Pak Qatar General Takaful Limited (‘Pak Qatar’ or ‘the Company’) is a publicly listed Company, registered and regulated by the Securities and Exchange Commission of Pakistan (SECP).

Pak Qatar General Takaful Limited was incorporated in Pakistan on March 15, 2006, as an unquoted public Company limited by shares. The Company obtained its Certificate of Registration on August 16, 2007, under Section 6 of the Insurance Ordinance, 2000, enabling it to commence takaful operations. Pak Qatar started its commercial operations as the third dedicated takaful company in the country and provides Shariah-compliant risk coverage across all major segments of general takaful.

The Company is principally engaged in underwriting general takaful business across Pakistan. The Company operates through 8 branches strategically located in Karachi, Islamabad, Lahore, Peshawar, Multan, Sialkot, Faisalabad, and Sukkur, organized under three regional zones (North, Central, and South). The Head/Registered office are situated at Business Arcade, Block 6, P.E.C.H.S, Sharae Faisal, Karachi.

Pak Qatar General Takaful Limited’s pre-IPO shareholding is primarily sponsor-driven, with sponsors collectively holding 69.28% of the total equity. The sponsor base is led by Pak-Qatar Investment (Pvt.) Limited (33.39%), followed by Qatar International Islamic Bank (12.44%), H.E. Sheikh Ali Bin Abdullah (13.45%), and Qatar Islamic Insurance Group (10.00%). Directors and the Chief Executive Officer collectively hold 7.88%, related family members account for 6.89%, while the remaining 15.95% is held by other shareholders.

Pak Qatar exhibits a stable ownership profile, with majority shareholding held by committed sponsors, providing clarity of control and succession. Strategic local and Qatar-based shareholders support continuity in governance and oversight. The moderate free float limits takeover risk, further reinforcing ownership stability. Continued alignment of sponsor interests and timely capital support remain key to sustaining this stability amid regulatory and growth requirements.

The sponsors of Pak Qatar General Takaful Limited possess strong industry expertise and strategic foresight, guiding the Company’s portfolio rationalization, product diversification, and market positioning.

The sponsors possess sufficient financial capacity and have demonstrated willingness to provide support to the Company as and when required.

Pak Qatar's Board of Directors comprises nine members, including five Non-Executive Directors, one Executive Director, and three Independent Directors. The Board structure is aligned with SECP's regulatory requirements and corporate governance best practices.

The Board is chaired by H.E. Sheikh Ali bin Abdullah Thani Jassim Al-Thani, who provides strategic direction and governance oversight. Mr. Said Gul, a prominent Pakistani entrepreneur based in Qatar and founding sponsor, serves as Non-Executive Director and has been instrumental in strengthening Pakistan-Qatar business linkages and shaping the Group's strategic direction since inception. Mr. Abdul Basit Ahmad Al-Shaibei and Mr. Ali Ibrahim Al Abdul Ghani contribute knowledge in Islamic banking and insurance, supporting strategic and financial oversight, while Mr. Zahid Hussain Awan provides guidance on financial management and risk governance. Mr. Muhammad Kamran Saleem, Executive Director, is responsible for corporate governance, strategic planning, and regulatory compliance. The Independent Directors—Mr. Zahid Haleem Shaikh, Mr. Asad Pervaiz, and Ms. Ammara Shamim Gondal—provide objective oversight across sectoral strategy, actuarial and risk management, and financial governance, respectively.

The Board is supported by a structured committee framework comprising the Ethics, Human Resources, Remuneration, and Nomination Committee, the Investment Committee, and the Audit Committee. The Ethics, Human Resources, Remuneration, and Nomination Committee, chaired by Mr. Said Gul and consisting of four members, convenes biannually to oversee related governance matters. The Investment Committee, chaired by Mr. Zahid Hussain Awan, and the Audit Committee, chaired by Mr. Farrukh Viqaruddin Junaidy, each comprise five members and meet on a quarterly basis to review and guide activities within their respective mandates.

M/s Yousaf Adil, Chartered Accountants, serves as the external auditor of the Company. The firm is categorized under Category A of the SBP panel of auditors and issued an unqualified opinion on the financial statements for the year ended December 2024.

