Pak-Qatar Family Takaful gets IFS Rating ‘A’ from PACRA

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Amanullah Khan

Karachi—Pak-Qatar Family Takaful Limited (PQFTL) is the pioneering Takaful company in Pakistan, which has recently received rating of “A” (Single A) with Stable Outlook for its ‘Insurer Financial Strength’ (IFS), from the Pakistan Credit Rating Agency (PACRA). The profitability of the company has remained strong as compared to peers, reflecting a strong business profile. The growth pattern of this company has also remained high in recent years.
Moreover, after having established a nationwide branch network, PQFTL is now gradually expanding its wings through Alternate Distribution Channels (ADC). The rating denotes a strong capacity to meet policy-holders and contract obligations. The rating also reflects the sustained market position of the company, having decent foothold in Bancatakaful. The Chief Financial Officer of PQFTL – Mr. Kamran Saleem stated that: It is a pleasure for us to see that the robust performance of PQFTL, in all aspects of its business, is being recognized by a credible rating agency like PACRA. It is a reflection of the consistent hard work of our highly competent team. I congratulate all team members on winning this accolade for strong financial stature and earning more respect as a robust financial institution”.
Pak-Qatar is the first dedicated Takaful Group in Pakistan starting with both Family and General Takaful operations. The paid-up Captital of Pak-Qatar Family is in excess of Rs700 million. Pak-Qatar Family Takaful Limited, the pioneers of Family Takaful, is a progressive and a technology-driven Shariah Compliant company providing innovative Takaful solutions in Pakistan. The company is the fastest growing Family Takaful operator in the region. Incorporated in 2006, and beginning operations in 2007, the company is registered with, and supervised by, the Securities and Exchange Commission of Pakistan (SECP). An independent Shariah Advisory Board chaired by Mufti Muhammad Taqi Usmani certifies all products and operations for Shariah compliance.
The company’s vision of providing financial protection through Takaful to everyone is supported by some of the strongest financial institutions in the state of Qatar such as Qatar Islamic Insurance Company (QIIC), Qatar International Islamic Bank (QIIB) and Munich-based FWU AG. Pak-Qatar is the first dedicated Takaful Group in Pakistan starting with both Family and General Takaful operations. The paid-up capital of Pak-Qatar Family is in excess of Rs700 million.