Press Release

JCR-VIS assigns IFS rating of BBB+ with a Positive Outlook to Pak Qatar General Takaful Limited
 

Karachi, June 9, 2009: JCR-VIS Credit Rating Company Limited has assigned an initial Insurer Financial Strength (IFS) rating of ‘BBB+’ (Triple B Plus) with a ‘Positive’ Outlook to Pak Qatar General Takaful Limited (PQGTL).

The rating incorporates strong sponsor support from Qatar based financial institutions having sound credentials. PQGTL is managed by a team of experienced and qualified professionals possessing rich industry experience. From its inception, PQGTL has focused on development of manuals and standard operating procedures (SOPs), to strengthen internal controls and ensure operational efficiency. Significant investment has been made in the deployment of a business system that is well-tested in International Islamic Financial Institutions and caters adequately to the needs of the takaful operator. Further, PQGTL is also in the process of implementing SAP ERP in the finance division, which may further strengthen level of financial controls.

Having commenced commercial operation in 2007, business volumes may still be considered low with significant reliance on motor business. Sizable business volumes and an optimal business mix is projected to emerge over time.

For further information on this rating announcement, please contact Syed Ziauddin Ahmed (Ext: 508) or Ms. Sabeen Saleem (Ext: 510) at 5311861-70 (10 lines) or fax to 5311873.



Faheem Ahmad
President & CEO

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Information herein was obtained from sources believed to be accurate and reliable; however, VIS Credit Rating Company Limited VIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information.VIS, the analysts involved in the rating process and members of its rating committee do not have any conflict of interest relating to the rating(s)/ranking(s) mentioned in this report.VIS is not an NRSRO and its credit ratings are not NRSRO credit ratings.VIS is paid a fee for most rating assignments. This rating/ranking is an opinion and is not a recommendation to buy or sell any securities. Copyright 2009 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.

JCR-VIS Credit Rating Company Limited