Rating Details	Rating Type	BFR
	Dissemination Date	Current (18-Jul-25 )
	Action	Initial
	Rating	BFR 3
	Outlook	Stable
	Rating Watch	-

Rating Rationale	Factor	Comment
	Ownership	Al-Haq Securities (Pvt.) Limited ("the Company") is a family-owned brokerage, sponsored by two brothers: Ammar-ul-Haq and Asnan-ul-Haq.
	Governance	The governance and oversight of the Company rest entirely with the sponsoring shareholders, who aspire to uphold, the values and legacy inherited through their longstanding family business.
	Management and Client Services	Al-Haq Securities demonstrates a client-focused orientation, with established relationships across corporate, retail, and HNWI segments, supported by dependable technology infrastructure and a cloud-based disaster recovery mechanism, reflecting management's commitment to service continuity and risk mitigation.
	Internal Controls and Regulatory Compilance	Internal controls and compliance practices are aligned with regulatory requirements, encompassing KYC, AML, and client asset segregation, and are overseen by a compliance function and an audit committee with sponsor participation.
	Business Sustainability	Al-Haq's topline, anchored in equity brokerage (~PKR 11.05 million in 6MFY25; FY24: ~PKR 15.31million) and net profit (~PKR 3.25 million; FY24: ~PKR7.56 million), reflects a deliberate strategy to exclude leveraged products.
	Financial Sustainability	Al-Haq maintains a conservative, equity-focused capital structure. As of 6MFY25, equity rose to PKR 89.9 million (FY24: PKR 86.66 million), reflecting improved capitalization.

Key Rating Drivers

Al-Haq Securities' BFR reflects its conservative capital structure and equity-brokerage-focused model. Financial stability is supported by prudent cost controls an equity-based profile with limited reliance on external funding, and sponsors' active role in governance. PSX-integrated systems and a cloud-based disaster recovery framework strengthen operational resilience. The Company's risk-averse approach, avoiding leveraged products after internal profiling, underpins stability; however, broader diversification and scale enhancement remain important for upward rating prospects. Going forward, revenue diversification, stronger market positioning, and a continued focus on internal controls and regulatory compliance will be vital to sustaining resilience and supporting long-term rating progression.

About the Entity
	Legal Structure	Private Limited
	Year of Establishment	25-Jun-06
	Type of License	Trading and Self-clearing
	Majority Ownership	Ammar-ul-Haq (~61.68%)

Regulatory Disclosures	Analyst	Applicable Criteria	Related Research
	Usama Ali usama.ali@pacra.com +92-42-35869504 www.pacra.com	Assessment Framework | Broker Fiduciary Rating | Jan-25	Sector Study | Brokerage Firms | Feb-25

Disclaimer

This press release is being transmitted for the sole purpose of dissemination through print/electronic media. The press release may be used in full or in part without changing the meaning or context thereof with due credit to PACRA. The primary function of PACRA is to evaluate the capacity and willingness of an entity to honor its obligations. Our ratings reflect an independent, professional and impartial assessment of the risks associated with a particular instrument or an entity. PACRA opinion is not a recommendation to purchase, sell or hold a security, in as much as it does not comment on the security's market price or suitability for a particular investor.