Karachi, June 2022: ITMinds Limited (ITMinds), a wholly owned subsidiary of Central Depository Company of Pakistan Limited (CDCPL), has entered into outsourcing arrangement with Pak Qatar Asset Management Company Limited (PQAMCL) & Pak Qatar Family Takaful Limited (PQFTL) to provide Back Office Accounting Services to PQAMCL & PQFTL. The agreements were signed by Mr. Farhan Shaukat CEO-PQAMCL, Mr. Ahsan Qureshi CFO-PQFTL with Mr. Iqleem-uz-Zaman Khan CEO-ITMinds in the presence of Mr. Badiuddin Akber Director-ITMinds & CEO-CDCPL.
Through this arrangement, ITMinds will facilitate PQAMCL and PQFTL in concentrating on their core business activities, i.e. managing investors’ money and savings, by relieving them from various non-core critical back office functions like accounting services, Settlement of portfolios, Unit management related activities, Funds NAV calculation, Facilitation for Compliance/ Reporting, Information Security, Business Continuity and IT arrangements.
Commenting on the occasion, Mr. Farhan Shaukat, CEO-PQAMCL, said that this arrangement will enable PQAMCL to concentrate on its core business of managing investors’ funds while outsourcing the back office functions to a Professional Fund Administrator. Also commenting on the occasion, Mr. Badiuddin Akber, Director ITMinds & CEO-CDCPL, said that the concept of outsourcing non-core critical business activities has proved to be efficient and cost-effective in today’s business world. Hence, we have commissioned ITMinds with this 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. Mr. Iqleem-uz-Zaman Khan CEO-ITMinds highlighted that as of 31st May 2022, ITMinds has 9 active clients leveraging economies of scale with ITMinds BPO services, while more clients are also in the pipeline. At the ceremony Mr. Waqas Ashraf, CFO- ITMinds and others senior members of the Companies were also present.