PACRA assigns IFS Rating “A” to Pak-Qatar General Takaful Limited
The Pakistan Credit Rating Agency (PACRA) has assigned the Insurer Financial Strength (IFS) rating of Pak-Qatar General Takaful Limited (PQGTL) “A” (Single A) with Stable Outlook. The rating denotes strong capacity to meet policyholders and contract obligations. Pak-Qatar General Takaful Limited being an early entrant in Takaful has achieved good brand recognition. This gives strength to PQGTL’s business profile. The rating, in addition to this, reflects sound risk absorption capacity of the company. 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. JCR-VIS has recently reaffirmed PQGTL’s IFS rating as “A-” with Positive’ Outlook. With over Rs. 1.0 billion turnover, PQGTL is amongst the top ten general insurance/takaful operators of Pakistan by virtue of gross underwritten premium/contribution.
About Pak-Qatar General Takaful Limited:
Amongst the pioneers of Takaful in Pakistan, Pak-Qatar General Takaful Limited offers comprehensive general takaful (non-life insurance) products’ portfolio for corporate customers as well as individual clients. Pak-Qatar General Takaful Limited is chaired by Sheikh Ali bin Abdullah al-Thani, member of Qatar’s Royal Family, and sponsored by Qatar Islamic Insurance Company; Qatar International Islamic Bank; and Masraf Al-Rayan, leading financial institutions of the State of Qatar. Pak-Qatar General Takaful Limited is present in all major cities of Pakistan. The Company is amongst the first, and the most active, in vitalizing the retail Takaful market in Pakistan. The Company is the recipient of several domestic and international awards and nominations. Moreover, the Company has strong Re-Takaful arrangements with leading international re-takaful operators. An ever-vigilant Shariah Advisory Board of renowned and erudite scholars steers the Company in a direction that suits a Shariah-compliant business entity, thereby ensuring commitment to very high professional and professional standards.