Mahaana Wealth, Pakistan’s pioneering digital asset management company operating within the SECP regulatory sandbox, has sealed a partnership with IGI Life Insurance, a leading insurance provider with 29 years of local experience offering life, health, takaful and wealth management solutions, to collectively introduce a Pension Fund (Voluntary Pension Scheme).
The collaboration aligns with IGI’s previous announcement at the Pakistan Stock Exchange, where the board allowed the management to explore the possibility of jointly launching a Pension Fund and appointing Mahaana Wealth as the investment advisor and technology partner for the fund.
To mark the occasion, the partnership between Mahaana Wealth and IGI Life was officially signed on 9th January 2024 at IGI Life’s Head Office in Karachi. Both CEOs, Shamoon Tariq of Mahaana and Ali Nadim of IGI Life were present, along with other company representatives.
Backed with a mission to provide a safety net for Pakistani’s post-retirement, the two companies aim to transform the retirement landscape in Pakistan. Talking about how Mahaana plans to bring successful pension and saving models from developed nations into Pakistan based on digitization and hassle-free onboarding, Shamoon Tariq said, “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 importance of pension plans in a country experiencing increasing life expectancy, Ali Nadim, CEO of IGI Life said, “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.”
