PACRA Maintains Stability Rating of Pak Qatar Monthly Income Plan under Pak Qatar Islamic Income Fund

Pak Qatar Monthly Income Plan (the "Plan"), operating under Pak Qatar Islamic Income Fund, represents a medium-risk Shariah-compliant investment solution designed to provide corporate and high-net-worth investors with stable monthly dividends through active allocation across Islamic yield curve instruments. The Plan's distinctive approach combines duration management with rigorous Shariah compliance, catering to sophisticated investors seeking regular income within an Islamic framework. As of March 2025, the Plan reported Assets Under Management (AUM) of PKR 1.02 billion, reflecting its focused presence in Pakistan's Islamic institutional investment space. The Plan maintains a strategic asset class, with 37% allocated to bank deposits, 31% to Corporate Sukuks, and 30% to Government Sukuks, demonstrating a disciplined approach to yield optimization while maintaining essential liquidity provisions. The Plan exhibits a deliberate credit quality, with 30% allocation to AAA rated government instruments providing fundamental stability, complemented by 51% in A+ rated and 10% in AA+ rated avenues for yield enhancement. With a Weighted Average Maturity (WAM) of 654 days (approximately 1.8 years) as of March 2025, the Plan maintains an intermediate duration profile that strategically positions it along Pakistan's Islamic yield curve. This maturity structure creates meaningful exposure to rate movements, though the 37% bank deposit allocation provides crucial liquidity management for monthly dividend obligations.
Going forward, any material changes in the investment policy or the devised rating criteria for the assigned rating would have an impact on the ratings.

About the Entity
Pak Qatar Asset Management Limited, established in 2021, is licensed by the SECP to carry out asset management and investment advisory business. The major shareholder of the Company is the holding company Pak Qatar Investment (PVT) Ltd which holds 52% of stake and remaining shareholder include FWU AG (20%), and Pak Qatar Family Takaful (5%). However, two board directors Mr. Owais Ansari and Mr. Kamran Saleem also hold 14% and 7%. The Company's board is composed of five members, with representation of two members from Pak Qatar Investment Limited, one representative of Pak Qatar Family Takaful Limited, one representative of FWU AG and one independent director. The CEO, Mr. Farhan Shaukat, FCA, has been associated with the group for over a decade heading Treasury function of the group. The AUMs of the Company stood at PKR 60.4bln at the end of Mar'25.