Press Release
JCR-VIS assigns IFS rating of A- to Pak Qatar Family Takaful Limited
Karachi, February 09, 2009: JCR-VIS Credit Rating Company Limited has assigned an initial Insurer Financial Strength (IFS) rating of ‘A-’ (Single A Minus) to Pak Qatar Family Takaful Limited (PQFTL). Outlook on the rating is ‘Stable’.
The rating incorporates strong sponsor support from Qatar based financial institutions having sound credentials. Having commenced operations in 2007, the company has focused initially on establishing a strong control environment, development of manuals and standard operating procedures (SOPs) and implementation of MIS which has also been deployed and tested in International Islamic Financial Institutions. Management team also comprises dedicated, experienced and qualified personnel. The philosophy of Shariah and Takaful and vision of the company has been strongly infused in the mindset of management personnel.
The company has depicted significant growth during the last quarter of 2008. However, the prevalent economic slowdown that has impaired the operating capacity of businesses in general, performance of capital markets and economic profile of individuals may pose challenges for the company. The rating may be revised if persistence of current economic conditions affects ability of the company to meet projected growth targets.
For further information on this rating announcement, please contact the undersigned (Ext: 508) or Ms. Sabeen Saleem (Ext: 510) at 5311861-70 (10 lines) or fax to 5311873.
Syed Ziauddin Ahmed
Advisor