Press Release
VIS Reaffirms Broker Fiduciary Rating of Akik Capital (Pvt) Ltd
Karachi, August 28, 2026: VIS Credit Rating Company Ltd. (VIS) has reaffirmed the Broker Fiduciary Rating of Akik Capital (Pvt) Ltd at ‘BFR3’. Outlook on the assigned rating is ‘Stable’. Rating of BFR3 denotes good fiduciary standards. Previous rating action was announced on August 22, 2025.
The rating signifies sound internal controls and regulatory compliance, while ownership and governance, management and client services as well as business and financial sustainability are considered adequate.
Akik Capital (Pvt) Ltd is principally engaged in the brokerage of shares. The company caters mainly to domestic institutional and retail clients. At present, AKIK operates through its head office based in Karachi, where it provides both assisted and online trading services. The company holds Trading Rights Entitlement Certificate (TREC) granted by Pakistan Stock Exchange Limited (PSX), and is registered with SECP to provide Trading & Self Clearing Services. External auditors of the company are Kreston Hyder Bhimji & Co Chartered Accountants. External auditors belong to category ‘A’ on the approved list of auditors published by the State Bank of Pakistan (SBP).
Assigned rating takes into account the Company’s ownership and governance framework, which remains constrained by its limited Board size and the presence of a single Board committee, resulting in relatively limited oversight. Further strengthening the Board composition and establishing additional Board committees may enhance the overall governance framework and board oversight. The Company, however, maintains sound disclosure practices. The Company’s client service framework may be further enhanced through timely trade alerts, streamlined complaint handling mechanisms, greater visibility of the customer grievance procedure on its website, and expansion of its geographical presence to broaden client outreach and strengthen market coverage. Internal control framework of the Company may be further strengthened by expanding the scope of internal policies.
Assessment of the financial profile reflects reasonable financial performance. However, the Company’s cost-to-income ratio is considered on the higher side. Liquidity profile is considered sound, whereas the Company has high exposure to market risk. The Company’s capitalization profile remains supported by its debt-free balance sheet. However, the leverage indicator has increased, while the equity base remains relatively constrained. Going forward, sustained ßefforts toward revenue diversification and strengthening, prudent management of market risk, maintenance of a sound liquidity profile and prudent gearing levels, and further strengthening of the equity base will remain important considerations for the rating.
For further information on this rating, please contact at 021-35311861-64 or email at info@vis.com.pk.
Applicable Rating Criteria: Broker Fiduciary Ratings:
https://docs.vis.com.pk/Methodologies-2025/BrokerFiduciaryRating-Nov25.pdf
VIS Rating Scale
https://docs.vis.com.pk/docs/VISRatingScales.pdf