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 listed on the Pakistan Stock Exchange (PSX) after an overwhelming response from the investors during the Initial Public Offering (IPO).
This historic milestone and response from investors underscore 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 Islamic financial services eco-system in Pakistan.
The book building and public subscription portions of the IPO were oversubscribed by 3.2 times and 3.8 times, respectively, reflecting strong investor confidence in Pak-Qatar Family Takaful Limited and Pakistan’s Islamic financial ecosystem. The IPO raised PKR 901 million, achieving a 29% premium, reflecting strong investor interest and positive market perception.
With participation from over 8,200 investors, the IPO ranks among the highest investor turnouts in Pakistan’s insurance and Takaful sector. The offering attracted a diverse mix of institutional investors, insurance companies, family offices, corporate investors, and a significant number of individual investors.
Arif Habib Limited acted as Lead Manager to the Issue, played a central role in managing the IPO process.
Commenting on the landmark achievement, Mr. Muhammad Kamran Saleem, Member Board of Directors, Pak-Qatar Family Takaful, said: “Alhamdulillah, the success of the IPO and the subsequent listing on the Pakistan Stock Exchange is a historic achievement. The overwhelming response from investors demonstrate deep trust in our business fundamentals, Shariah governance standards and strategic vision. We are grateful to Allah Almighty for this historic achievement and we remain committed in strengthening the Islamic financial eco-system and long-term sustainable value creation to all our stakeholders.”
Shahid Ali Habib, Chief Executive Officer of Arif Habib Limited, commented on the successful IPO, stating: “We are pleased to highlight the successful IPO of Pak-Qatar Family Takaful Limited, the first and largest Takaful company to be listed in Pakistan. The offering witnessed an exceptional 3.8x oversubscription in the public tranche, underscoring robust investor confidence.
Farrukh H. Sabzwari, Managing Director & CEO, Pakistan Stock Exchange (PSX), paid tribute to the late Dr. Shamshad Akhtar while commenting on the successful IPO, noting:
Our hearts remain heavy with the profound loss of Dr Shamshad Akhtar, whose visionary leadership profoundly transformed Pakistan’s financial market and economic landscape. Reflecting on the outgoing year, the CEO noted that the market demonstrated remarkable strength, with the KSE 100 Index surging over 51% in past 12 months, continuing the multi-year rally and posted one of the best performing asset class returns. He highlighted that PSX witnessed 7 IPOs, the launch of Green Sukuk and Cash Settled Futures, as well as key regulatory reforms, including the revised Public Offering Regulations, 2017 and a revamp of the book building system. Concluding his remarks, the CEO extended a heartfelt congratulations to Pak Qatar Family Takaful Limited on its successful listing, marking the beginning of many more milestones in the year ahead.
The IPO proceeds will support PQFTL in meeting regulatory capital requirements, expanding digital distribution channels, enhancing product innovation, and driving customer-centric growth initiatives.
The successful listing not only expands investment opportunities for market participants but also strengthens the ecosystem for Islamic financial products and services within the PSX, contributing to the continued evolution and diversification of Pakistan’s capital markets.