PACRA Maintains Stability Rating of "Pak Qatar Income Plan" under Pak Qatar Islamic Income Fund

Pak Qatar Income Plan (the "Plan") is an allocation Plan under "Pak Qatar Islamic Income Fund". The Plan maintains a low-risk profile. The objective is to focus on corporate and High Net Worth investors who prefer long term wealth generation and capital gain with an objective to invest in medium to long-term income instruments as well as short-tenor money market instruments to generate superior, long-term, risk-adjusted returns in accordance with Shariah practices. As of March 2025, the Plan reported Assets Under Management (AUM) of PKR 12.0 billion, reflecting its established position in Pakistan's Islamic institutional investment space. The Plan maintains a strategic asset class, with 52% invested in Government Securities, 30% in bank deposits, and 17% in corporate Sukuks, demonstrating a balanced approach to yield curve positioning and liquidity management within a Shariah framework. From a credit quality metric, 54% of assets were invested in AAA rated instruments, complemented by 31% in A+ rated avenues. This allocation reflects a deliberate strategy to enhance yields while maintaining core Shariah-compliant quality standards, with government securities serving as the fundamental anchor for the Plan. The Plan's Weighted Average Maturity (WAM) of 1,461 days (approximately 4 years) as of March 2025, represents an extended duration profiles. This strategic positioning exposes the Plan to heightened interest rate risk, though this is substantially mitigated by the 52% government security allocation and 30% liquidity buffer in bank deposits.
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.

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. The AUMs of the Company stood at PKR 60.4bln at the end of Mar'25.