PACRA Maintains the Stability Rating of Atlas Islamic Cash Fund

Atlas Islamic Cash Fund ("AICF" or "the Fund") is categorized under a low-risk Islamic Money Market Scheme, with the objective of providing competitive returns to investors through investments in a highly liquid, low-risk, and short-duration portfolio comprising Shariah-compliant money market instruments. The Fund is primarily designed for investors seeking capital preservation, liquidity, and stable returns within the parameters of Islamic finance. As of Mar'26, the Fund's Assets Under Management (AUM) stood at PKR 1,440mln, compared to PKR 1,457mln as of Sep'25 (the last review), reflecting a stable asset base and continued investor confidence despite evolving market conditions. The Fund maintained a conservative asset allocation strategy, with approximately 52% invested in placements with Banks/DFIs, ~23% in cash and cash equivalents, ~16% in GoP Ijarah Sukuks, and ~8% in Sukuks. The portfolio composition demonstrates a strong emphasis on liquidity and capital preservation while ensuring adherence to Shariah investment principles. From a credit quality perspective, the Fund's profile remained robust, with approximately 77% of assets deployed in AAA-rated and Government-backed securities, ~14% in AA+ rated instruments, and ~9% in A1+ rated avenues. The predominance of top-tier counterparties and sovereign-backed exposures provides substantial support to the Fund's creditworthiness and remains consistent with the assigned rating level. The Fund's Weighted Average Maturity (WAM) stood at 54 days as of Mar'26, reflecting low sensitivity to profit rate movements and credit risk. The short-duration profile enhances portfolio flexibility and supports the Fund's ability to respond efficiently to changing market dynamics while preserving liquidity. Investor concentration remains relatively high, with the top ten investors accounting for approximately 75% of total units outstanding. However, the concentration risk is partially mitigated by the presence of associated entities, representing around 40% of the Fund's units, thereby reducing the likelihood of significant redemption pressure and contributing to overall stability. In terms of performance, the Fund generated an annualized one-year return of 10.24% as of Mar'26, outperforming its benchmark return of 9.56%. The favorable performance reflects prudent portfolio management, efficient deployment across high-quality Shariah-compliant money market instruments, and the Fund's ability to generate competitive risk-adjusted returns while maintaining a conservative investment profile.
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
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 153bln at end of Mar'26.