Rating Details	Rating Type	BFR
	Dissemination Date	Current (12-Feb-26 )
	Action	Initial
	Rating	BFR 3
	Outlook	Positive
	Rating Watch	-

Rating Rationale	Factor	Comment
	Ownership	WE Financial Services Limited ("WE FSL" or "The Company") is primarily owned by the Javed family, with Humayun, Asad, and Raheel Javed each holding 31.84% shares, and Nuzhat Javed owning 4.49%.
	Governance	The Board of WE FSL comprises three members, including the CEO, all representing key shareholders, ensuring effective governance alignment. It is composed of experienced professionals.
	Management and Client Services	WE FSL has a centralized organizational structure with experienced management overseeing key departments, ensuring strategic alignment and operational efficiency. Reliable systems, strong client servicing, and disaster recovery measures support seamless operations and service quality.
	Internal Controls and Regulatory Compilance	WE FSL has a Board level Audit Committee reporting to the Board, ensuring oversight of financial reporting, internal controls, and compliance. The internal audit function is outsourced to the former Head of Internal Audit of the Company.
	Business Sustainability	WE FSL topline is primarily driven by equity brokerage, generating PKR 58.8 million in brokerage revenue during FY25 (FY24: PKR 42 mln). The company posted a net profit of PKR 5.4 million (FY24: PKR 5.6million).
	Financial Sustainability	WE FSL maintains a conservative, equity based capital structure with no reliance on external debt. As of FY25, equity rose to PKR 95 million (FY24: PKR 89 million), reflecting improved capitalization and reduced financial risk.

Key Rating Drivers

WE FSL BFR rating reflects its conservative capital structure and focused operational model, anchored in equity brokerage. The company’s financial stability is underpinned by its debt free capital structure and effective cost management. Its centralized organizational setup, supported by an experienced management team and board level audit oversight, contributes to effective governance and operational resilience. Fully integrated systems and a disaster recovery framework further strengthen its infrastructure. However, limited business diversification and relatively modest scale of operations constrain upward rating momentum. Sustained internal compliance and proactive engagement with regulatory bodies remain essential to its fiduciary profile. Moving forward, diversified revenue streams, strengthening market positioning, and enhancing profitability will be key. It will also be critical to maintain sound internal controls, ensure management continuity, and effectively navigate industry challenges.

About the Entity
	Legal Structure	Public Limited
	Year of Establishment	12-Apr-93
	Type of License	Trading and Self-clearing
	Majority Ownership	Humayun Javed (~31.84%) | Raheel Javed (~31.84%) | Asad Javed (~31.84%)

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

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