Karachi: Pak-Qatar Family Takaful Limited (PQFTL) has achieved a significant milestone by being assigned an Asset Manager Rating of AM2 as a Pension Fund Manager, with a stable outlook from The Pakistan Credit Rating Agency Limited (PACRA). This recognition underscores PQFTL’s robust position in the market and its ongoing commitment to innovation within the Islamic financial services sector.

According to Pak-Qatar Family Takaful, the AM2 rating reflects the company’s solid market presence and financial stability. PQFTL has maintained a strong market share within the Takaful industry, supported by its substantial investment portfolio and stable income streams. Notably, the company also holds an Insurer Financial Strength (IFS) rating of A++ with a stable outlook, also awarded by PACRA. PQFTL has further broadened its services by obtaining a Pension Fund Manager license and launching the Pak-Qatar Islamic Pension Fund (PQIPF) in December 2022.

The Islamic Pension Fund industry in Pakistan is poised for growth, with assets under management reaching PKR 39 billion by December 2023. Benefiting from favorable government policies, PQFTL is strategically positioned to capture growth within this expanding market. The company’s commitment to rigorous risk management and strong compliance frameworks supports its operations and strategic objectives.

On the occasion, Mr. Waqas Ahmad, CEO of PQFTL, stated, “We are pleased to receive the Asset Manager rating of AM2 as Pension Fund Managers from PACRA, which reflects our commitment to providing technologically innovative Takaful solutions to our customers and bringing excellence to their experience with us. This not only validates our strong market position as the first Takaful operator to introduce a pension fund in Pakistan but also reinforces our dedication to providing Shariah-compliant financial solutions.”

The AM2 rating highlights PQFTL’s capacity to maintain high performance and expand its market presence, consolidating its position as a leading entity in Pakistan’s Islamic financial services industry.