Pak-Qatar General Takaful Makes PSX Debut After Record-Breaking IPO

Junaid Kafili

Karachi: Pak-Qatar General Takaful Limited (PQGTL), Pakistan’s first dedicated Shariah-compliant non-life Takaful operator, has been listed on the Pakistan Stock Exchange (PSX) following a record-breaking initial public offering (IPO), marking a major milestone for the country’s Islamic financial services sector.

The company’s shares began trading after a formal gong ceremony at the PSX trading hall on Tuesday, attended by representatives of the Securities and Exchange Commission of Pakistan (SECP), PSX officials, financial institutions, and senior management of the Pak-Qatar Group.

Record investor response

PQGTL’s IPO drew exceptional investor interest, with the book-building phase oversubscribed 21 times and the public offering 9.6 times. The issue received 13,013 applications — the highest number recorded for any IPO in Pakistan’s capital market history.

In an unprecedented move, the general public portion of the offering was increased from 25% to 30% to accommodate higher participation. Total demand reached Rs4.74 billion, with the issue achieving the maximum 40% premium.

Market analysts said the strong response reflects growing investor appetite for Shariah-compliant financial instruments and confidence in the company’s business model.

Company perspective

Speaking at the ceremony, PQGTL Chief Executive Officer Saqib Zeeshan described the listing as a historic step for the firm and the broader Islamic finance ecosystem.

“This record-breaking IPO reflects the trust of stakeholders in our Shariah-compliant model, governance standards, and long-term vision. We remain committed to delivering sustainable and ethical financial solutions,” he said.

PQGTL operates as part of the Pak-Qatar Group, a pioneer in Islamic financial services in Pakistan, offering general (non-life) Takaful products.

Role of capital market partners

Arif Habib Limited (AHL), the lead arranger to the issue, managed the IPO process. AHL CEO Shahid Ali Habib said the oversubscription demonstrated strong and widespread investor confidence in the company’s fundamentals and growth prospects.

PSX Managing Director and CEO Farrukh H. Sabzwari termed the listing a landmark for Pakistan’s capital markets, noting that it coincided with the launch of the exchange’s new T+1 settlement cycle.

He said PQGTL’s debut expands the range of Shariah-compliant investment options and strengthens transparency and governance standards in the Islamic insurance sector.

Growth plans

Following the listing, PQGTL plans to expand its product portfolio, enhance digital capabilities, and broaden outreach to underserved segments. The company also aims to contribute to the growth of Pakistan’s Islamic insurance and capital market landscape.

Industry experts view the listing as a significant step toward deepening Islamic finance penetration and attracting more investors seeking faith-based financial solutions.