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

Pak Qatar Khalis Bachat Plan ("the Plan"), operating under Pak Qatar Islamic Income Fund, represents a medium-risk Shariah-compliant investment solution designed to provide retail investors with stable yearly dividends and complementary Takaful benefits. The Plan's distinctive strategy combines medium-to-long-term income instruments with short-tenor money market placements, offering superior risk-adjusted returns while adhering strictly to Islamic investment principles. As of March 2025, the Plan reported Assets Under Management (AUM) of PKR 353 million, reflecting its targeted approach to retail investors seeking Shariah-compliant income solutions. The Plans maintains a yield-focused asset class, with 41% invested in Corporate Sukuks, 31% in bank deposits, and 26% in Government Sukuks, demonstrating a balanced approach to income generation and liquidity management within Islamic guidelines. The Plan exhibits a diversified credit profile with 35% allocation to AAA rated instruments, complemented by 37% in A+ rated and 11% in AA rated avenues. This three-tiered structure reflects a deliberate strategy to enhance yields through measured exposure to higher-risk Islamic instruments, while maintaining core stability through government Sukuk holdings. With a Weighted Average Maturity (WAM) of 904 days (approximately 2.5 years) as of March 2025. The Plan maintains an extended duration profile, this strategic positioning exposes the Plan to heightened interest rate risk, particularly in volatile monetary environments, though the 31% bank deposit allocation provides essential liquidity support.
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.