The Company's organizational structure is led by the Board of Directors and Chief Executive Officer, supported by functional heads across Finance, Administration, Marketing, IT, Human Resources, Claims, Underwriting, and Legal & Compliance. Governance oversight is facilitated through specialized board committees, including Audit, Investment, Ethics & HR, Risk Management, and Claim Settlement Committees. Shariah compliance is ensured through dedicated oversight by the Head of Shariah Compliance and Shariah Advisors. This structure establishes clear reporting lines, functional accountability, and alignment with strategic and regulatory objectives.

The Company's senior management comprises seasoned professionals with deep industry expertise. Mr. Saqib Zeeshan, Chief Executive Officer, brings over two decades of experience in Takaful and Insurance with a strong track record in driving growth. Mr. Muhammad Kamran Saleem, Director & Company Secretary, is a Fellow Chartered Accountant and Advocate with two decades of experience in corporate governance within the Pak-Qatar Group. Mr. Mehmood Arshad, Executive Director Marketing, has nearly two decades of industry experience managing nationwide sales and marketing initiatives. Mr. Muhammad Raza, Chief Operating Officer, holds ACII-UK qualification with over two decades of operational experience in risk management and compliance. Mr. Muhammad Saleem, Chief Financial Officer, has been with the Company since 2007 with over three decades of experience in Treasury, Financial Reporting, and Taxation. Mufti Muhammad Shakir Siddiqui, Shariah Advisor, specializes in Islamic Finance and Shariah Compliance with the Company since 2007. Mr. Muhammad Danish Raza, Head of Internal Audit, is ACCA-qualified with over a decade of audit experience. Mr. Obaid Hussain Qureshi, Head of Legal & Compliance, brings over two decades of legal and compliance expertise.

The management is supported by a robust committee structure designed to ensure specialized oversight and strategic governance. The board has formed three dedicated committees to enhance operational effectiveness, the Underwriting and Re-Takaful Committee and the Risk Management & Compliance Committee, both chaired by Mr. Zahid Hussain Awan, and the Claims Settlement Committee chaired by Mr. Said Gul.

An in-house developed, web-based Takaful Information and Management System (TMS) has been deployed by Pak Qatar.

Pak Qatar operates a centralized claims management system with restricted branch-level access limited to data entry functions only. Claims reporting is conducted by the branch handling the claim, while processing and settlement authority remains centralized. This structure ensures standardized claims handling procedures, maintains control over settlement decisions, and supports consistency in claim assessment across the branch network.

The Company's investment framework is governed by a formal Investment Policy Statement (IPS) approved by the Board of Directors. Investment decisions are structured through the Board Investment Committee in consultation with the Shariah Advisory Board, with implementation executed by the Management Investment Committee under Shariah oversight. This framework ensures alignment with regulatory requirements, risk parameters, and Islamic principles.

The Company operates under a Board-approved Risk Management Framework that establishes guidelines for underwriting, claims management, and operational risk oversight. The framework incorporates detailed procedures to be followed prior to policy issuance, ensuring adherence to risk appetite and underwriting standards.

Pakistan's general insurance industry holds a total size of ~PKR 170bln during 9MCY25(9MCY24: ~PKR 171bln), exhibiting a slight decrease of ~0.5% in Gross Premium Written (GPW). The industry reported a decrease of ~50.4% in underwriting results, amounting to ~PKR 4.7bln (9MCY24: ~PKR 9.6bln). Overall, the investment income experienced a decrease of ~13.9% to ~PKR 22bln (9MCY24: ~PKR 26bln). The current economic conditions remain imperative for the overall performance of the insurance industry.

Pak Qatar is classified among small-sized companies in terms of GPW with a market share of less than ~1% as of Sep-25

During 9MCY25, the Company's reported Gross Premium Written (GPW) of PKR 1,087mln, reflecting 23.4% growth. The revenue mix demonstrates reasonable diversification with Motor contributing 45.0%, Fire & Property (19.0%), Accident & Health (18.3%), Marine (12.5%), and Miscellaneous (5.2%). Net Insurance Premium & Takaful Contribution stood at PKR 328mln with a retention ratio of 33.6%, reflecting substantial re-takaful arrangements. Wakala fee income, representing the operator's share, amounted to PKR 389mln. The Company's market share stood at 0.7% during 9MCY25, reflecting modest positioning within Pakistan's general takaful industry. The revenue growth, supported by strategic focus on retail segments and improved distribution capabilities, positions the Company favorably, though sustained performance depends on continued market penetration and retention of profitable business lines.

