In a groundbreaking move towards reshaping the retirement landscape in Pakistan, Mahaana Wealth, the country’s pioneering digital asset management company, and IGI Life Insurance, a leading insurance provider with almost three decades of local experience, have officially partnered to introduce a Voluntary Pension Scheme (VPS).
The strategic collaboration, officially signed on January 9, 2024, at IGI Life’s Head Office in Karachi, aims to leverage the strengths of both entities. Mahaana Wealth, licensed as an Asset Management Company and Investment Advisor by the Securities and Exchange Commission of Pakistan (SECP), will play a pivotal role as the investment advisor and technology partner for the Pension Fund. IGI Life, with its extensive experience in life, health, takaful, and wealth management solutions, will act as a key contributor to this innovative venture.
The genesis of this partnership aligns with IGI Life’s prior announcement at the Pakistan Stock Exchange, where the management was granted approval to explore the possibility of jointly launching a Pension Fund. Mahaana Wealth’s appointment as the investment advisor and technology partner underscores their commitment to bringing successful pension and saving models from developed nations into Pakistan, with a focus on digitization and hassle-free onboarding.
Shamoon Tariq, CEO of Mahaana, expressed the mission behind this collaboration, stating, “Pakistanis deserve a dignified retirement, free from financial anxieties like inflation biting into their traditional saving accounts. The current system is simply not cutting it. With IGI Investments as our investor and strategic partner, we’re committed to democratizing financial security, ensuring everyone has the chance to retire with peace of mind.”
Emphasizing the significance of pension plans in a country experiencing increasing life expectancy, Ali Nadim, CEO of IGI Life, remarked, “Our collaboration with Mahaana is not just a business venture but a collective step to bridge the gap in the current retirement system. Mahaana’s expertise, led by globally experienced investment advisors who have successfully navigated emerging markets like Pakistan, makes them the ideal partner to launch our VPS Fund.”
The collaboration between Mahaana Wealth and IGI Life signifies a dedicated effort to provide a safety net for Pakistanis post-retirement. The infusion of innovative digital solutions, coupled with Mahaana’s expertise in asset management and IGI Life’s extensive experience in the insurance sector, creates a promising synergy. Together, they aspire to transform the retirement experience for individuals in Pakistan, ensuring a more secure and prosperous future.
For more information about Mahaana, visit www.mahaana.com. Follow Mahaana on social media: LinkedIn, Twitter, Instagram, Facebook.
To learn more about IGI Life, visit www.igilife.com.pk.
