Karachi, Pakistan – Pak-Qatar Family Takaful Limited (PQFTL), a leading and pioneer provider of Family Takaful solutions in Pakistan and part of Pak-Qatar Group, has been assigned the Asset Manager rating of AM2 as Pension Fund Manager with stable outlook by The Pakistan Credit Rating Agency Limited (PACRA). This prestigious rating reflects PQFTL’s strong market position, financial stability, and commitment to innovation in Islamic financial services.
PQFTL has consistently maintained its market share in the Takaful sector, leveraging its substantial investment portfolio and stable income streams. The company’s financial strength is further evidenced by its Insurer Financial Strength (IFS) rating of A++ with stable outlook from PACRA. In a pioneering move, PQFTL has expanded its services by acquiring a Pension Fund Manager license from SECP, launching the Pak-Qatar Islamic Pension Fund (PQIPF) in December 2022.
The Islamic Pension Fund industry in Pakistan has shown significant growth potential, with an AUM of PKR 39 billion as of December 2023. PQFTL is well-positioned to capitalize on this expanding market, supported by favorable government policies. The company has implemented a comprehensive risk management framework integrated across all operations, ensuring strong internal controls and compliance.
On this occasion, Mr. Waqas Ahmad, CEO of PQFTL expressed enthusiasm in his statement, “We are pleased to receive the Asset Manager rating of AM2 as Pension Fund Managers from PACRA, which reflects our commitment to providing technologically innovative Takaful solutions to our customers and bringing excellence to their experience with us. This not only validates our strong market position as the first Takaful operator to introduce pension fund in Pakistan but also reinforces our dedication to providing Shariah-compliant financial solutions.”
The Asset Manager rating (AM2) emphasizes on PQFTL’s ability to maintain strong performance while expanding its market presence as a Takaful Operator and Pension Fund Manager. The company remains focused on enhancing profitability and maintaining a strong market position, further strengthening its role as a key player in Pakistan’s Islamic financial services sector.
About Pak-Qatar Family Takaful Limited
Pak-Qatar Family Takaful Limited (PQFTL) is the first and largest dedicated Family Takaful Company in Pakistan. Incorporated in 2006, and beginning operations in 2007, the company is registered with and supervised by, the Securities and Exchange Commission of Pakistan (SECP). The company is rated “A++” (having a Stable Outlook) by VIS Credit Rating Co. Limited and Pakistan Credit Rating Agency (PACRA).
For more details: https://www.pakqatar.com.pk
About Pak-Qatar Group:
Pak-Qatar Group stands as Pakistan’s premier and pioneer Islamic financial services group, offering a comprehensive range of savings and protection solutions that adhere to the principles of Shariah-compliant finance. With steadfast commitment to excellence and strong emphasis on Islamic values, the group encompasses companies such as Pak-Qatar Family Takaful Limited, Pak-Qatar General Takaful Limited, Pak-Qatar Investment (Private) Limited and Pak-Qatar Asset Management Company Limited.
