In a defining milestone for Pakistan’s Islamic financial landscape, Pak-Qatar Family Takaful Limited (PQFTL) has become the first and only dedicated Family Takaful operator in Pakistan to be upgraded to an ‘AA’ Insurer Financial Strength (IFS) rating with a Stable Outlook by VIS Credit Rating Company Limited.
This prestigious upgrade from A++ to AA (IFS) denotes very strong capacity to meet policyholder’s liabilities and underscores PQFTL’s exceptional financial resilience, strategic foresight, and unwavering commitment to Shariah-compliant excellence. It marks a new benchmark not only for PQFTL but for the entire Takaful industry in Pakistan.
This exceptional upgrade is a strong reflection of PQFTL’s financial soundness, operational discipline, and rising leadership within the Islamic finance ecosystem. It underscores the company’s unwavering ability to meet participants’ obligations, even amid dynamic market conditions.
As of end-2024, PQFTL has grown its market share from 26% in 2022 to an impressive 47%, reaffirming its role not only as a key player but also as a trailblazer in the Family Takaful sector.
Commenting on this milestone, Mr. Waqas Ahmad, CEO of Pak-Qatar Family Takaful, stated: “We are immensely proud to be the first dedicated Takaful company in Pakistan to achieve the prestigious ‘AA’ rating. This upgrade is a testament to the strength of our strategy, the commitment of our team, and the trust our members place in us. We remain focused on delivering Shariah-compliant protection and savings solutions while maintaining the highest standards of integrity, customer satisfaction and financial prudence.”
VIS also noted PQFTL’s strong corporate governance, guided by an experienced Shariah Supervisory Board and a well-structured Wakalah-Waqf model that ensures clear segregation between participant and shareholder interests. The company continues to enhance its IT infrastructure and cybersecurity to better serve members in an increasingly digital world.
PQFTL’s improved profitability has been fueled by prudent investment practices, cost optimization, and operational efficiency. The company remains disciplined in managing acquisition expenses and committed to maintaining sustainable growth.
