Karachi: Pak-Qatar Family Takaful Limited (PQFTL) has been upgraded to an ‘AA’ Insurer Financial Strength (IFS) rating with a Stable Outlook by VIS Credit Rating Company Limited, becoming the first and only Family Takaful operator in Pakistan to achieve this milestone. The upgrade from A++ reflects PQFTL’s strong financial position and commitment to Shariah-compliant practices, setting a new industry benchmark.
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, 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.”
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.
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