KARACHI:VIS Credit Rating Company Limited has assigned initial Broker Fiduciary Rating of ‘BFR3’ to AKIK Capital (Private) Limited. The assigned rating denotes good fiduciary standards and signifies sound internal controls and regulatory compliance, while ownership and governance, management and client services as well as business and financial sustainability are adequate, said a press release issued here Monday.
The assigned rating takes note of adequate ownership and governance framework, with the current board consisting of two directors and one board level committee. As the operations of the business scale up, increasing the board size with addition of independent and certified directors may contribute towards strengthening governance framework.
The management and client services are also considered adequate. Provision of full scale online services to facilitate customers is underway, while appropriate contingency and data backup measures are in place.