Faysal Asset Management Limited (FAML) and ITMinds Limited, a wholly owned subsidiary of Central Depository Company of Pakistan Limited, have signed an agreement enabling ITMinds to provide Back Office Accounting Services to FAML. The agreement was signed by Mr. Khaldoon Bin Latif, CEO-FAML, and Mr. Iqleem-uz-Zaman Khan, Acting CEO-ITMinds in the presence of Mr. Badiuddin Akber, Director-ITMinds and CEO-CDC.
Through this arrangement, ITMinds will facilitate FAML in concentrating on its core business activities, i.e. managing investors’ money and savings, by providing back office accounting services including Settlement, Unit management, Fund accounting, Facilitation for Compliance/ Reporting, Business Continuity and IT arrangements.
Commenting on the occasion, Mr. Khaldoon Bin Latif, CEO-FAML, said that “This arrangement will facilitate FAML to concentrate on its core business while outsourcing the back office accounting work to a professional Fund Administrator.” Also commenting on the agreement, Mr. Badiuddin Akber, Director ITMinds and CEO-CDC, said that “Considering this is an era of specialization, we have commissioned ITMinds with an 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.”