Pak-Qatar becomes Pakistan’s first Takaful firm to manage government pension fund

In a major milestone for Pakistan’s Takaful industry, Pak-Qatar Family Takaful Limited (PQFTL) has been appointed as the Pension Fund Manager under the Government of Khyber Pakhtunkhwa’s Contributory Pension Fund (CPF) Scheme.

This marks the first time a Takaful company has been entrusted with such a role in Pakistan, highlighting PQFTL’s credentials in Shariah-compliant finance and pension fund management.

The agreement was formalized at a high-level signing ceremony attended by KPK Finance Minister Muzammil Aslam, along with senior officials, including Secretary Finance Amer Sultan Tareen, Team Lead DMU Abdul Qayyum, and Deputy Director of the Pension Department Naveed Alam.

Pak-Qatar was represented by its leadership team, including Founders and Board Members Said Gul and Kamran Saleem, CEO Waqas Ahmed, and Group Executive Director Mehmood Arshad.

Speaking at the event, Minister Muzammil Aslam described the CPF Scheme, launched in 2022, as a “pioneering initiative” that ensures a financially secure retirement for government employees through a contribution-based model.

Under the scheme, employees contribute 10% of their salaries, while the government adds another 12% monthly. So far, over 59,000 employees have enrolled.

The CPF requires all fund managers to meet the highest regulatory and credit standards, including holding a Pension Fund Manager license and a minimum AM2 credit rating, both regulated by the Securities and Exchange Commission of Pakistan (SECP).

Pak-Qatar stood out as the only Takaful operator in Pakistan to meet these standards. It holds a Pension Fund Manager license and an AM2 rating from PACRA with a Stable Outlook — qualifications that earned the government’s trust after a rigorous selection process.

“This partnership aligns with our mission to provide ethical and Shariah-compliant financial solutions,” said PQFTL CEO Waqas Ahmed. “It is a privilege to contribute to the long-term financial well-being of public servants through our Voluntary Pension Scheme and other tailored pension offerings.”

This appointment positions Pak-Qatar as the only Takaful company in the country licensed to manage pension funds and selected by a provincial government for such a role.

The move is seen as a step forward for Pakistan’s Islamic finance ecosystem, reinforcing PQFTL’s status as a pioneer in offering ethical, Shariah-compliant financial services aimed at promoting inclusion and long-term security.