The Pakistan Credit Rating Agency (PACRA) has maintained Pak-Qatar General Takaful Limited an ‘Insurer Financial Strength (IFS) Rating’ of ‘A’. This rating has been maintained since PQGTL’s initial rating in 2016
Karachi, (Pakistan Point News - 23rd May, 2018 ) The Pakistan Credit Rating Agency (PACRA) has maintained Pak-Qatar General Takaful Limited an ‘Insurer Financial Strength (IFS) Rating’ of ‘A’. This rating has been maintained since PQGTL’s initial rating in 2016. PQGTL’s Future Outlook has also remained constant at ‘Stable’. As per PACRA’s Report; Pak-Qatar being an early entrant in Islamic insurance (Takaful); both General and Family has achieved good brand recognition, giving strength to PQGTL's business profile.
The rating reflects sound-risk absorption capacity of the company. The rating is dependent on the management’s ability to cohesively execute the business plan. PQGTL is the only Takaful Operator which has been graded by both Rating Companies operating in Pakistan namely JCR-VIS Credit Rating Company and PACRA. The Chief Financial Officer of PQFTL – Mr. Kamran Saleem stated that, “It is a pleasure for all the stakeholders to witness that the excellent performance of PQGTL, in all aspects of its business, is being recognized by a credible rating agency like PACRA.
It is a reflection of the consistent hard work of our highly committed team. I congratulate all team members on winning this accolade for strong financial stature and earning more respect as a robust financial institution”. Pak-Qatar General Takaful Limited (PQGTL) is one of the leading General Takaful companies in Pakistan. The company commenced its operations in 2007. Pak-Qatar General Takaful Limited offers comprehensive General Takaful (Non-Life insurance) products’ portfolio for corporate customers as well as individual clients.
Incorporated in 2006, and beginning operations in 2007, the company is registered with, and supervised by, the Securities and Exchange Commission of Pakistan (SECP). An independent Shari’ah Advisory board chaired by Mufti Muhammad Taqi Usmani certifies all products and operations for Shari’ah compliance. The company is rated "A" (Single A) with Stable Outlook by PACRA and ‘A-’ (Single A Minus) with ‘Stable’ Outlook by the JCR-VIS Credit Rating Company Limited PQGTL has a vision of providing financial protection through Takaful to everyone.
The company’s shareholders include some of the strongest financial institutions in the state of Qatar such as Qatar Islamic Insurance Company (QIIC) and Qatar International Islamic Bank (QIIB) besides Pak-Qatar Investment (Private) Limited and Fawad Yusuf Securities (Pvt.) Limited. The company is further strengthened by its Re-Takaful arrangements with Labuan Re, Emirates Re, Saudi Re and Africa Re and Kuwait Retakaful. Pak-Qatar General Takaful Limited has presence in major cities of the country.
Pak-Qatar General Takaful Limited by adhering to the only best practices set down in the Islamic Shariah and Pakistani law is engaged in providing need-based, practical and profitable financial services to its members and participants throughout Pakistan. The company believes in technological advancement and has presence on all digital mediums thus enabling the customers to keep in touch 24/7 via modern web portals and mobile applications. The company continues to be the recipient of several domestic and international awards and recently won “Brands of the Year Award-2017” conferred by FPCCI (Federation of Pakistan Chambers of Commerce & Industry).
