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 within Shariah-Compliant income category. 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 September 2025, the Plan reported Assets Under Management (AUM) of PKR 9,629.66 million, reflecting substantial scale within the Islamic income category. The asset allocation remains government-focused, with 45.72% invested in GoP Ijara Sukuk, 30.28% in bank deposits, 20.69% in corporate sukuk, 0.26% in government-backed/guaranteed instruments, and 3.05% in other avenues. The credit quality demonstrates a strong sovereign orientation, with 46.50% placed in Government Securities/AAA rated investments, 35.70% in AA- rated instruments, 8.00% in AA+ rated exposures, and 9.80% in other categories. The Plan carries a Weighted Average Maturity (WAM) of 952 days, indicating high exposure to interest rate risk; however, default risk remains contained due to significant allocations in GoP and AAA rated securities. Investor concentration remains low, with the top ten investors accounting for 17.95% of total AUM, signaling minimal redemption pressure.
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.