PACRA Rating Committee (RC)

Significance of RC

PACRA Rating Committee (RC) is a forum whereby the rating proposed by the Rating Team undergoes deliberation culminating in a decision as to what the final rating would be. RC is core to the finalization of rating opinion. Rating decisions are taken exclusively by the RC and not by any individual and are completely independent of any influence.

RC members perform the following roles and responsibilities:

  • Review, challenge, endorse - the opinion proposed by the Rating Team
  • Foster a free exchange of views including dissenting views
  • Ensure an unbiased, objective and independent rating opinion
  • Ensure complete and uniform application of methodologies / criteria and relative positioning of underlying rating in respective rating universe
  • Ensure and facilitate documentation of RC deliberations (including voting details, notes of dissent (if any) in a transparent and timely manner

Functioning of RC

  1. The rating opinion is developed by a Rating Team. The make-up of a typical Rating Team designated to complete a single rating assignment comprises a Lead Analyst, a support analyst (may or may not be present in all Rating Teams) with one Team Leader. The Rating Team may be reinforced by additional members, if deemed necessary subject to the complexity of the rating.
  2. The Rating Team submits the proposed rating opinion to the RC for finalization.
  3. The RC, in a formal session (termed the RC Meeting), undertakes deliberations and delivers its decision.
  4. The RC decision is conveyed to the Client through a Rating Notification Letter.
  5. The RC meeting is documented and maintained as a Business Record.

RC Members

PACRA RC is structured to include both internal (in-house) and external RC members.
Internal RC member: A PACRA employee who has been formally designated in the position. He may have other responsibilities / functions in PACRA.
External RC member: A person who has been nominated in this role by PACRA. External RC member should not have any direct or indirect association with PACRA or any of its Directors and shareholders.
External RC Members add to the effectiveness of PACRA RC. Bringing forth a market intelligence, current industry experience and an outsider’s (by virtue of being independent from PACRA’s management) perspective to the RC, these serve to bring forth challenge for internal RC members and unbiasedness that goes a long way in benefitting the quality and substance of the RC decision.
Chairman RC: PACRA RC is chaired by an external RC member.

RC Members | External

lse Amanullah Khan
Mr. Amanullah Khan is a seasoned professional with more than 40 years of experience at various leading domestic and foreign banks. His areas of focus include commercial banking, corporate banking and risk management. He has traveled widely during his assignments abroad and attended several professional training courses including those organized by Citibank in Athens, Dubai and Hong Kong. Starting his career with National Bank of Pakistan, he kept on moving to senior positions in Middle East Bank Dubai, BCCI (Hong Kong) and Bank Al-Habib. He was the only top management person retained by ABN AMRO Bank after its acquisition of Prime Bank. He retired as Head of GRG of RBS (Pakistan) in December 2009. He has been an External RC Member at PACRA since January 2010. Mr. Khan brings vast and diversified banking experience with strong professional background and market knowledge to the RC.


Khalid Imran
Mr. Khalid Imran carries a distinguish profile. He is a seasoned banker with diverse experience profile spread over 45 years. He started his career with BCCI in 1975 after achieving his MBA from IBA, Pakistan. He has been at distinct leadership positions; last of those was CEO/President of JS Bank from 2014 to 2018. He was also part of the founding team of Prime Bank, where he remains associated from 1992 to 2010. Mr. Imran carries rich understanding of businesses in local and regional geographies operating in multiple sectors. This diversity and depth of knowledge is a key contribution to PACRA’s Rating Committee

lse Arfa Waheed Malik
Mr. Malik passed from BCCI training academy in 1982. Of his three decade long banking career, he spent the initial 10 years working for BCCI (Middle East Region). During his mid-career stage, he was exposed to managing a Modaraba Fund and an Investment Bank in Pakistan. Mr. Malik then worked at senior positions at Bank Alfalah. From the year 2008 to 2012, he was Group Head - Corporate Investment Banking and had several key milestones to his credit. For one thing, he managed to double the corporate banking book size while keeping its credit quality better than the industry average. For another, his efforts served to increase profitability multifold by developing multiple income streams in the corporate banking group. His deep credit knowledge of corporate segment of Pakistan is key contribution to PACRA RC which he joined since July 2014.


Iftikhar Taj Mian
Mr. Iftikhar Taj Mian is a seasoned professional Accountant and currently is President of The Institute of Chartered Accountants of Pakistan (ICAP). He also holds a position as Director Governance & Strategy in Crowe Hussain Chaudhary & Company, Chartered Accountants. He is a Certified Director and is also a Governance trainer for Directors Training Program run by ICAP and recognized by SECP. He has diversified professional experience of over 30 years in Pakistan including Governance and Strategy, Finance, Organizational Restructuring, International Controls Assessment and Risk Management. Mr. Iftikhar brings extensive and varied industrial experience with strong professional background and market knowledge to PACRA’s Rating Committee .

RC Members | Internal

lse Jhangeer Hanif
Mr. Jhangeer Hanif specializes in the banking, insurance, asset management, refining and fertilizer sectors. Mr. Hanif has led the development of a highly sophisticated asset management rating model and an insurance rating model. He has in-depth knowledge of PACRA’s rating universe. He is an ACCA by profession. He joined PACRA RC in July 2013.

lse Adnan Dilawar
Adnan holds a MBA degree with concentration in finance from the University of Indianapolis, USA. He has over three years of work experience, primarily in the capacity of analyst, in financial institutions in the United States. He possesses in depth expertise in Banking, Real Estate, Insurance, Micro Finance and Oil and Gas sectors.