INFORMATION
BOARD OF DIRECTORS CHAIRMAN
Air Vice Marshal Junaid Ahmed Siddiqui (Retd.)
DIRECTORS
Air Vice Marshal Muhammad Qaiser Janjua (Retd.) Air Commodore Wasim Ahmed Khan (Retd.)
Air Commodore Amer Altaf (Retd.)
Mr. Adeel Ali
Ms. Farrah Azeem Khan Mr. Jehangir Shah
CHIEF EXECUTIVE OFFICER Mr. Rizwan Akhtar
CHIEF FINANCIAL OFFICER & COMPANY SECRETARY Mr. Nisar Ahmed Almani
AUDIT COMMITTEE
Ms. Farrah Azeem Khan
Air Commodore Wasim Ahmed Khan (Retd.) Mr. Adeel Ali
Mr. Muhammad Junaid
INVESTMENT COMMITTEE
Air Vice Marshal Junaid Ahmed Siddiqui (Retd.)
Air Vice Marshal Muhammad Qaiser Janjua (Retd.) Mr. Adeel Ali
Mr. Rizwan Akhtar
Mr. Nisar Ahmed Almani
Mr. Muhammad Nasir Jamal
ETHICS, HUMAN RESOURCE & REMUNERATION COMMITTEE Ms. Farrah Azeem Khan
Mr. Adeel Ali
Mr. Rizwan Akhtar
Mr. Nisar Ahmed Almani
Chairperson Member Member Secretary (Acting) Chairman Member Member
Chief Executive Officer Chief Financial Officer Secretary
Chairperson Member Member Secretary
LEGAL ADVISOR Allied Law Group
AUDITORS
BDO Ebrahim & Co. Chartered Accountants
SHARIAH ADVISOR Mufti Muhammad Hanif
HEAD OF WINDOW TAKAFUL OPERATIONS Mr. Abdul Hamid
SHARIAH COMPLIANCE OFFICER Mr. Zafar Husnain
COMPLIANCE OFFICER Mr. Kashif Naeem
HEAD OF INTERNAL AUDIT (COORDINATOR)
Mr. Muhammad Junaid (Acting)
INTERNAL AUDITOR
Muniff Ziauddin & Co. Chartered Accountants
REGISTERED OFFICE
10th Floor, Shaheen Complex, M.R Kayani Road, Karachi.
HEAD OFFICE
10th Floor, Shaheen Complex, M.R Kayani Road, Karachi.
SHARE REGISTRAR
M/s. Corplink (Pvt.) Ltd.
Wings Arcade, 1-K, Commercial, Model Town, Lahore.
BANKS CONVENTIONAL Allied Bank Limited Bank Alfalah Limited Bank Al Habib Limited Bank of Punjab
Bank Makramah Limited Bank Islami Pakistan Limited Dubai Islamic Bank Pakistan Ltd. Faysal Bank Limited
Habib Metropolitan Bank Limited Habib Bank Limited
JS Bank Limited MCB Bank Limited National Bank of Pakistan Soneri Bank Limited
BANKS TAKAFUL Bank Islami Limited
Dubai Islamic Bank Pakistan Ltd. Habib Metropolitan Bank Limited Meezan Bank Limited
Soneri Bank Limited
Shaheen Insurance Company Ltd. (SICL) is a group company of Shaheen Foundation, PAF which owns major shareholding of the Company. Shaheen Insurance was incorporated in 1995 as a public limited company, listed with Pakistan Stock Exchange (PSX) and also registered with the Central Depository Company of Pakistan (CDC). The shares of the Company are quoted and traded on PSX.
Shaheen Insurance is one of the most reputable and brightest names in the insurance sector. Its sustained growth over the years has secured it a prominent place among the reputed insurers of Pakistan. SICL also commenced Takaful operations in 2018 through its Window Takaful Operations (WTO) under the guidelines of Shariah Board having vast experience and knowledge about Islamic Banking, Finance & Takaful.
Shaheen Insurance underwrites all classes of general insurance & general takaful. The Company provides a full range of insurance services through its branch network spread across Pakistan to meet the needs of business fraternity, banks, financial institutions, corporate, commercial and individual clients. Our product portfolio includes;
• Fire and Property Damage
• Marine, Aviation and Transport
• Motor Vehicles (Personal & Commercial)
• Health
• Miscellaneous Classes
• Window Takaful Operations (full range of takaful products)
The Company's financial results are consistently improving; Authorized Capital of the Company is Rs 1.00 billion, which is being raised to Rs 2.50 billion. Paid-Up Capital will grow to Rs 806.25 million after approval of Bonus Share @ 25%. Shareholder's Equity has also grown to Rs 1.01 billion as at December 31, 2024. Strong backing of sponsors, capital base, prudent underwriting, efficient claims management, strong reinsurance & retakaful arrangements and sound financial position place Shaheen Insurance at par with any quality insurer in Pakistan.
