Press Release

Rating of Pak-Kuwait Takaful Company Limited
 

Karachi, January 7, 2016: JCR-VIS Credit Rating Company Limited (JCR-VIS) had placed Insurer Financial Strength (IFS) rating of ‘BBB’ assigned to Pak-Kuwait Takaful Company Limited (PKTCL) on ‘Rating Watch Developing’ status in view of an ongoing business review exercise. The exercise was initiated by a key shareholder following identification of weaknesses in PKTCL’s control and governance framework. Recently, The Crescent Star Insurance Company of Pakistan Limited announced signing of a Memorandum of Understanding for acquisition of 62.5% stake in PKTCL. IFS rating of the company, therefore, continues to be placed under ‘Rating Watch Developing’ status. A rating review will be conducted as further developments materialize in these regards.

The previous rating action was announced on January 20, 2015.

For further information on this rating announcement, please contact the undersigned (Ext: 516) or Mr. Javed Callea (Ext: 501) at (021)35311861-71 or fax to (021)35311872-3.


Jamal Abbas Zaidi
Advisor

Applicable Rating Criteria: General Takaful Rating (Jan 2009)
http://www.jcrvis.com.pk/Images/takaful.pdf

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JCR-VIS Credit Rating Company Limited