CDC’s Subsidiary to Provide Back Office Services to Pak Qatar Group

ITMinds Limited (ITMinds), a wholly-owned subsidiary of Central Depository Company of Pakistan Limited (CDCPL), has entered into an outsourcing arrangement with Pak Qatar Asset Management Company Limited (PQAMCL) and Pak Qatar Family Takaful Limited (PQFTL) to provide them Back Office Accounting Services.

The agreements were signed by CEO PQAMCL, Farhan Shaukat; CFO PQFTL, Ahsan Qureshi; and CEO ITMinds, Iqleem-uz-Zaman Khan, in the presence of Director ITMinds and CEO CDCPL, Badiuddin Akber. CFO-ITMinds, Waqas Ashraf, and other senior members of the company were also in attendance.

This arrangement will allow ITMinds to facilitate PQAMCL and PQFTL in concentrating on their core business activities such as managing investors’ money and savings by relieving them from various non-core critical back-office functions like accounting services, the settlement of portfolios, unit management related activities, funds NAV calculations, facilitation for compliance/reporting, information security, the business continuity, and IT arrangements.

Commenting on the occasion, CEO PQAMCL, Farhan Shaukat, 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.

Director ITMinds and CEO CDCPL, Badiuddin Akber, commenting on the occasion, 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,” he added.

CEO ITMinds, Iqleem-uz-Zaman Khan, highlighted that ITMinds has had eight active clients leveraging economies of scale with ITMinds BPO services since 31 May, while more clients are in the pipeline.