JCR-VIS Credit Rating Company Ltd. (JCR-VIS) has maintained the Insurer Financial Strength (IFS) rating of Pak-Qatar Family Takaful Limited (PQFTL) at ‘A’ (Single A). Outlook on the assigned rating has been revised from ‘Stable’ to ‘Positive’.
The rating assigned to Pak-Qatar Family Takaful Limited (PQFTL) incorporates its sound capacity to meet policyholder obligations reflected by its adequate capitalization and liquidity profile. With recent equity injection, sponsors’ support provides strength to the assessment of overall risk profile of the institution. Gross premium of PQFTL amounted to Rs. 7.5b in 2016 reflecting a market share of more than 9%.
The Chief Financial Officer of PQFTL – Mr. Kamran Saleem stated that, “It is a pleasure for all the stakeholders to see that the robust performance of PQFTL, in all aspects of its business, is being recognized by a credible rating agency like JCR-VIS Credit Rating Company. 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”.
The outlook revision to ‘Positive’ reflects the company’s ability to increase its market share resultantly contributing towards the growth of the company.
ABOUT PAK-QATAR FAMILY TAKAFUL LIMITED
Pak-Qatar Family Takaful Limited, the pioneers of Family Takaful, is a progressive and a technology-driven Shari’ah 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 Shari’ah Advisory Board chaired by Mufti Muhammad Taqi Usmani certifies all products and operations for Shari’ah 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. The paid-up capital of Pak-Qatar Family is around Rs. 995 million. The company is further strengthened by its Re-Takaful arrangements with Munich-Re and Hannover Re. Pak-Qatar Family Takaful Limited has strategic BancaTakaful alliance with FWU AG, a leading life insurance company based in Munich, for distribution of Takaful policies through banking channels.
Pak-Qatar Family Takaful is recipient of several domestic and international awards and nominations.