KARACHI: 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.”
About Mahaana: Mahaana is Pakistan’s first digital-only Asset Management Company licensed as an AMC and Investment Advisor by the Securities and Exchange Commission of Pakistan (SECP).
The company emerged as a fintech startup in 2022, and is the brainchild of two team members from the globally renowned Tundra Fonder, known for their successful track record in driving innovation within emerging markets.
Mahaana raised $2.1 million following a pre-seed funding round led by Swedish investment firm Vostok Emerging Finance (VEF), Hong Kong based SparkLabs group, Y Combinator (United States), and IGI Investments (A Packages Group Company).
Learn more: www.mahaana.com
Follow Mahaana on social media:
LinkedIn: https://www.linkedin.com/company/mahaana
X: @MahaanaWealth
Insta: @mahaanawealth
Facebook: https://www.facebook.com/mahaanawealth
About IGI Life: IGI Life Insurance Limited (A Packages Group Company) marked its entry into the Life Insurance arena through the acquisition of controlling shares in American Life Insurance Company (ALICO – Pakistan) Limited in April 2014.
The acquisition of IGI Life makes it one-of-a-kind life insurance provider in Pakistan with a multinational heritage coupled with the experience of Packages Group which is one of the most reputed business conglomerates.
IGI Life’s current product suite includes the Vitality Active Programme, Life Insurance plans, Accident and Health Insurance and Employee Benefit Solutions. IGI Life is also amongst the first few companies that commenced Family Takaful business in 2015 under Window Takaful Operations enabling the Company to offer Shariah compliant solutions.
Learn more: www.igilife.com.pk
