PACRA Maintains Stability Rating of Alfalah Islamic Rozana Amdani Fund

Alfalah Islamic Rozana Amdani Fund (“AIRAF” or “the Fund”) is a low risk profile Fund operating in the Shariah-compliant money market category. The objective of the Fund is to provide competitive returns and meet investors’ liquidity needs through daily dividend distributions by investing in low-risk and highly liquid Shariah-compliant money market instruments. As of Dec'25, the Fund’s AUM stood at ~PKR 3,844mln, down from ~PKR 17,441mln at the time of Jun'25, reflecting significant net outflows during the period while maintaining the Fund’s investment strategy. In terms of asset allocation, the Fund maintained ~52.80% in placements with Banks/DFIs, followed by ~16.40% in ICPs/Sukuk, ~15.20% in bank placements, and ~12.30% in Government-Backed/Government-Guaranteed securities, with the remaining portion allocated to other instruments. The allocation reflects a highly liquid investment strategy with diversified exposure across Shariah-compliant money market avenues. From a credit quality perspective, ~46.50% of the portfolio was invested in AA+/A1+ rated avenues, ~39.40% in Government Securities/AAA rated avenues, and ~10.90% in AA/A1 rated instruments, with the remaining portion allocated to other categories, indicating a strong credit quality profile with substantial exposure to high-quality rated and sovereign instruments. At end-Dec'25, the Fund’s WAM stood at 52 days, reflecting moderate exposure to interest rate movements. However, the overall credit risk remains manageable due to the Fund’s significant investment in Government Securities/AAA rated avenues. In terms of performance, the Fund reported a 12-month trailing return of 9.75% as of Dec'25, which remained slightly below the benchmark return of 9.95%, indicating marginal underperformance relative to its benchmark.
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 ratings.

About the Entity
Alfalah Asset Management Limited (Formerly: Alfalah GHP Investment Management Limited) was incorporated on October 18, 2004 as an unlisted public limited company and is licensed by the Securities and Exchange Commission of Pakistan to manage open-ended mutual funds and offer investment advisory services. The Company was established as joint venture Non-Banking Finance Company by Bank Alfalah Limited and GHP Arbitrium. The Company provides a wide range of mutual funds and pension funds both in conventional and Shariah compliant category. The Company also provides investment advisory services to HNW individuals and corporate clients. The Company’s board of directors comprises eight members including the Chairman (Mr. Atif Aslam Bajwa) and the Chief Executive Officer (Mr. Khaldoon Bin Latif). The board is dominated by representatives of MAB Investments and Bank Alfalah Limited. The board has two independent and five non-executive directors. The board members possess strong profile and skills suited to the financial services industry. Assets under management of the Company stood at ~PKR 351bln at end Dec'25.