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

Pak Qatar Monthly Income Plan (the “Plan”), operating under the Pak Qatar Islamic Income Fund, is a medium-risk, Shariah-compliant income solution designed to provide corporate and high-net-worth investors with stable monthly dividends. The Plan employs an active allocation strategy across Islamic yield-curve instruments, combining duration management with strict adherence to Shariah principles to meet the needs of investors seeking regular income within an Islamic framework. As of September 2025, the Plan reported Assets Under Management (AUM) of PKR 767.13 million. The asset mix reflects a balanced structure, with 43.67% placed in bank deposits, 40.35% in corporate sukuk, 12.83% in Government of Pakistan Ijara Sukuk, and 3.15% in other instruments. The Plan’s credit quality profile is diversified, with 49.56% of net assets invested in AA- rated avenues, 16.00% in A+ rated, 12.82% in Government Securities/AAA rated exposures, 10.28% in AA+ rated, 8.18% in A rated, and the remaining 3.16% in other categories. The Weighted Average Maturity stands at 529 days, exposing the Plan to moderate interest rate risk; however, default risk remains well-contained due to meaningful exposure to government securities, AAA rated avenues, and high-rated bank deposits. Investor concentration is manageable, with the top ten unit holders representing 33.90% of total AUM, indicating a low level of 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.