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 the Pak Qatar Islamic Income Fund, is a medium-risk, Shariah-compliant income solution tailored for retail investors seeking stable annual dividends along with integrated Takaful benefits. The Plan’s strategy combines medium- to long-term income instruments with short-tenor money market placements to deliver competitive, risk-adjusted returns in accordance with Islamic investment principles. As of September 2025, the Plan reported Assets Under Management (AUM) of PKR 181.60 million. The asset allocation is well diversified across key Sukuk categories, with 37.73% placed in bank deposits, 32.83% in corporate sukuk, 26.74% in government sukuk, and 2.70% in other instruments. The credit quality reflects a balanced risk profile, with 37.14% invested in AA- rated avenues, 26.79% in Government Securities/AAA rated exposures, 14.05% in A+ rated, 12.50% in A rated, 4.97% in A- rated, and the remaining 4.55% in other categories. The Plan carries a Weighted Average Maturity of 568 days, which elevates exposure to interest rate risk; however, default risk remains manageable due to meaningful allocations in government and AAA rated instruments. Investor concentration remains minimal, with the top ten unit holders comprising only 2.55% of total AUM, indicating very low 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.