PQFTL’s credit rating upgraded

KARACHI: The JCR-VIS Credit Rating Company Ltd has upgraded the Insurer Financial Strength (IFS) rating of from ‘A’ (Single A) to ‘A+’ (Single A Plus) of Pak-Qatar Family Takaful Limited (PQFTL), a statement said on Monday.

Outlook on the assigned rating is ‘Stable’. Ratings assigned to PQFTL are driven by improvement in key performance areas and strong profile of its sponsor, it added. The rating denotes a strong capacity to meet policy-holders and contract obligations. It also reflects the sustained market position of the company, having decent foothold in Bancatakaful.

“This elevation is coherent with the well-defined organisational structure of the company, experienced management, and highest paid-up capital (above Rs1.3 billion) in the industry,” said Kamran Saleem, chief financial officer of PQFTL.