Lahore, March 28, 2023 (PPI-OT): Following is the text of press release issued by The Pakistan Credit Rating Agency Limited (PACRA)NBP Islamic Daily Dividend Fund (or the Fund) is a low-risk profile fund. The assigned rating reflects the Fund’s strong credit and interest rate risk profile emanating from its investment strategy. The Fund had invested ~47.6% in bank majority in AAA rated, ~20.8% in placement with NBFI rated AA+ and above, ~15.6% in Corporate Sukuks rated AA and above.

Whereas ~14% in certificate of investment and ~2.0% in others at the end Dec’22. The duration of the Fund stood at 26 days at the end Dec’22, exposing low interest rate risk. The WAM of the Fund stood at 33 days at the end Dec’22, exposing low credit risk. The unit holding pattern of the Fund stood at ~62.34%, representing the top ten investor concentration. Going forward, any Material changes in the investment policy or the devised rating criteria for the assigned rating would have an impact on the ratings.

For more information, contact:
Analyst,
The Pakistan Credit Rating Agency Limited (PACRA)
Awami Complex, FB1, Usman Block New Garden Town,
Lahore, Pakistan
Tel: +92-42-5869504-6
Fax: +92-42-5830425
Email: hammad.rashid@pacra.com
Website: www.pacra.com