KARACHI:ITMinds Limited, a wholly owned subsidiary of Central Depository Company of Pakistan Limited, has entered outsourcing arrangement with Pak Qatar Asset Management Company Limited and Pak Qatar Family Takaful Limited for provision of back office accounting services.
The agreements were signed by CEO, PQAMCL, Farhan Shaukat, CEO, ITMinds Iqleem-uz-Zaman Khan in the presence of Badiuddin Akber Director-ITMinds and CEO-CDCPL, said release on Monday.
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.
Farhan Shaukat, CEO-PQAMCL said that this arrangement would enable PQAMCL to concentrate on its core business of managing investors’ funds while outsourcing the back office functions to a professional fund administrator.
Badiuddin Akber, Director ITMinds and CEO-CDCPL said that the concept of outsourcing non-core critical business activities had proved to be efficient and cost-effective in today’s business world. Iqleem-uz-Zaman Khan CEO-ITMinds highlighted that as of 31st May 2022, ITMinds had 8 active clients leveraging economies of scale with ITMinds BPO services, while more clients were also in the pipeline.