ITMinds, InfraZamin Pakistan sign agreement
KARACHI: InfraZamin Pakistan Limited (InfraZamin) and ITMinds Limited (ITMinds), a wholly-owned subsidiary of the Central Depository Company of Pakistan Limited (CDCPL), have signed an agreement, enabling ITMinds to provide Back Office Accounting Services to InfraZamin.
Maheen Rahman, CEO of InfraZamin, and Iqleem-uz-Zaman Khan, CEO of ITMinds signed the agreement in the presence of Badiuddin Akber, director of ITMinds and CEO of CDCPL; Waqas Ashraf, CFO of ITMinds; Khusro Iqbal Mumtaz, chief risk officer of InfraZamin; and other management team members from both sides.
InfraZamin is licensed to act as an investment finance company and is an initiative by the Private Infrastructure Development Group (PIDG), including PIDG Group companies, InfraCo Asia Investments (InfraCo Asia) and GuarantCo Limited (GuarantCo), in partnership with the non-profit Karandaaz Pakistan (Karandaaz) to establish a for-profit, credit enhancement facility for raising infrastructure-related debt in Pakistan.
Maheen Rahman said: “We look forward to working with ITMinds under this arrangement, which will enable the InfraZamin team to focus on our core business function of credit guarantees.”
Badiuddin Akber said: “Considering this is an era of specialisation, we have commissioned ITMinds with an aim to enable asset management companies, investment finance companies and other organisations to outsource their back office functions to a competent and reliable BPO partner; thus, relieving them to focus on their core businesses for their commercial success, while achieving efficiency, scalability and transparency of processes.”
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