PACRA maintains the Pension Fund Manager Rating of Pak-Qatar Family Takaful Limited

Pak-Qatar Family Takaful Limited ("Pak Qatar" or "the Company") draws its strength from its sponsors and robust market positioning. The Group enjoys a prominent presence in the insurance sector, consistently sustaining market share and generating stable income, supported by its sizeable investment portfolio. In addition to being a licensed Pension Fund Manager (PFM), Pak Qatar also operates as an Insurance/Takaful service provider and has been accredited with a Pension Fund Manager Rating for its role as a pension manager. The Company has taken a pioneering step by securing a PFM license from SECP. Pak Qatar possesses a well-established structure, supported by strong digital infrastructure and comprehensive risk management functions integrated across its operations as a private Takaful operator. The Company maintains independent legal, underwriting, and internal audit functions to strengthen internal controls and ensure compliance. Alongside its sister concern, Pak Qatar Asset Management Company Limited (PQAMC), which serves as investment advisor and oversees pension portfolios in line with prescribed policies, Pak Qatar distinguishes itself through a unique Shariah-compliant product suite and flexible structure. The Pension Fund Management industry reported AUM of ~PKR 105.6bln as of Jun’25, with market growth expected to accelerate under supportive government policies. Provincial governments, particularly Khyber Pakhtunkhwa (KP) and Punjab, are rapidly transitioning from the traditional Defined Benefit pension framework towards Voluntary Pension Schemes (VPS). Both provinces have issued new rules for appointing PFMs to channelize government employees’ pension contributions into approved funds, thereby creating significant opportunities for private fund managers. In KP, the government introduced the Contributory Pension Scheme for employees hired after June 2022. Similarly, Punjab implemented a contribution-based pension scheme under the Punjab Civil Servants Amendment Ordinance 2023, applicable to employees recruited after 2024. Aligned with these policy shifts, Pak Qatar Family Takaful Limited has signed an agreement with the Government of Punjab for the launch of a dedicated pension fund for its employees, with constitutive documents already filed with SECP. At the same time, entry into the KP pension fund space is in process and expected to launch later this year. Collectively, these developments will further reinforce the Company’s position as a leading PFM and expand its footprint in Pakistan’s evolving pension landscape. The synergy of technical expertise between Pak Qatar and PQAMC under the group umbrella is anticipated to further strengthen the management effectiveness of the VPS. As of end-Dec’24, Pak Qatar maintained participant funds amounting to PKR 59.7bln, offering a diversified product suite covering health, life, investment, and a pension fund, thereby enhancing its market presence. PQAMC is entrusted with managing investments on behalf of Pak Qatar, having delivered favorable returns for CY24 in line with overall industry trends.
The Asset Manager Rating "AM2(p)" takes comfort from the ability of the Company to capitalize on the market share whilst sustaining the performance. While maintaining the liquidity position is critical, with a continuing focus on improving profitability.

About the Entity
Pak-Qatar Family Takaful Limited, a dedicated family takaful provider, commenced operations in 2007 as an unlisted public company and operates through a network of over 160 branches. Major ownership is vested in Mr. Said Gul and his affiliated entity (~40.5%), alongside H.E. Sheikh Ali Bin Abdullah Al-Thani and Associated Institutions (~32.3%) and FWU AG, a technical partner based in Germany (~15.2%). The remaining stake is distributed among various individual investors (~12%). H.E. Sheikh Ali Bin Abdullah Al-Thani, a member of the Qatar Royal Family, chairs the Board, while Mr. Waqas Ahmad serves as the CEO, supported by an experienced team.