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Share Holders
PKTCL has been incorporated as a Joint Venture amongst Pakistan Kuwait Investment Company (Private) Limited, Meezan Bank Limited and Etiqa Overseas Investment Pte Ltd, Kuala Lumpur, Malaysia. The Shareholders of the Company are as follows:
1) Pak-Kuwait Investment Company (Private) Limited, Pakistan
Pakistan Kuwait Investment Company (Private) Limited is a leading Financial Institution engaged in investment and development banking activities in Pakistan. Pak Kuwait is a 50:50 joint venture between the Governments of Pakistan and Kuwait and was established in 1979 with a paid-up capital of Rs. 250 million contributed equally by the two joint venture partners and over the years paid-up capital has increased manifold and currently stands at Rs. 2 billion.
Pak Kuwait is now the highest capitalized Development Financial Institution operating in the country with a net worth in excess of Rs. 9.0 billion. It is a progressive organization that provides attractive return on investment to its shareholders. This is also evident by its impressive history of dividend payouts, which amounted to Rs. 5.0 billion since the time of its inception. The company’s strength lies in its strong business relationships within Pakistan and Gulf region.
In the rapidly changing business environment the company has not confined its operations to the traditional development financial institution function, but has also sponsored/co-sponsored several companies to enhance economic activity in the country as well as diversified its business operations:
By the grace of Allah (SWT), for the last six consecutive years M/s. JCR-VIS an affiliate of Japanese Credit Rating Company has awarded a long-term credit rating of “AAA” (triple A) and a short-term credit rating of A1+ (A One Plus) to Pak Kuwait. Besides, Pakistan’s only second credit rating company, the Pakistan Credit Rating Agency (PACRA) has also assigned the “AAA” and A1+ credit rating to Pak Kuwait for the third consecutive year. These ratings denote the lowest expectation of credit risk and strong capacity for timely payment of financial commitments. By virtue of obtaining second credit rating Pak Kuwait has now become the first financial institution in Pakistan, which has secured highest level of credit rating by two independent and approved credit rating companies operating in the country.
In May 2004, Pak Kuwait has been assigned a Corporate Governance Rating of CGR-9 by JCR-VIS. The rating is based on a scale ranging from CGR-1 (Lowest) to CGR-10 (Highest), CGR-9 is the maximum rating for a Private Limited Company. The assigned rating denotes “a high level of Corporate Governance.” The rating represents a major milestone as it is the first such rating in Pakistan.
http://www.pkic.com/
2) Meezan Bank Limited, Pakistan
Meezan Bank Limited is a publicly listed company first incorporated on January 27, 1997. It started operations as an investment bank in August of the same year. In January, 2002 in an historic initiative, Meezan Bank was granted the nation's first full-fledged commercial banking license dedicated to Islamic Banking, by the State Bank of Pakistan.
The Bank has made fundamental and significant progress forward, and in doing so has established a strong and credible management team comprised of experienced professionals, which have achieved a strong balance sheet with excellent operating profitability, including a capital adequacy ratio that places the Bank at the top of the industry, a long-term entity rating of A+, and a short-term entity rating of A1.
The Bank's main shareholders are leading local and international financial institutions, including Pak-Kuwait Investment Company, the only AAA rated financial entity in the country, the Islamic Development Bank of Jeddah, and the renowned Shamil Bank of Bahrain that in addition to their strength and stability, add significant value to the Bank through Board representation and applied synergies.
The Bank has an internationally renowned, very high calibre and pro-active Shariah Supervisory Board presided over by Justice (Retd.) Maulana Muhammad Taqi Usmani, a renowned figure in the field of Shariah, particularly Islamic Finance
3) Saudi Pak Industrial and Agricultural Investment Company (Pvt) Ltd., Pakistan
Saudi Pak Industrial and Agricultural Investment Company (Pvt) Limited was incorporated in 1981 under a joint venture Agreement signed between the governments of Islamic Republic of Pakistan and Kingdom of Saudi Arabia. The initial paid up capital of the Company was Rs. 1,000 million which has since been increased to Rs. 2,000 million. It is held as under:
· Kingdom of Saudi Arabia 50% (through public investment fund )
· Government of Islamic Republic of Pakistan 50%.(through State Bank of Pakistan)
Saudi Pak has a diverse product range to cater the growing needs of its corporate customers in the private and public sectors. Saudi Pak Industrial and Agricultural Investment Company (Pvt.) Limited acquired controlling interest in Prudential Commercial Bank Limited now Saudi Pak Commercial Bank Limited in September 2001.
