Rating Details	Rating Type	BFR
	Dissemination Date	Current (17-Jul-26 )	Previous (18-Jul-25)
	Action	Maintain	Initial
	Rating	BFR 3	BFR 3
	Outlook	Stable	Stable
	Rating Watch	-	-

Rating Rationale	Factor	Comment
	Ownership	AL Haq Securities (Pvt.) Limited ("AL Haq" or "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 15mln as at Dec '25 (Jun '25: ~PKR 24mln and net profit of ~PKR 6mln (Jun '25: ~PKR 10mln).
	Financial Sustainability	AL Haq maintains a conservative, equity-focused capital structure. As of 6MFY26, equity rose to ~PKR 103mln (Jun '25: ~PKR 97mln).

Key Rating Drivers

Al Haq Securities Limited's ("AHSL" or "the Company") 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
	Ahsan Zahid ahsan.zahid@pacra.com +92-42-35869504 www.pacra.com	Assessment Framework | Broker Fiduciary Rating | Jan-26 Methodology | Rating Modifiers | Apr-26	Sector Study | Brokerage Firms | Feb-26

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