Adnan Afaq is Chief Executive and Managing Director of Pakistan Credit Rating Agency (PACRA). He joined PACRA in September 2007 as Deputy Managing
Adnan Afaq is Chief Executive and Managing Director of Pakistan Credit Rating Agency (PACRA). He joined PACRA in September 2007 as Deputy Managing Director and took over as CEO and MD in January 2008. He is Chairman of PACRA Analytics (Pvt) Limited, a wholly owned subsidiary of PACRA. He is also Chairman of Rating Committee of PACRA.
His diverse background, supplemented by comprehensive meetings with top managements of key entities in Pakistan, has helped Adnan Afaq to be a key contributor in final rating decisions. Adnan Afaq is a seasoned professional with three decades of diverse experience related to risk management, finance, operations support, and business management.
Adnan Afaq has previously served as Chief Executive Officer of Askari Investment Management Limited. He has also worked as Group Head Strategy & EVP with Askari Bank Limited and as Chief Financial Officer with Prime Commercial Bank Limited (later renamed as ABN Amro and now known as RBS - Royal Bank of Scotland).
He has been associated with Pak Oman Investment Company, Deutsche Bank and A. F. Fergusson & Company (Chartered Accountants) at senior positions. Adnan Afaq is a Chartered Accountant from England & Wales (ICAEW) and Pakistan (ICAP).
PACRA was established in 1994 as a joint venture between IBCA Limited (the international credit rating agency), International Finance Corporation (IFC) and the Lahore Stock Exchange (LSE). Being the first credit rating agency in Pakistan, PACRA is widely acknowledged for its professionalism and integrity.
To date it has completed well over a hundred ratings, including major industrial corporate, financial institutions and debt instruments. In addition to local ratings, it has also successfully completed two international rating assignments in collaboration with Fitch.
PACRA is geared to provide a full range of credit rating services. This includes the rating of corporate entities and fixed income instruments. The ownership and management structure of the company ensures complete independence from any direct or indirect control of the government, any private sector business group or financial institution.
A rating assigned by the Rating Committee, which includes the company's senior management, reflects its objectively formed opinion of credit risk. Other rating reviews carried out by PACRA include Financial Strength Ratings, Mutual Fund Ratings and Insurer Financial Strength (IFS) Ratings for insurance companies.