheme which is a Shariah compliant open end Income Scheme. The objective of the plan is to provide investors with a competitive rate of return, together with daily payout, through investment in Shariah Compliant Fixed Income Instruments. As of Oct'22, Assets under Management (AUMs) of the plan were reported at Rs. 57.0b (Jun'22: Rs. 30.4b).

As per the plan's Offering Document (OD), minimum investment exposure of 25% of the AUMs have to be parked in cash balances. The plan has complied with the stipulations since inception. In order to cater to its mandate, the fund is required to invest in instruments with minimum credit rating of 'A+' or higher. The fund complied with the requirements of the OD during the outgoing year. Nevertheless, deviation was noted in fund compliance with requirement to maintain maximum...