The Pakistan Credit Rating Agency Limited

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PACRA Rating Committee(RC)
Significance of RC

PACRA Rating Committee (RC) is a forum whereby the rating proposed by the Rating Team undergoes deliberation culminating in a decision as to what the final rating would be. RC is core to the finalization of rating opinion. Rating decisions are taken exclusively by the RC and not by any individual and are completely independent of any influence.

RC members perform the following roles and responsibilities:

  • Review, challenge, endorse - the opinion proposed by the Rating Team

  • Foster a free exchange of views including dissenting views

  • Ensure an unbiased, objective and independent rating opinion

  • Ensure complete and uniform application of methodologies / criteria and relative positioning of underlying rating in respective rating universe

  • Ensure and facilitate documentation of RC deliberations (including voting details, notes of dissent (if any) in a transparent and timely manner

Functioning of RC

i.   The rating opinion is developed by a Rating Team. The make-up of a typical Rating Team designated to complete a single rating assignment comprises a Lead Analyst, a support analyst (may or may not be present in all Rating Teams) with one Team Leader. The Rating Team may be reinforced by additional members, if deemed necessary subject to the complexity of the rating.

ii.   The Rating Team submits the proposed rating opinion to the RC for finalization.

iii.   The RC, in a formal session (termed the RC Meeting), undertakes deliberations and delivers its decision

iv.   The RC decision is conveyed to the Client through a Rating Notification Letter

v.   The RC meeting is documented and maintained as a Business Record

RC Members

PACRA RC is structured to include both internal (in-house) and external RC members.

Internal RC member: A PACRA employee who has been formally designated in the position. He may have other responsibilities / functions in PACRA.

External RC member: A person who has been nominated in this role by PACRA. External RC member should not have any direct or indirect association with PACRA or any of its Directors and shareholders.

External RC Members add to the effectiveness of PACRA RC. Bringing forth a market intelligence, current industry experience and an outsider’s (by virtue of being independent from PACRA’s management) perspective to the RC, these serve to bring forth challenge for internal RC members and unbiasedness that goes a long way in benefitting the quality and substance of the RC decision.

Chairman RC: PACRA RC is chaired by an external RC member.
RC Members | External


Mr. Amanullah Khan is a seasoned professional with more than 40 years of experience at various leading domestic and foreign banks. His areas of focus include commercial banking, corporate banking and risk management. He has traveled widely during his assignments abroad and attended several professional training courses including those organized by Citibank in Athens, Dubai and Hong Kong. Starting his career with National Bank of Pakistan, he kept on moving to senior positions in Middle East Bank Dubai, BCCI (Hong Kong) and Bank Al-Habib. He was the only top management person retained by ABN AMRO Bank after its acquisition of Prime Bank. He retired as Head of GRG of RBS (Pakistan) in December 2009. He has been an External RC Member at PACRA since January 2010. Mr. Khan brings vast and diversified banking experience with strong professional background and market knowledge to the RC.


Mr. Malik passed from BCCI training academy in 1982. Of his three decade long banking career, he spent the initial 10 years working for BCCI (Middle East Region). During his mid-career stage, he was exposed to managing a Modaraba Fund and an Investment Bank in Pakistan. Mr. Malik then worked at senior positions at Bank Alfalah. From the year 2008 to 2012, he was Group Head - Corporate Investment Banking and had several key milestones to his credit. For one thing, he managed to double the corporate banking book size while keeping its credit quality better than the industry average. For another, his efforts served to increase profitability multifold by developing multiple income streams in the corporate banking group. His deep credit knowledge of corporate segment of Pakistan is key contribution to PACRA RC which he joined since July 2014. .


Mr. Ahmad, Joining in July 2014, brings to PACRA RC almost four decades of diverse experience in the domestic and international financial industry. He has recently been associated with Pakistan Kuwait Investment Company as Managing Director. He has also been the President & Chief Executive Officer of Askari Bank and the Chief Executive Officer of United Asset Management Company. He has held positions on the boards of several prestigious organizations. In recent past, he has served Barclays in Switzerland as well.

RC Members | Internal


Mr. Shahzad Saleem is one of few professionals in Pakistan who have actually witnessed and participated in evolution of the rating industry in Pakistan. Such a unique knowledge base and experience makes Mr. Saleem especially capable of identifying even the most elusive risk dimensions that may exist in an entity or an instrument. He is a Chartered Account and a CFA Charterholder. He is part of PACRA RC since July 2005.


Mr. Jhangeer Hanif specializes in the banking, insurance, asset management, refining and fertilizer sectors. Mr. Hanif has led the development of a highly sophisticated asset management rating model and an insurance rating model. He has in-depth knowledge of PACRA’s rating universe. He is an ACCA by profession. He joined PACRA RC in July 2013.

PACRA RC – Quorum
The quorum of the Rating Committee is at least three members including one external member as the Chairman of RC.