In 9MCY25, the Company reported underwriting results of PKR 23mln (CY24: PKR 37mln, 9MCY24: PKR 7mln), maintaining positive underwriting performance with a combined ratio of 96.8% (CY24: 95.6%). The Company generated operating profit of PKR 106mln (CY24: PKR 178mln) and reported Profit After Tax of PKR 96mln (CY24: PKR 161mln, 9MCY24: PKR 81mln), reflecting adequate earnings generation.

During 9MCY25, investment income stood at PKR 83mln (9MCY24: PKR 107mln), declining due to monetary easing and compressed yields in a falling interest rate environment. The investment portfolio stood at PKR 1,478mln, reflecting an increase of 16.4% from CY24. The portfolio is diversified with ~28% in cash & bank balances, ~45% in equity instruments, and ~27% in debt instruments. The investment yield moderated to 8.1% (CY24: 11.8%), reflecting the impact of lower policy rates on debt securities returns

Pak Qatar General Takaful Limited conducted its Initial Public Offering (IPO) to transition from a privately held entity to a publicly listed company, enhancing its capital base and market visibility. The IPO allowed the Company to raise additional funds to support business growth, expand its product portfolio, and strengthen operational capacity. Going forward, the Company intends to undertake expansionary operations to capture further market share and reinforce its position in the general insurance industry, while continuing to provide value to its stakeholders.claim 

The Company maintains adequate claims management processes, with outstanding claims including IBNR standing at PKR 485mln as of 9MCY25 (9MCY24: PKR 667mln; CY24: PKR 510mln), reflecting significant improvement. Claims outstanding days improved to 242 days during 9MCY25 (9MCY24: 409 days; CY24: 365 days), indicating enhanced claims settlement efficiency. The ratio of insurance claims to liquid investments stood at 54.7% demonstrating adequate liquidity coverage for claims obligations. Re-takaful recoveries against outstanding claims amounted to PKR 251mln in 9MCY25 (CY24: PKR 325mln), providing risk mitigation support.

Pak Qatar General Takaful maintains re-takaful arrangements with well-reputed reinsurance companies, e.g., Kuwait Re (‘A-’ by A.M. Best), Saudi Re (‘A-’ by Moody’s), Arab Re (‘B-’ by A.M. Best), Tunis Re (‘AA’), Kenya Re (‘B (Fair)’), and PRCL (‘AA’ by VIS).

Pak Qatar General Takaful Limited maintains a sound liquidity position, with its liquidity coverage ratio measured as liquid assets to outstanding claims, including IBNR improving to 3.0x during 9MCY25 (CY24: 2.4x), reflecting strengthened claims-paying capacity. Liquid assets to net insurance claims stood at 2.8x (CY24: 3.0x), maintaining adequate coverage. The improvement in liquidity coverage was supported by declining outstanding claims due to enhanced settlement processes and growth in the investment portfolio. Pak Qatar Takaful established an Asset Management Company (AMC), named Pak Qatar Asset Management, and transferred its entire investment portfolio to this entity.

The Company's capital management objective is to safeguard its ability to continue as a going concern, provide returns for shareholders, and maintain a strong capital base to support sustained business development. The Company manages its capital structure by monitoring return on net assets and making adjustments in light of changing economic conditions. As of 9MCY25, the equity base stood at PKR 1,029mln (CY24: PKR 886mln), reflecting strengthened capitalization. The paid-up capital increased to PKR 711mln as of 9MCY25 (CY24: PKR 509mln). Following the successful IPO in January 2026, which was significantly oversubscribed, demonstrating strong investor confidence, the Company’s paid-up capital has met the phased minimum capital requirements for 2026 The capital infusion, combined with retained earnings, has enhanced the equity base and provided regulatory headroom to meet SECP's phased minimum capital requirements.