PACRA Maintains IFS Rating of PakQatar Family Takaful
The rating reflects sustained market position of the company, having a decent foothold in the takaful industry. PakQatar has been able to improve its system share gradually while maintaining growth in the form of sustainable persistency. The company benefited from its association with FWU, a Germany based firm, in the form of technical partnership. The company stands on good footing on stand alone basis. Investment related losses have dampended the surplus position, calling for contribution from the shareholder fund. Furthermore, profits from individual segments needs to be improved. The liquidity of the company adequately covers the outstanding obligations of the company. Going forward, the company envisages continued business growth while focusing on improved profitability.
The rating denotes the ability of the company to capitalize on the market share whilst sustaining the persistence. Product diversification in non-Banca segments should be translated into size-able volumes with enhanced profitability. Meanwhile, monetary metrics need to continuously improve.
PakQatar Family, commencing operations in 2007 as unlisted public company and operates through a network of 72 branches. Major shareholding is in the hands of (i) Mr. Said Gul & his associated company (4% via individual and 35% via Pak-Qatar Investment (Private) Limited), (ii) Two Qatar based Financial Institutions (21%), and (iii) H.E. Sheikh Ali Bin Abdullah Al-Thani - belongs to Qatar's Royal Family (10%). Technical partner is FWU AG (15%), a German based firm having operations in Europe and Middle East, maintains permanent establishment in Pakistan - by virtue of this technical arrangement stability.
PakQatar Family has a eight-member board including - Mr. Said Gul being the Director and has been associated with the company since inception. H.E. Sheikh Ali Bin Abdullah Al-Thani (H.E. Ali), royal family member, is chairman of the board, while Qatar based Financial Institutions and FWU-AG each have one nominee director, respectively, while Mr. Said Gul represents himself through Pak Qatar Investment (Private) Limited. Mr. Nasir Ali Syed; CEO of the company since 2012, carries more than two decades of experience in life insurance industry.