The Pakistan Credit Rating Agency Limited
03-May-24
Analyst
Hassaan Ahmad
Hassaan.Ahmad@pacra.com
+92-42-35869504
www.pacra.com
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Related Research
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Stability Rating to Pak Qatar Stable Return Plan I under Pak Qatar Islamic Asset Allocation Fund Matured |PACRA Withdraws the Rating
| Rating Type | Stability Rating | |
|
Current (03-May-24 ) |
Previous (01-Nov-23 ) |
|
| Action | Withdraw | Initial |
| Long Term | - | AA+(f) |
| Short Term | - | - |
| Outlook | Stable | |
| Rating Watch | - | - |
As per management representation, Pak Qatar Stable Return Plan I has been matured, subsequently, the management requested to withdraw the ratings.
Consequently, PACRA withdraws the stability rating of Pak Qatar Stable Return Plan I under Pak Qatar Islamic Asset Allocation Fund, with immediate effect. The previous Stability Rating 'AA+(f)', was announced on 01 Nov 2023.
About
the Entity
Pak Qatar Asset Management Limited, established in 2021, is licensed by the SECP to carry out asset management and investment advisory business. The major shareholder of the Company is the holding company Pak Qatar Investment (PVT) Ltd which holds 52% of stake and remaining shareholder include FWU AG (20%), and Pak Qatar Family Takaful (5%). However, two board directors Mr. Owais Ansari and Mr. Kamran Saleem also hold 14% and 7%. The Company's board is composed of five members, with representation of two members from Pak Qatar Investment Limited, one representative of Pak Qatar Family Takaful Limited, one representative of FWU AG and one independent director. The CEO, Mr. Farhan Shaukat, FCA, has been associated with the group for over a decade heading Treasury function of the group.