KARACHI: 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 execute its business strategy of growth while preserving underwriting profitability.
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 Banca-takaful.
PQFTL Chief Financial Officer, Kamran Saleem stated that “It is a pleasure for all the stakeholders to witness that the robust performance of PQFTL, in all aspects of its business, is being recognised by one of the leading rating agencies in the country. This elevation is coherent with the well-defined organisational structure of the company, experienced management, highest paid-up capital (above Rs1.3 billion) in the industry, payment of claims on ta imely 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”.