Our Special Correspondent
The Pakistan Credit Rating Agency (PACRA) has upgraded the IFS rating of Pak-Qatar Family Takaful Limited from ‘A’ to ‘A+’ with Stable Outlook.
The Rating is dependent on management’s ability to successfully execution of its business strategy of growth while preserving underwriting profitability. Pak-Qatar Family Takaful Limited is the pioneer and the dedicated Takaful Company operating for more than a decade offering financial protection to everyone with a history of robust profitability ratios.
The profitability of Pak-Qatar Family Takaful Limited 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 an extensive 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 a decent foothold in BancaTakaful.
The Chief Financial Officer of PQFTL, Kamran Saleem said, “It is a positive for all the stakeholders to witness that the robust performance of PQFTL, in all aspects of its business, is being recognized by one of the leading rating agencies in the Country.”
“This elevation is coherent with the well-defined organizational structure of the company, experienced management, highest paid-up capital (Over Rs1.3 billion) in the industry, payment of claims on a timely basis, distribution of surplus each year, continuous investment in information technology, and well-diversified branch network. Also, it is a reflection of the consistent hard work of our highly committed team. I congratulate all team members on winning this accolade for strong financial stature and earning more respect as a robust financial institution,” he remarked.