ISLAMABAD:ITMinds Limited (ITMinds), a wholly owned subsidiary of Central Depository Company of Pakistan Limited (CDCPL), entered into outsourcing arrangement with Pak Qatar Asset Management Company Limited (PQAMCL) and Pak Qatar Family Takaful Limited (PQFTL) to provide back office accounting services to these companies.
The agreements were signed by Farhan Shaukat CEO-PQAMCL, Ahsan Qureshi CFO-PQFTL with Iqleem-uz-Zaman Khan CEO-ITMinds in the presence of Badiuddin Akber Director-ITMinds and CEO-CDCPL, said a news release issued here on Monday.
Through this arrangement, ITMinds will facilitate PQAMCL and PQFTL in concentrating on their core business activities including 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, fund’s NAV calculation, facilitation for compliance, reporting, information security, business continuity and IT arrangements.
Speaking on the occasion, 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 the modern business world.
“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”, he said.
Iqleem-uz-Zaman Khan CEO-ITMinds highlighted that as of May 31, 2022, ITMinds had eight active clients leveraging economies of scale with ITMinds BPO services, while more clients were also in the pipeline. The ceremony was attended by Waqas Ashraf, CFO- ITMinds, and other senior members of the companies.