PACRA Maintains Stability Rating of JS Islamic Money Market Fund

JS Islamic Money Market Fund (“JSIMMF” or the “Fund”) is a low risk Shariah compliant money market fund. The objective of the Fund is to meet the liquidity needs of investors by providing periodic dividends through investments in Shariah compliant money market instruments. As of Jun’26, the Fund’s Assets Under Management (AUM) stood at approximately PKR 8,076 million, compared with approximately PKR 8,154 million as of Dec’25, reflecting a marginal decline in the Fund’s size over the period. In terms of asset allocation, approximately 79.17% of the portfolio was invested in Banks and DFIs, while 19.04% was maintained in cash. The remaining portion was allocated to other instruments. From a credit quality perspective, approximately 36.28% of the Fund’s investments were allocated to AA rated avenues, while 31.64% was invested in AA+ rated avenues and 30.29% was allocated to Government Securities and AAA rated instruments. The remaining exposure was held in other instruments. The Weighted Average Maturity (WAM) of the Fund stood at approximately 25 days as of Jun’26, indicating moderate exposure to interest rate and credit risk. However, the associated credit risk is mitigated through the Fund’s allocation to Government Securities and AAA rated avenues. The unit holding pattern remained concentrated, with the top ten investors accounting for approximately 59.70% of the total units, indicating elevated redemption pressure. Nevertheless, potential redemption requirements are considered manageable, given the Fund’s allocation to bank deposits, which provide liquidity to meet redemption needs. In terms of performance, the Fund reported an annualized return of approximately 10.33% as of Jun’26, remaining marginally below both the benchmark return of approximately 10.46% and the peer average return of approximately 10.55%, reflecting slight underperformance relative to comparable funds.
Going forward, any material changes in the investment policy or the devised rating criteria for the assigned rating would have an impact on rating.

About the Entity
JS Investments Limited, established in 1995, is Pakistan’s oldest private-sector asset management company and is listed on the Pakistan Stock Exchange. It operates as part of the Jahangir Siddiqui (JS) Group, with JS Bank Limited holding a majority stake of around ~85%. The Company offers a wide range of services, including asset management, investment advisory, private equity, venture capital, REIT management, and pension fund management under the Voluntary Pension System Rules, 2005. Led by CEO Ms. Iffat Zehra Mankani, the firm benefits from strong leadership and an experienced eight-member Board comprising independent and non-executive directors. As of June 2026, JS Investments manages approximately PKR 97 billion in assets, reflecting its strong position in Pakistan’s asset management industry.