In addition, rating of the Company was reaffirmed to "A+" with 'Stable' outlook by PACRA which denotes "Strong capacity to meet policy holders and contractual obligations. Risk factors are low, and the impact of any adverse business and economic factors is expected to be small."
Shaheen Insurance has excellent reinsurance & retakaful treaty arrangements with sound & well reputed international reinsurers. Besides treaty backup, the Company has back to back arrangements with foreign and domestic "A" rated insurers, reinsurers and world renowned brokers for placements of large and specialized risks abroad, and also locally on facultative basis.
The Company is managed by a team of professionals who are fully equipped with technical and managerial skills for smooth operations for both traditional and specialized insurance & takaful covers.
Shaheen Insurance is fully geared up to take on challenges with a vision to play its role in the development of insurance industry, country's economy and to be recognized as one of the most professional, preferred and reputed insurance Company of Pakistan.
PACRA maintains IFS Rating of Shaheen Insurance Company Limited at
Outlook Stable
The rating denotes "Strong capacity to meet policy holders and contractual obligations. Risk factors are low, and the impact of any adverse business and economic factors is expected to be small."
VISION
To deliver general insurance at its best and to contribute positively and proactively for the welfare of our society at large as well as for the preservation of our environment, culture and ethics
MISSION STATEMENT
Our mission is to continuously improve ourselves to become a leading, profitable Company, meeting the needs of our customers and enhancing the value of our shareholder's investment.
We will accomplish this by using the strengths of our people and the application of innovative science for the development of new insurance products and services that are high in quality and competitive in price.
Air Vice Marshal Junaid Ahmed Siddiqui (Retd.)
Chairman
Air Vice Marshal Junaid Ahmed Siddiqui (Retd) is currently serving as Managing Director, Shaheen Foundation PAF. He got commissioned in Pakistan Air Force in GDP branch in 1981. He served PAF for almost 34 years and held various Command and Staff appointments (Inland / Abroad). A confident and capable Fighter Pilot on various fighter aircrafts with vast experience on Fighter / Trainer aircraft. The officer brings with him an amalgamation of Operational, Management and Administrative knowledge.
He qualified BSc from PAF Academy Asghar Khan, Risalpur and MSc (War Studies) from PAF Air War College Institute, Karachi. He also qualified MSc (Strategic Studies) from National Defense Universities, Islamabad and China respectively. In recognition of his commendable services, the Government of Pakistan awarded him Hilal-i-Imtiaz (Military) and Sitara-i-Basalat (S Bt).
During his illustrious career, he held the following various Senior Command, Management and Staff appointments: -
a. Base Commander, PAF Base, Minhas.
b. Team Leader JF-17 Project, Chengdu, China.
c. Assistant Chief of Air Staff (Operations) AHQ, Islamabad.
d. DG C4I AHQ, Islamabad.
e. Deputy Director General Pakistan Civil Aviation Authority.
f. DG SC4ISR at Joint Staff Headquarters. (Strategic Plan Division)
g. Organizer of charity work in Northern Areas of Pakistan.
Air Vice Marshal Muhammad Qaiser Janjua (Retd.)
Air Vice Marshal Muhammad Qaiser Janjua (Retd.) is currently serving as Deputy Managing Director of Shaheen Foundation, PAF. He has spent almost 40+ years in the PAF. During his vast association with PAF he held various Command and Staff appointment including managed Flying operations, Air Traffic Control operations, Met operations, Fire services, Officers' Mess management and spearheaded multiple indigenous projects at tri-services level to promote indigenization in Pakistan. A confident and capable fighter pilot on various fighter aircraft with vast instructional experience on various fighter / trainer aircraft. Alongside, having vast experience in planning and handling Security concerns (terrorist threats, Operational planning / execution), Human Resource Management and Administration. The officer is a recipient of Hilal-i-lmtiaz (Military), Sitara-i-lmtiaz (Military), Tamgha-i-lmtiaz (Military), 02 Chief of the Air Staff Commendation Certificate.
The Air Officer is a Graduate of BSc (Aero Sciences) from Peshawar University and BSc (lions) War Studies from Air War College, PAF Base, Faisal. Master of Science in Strategic Studies from National Defence University, Islamabad, where as he did Master of Science in Defence Analysis (Irregular Warfare) from Naval Post Graduate School, Monterey, California, USA.