4) Etiqa Overseas Investment Pte Ltd, Malaysia
In 2005, Mayban Fortis grew significantly with the acquisition of Malaysia National Insurance Berhad, Malaysia’s largest national insurer and its subsidiary, Takaful Nasional Sdn Bhd, Malaysia’s premier takaful provider. Financially, the merger catapulted Mayban Fortis to the position of second largest insurer in Malaysia.
At the end of 2007, the merger effort with Malaysia National Insurance and Takaful Nasional culminated in the rebranding of the entire insurance and takaful group to the new brand name - Etiqa. Etiqa will be the single master brand for all conventional and takaful businesses under Mayban Fortis. An ongoing corporate streamlining exercise will see the eventual grouping of five operating entities under two anchor subsidiaries for conventional and Takaful respectively: Malaysia National Insurance Berhad, now known as Etiqa Insurance Berhad, and Takaful Nasional Sdn Bhd,renamed as Etiqa Takaful Berhad.
For the financial year 2006/2007, the gross premium written by Etiqa stood at RM 4 billion (USD 1.186 billion) while takaful premium was recorded at RM 900 million (USD 266.78 million), placing it as the second largest overall insurer in Malaysia and the no 1 takaful player in the country, with a profit before tax of RM 313.5 million (USD 92.93 million).
Today, Etiqa is a true multi-channel distributor of insurance and takaful products via its agency force, insurance and takafulbranches, Maybank branches, ATMs and other third-party banks,providing full accessibility and total convenience to customers,unmatched by any other. Etiqa was also the first company to receive a licence from central bank of Malaysia, Bank Negara Malaysia, to set up an International Currency Business Unit.
At the core of the Etiqa brand is the essence of humanizing insurance and takaful. In an industry where agreements are typified by triplicate and fine print, Etiqa seeks to humanize the process by breaking down boundaries through clarity, strength and good conscience. With rock solid foundation, Etiqa is able to provide a unique ability to work hand-in-hand with customers and partners, enabling them to live richer lives.
Backed by Malaysia’s largest bank, Etiqa’s rock solid financial standing puts it in good stead to become the No.1 insurer in Malaysia by the financial year 2009. Etiqa is already in pole position for the takaful businesses with a market share of 54 per cent in 2006. It is also ranked second and third in the life and general insurance businesses respectively.
http://www.etiqa.com.my/
5) Noor Financial Investment Company, Kuwait
Noor Financial Investment Company (NFIC) – Kuwait is an investment company, engaged in investment and financial activities in Kuwait and in the region. The company was established due to a spin off from National Industries Group (NIG), the parent company in January 2005 with a capital of KD 25 million.
Currently total asset size of Noor Financial is KD 70 million (US$ 210 million). The company is following a diversified investment strategy with major investments in private equity and direct investments in capital markets. NFIC provides broad range of financial services which includes financial advisory services, underwriting, guarantee or counter guarantee services, term financing, and syndications. The company actively invests in local capital markets and also diversified its investments through international capital markets in the region which includes GCC and emerging markets such as, China, India and Pakistan, with some exposure in western markets in US and Europe.
6) Takaful Holdings Limited (Representing Amana Takaful of Sri-Lanka), Dubai
Amana Takaful was set up in 1999 together with Takaful Malaysia, the then largest Takaful operator in the world. From inception, the company has catered for both family and general Takaful insurance. Never in the history of the insurance industry has there been a refund of surplus premium at the end of the term and this unique feature in Takaful attracted many. Having secured a triple digit growth every year, Amana Takaful became a significant player in the insurance field.
Amana Takaful's record of success is not only because of its excellent products but also due to its outstanding customer service which goes beyond expectations. Friendly and warm, Amana Takaful's customer service agents are well trained in all aspects of insurance to handle any situation, going out of their way to make sure that the customer needs are met.
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