The Pakistan Credit Rating Agency Limited
Press Release


Muhammad Noor Ul Haq

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PACRA Maintains the Ratings of Pak-Qatar Family Takaful Limited`

Rating Type IFS
(30-Jun-22 )
(31-Mar-22 )
Action Maintain Harmonize
IFS Rating A++ (ifs) A++ (ifs)
Outlook Stable Stable
Rating Watch - -

The rating reflects the maintained market position of the Company, garnering a strong foothold in the takaful industry. Pak-Qatar has been able to sustain its system share gradually while controlling cost post-Pandemic, while simultaneously benefiting from the large investment book. The rating affirmations reflect the stability in PQFTL’s risk-adjusted capitalization levels, neutral business profile, and strong operating performance trends that compare favorably with the industry, essentially driven by the demonstrated strength of embedded underwriting fundamentals. The strong balance sheet strength is eminent through the Company’s relatively liquid investment portfolio mainly composed of equity investments and Government securities. The Company’s operating results are bolstered by its comprehensive reinsurance program and prudent underwriting guidelines, which translated into a significant increase of 25% in the gross premium written earned by PQFTL in CY21. The Company has benefited from its association with FWU, a Germany based firm, in the form of technical partnership, as the sponsors provide impetus in the form of synergic benefits. Going forward, the management aims to penetrate into untapped segments.
The rating takes comfort from the ability of the Company to capitalize on the market share whilst sustaining the performance. Maintaining the surplus in takaful fund and liquidity position is essential. while continuing to focus on improving profitability.

About the Entity
Pak-Qatar Family, commencing operations in 2007 as an unlisted public Company, operates through a network of over 160 branches. Major shareholding rests with (i) Mr. Said Gul & his associated Company (4% via individual and 35% via Pak-Qatar Investment (Private) Limited), (ii) Two Qatar based Financial Institutions (21%), and (iii) H.E. Sheikh Ali Bin Abdullah Al-Thani - belongs to Qatar's Royal Family (10%). Technical partner is FWU AG (15%), a German based firm having operations in Europe and Middle East, maintains permanent establishment in Pakistan – by virtue of this technical arrangement stability.
Pak-Qatar Family has a nine-member board including Mr. Said Gul serving as the Director. Mr. Said has been associated with the Company since inception. H.E. Sheikh Ali Bin Abdullah Al-Thani (H.E. Ali), royal family member, is Chairman of the Board, while Qatar based Financial Institutions and FWU-AG each have one nominee director, respectively. Further, Mr. Said Gul represents himself through Pak Qatar Investment (Private) Limited. Mr. Azeem Pirani, appointed in March 2020, is the CEO of the Company. He has been associated with the group for more than four years and is a takaful veteran with the experience of almost a decade.

The primary function of PACRA is to evaluate the capacity and willingness of an entity to honor its obligations. Our ratings reflect an independent, professional and impartial assessment of the risks associated with a particular instrument or an entity. PACRA's comprehensive offerings include instrument and entity credit ratings, insurer financial strength ratings, fund ratings, asset manager ratings and real estate gradings. PACRA opinion is not a recommendation to purchase, sell or hold a security, in as much as it does not comment on the security's market price or suitability for a particular investor.