The Pakistan Credit Rating Agency Limited

Home  | Contact Us  | 19-Feb-18
The Team

PACRA is all about its people, the only asset it has. The environment in which we operate and our characteristics are distinct. We are knowledge workers, who require – and many demand – clear understanding of goals and objectives. Above all, we are energetic with high aims, who desire to give a lot to the life. PACRA understands these needs and intends to fulfill these by providing an enabling environment, which also mentors. PACRA is characterized by its lean organization structure with fewer tiers and high degree of independence. This places great responsibility on PACRAites to perform their tasks in the best possible manner, often exceeding the set benchmarks.....Read More

Executive Team

chairman Adnan Afaq
PACRAite Since: Sep2007

Mr. Adnan Afaq is Chief Executive and Managing Director of PACRA. He is also the Chairman of PACRA Analytics (Pvt) Limited, a wholly own subsidiary of PACRA. His diverse experience background, supplemented by comprehensive interaction with top managements of a multitude of entities (as key part of rating process), has helped Afaq to be a key contributor in final rating decisions. Mr. Afaq has three decades of diverse experience related to risk management, finance, operations support and business management. He has previously served as Chief Executive Officer of Askari Investment Management Limited. He also worked as Group Head Strategy with Askari Bank Limited and as Chief Financial Officer with Prime Commercial Bank Limited. He has been associated with Pak Oman Investment Company, Deutsche Bank, and A. F. Fergusson & Company (Chartered Accountants). Mr. Afaq is a Chartered Accountant from England & Wales (ICAEW) and Pakistan (ICAP).

ss Shahzad Saleem
Chief Operating Officer
FCA (Pakistan), CFA
PACRAite Since: Oct2000

Shahzad, analytical minded with a belief in thought leadership, has strong insight into dynamics of rating business of over a decade. Shahzad is an apex member of PACRA’s Rating Committee. In this capacity he regularly meets leadership of a diverse set of entities in PACRA’s universe – more than 100 currently. This has enabled him to lead a number of initiatives to evolve and refine development of comprehensive and structured analytical approach for assessing interconnected risks of various businesses. Meanwhile, his capability to take team along and mentoring helped him to assume leadership role. Appointed to his current position in July 06, Mr. Saleem has held several positions beginning his career as an analyst at PACRA in 2000. He leads multiple developments at PACRA including technological advancements and rating criteria with a structured and consistent approach. While being responsible for overseeing work planning, execution and its monitoring, his role includes mentoring an expanding team of young analysts and guidance to unit heads. Prior to joining PACRA, he was associated with a leading firm of Chartered Accountants and worked there for more than 5 years, taking his overall working experience to 17+years.

Rating Team

jh Jhangeer Hanif
Unit Head Ratings
PACRAite Since: Jan2007

Jhangeer Hanif, a fellow Chartered Certified Accountant - FCCA, heads one of the two rating units responsible for the rating universe of PACRA. He has seen himself grow from the rank of financial analyst to the position of Unit Head Ratings. His association with PACRA spans a period of more than five years. His personality trait is to look beyond the horizon – a core virtue required in the rating business. He has developed expertise and deep insight into the dynamics of corporate world – with its diverse range of sectors, Islamic finance, insurance and asset management industry. His command of the rating business reflects in his recent promotion to the permanent chair in the Rating Committee of PACRA. He has been instrumental in development of various financial and non-financial rating models of PACRA. Of late, his project leadership skills have been appreciated in the development of PACRA’s firstly fully automated rating software for the asset management industry. Jhangeer has worked with Ernst & Young Ford Rhodes Sidat Hyder & Co. and an aspiring educational institution of Pakistan.


Rai Umar Zafar
Senior Manager Ratings
PACRAite Since: Oct2008

Rai Umar Zafar, Assistant Manager - Ratings, joined PACRA as a Financial Analyst. Mr. Zafar holds MBA banking & finance degree from Lahore School of Economics. His portfolio includes Asset management, Mutual Funds and Commercial banks. Earlier, he has worked with a leading foreign bank in Pakistan.

rn Mahina Majid
Senior Financial Analyst
PACRAite Since: Mar2015

Mahina joined PACRA in Mar-15 as an Associate Analyst. Over the period she has time and again proved herself to be competent and technically sound, which has enabled her to scale to new heights within PACRA. She has a strong grip on a number of sectors including but not limited to General Insurance, Life Insurance, Fertilizers, Commercial Banks, JVFIs and Microfinance Banks. She has done ACCA and has previously worked at one of the largest MNC operating in Pakistan.

rn Aman Zafar
Financial Analyst
PACRAite Since: Mar2015

rn Sehar Fatima
Financial Analyst
PACRAite Since: March 2016

rn Muhammad Hassan
Financial Analyst
PACRAite Since: May 2016

Criteria / Compliance

hj Humaira Jamil
Senior Manager - Criteria / Compliance Officer
PACRAite Since: Jul2007

Humaira, responsible for the Criteria Function at PACRA, plays an instrumental role in formulating PACRA codes of conduct, rating policies, rating methodologies and rating definitions. Together, these furnish a comprehensive governing framework for PACRA to conduct analysis and assign opinions in a standardized manner. Humaira seeks to continuously improve PACRA criteria and keep it aligned with international norms and best practices. Humaira Jamil joined PACRA in July 2007 as a Senior Financial Analyst in the ratings division and was later promoted to the position of Manager Ratings. Humaira’s role at PACRA underwent a change when she shifted from the actual execution to the policy making and development side of ratings leading Criteria Division as Manager Ratings Criteria. Humaira holds an MBA (finance majors), participates in the US Chartered Financial Analyst (CFA) Program and is Series 3 qualified (US National Association of Securities Dealers.
Ms. Humaira Jamil has been designated the Compliance Officer with effect from September 22, 2014. Humaira has a wide ranging expertise in interpreting, applying and implementing law and international best practices in the credit rating industry.


