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

Pak Qatar Cash Plan (the "Plan"), operating under Pak Qatar Islamic Cash Fund, is a low-risk Shariah-compliant money market solution designed to provide competitive returns while preserving capital through a diversified portfolio of high-quality Islamic money market instruments. The Plan's disciplined investment approach and strict adherence to Islamic principles make it an attractive option for investors seeking Shariah-compliant cash management solutions. As of September 2025, the Plan reported Assets Under Management (AUM) of PKR 8,968.55 million, reinforcing its strong standing within Pakistan’s Islamic finance ecosystem. The Plan maintains a diversified and liquidity-centric asset allocation, with 49.70% placed in bank deposits (core liquidity anchor), 19.35% in GoP Ijara Sukuks (sovereign credit strength), 16.30% in short-term Sukuks (yield enhancement), 13.33% in DFIs (diversified credit exposure), and 1.32% in other Shariah-compliant instruments. Credit quality remains consistently strong, with 49.69% in ‘AA+’ rated avenues, 39.72% in ‘AAA’/sovereign exposures, 5.65% in ‘AA’ and ‘A1’ rated instruments, 3.61% in ‘A+’ rated avenues, and 1.33% across others, reflecting a well-structured risk-return profile. The Plan maintains a Weighted Average Maturity (WAM) of 40 days, indicating moderate credit rate exposure, though default risk remains minimal due to its heavy allocation in sovereign and other high-grade investments. Investor concentration is low, with the top ten unit holders representing only 27.33% of total AUM, ensuring limited redemption pressure and a stable, well-diversified investor base.
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 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 September, the Company reported AUM of PKR 65.67 billion.