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

Pak Qatar Income Plan ('PQIP' or the 'Plan') is a medium-risk Shariah-compliant income scheme. The Plan is designed to cater to corporate and high-net-worth investors seeking long-term wealth generation and capital appreciation by investing primarily in medium- to long-term income instruments, along with short-tenor money market instruments. The investment strategy aims to generate superior long-term risk-adjusted returns while adhering to Shariah principles. As of Mar’26, the AUM size of the Plan stood at PKR 10,761mln (Dec’25: PKR 8,853mln), reflecting healthy growth over the review period. In terms of asset class, 39.2% was placed in bank deposits, 33.5% in Government Ijarah Sukuks, 24.1% in corporate Sukuks and the remaining in others. From a credit quality perspective, the Plan had majorly invested in AA- rated avenues (42.3%), 33.5% in Government Securities/AAA rated avenues, 8.4% in AA/A1, 7.9% in AA+, 2.6% in A rated avenues and the remaining in others. The Weighted Average Maturity (WAM) of the Plan stood at 718 days, exposing the Plan to a relatively high level of interest rate and credit risk. However, the credit risk remains manageable owing to the Plan's significant allocation to Government Ijarah Sukuks and other highly rated instruments. In terms of performance, the Plan generated an annualized return of 9.59% as of Mar’26, outperforming its benchmark return of 9.35%. The Plan's ability to exceed its benchmark reflects the effectiveness of its investment strategy and disciplined portfolio management while maintaining alignment with its long-term investment objectives.
Going forward, any material changes in the investment policy and/or compliance with the rating criteria for the assigned rating would have an impact on the ratings.

About the Entity
Pak Qatar Asset Management Company Limited, established in 2021, is licensed by the SECP to undertake asset management and investment advisory services. The major shareholder of the AMC is Pak Qatar Investment (Private) Limited, holding a 76% stake, followed by Pak Qatar Family Takaful Limited with 7%. Additionally, Mr. M. Kamran Saleem, representing Pak Qatar Investment (Private) Limited, holds a 10% stake, and Mr. Zahid Hussain holds 5%. Mr. Said Gul represents Pak Qatar Family Takaful Limited. The AMC’s Board consists of four members, including one representative from Pak Qatar Investment (Private) Limited, one representative from Pak Qatar Family Takaful Limited, and one independent director. The CEO, Mr. Farhan Shaukat, FCA, has been associated with the Pak Qatar Group for over a decade and holds a 1% stake. He previously led the Group’s Treasury Function. As of March 2026, the Company reported AUM size of PKR 75.3 billion.