jh Adnan Dilawar
Unit Head Analytics
PACRAite Since: Jan2007

Adnan holds a MBA degree with concentration in finance from the University of Indianapolis, USA. He has over three years of work experience, primarily in the capacity of analyst, in financial institutions in the United States. Adnan has been associated with PACRA since Jan 2007. He was inducted as a Financial Analyst and was latter elevated to Senior Financial Analyst. He was appointed as Manager Ratings in January 2009. During this time he supervised a team of seven analysts with a portfolio of 50 clients. His responsibilities included monitoring and executing all the rating related aspects of his portfolio, generating sectoral reports and professional development of his team members. He possesses in depth expertise in Banking, Real Estate, Insurance, Micro Finance and Oil and Gas sectors. In Dec 2010, he assumed the position of Manager Analytics. He now spearheads PACRA's development initiatives as Unit Head and plays an instrumental role in developing and strengthening PACRA services in trainings, corporate governance assessment and risk advisory newly established research department.

Business Development

jh Sameer Khan
Head Business Development & Marketing
PACRAite Since : Nov 2015

Sameer is a member of ACCA, UK and CISI, UK. He has enjoyed a top-flight management career in financial services industry spanning over 14 years; with a unique blend of exposure in business promotion & development, strategic media management, banking, financial analysis, training and consultancy.

A team builder with ability to provide leadership to change and energize people; creative with courage, perseverance & energy to bring a positive energy around him.

He served Askari Investment Management Ltd. as Vice President – Business Development and DGM Marketing, and at Askari Bank Ltd. in various positions varying from Consumer Banking Group, Planning & Corporate Affairs, Media Management & Marketing and Islamic Banking Division. Sameer has trained over 400 individuals across the mutual fund and banking industry. He has also worked as a freelance consultant for clients in the UAE. Currently he is pursuing his MS in Marketing & Supply Chain Management.

With him comes more diversity and experience to the marketing and business development team of PACRA.


Saira Rizwan
Manager Business Development & Marketing
PACRAite Since:

Open, helpful, and eager to share knowledge, Saira Rizwan is a people person. Her ability to lead and inspire make others naturally gravitate to her. With more than 10 years of professional experience in financial sector, Saira has a proven track record and ability to adapt to the changing environment. By qualification, she is an ACCA and holds a Masters degree in Business Education with distinction. Saira joined PACRA 6 years ago as an Analyst and has progressed to become a manager. As Manager Ratings, Saira managed a portfolio of over 40 clients and a team of three analysts. She maintains sound knowledge of cement, steel, textile, commercial, and Microfinance banking sectors.

In Jan.17, after having a diversified ratings' exposure ranging from FIs to Corporates, she has assumed a role in Business Development and Marketing department. Saira is passionate and all equipped to strengthen Business Development & Marketing function.

rn Nosheen Booret
Business Analyst
PACRAite Since: Aug2014

Management Information Technology

jh M Rafique Janjua
Head Management Information Technology
PACRAite Since: Nov2009

Rafique is associated with PACRA for last 3 years in IT division. He is one of the key contributors in the transformation of PACRA’s file based systems to data driven applications. He re-developed PACRA’s web site to give new look. Prior to PACRA, he worked as Professional Engineer in Pakistan Ordnance Factories for about 2 years and then in NESCOM for 5 years. Have total work experience of about 10 years in the fields of Engineering Management, R&D and Software Development. He holds B.E. (Metallurgical Engineering and Materials Science) From UET Lahore and M.Sc. (Computer Science) from Punjab University Lahore.


jh Shahid Idrees
Manager Technology
PACRAite Since: Mar2007

Shahid Idrees has been associated with PACRA for the last 5 yeasrs. Shahid, with a Bachelor Degree in Computer Science, is a certified Microsoft System Engineer, and Database Administrator, and has Compaq ASE /HP Integration specialization. He has been in the Information technology industry for more than 14 years. He has experience to manage development projects and motivating teams achieving their objectives. Analytical design and problem-solving skills stand as his foremost goal, aimed at maintaining high quality services. He is also quite adept at evaluating IT horizons. He has worked as Branch Manager ABM Info Tech (Pvt.) Ltd. Islamabad and managed different IT infrastructures. He successfully implemented Symantec Backup & Disaster Recovery (VERITAS) solutions at Senate Pakistan, Ministry of Foreign Affairs, Federal Bureau of Statistics, GHQ and Uch Power.

saqib Muhammad Shahbaz
IT Officer
PACRAite Since: September 2016

Finance and Corporate Affairs

rn Shams Toheed
Senior Admin Officer
PACRAite Since: Mar2000

Shams, our communication officer and a life long PACRAite, facilitates communication within PACRA and establishes connection with clients. Over the years, her role has transformed. She also supports certain administration and accounts aspects. Shams is a Masters in Islamic Studies

rn Maham Shahzadi
Senior Accounts Officer
PACRAite Since: Dec2009