As an Air Officer, there is a fine blend of military and civilian traits. He applies the military experience in the corporate world. A pleasant personality, excellent intra- personal skills and a par excellence international reputed officer, make him a highly respected human being.
Air Commodore Wasim Ahmed Khan (Retd.)
Air Commodore Wasim Ahmed Khan (Retd.) is currently working as Director Projects at Shaheen Foundation PAF. He holds M. Phil degree in Public Policy & Strategic Security Management with extensive experience in Program/Project Management, Human Resource Management, Supply Chain Management, Security & Emergency Relief Operations Management Public Schools Administration & Management. He has been associated with PAF for 30 years in various positions. He attended various staff and Command courses.
Air Commodore Amer Altaf (Retd.)
Air Commodore Amer Altaf (Retd.) is currently serving as Director Admin, HR and Welfare Shaheen Foundation PAF (SF). Prior to this, he has been associated with SF as Director Special Projects since 2023. Basically a fighter pilot, he held various command, management, staff and instructional appointments in PAF (1992-2018) before joining Pakistan International Airlines (PIA) in October 2022. During his association with PIA, he held various key positions of Chief Human Resource Officer, Head of Flight Services Department and Head of Food Services Department. He brings with himself a wealth of academia as MS Business Administration (Turkey), MBA Human Resource Management, BSc (Hons) War Studies and BSc Aviation Sciences in additions to attending the Leadership & Management Course at MIT University, USA and Certified Human Resource Professional (CHRP) from NUST University, Pakistan. He was awarded Sitara-i-Imtiaz (Military), Imtiazi Sanad and 02 Chief of the Air Staff Commendation Certificates in recognition of his distinguished and meritorious services.
Mr. Adeel Ali
Mr. Adeel Ali is a seasoned Chartered Accountant possessing more than 20 years of experience in all aspects of finance function. He carries strong analytical and leadership skills necessary for business development, processes improvements, cost reduction, revenue enhancement and strategic planning for optimizing values and minimizing risks. He is currently associated with Shaheen Foundation PAF in the capacity of Director Finance. Prior to joining Shaheen Foundation, he has been working with Bank of Punjab, TPL Group, Shaheen Air International, Honda Atlas Cars Pakistan and A.F. Ferguson & Co. (PWC).
Ms. Farrah Azeem Khan
Ms. Farrah Azeem Khan is currently associated with Shaheen Insurance Company Limited as an Independent Director. She holds MSC in Environment and Development Education, from South Bank University, London.
Ms. Farrah Azeem Khan has spearheaded fundraising efforts for national and international multimillion-dollar organizations and maintained strategic focus while supervising large and complex programs funded by multiple donors. She possesses sharp organizational, planning, management, and administrative skills.
She has worked at various senior level positions that include;
a) Director of Women's Empowerment Programs 2018 to 2020. The Asia Foundation, Afghanistan.
b) Senior Key Judicial and Legal Affairs Communications Expert, Punjab Access to Justice Project (PA2JP), 2014 to 2017. Galway Development Services International Limited (GDSI) - EU.
c) Executive Director, 1998 - 2013 Citizens' Commission for Human Development (CCHD), Pakistan.
d) Strategy Expert - Midterm Evaluation of Plan International Country Program Strategy III, 2013. HTSPE Limited, Pakistan.
e) Political Strand Manager - National Educational Campaign - Alif Alan,2012. HTSPE Limited, Pakistan.
Mr. Jehangir Shah
Mr. Jehangir Shah had over forty years of experience in commercial banking, private & personal banking and leasing, including overseas work experience in the U.A.E., Egypt and Brazil. Last associated with Pak Oman Investment Company Limited from July 2008 upto retirement in November 2023 as Deputy Managing Director. Previously served as Country Manager-Pakistan of Oman International Bank SAOG (2006-2008), and as Managing Director / CEO of Capital Assets Leasing Corporation Limited. His former employments include those at Habib Credit and Exchange Bank Limited and Bank of Credit and Commerce International.
Mr. Shah was a Sponsor and founding Director of Pak Gulf Leasing Company Limited, listed on the Pakistan Stock Exchange in 1996. From 2021 to September 2024 was an Independent Director of Fauji Fertilizer Company Limited. Currently on the Board of Directors of the following Companies;
• FINCA Microfinance Bank Limited: Nominee Director of Abhi (Private) Limited.
• Abhi (Private) Limited: Independent Director and Chairman of the Board.
• International Industries Limited: Independent Director and Chairman, Board Audit Committee.
• Pak Oman Asset Management Company: Nominee Director and Member, Board HR, Audit and Investment Committees.
• NBP Exchange Company Limited: Independent Director.
Annual Report 2024
09
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