IGI Life and Mahaana Wealth Sign Agreement for IGI Life to Manage the Pension Fund’s Investments and Provide Technology
In order to jointly introduce a Pension Fund (Voluntary Pension Scheme), Mahaana Wealth, Pakistan’s first digital asset management company operating within the SECP regulatory sandbox, has forged a partnership with IGI Life Insurance, a reputable insurance company with 29 years of local experience providing life, health, takaful, and wealth management solutions.
The partnership is in line with IGI’s earlier declaration at the Pakistan Stock Exchange, in which the management was given permission by the board to investigate the prospect of forming a pension fund together and designating Mahaana Wealth as the fund’s investment advisor and technology partner.
On January 9, 2024, at IGI Life’s head office in Karachi, the collaboration between Mahaana Wealth and the company was formally signed to commemorate the milestone. The CEOs of Mahaana and IGI Life, Shamoon Tariq and Ali Nadim, were in attendance along with other corporate officials.
The two businesses want to change the retirement scene in Pakistan and are driven by the goal of giving Pakistanis a safety net after retirement.
Speaking about Mahaana’s plans to introduce digitally and simplify the onboarding process for its successful pension and savings models from developed countries to Pakistan, Shamoon Tariq stated, “Pakistanis deserve a dignified retirement, free from financial anxieties like inflation biting into their traditional saving accounts.” The existing setup just isn’t working well enough. We are dedicated to democratizing financial security and making sure that everyone has the opportunity to retire with peace of mind, and IGI Investments is our investor and strategic partner in this endeavor.
Ali Nadim, CEO of IGI Life, emphasized the value of pension plans in a nation whose life expectancy is rising and stated, “Our partnership with Mahaana is not just a business endeavor but a collective step to bridge the gap in the current retirement system.” Mahaana is the perfect partner to launch our VPS Fund because of their expertise, which is driven by internationally seasoned investment advisors that have successfully navigated emerging countries like Pakistan.
About Mahaana: The Securities and Exchange Commission of Pakistan (SECP) has granted Mahaana an AMC and investment advisor license, making it the country’s first asset management company solely focused on digital platforms.
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