PACRA Upgrades the Pension Fund Manager Rating of Pak-Qatar Family Takaful Limited

Pak-Qatar Family Takaful Limited (“Pak Qatar” or “the Company”) draws its strength from its sponsors and robust market positioning. The Group enjoys a prominent presence in the insurance sector, consistently sustaining market share and generating stable income supported by its sizeable investment portfolio. In addition to its core Takaful operations, Pak Qatar operates as a licensed Pension Fund Manager (PFM) and has been accredited with a PFM Rating for its role in pension management. The assigned rating upgrade reflects the Company’s strong sponsor support, stable market position, and its expanding role in the pension fund management segment. The Company successfully launched the Pak Qatar GoKP Islamic Pension Fund in Dec’25, followed by the Pak Qatar GoPB Islamic Pension Fund in Jan’26, positioning it as an active participant in managing government-backed pension schemes and strengthening its presence in the emerging pension management space. The Pension Fund Management industry reported AUMs of approximately PKR 133.6bln as of Dec’25, with growth prospects supported by regulatory and government initiatives aimed at expanding pension coverage. In recent years, provincial governments, particularly Khyber Pakhtunkhwa (KP) and Punjab, transitioned from the traditional Defined Benefit pension framework toward Voluntary Pension Schemes (VPS), creating significant opportunities for private-sector Pension Fund Managers. Pak Qatar maintains a well-established operational structure, supported by strong digital infrastructure and integrated risk management functions. Independent legal, underwriting, and internal audit functions reinforce governance, internal controls, and regulatory compliance. Working alongside its sister concern, Pak Qatar Asset Management Company Limited (PQAMC), which manages pension portfolios in line with prescribed policies, the Company benefits from the Group’s integrated investment management capabilities. As of end-Sep’25, Pak Qatar maintained participant funds of PKR 63.9bln, supported by a diversified Shariah-compliant product suite covering health, life, investment, and pension products. The Company leverages its nationwide branch network and digital platforms, including the mobile application “PQFS,” to enhance customer outreach and service accessibility. Going forward, continued collaboration with PQAMC, expanding pension fund mandates, and strengthened digital distribution are expected to support growth in the pension management business and reinforce the Company’s position within Pakistan’s evolving pension and Takaful landscape. The Company’s financial performance reflects robust growth, with GPW rising ~77% during CY24 and ~3% in 9MCY25, primarily driven by single-premium business. Market share increased from 4.4% to ~6.3% as of 9MCY25. Investment income from gains on revaluation and disposals, coupled with disciplined underwriting, supports profitability. Claims outstanding have stabilized, and the Company maintains ample liquidity, ensuring policyholder obligations are met. The Company maintains a stable equity base with a PSX listing completed in Dec’25, strengthening compliance, governance, and reporting standards.
The rating takes comfort from the ability of the Company to capitalize on the market share whilst sustaining the performance. While maintaining the liquidity position is critical, with a continuing focus on improving profitability.

About the Entity
Pak-Qatar, a dedicated family takaful provider, commenced operations in 2007 as an unlisted public company and operates through a network of over 160 branches. Major ownership rests with Pak Qatar Investment Ltd. (~34.78%), followed by Qatar Islamic Insurance Group (~6.22%) and Qatar International Islamic Bank (~5.64%). Directors and their related families hold (~14.39%), while the remaining shareholding is distributed among individual investors (~11.54%), with ~21.67% floated for public offering. The Board is chaired by H.E. Sheikh Ali Bin Abdullah Al-Thani, while Mr. Waqas Ahmad serves as the CEO, supported by an experienced team.