Press Release
JCR-VIS assigns IFS rating of BBB+ with a Positive Outlook to Pak Qatar General Takaful Limited
Karachi, June 9, 2009: JCR-VIS Credit Rating Company Limited has assigned an initial Insurer Financial Strength (IFS) rating of ‘BBB+’ (Triple B Plus) with a ‘Positive’ Outlook to Pak Qatar General Takaful Limited (PQGTL).
The rating incorporates strong sponsor support from Qatar based financial institutions having sound credentials. PQGTL is managed by a team of experienced and qualified professionals possessing rich industry experience. From its inception, PQGTL has focused on development of manuals and standard operating procedures (SOPs), to strengthen internal controls and ensure operational efficiency. Significant investment has been made in the deployment of a business system that is well-tested in International Islamic Financial Institutions and caters adequately to the needs of the takaful operator. Further, PQGTL is also in the process of implementing SAP ERP in the finance division, which may further strengthen level of financial controls.
Having commenced commercial operation in 2007, business volumes may still be considered low with significant reliance on motor business. Sizable business volumes and an optimal business mix is projected to emerge over time.
For further information on this rating announcement, please contact Syed Ziauddin Ahmed (Ext: 508) or Ms. Sabeen Saleem (Ext: 510) at 5311861-70 (10 lines) or fax to 5311873.
Faheem Ahmad
President & CEO