Author: Raja Ali

ICMA Pakistan and Central Depository Company sign MoU to promote industry-academia linkages

KARACHI: The Institute of Cost and Management Accountants of Pakistan (ICMA Pakistan) and the Central Depository Company have joined hands to collaborate and promote industry-academia linkages.

In this regard, an MoU was signed between Mr. Zia ul Mustafa, FCMA – President of ICMA Pakistan and Mr. Badiuddin Akber, FCMA – Chief Executive Officer of Central Depositary Company. Also present at the occasion on behalf of ICMA Pakistan were Mr. Shehzad Ahmed Malik, FCMA – Honorary Secretary, , Mr. Muhammad Yasin, FCMA – Honorary Treasurer, Mr. Ghulam Mustafa Qazi, FCMA – Member of National Council, Mr. Kamran Allauddin, Member CPD Committee, Mr. Farough Ali Naweed , Secretary / Treasurer Karachi Branch Council and Mr. Aamir Ijaz Khan, FCMA – Executive Director. Mr. Shariq Naseem, Head of Product Development and Marketing – CDC was also present.

Mr. Zia ul Mustafa while commenting at this occasion said, “ICMA Pakistan is extremely pleased to sign the MoU with Central Depository Company. We appreciate the efforts of Mr. Badiuddin Akber – CEO, CDC in recognizing the importance of management accounting profession and its effectiveness for the industry. ICMA Pakistan and CDC will work together to develop a Joint Action Plan for implementing and executing the objectives of the collaboration.”

Also speaking on the occasion, Mr. Badiuddin Akber, CEO – CDC said, “We are pleased to join hands with ICMA Pakistan as this will ensure that organization can tap into the best talent in Pakistan and raise the profile of Pakistan’s corporate industry.”

ICMA Pakistan and CDC sign MoU to promote Industry Academia linkages

The Institute of Cost and Management Accountants of Pakistan (ICMA Pakistan) and the Central Depository Company of Pakistan (CDC) have joined hands to collaborate and promote industry-academia linkages.

In this regard, an MoU was signed between Mr. Zia ul Mustafa (FCMA) President of ICMA Pakistan and Mr. Badiuddin Akber (FCMA) Chief Executive Officer of Central Depositary Company. Also present at the occasion were Mr. Shehzad Ahmed Malik (FCMA) Honorary Secretary, Mr. Muhammad Yasin (FCMA) Honorary Treasurer, Mr. Ghulam Mustafa Qazi (FCMA) Member of National Council, Mr. Kamran Allauddin Member CPD Committee, Mr. Farough Ali Naweed Secretary / Treasurer Karachi Branch Council, Mr. Aamir Ijaz Khan (FCMA) Executive Director, and Mr. Shariq Naseem Head of Product Development and Marketing – CDC.

Mr. Zia ul Mustafa while commenting at this occasion said, “ICMA Pakistan is extremely pleased to sign the MoU with Central Depository Company. We appreciate the efforts of Mr. Badiuddin Akber, CEO-CDC, in recognizing the importance of management accounting profession and its effectiveness for the industry. ICMA Pakistan and CDC will work together to develop a Joint Action Plan for implementing and executing the objectives of the collaboration.”

Also speaking on the occasion, Mr. Badiuddin Akber, CEO-CDC, said, “We are pleased to join hands with ICMA Pakistan as this will ensure that organizations can tap into the best talent in Pakistan. This collaboration will also help to contribute towards increasing financial literacy in the country.”

CDC all set to launch an e-Repository for Insurance policies with the collaboration of Life Insurance Companies

Under the regulatory impetus of the Securities and Exchange Commission of Pakistan (SECP), the Life Insurance industry in Pakistan is set to enter a new phase of digitalization and centralization of policyholder information, i.e. establishment of Centralized Insurance Repository, through the technological support of the Central Depository Company of Pakistan (CDC). To kick-start the initiative, a Memorandum of Understanding (MoU) has been signed between the Central Depository Company of Pakistan (CDC) and Life Insurance companies in a ceremony held at the CDC House, Karachi on July 31, 2019. The establishment of e-Repository will prove as a landmark achievement for the insurance industry and will pave the way for exploring further avenues of digital transformation which has gained traction with the financial sector.

The e-Repository is envisioned to enable the centralized storage of life insurance and family takaful policies in electronic form and serve as the central point for critical policyholder related information with regards to insurance. The e-Repository is expected not only to bring transparency, speed, and convenience and cost efficiency, but also to complement the objectives of Ease of Doing Business (EODB) and enhanced consumer protection in a multi-pronged manner. The expected benefits of the proposed Repository system include receiving automated claim intimations by multiple insurers, notifying of non-financial endorsements, curbing the policy churning malpractice, and complementing the financial underwriting process.

The e-Repository may also serve as Regulatory Technology (RegTech) which can help insurance companies in improving compliance with the applicable AML regime. CEO CDC, Mr. Badiuddin Akber, while speaking on the occasion, presented how CDC with its state of the art technological platform and vast expertise in projects of similar nature is best-suited to facilitate the development and operation of the e-Repository.

The event was graced by many prominent senior leaders and veterans, including the Chairman State Life Insurance of Pakistan Mr. Farrukh Hamidi, Chairman SECP Mr. Farrukh Sabzwari and Chairman CDC Mr. Moin Fudda, who showed their appreciation and support of this initiative.

