PACRA Maintains Stability Rating of Atlas Islamic Money Market Fund

Atlas Islamic Money Market Fund ("AIMF" or the "Fund") is a low risk profile Fund. The objective of Atlas Islamic Money Market Fund (AIMF) is to provide competitive return to its investors (with a periodic payout) by investing in low risk, highly liquid and short duration portfolio consist of Shariah Compliant money market instruments. At the end of Dec'24, the Fund had allocated ~57.49% in placement with banks/DFIs, ~17.68% in bank deposits, ~14.90% in Ijarah Sukuk, ~7.15% in Sukuks, , whereas, remaining ~2.79% was invested in others. In terms of credit quality, about ~49.37% of the portfolio was held in AAA rated or Government Securities, ~29.15% in AA+ rated avenues, ~21.48% in AA rated instruments. By the end of December 2024, the Fund’s Weighted Average Maturity (WAM) was recorded at 53 days, reflecting limited exposure to credit spread fluctuations. The duration of the portfolio stood at 50 days, indicating a low level of sensitivity to interest rate changes. In terms of investor concentration, the top 10 unitholders collectively accounted for ~45.19% of the Fund’s AUM. This moderate concentration is deemed manageable and does not materially elevate redemption risk, particularly given the Fund’s high allocation to liquid, high-quality instruments. The embedded liquidity framework and proactive asset-liability matching practices further support redemption readiness and operational resilience.
Going forward, the material changes in the Fund's asset allocation strategy, which could impact the Fund's credit quality and exposure to interest rate risk, would remain critical for the rating.

About the Entity
AAML, incorporated in August 2002, is a wholly owned subsidiary of Shirazi Investments (Pvt.) Limited – the holding company of Atlas Group. Atlas Group, founded in 1962 with the establishment of Shirazi Investments, is a diversified group with having presence in manufacturing, power, financial services, and trading. The Company’s seven-member Board of Directors comprises five representatives of Atlas Group including the CEO, the other two are independent directors. Mr. Iftikhar H. Shirazi serves as the Chairman of the Board of Directors of AAML along with several other companies of the Group. The board has three committees to provide oversight on the Company’s affairs: 1) Audit Committee, 2) Human Resource & Remuneration Committee, and 3) Investment Committee. The Company had AUMs of ~PKR 121,164 mln at end of Dec'24.