KARACHI: The Pakistan Credit Rating Agency Limited (Pacra) has assigned the Asset Manager rating of AM2 to the Pak-Qatar Family Takaful Limited (PQFTL) as Pension Fund Manager.

The PQFTL had expanded its services by acquiring a Pension Fund Manager licence from the SECP, launching the Pak-Qatar Islamic Pension Fund (PQIPF) in December 2022. It has consistently maintained its market share in the Takaful sector, leveraging its substantial investment portfolio and stable income streams.

PQFTL CEO Waqas Ahmad said, “We are pleased to receive the Asset Manager rating of AM2 as Pension Fund Managers from the Pacra, which reflects our commitment to providing technologically innovative Takaful solutions to our customers. This not only validates our strong market position as the first Takaful operator to introduce pension fund in Pakistan but also reinforces our dedication to providing Shariah-compliant financial solutions.”

The Islamic Pension Fund industry in Pakistan has shown significant growth potential, with an AUM of PKR 39 billion as of December 2023. The PQFTL is well-positioned to capitalize on this expanding market, supported by favourable government policies.

The company has implemented a comprehensive risk management framework integrated across all operations, ensuring strong internal controls and compliance.

Copyright Business Recorder, 2024