SECP to facilitate MoU signing between CDC Pakistan and Life Insurance Companies for Launch of e- Repository for Insurance

KARACHI: Under the regulatory impetus of the Securities and Exchange Commission of Pakistan (SECP), the life insurance industry in Pakistan is set to enter a new phase of digitalization and centralization of policyholder information i.e. establishment of centralized insurance repository through technological support of the Central Depository Company of Pakistan (CDC). To kick-start the initiative, a Memorandum of Understanding (MoU) has been signed between the Central Depository Company of Pakistan (CDC) and life insurance companies in a ceremony held at the CDC House, Karachi on July 31, 2019. The establishment of e-Repository will prove as a landmark achievement for the insurance industry and will pave way for exploring further avenues of digital transformation which has gained traction with the financial sector.

The e-Repository is envisioned to enable the centralized storage of life insurance and family takaful policies in electronic form and serve as the central point for critical policyholder related information with regards to insurance. The e-Repository is expected not only to bring transparency, speed, and convenience and cost efficiency, but also to complement the objectives of Ease of Doing Business (EODB) and enhanced consumer protection in a multi-pronged manner. The expected benefits of the proposed Repository system include receiving automatic claim intimation by multiple insurers, notifying of non-financial endorsements, curbing the policy churning malpractice, and complementing the financial underwriting process..

The e-Repository may also serve as Regulatory Technology (RegTech) which can help insurance companies in improving compliance with the applicable AML regime.

The Chairman SECP, Mr. Farrukh Sabzwari, also graced the event to express his commitment & support towards the growth and development of the insurance industry in-line with the global trends of digitalization and centralization of data and emphasized that digitalization is a game changer for financial sector. Commenting on the occasion, CEO CDC, Mr. Badiuddin Akber, said that CDC has a state of the art technological platform and vast expertise in projects of similar nature to facilitate the development and operation of the e-Repository. Also commenting on the occasion, SECP Director of Insurance Division & Policy Development, Syed Nayyar Hussain, said that SECP has been persistently working on various avenues of Market Development and reforms for the development of the Insurance Industry of Pakistan.

The event was graced by many prominent senior leaders and veterans of the Insurance Industry, including the Chairman of State Life Insurance of Pakistan, Mr. Farrukh Hamidi, who showed their appreciation and support of this initiative.

CDC once again reduces its Tariff Structure

Central Depository Company of Pakistan Limited has reduced its tariff structure in the larger interest of the public and to support the stock market. As the infrastructure backbone of Pakistan Capital Market, CDC’s main objective is to provide efficient and cost effective services to all its customers and promote ease of doing business. In line to this resolve, CDC has continued to pass on the benefits to market participants and general investors without compromising on its services.

As part of the recent reduction, CDC has provided 100% waiver on Maintenance fee for such Sub-Account holders who also have Investor Accounts. Taking this initiative further in order to promote the growth of Pakistan’s corporate debt market, CDC has significantly reduced its annual fee for long-term redeemable securities by approximately 65%. Additionally, CDC has rationalized its tariff structure for next five years which also includes reduction in custody fee for the year 2019-20 and 2020-21 by 14% and 16% respectively.

Commenting on this market supporting endeavor, Mr. Badiuddin Akber, CEO-CDC said that “This initiative was taken by CDC to give much needed relief and support to the market, especially the investing public. While CDC continues to reduce its tariff since its inception, we are targeting our efforts towards helping reduce the cost of doing business for market participants. This is our ongoing contribution towards the development of Pakistan Capital Market.”

ITMinds Limited and Faysal Asset Management Limited signed an agreement for outsourcing Back Office Accounting Services

Karachi: May 30, 2019: Faysal Asset Management Limited (FAML) & ITMinds Limited (ITMinds), a wholly owned subsidiary of Central Depository Company of Pakistan Limited (CDCPL), have signed an agreement enabling ITMinds to provide Back Office Accounting Services to FAML. The agreement was signed by Mr. Khaldoon Bin Latif, CEO-FAML, and Mr. Iqleem-uz-Zaman Khan, Acting CEO-ITMinds in the presence of Mr. Badiuddin Akber, Director-ITMinds & CEO-CDCPL, Mr. Waqas Ashraf, CFO- ITMinds, Mr. Nafees Malik, Head of Business Development-FAML and Mr. M. Shahzad, Acting CFO-FAML.

Through this arrangement, ITMinds will facilitate FAML in concentrating on its core business activities, i.e. managing investors’ money and savings, by providing back office accounting services including Settlement, Unit management, Fund accounting, Facilitation for Compliance/ Reporting, Business Continuity and IT arrangements.

Commenting on the occasion, Mr. Khaldoon Bin Latif, CEO-FAML, said that this arrangement will facilitate FAML to concentrate on its core business while outsourcing the back office accounting work to a professional Fund Administrator. Also commenting on the occasion, Mr. Badiuddin Akber, Director ITMinds & CEO-CDCPL, said that considering this is an era of specialization, we have commissioned  ITMinds with an aim to enable AMCs and other organizations to outsource their back office functions to a competent and reliable BPO partner, thus facilitating them to augment the focus of their management on the core business which is more integral to their commercial success while achieving efficiency, scalability & transparency of processes.