PACRA Maintains Stability Rating of Atlas Islamic Cash Fund

Atlas Islamic Cash Fund (“AICF” or “the Fund”) continues to position itself as a stable, low-risk Shariah-compliant money market fund, maintaining its core objective of providing competitive returns through a highly liquid and short-duration investment strategy. As of September 2025, the Fund recorded an AUM of PKR 1,457 million. The Fund’s asset allocation remained aligned with its mandate, with ~39% placed with Banks/DFIs, ~39% maintained as cash, ~13% invested in corporate Sukuks, ~8% in Government Ijarah Sukuks, and the remaining ~1% in other approved Shariah-compliant avenues. This allocation underscores the Fund’s emphasis on maintaining liquidity while seeking opportunities to enhance returns within permissible risk boundaries. In terms of credit quality, the Fund demonstrated a sound mix of exposures, with ~46% invested in Government Securities/AAA-rated avenues, ~30% in AA-rated instruments, ~13% in A1+, and ~10% in AA+ rated avenues. This composition supports the Fund’s low-risk profile and aligns with its strategy of maintaining strong credit quality across its portfolio. At end-Sep’25, the Fund’s Weighted Average Maturity (WAM) stood at 34 days, reflecting limited sensitivity to credit and interest rate movements and consistent with PACRA’s criteria for funds operating within a conservative risk framework. The unit holding pattern remained concentrated, with the top 10 investors representing ~72% of the Fund’s units as of September 2025. Notably, approximately 40% of this concentration pertains to associated companies/related parties, which typically follow stable holding patterns. This mitigates redemption pressure and provides additional predictability to the Fund’s liquidity planning.
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 163.8bln at end of Sep'25.