AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi: In a significant development for Pakistan’s Islamic finance sector, Pak-Qatar Family Takaful Limited (PQFTL) has achieved a milestone by becoming the first dedicated Family Takaful operator in the country to receive an ‘AA’ Insurer Financial Strength (IFS) rating. The rating, awarded by VIS Credit Rating Company Limited, comes with a Stable Outlook, reflecting the company’s robust financial health.
The upgrade from A++ to AA signifies PQFTL’s strong capacity to meet policyholder liabilities. It highlights the company’s financial resilience and strategic approach within the Shariah-compliant insurance sector. This achievement sets a new benchmark for both PQFTL and the broader Takaful industry in Pakistan.
PQFTL’s market share has seen substantial growth, rising from 26% in 2022 to 47% by the end of 2024. This increase underscores the company’s leadership role in the Family Takaful segment.
Waqas Ahmad, CEO of Pak-Qatar Family Takaful, expressed pride in the achievement, stating that the ‘AA’ rating reflects the strength of their strategic approach and the trust placed in them by members. He emphasized the company’s commitment to providing Shariah-compliant protection and savings solutions.
VIS highlighted PQFTL’s strong corporate governance, supported by an experienced Shariah Supervisory Board and a robust Wakalah-Waqf model. This model ensures a clear separation between participant and shareholder interests. The company is also enhancing its IT infrastructure to better serve its members.
PQFTL’s profitability has improved due to prudent investment practices and cost management. The company remains dedicated to sustainable growth and efficient management of acquisition expenses.