The Pakistan Credit Rating Agency Limited
31-Mar-22
Analyst
Waqas Ahmad
waqas.ahmad@pacra.com
+92-42-35869504
www.pacra.com
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Related Research
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PACRA Harmonizes IFS Rating of Pak Qatar General Takaful Limited
| Rating Type | IFS | |
|
Current (31-Mar-22 ) |
Previous (24-Feb-22 ) |
|
| Action | Harmonize | Maintain |
| IFS Rating | A+ (ifs) | A |
| Outlook | Stable | Stable |
| Rating Watch | - | - |
Insurer Financial Strength (IFS) rating is an independent opinion on the relative “capacity of an insurance company to meet policyholder and contract obligations”. To facilitate insurance companies and users of IFS ratings, PACRA has modified the IFS rating scale. The primary objective behind this modification was to: a) Create distinction in symbols and definitions of IFS Ratings and Credit Ratings; previously same symbols were being used for both type of ratings. Now IFS symbols are exclusive for IFS ratings b) Eliminate ambiguities in terms of “Rating Category” and “Notch”; this has now been achieved in the modified scale, which will be helpful in understanding the meaning and connotation of each rating category and notch, c) Update certain definitions for more clarity.
This is expected to eliminate any overlap or ambiguity regarding rating categories and notches; thus, facilitating all stakeholders. The modified scale is applicable for all outstanding IFS ratings including “Pak Qatar General Takaful Limited”.
About
the Entity
PQGTL, incorporated in 2006, started operations in 2007. H.E. Sheikh Ali bin Abdullah AlThani member of Qatar's Royal Family is the key sponsor of the company. He, directly and through his different Qatar based Financial Institutions (mainly Qatar International Islamic Bank and Qatar Islamic Insurance Company) control around 41.8% stake in PQGTL. The other major sponsor is Mr. Said Gul, who controls around 48.3% stake through direct ownership and through PQIL. Mr. Gul, a Pakistani origin businessman settled in Qatar, has main interest in construction business.
Pak-Qatar has an eight-member board including the CEO – Mr. Zahid Hussain Awan. Mr. Zahid Hussain has been associated with the Company since inception. Mr. Saqib Zeeshan has been appointed as the Dy. Chief Executive Officer of the Company. He possesses over two decades of experience in the insurance industry and had been initially part of the Pak-Qatar Group. A capable management team assists him.