Finance minister launches “EMLAAK Financials”

KARACHI: Finance Minister Miftah Ismail on Friday inaugurated “Emlaak Financials”, the first digital aggregator platform for mutual funds in Pakistan’s capital market landscape, a statement said.

This platform has been successfully implemented as a digital distribution channel initially for Mutual Funds and later on for other asset classes also.

While officiating the event, the finance minister said that Emlaak Financials is a very important and timely initiative by the Securities and Exchange Commission of Pakistan (SECP) and very well executed by the Central Depository Company (CDC).

“It is very important for our economy that we should introduce such novel concepts which will promote the investment culture in Pakistan,” he added.

It will provide an easy and informative platform to the investors thus enabling them to make wise investment decisions while giving them the convenience to open their mutual fund accounts digitally from anywhere without having to visit the brick and mortar offices of Asset Management Companies, Ismail said.

SECP Chairman Aamir Khan termed it a very important milestone for the Mutual Funds Industry as it embarks on this consolidated digital distribution channel launched for the first time in Pakistan.

“We, at the SECP, are strong proponents of re-engineering processes for promoting efficiency and transparency through digitalisation and will continue to support and encourage all such initiatives by providing all the required regulatory assistance in this regard,” he added.

CDC Board of Directors’ Chairman Moin Fudda welcomed the finance minister and others guests after which Mutual Funds Association of Pakistan (Mufap) Chief Executive Officer Mashmooma Majeed addressed the audience.

CDC Chief Executive Officer Badiuddin Akber said that Emlaak Financials has been envisioned to pave the way for the growth of the Mutual Fund Industry and promote the savings culture in Pakistan at the grass root level.

“The CDC is committed towards providing innovative tech-based platforms to Capital Market entities through which they can leverage CDC’s technological edge to enhance their investor outreach in a convenient, informative and interactive manner,” he added.

The Pilot project for Emlaak was initially launched in 2021 for the Sahulat account opening via the platform, after which CDC has continued to abide by its commitment to collaborate with the Mutual Fund Industry for enhancing the platform.

The full-fledged account opening feature has now been launched via this online investment portal which is the first of its kind in Pakistan allowing multiple funds from different AMCs to be offered to investors through a single platform.

SECP Director Khalda Habib, representatives of the Asset Management Industry and other industry representatives also attended the event.

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