First Fund Launched Under the Digital AMC Framework of SEC Pakistan by Mahaana Wealth.

Mahaana launches Shariah Compliant Money Market Fund for retail investors. Every step of the process has been automated, making it fast, secure, and hassle-free for investors. Empowering the investors with privacy and security control over their assets.

PK – 27 April 2023 - The recent economic situation in Pakistan has put a large population to face job insecurities and economic hardships for various reasons, including the COVID-19 pandemic, floods, and economic downturns. Families without a steady income are particularly vulnerable during these challenging times. With the absence of a citizen-friendly and efficient safety net in Pakistan, the citizens are left with no option to plan and secure their economic future.

Realizing the economic hardships the country and its citizens are going through, Mahaana Wealth has launched Pakistan’s first fixed income Islamic fund under the Securities and Exchange Commission of Pakistan's (SECP) Digital Asset Management Company (AMC) framework. The launch of this fund marks a major milestone in Pakistan's financial landscape, as the first digital asset management company goes live in the country. The fund will be offered to a limited number of clients till commercial launch is allowed by SECP.

Muhammad Shamoon Tariq,
Founder, and Chief Executive Officer,
Mahaana Wealth Management

This Shariah-compliant Money Market fund offers a secure and stable investment option that aims to provide investors with a potential profit rate of up to 20%, which is significantly higher than the profit rates currently offered by Islamic banks in Pakistan, hovering around 8-10%. CIO, Mahaana Wealth, Mubashir Zuberi, said “We strive to provide higher savings & investments return to retail investors, which were previously available only to the high-net-worth individuals.”

Keeping in mind the socio-economic limitations compounded with non-technical knowledge, people shy away from investing in Pakistan. By making the entire onboarding and back-office operations fully digitized, without the need for any human intervention, Mahaana has made every step of the process automated, making it fast, secure, and hassle-free for investors, but above all with low costs. This will not only ensure complete privacy but also confidence building for the customer to have more control over their assets and also their financial future.

Mahaana Wealth has partnered with IT Minds, a leading provider of technology solutions in Pakistan and a subsidiary of CDC Pakistan, to deliver a comprehensive and streamlined solution for its back-office operations.

Commenting on the launch, Mahaana Wealth CEO, Muhammad Shamoon Tariq, said, "Our vision is to create a seamless digital investment experience that is both accessible and affordable for all Pakistanis. We believe that everyone should have access to the same investment opportunities, regardless of their location, income, or financial knowledge. With this launch, we aim to revolutionize the asset management industry in Pakistan by offering a comprehensive, automated, and user-friendly platform to investors." He added, “I would also like to commend SECP’s role as a front-end regulator, which is continuously working in improving the regulations and frameworks for promoting the Asset Management industry in Pakistan”.

Investing in fixed-income funds enables individuals to create a financial buffer for themselves and their families, ensuring that they have a source of income to fall back on during tough times. By establishing this social safety net, individuals can protect their loved ones from the consequences of job loss or economic challenges, ultimately providing a more secure and stable financial future.

As per the Economic Survey of Pakistan 4.51 million people from the labour force could not get jobs in the FY 2021. Prior to Covid-19, the working population was 55.7 million. During the pandemic, this number declined to 35.04 million which indicates that 20.71 million people either lost their jobs or were not able to work due to COVID-19 impact.

The textile industry representatives have also warned that about 7 million workers have been fired as Pakistan's textile exports dwindle, putting the sector on the edge of collapse due to the global economic recession. Also, a large portion of the cotton crop was destroyed by the devastating floods last year. The floods resulted in the death of more than 1,700 people and affected 33 million more, impacting the socioeconomic stability of families across the country.

Fixed-income funds can serve as a vital financial tool for creating a social safety net for individuals and their loved ones, especially in the face of uncertainty. This steady stream of income can help families cover essential expenses during periods of unemployment or financial instability. By allocating a portion of their savings into Shariah-compliant fixed-income funds, individuals can work towards building a financial cushion that provides a sense of security and resilience in times of economic hardship.

Mahaana is a licensed Non-Banking Financial Company (NBFC) and a Digital AMC, regulated by SECP. The company is allowed to offer investment management services in Pakistan. With an office in Karachi and Islamabad, Mahaana aims to revolutionize the wealth management industry by offering a comprehensive, automated, and user-friendly platform to retail investors. Mahaana’s mission is to create a seamless digital investment experience that is both accessible and affordable for all Pakistanis. With a team of experienced professionals and credible sponsors, the company strives to offer trusted and transparent wealth management in Pakistan.

Wednesday, April 19, 2023

Fahd Haroon, Minister of State and Special Assistant to Prime Minister of Pakistan Discusses Public Communication & Digital Engagement for Allied Healthcare Workers' Training at Cordoba Care Institute of Health Management.

Healthcare and digital skills development for training quality allied healthcare resources and engagement via digital platforms for knowledge enhancement of healthcare professionals are crucial for improving the provision of healthcare services across Pakistan.

Karachi, PK - 19th April 2023 - Mr. Fahd Haroon, Minister of State and Special Assistant to Prime Minister for Public Communication and Digital Platforms, attended an Iftar dinner organized by Cordoba Care Institute of Health Management in Karachi. The dinner was attended by leading medical professionals, educationists, members of civil society organizations, and top corporate and media representatives.

Fahd Haroon Discusses Public Communication and Digital Platforms for Healthcare Workers' Training with Malik Ahmad Jalal, CEO and Founder of Cordoba Care Institute in Karachi.

During the event, Mr. Fahd Haroon spoke about the importance of public communication and tech skills development via digital platforms in healthcare, especially with reference to the need for human resource training for quality healthcare professionals. He emphasized that these professionals are required in Pakistan to uplift the local healthcare system and have great potential export demand in the Middle East, Europe, the Americas, and Africa.

He highlighted that the Government of Pakistan is working on making healthcare services available through digital platforms and means and that in this regard the public communication ecosystem will play an important role in creating awareness and behavior change for the usage of digital healthcare services for the greater good and well-being of society.

Mr. Fahd Haroon also emphasized the significance of international digital platforms in offering substantial learning and knowledge resources for healthcare professionals, providing an ideal mode for disseminating effective healthcare training. He focused on the importance of healthcare professionals keeping themselves updated with the latest trends and developments in healthcare and medicine through not only physical but also tech platforms. Moreover, he highlighted the crucial role of public communication in identifying and addressing the health challenges faced by citizens in their respective communities.

Mr. Malik Ahmad Jalal, CEO & Founder of the Cordoba Care Institute of Health Management (CCI), said, "We are honored to have Mr. Haroon join us to celebrate the achievements of Cordoba Care Institute in the field of healthcare training. CCI strives to provide quality healthcare services through training and capacity building of the healthcare professionals, particularly from underserved communities”.

He said, “Pakistan faces an acute shortage of 600,000 medical technicians or 1/9th of our need as per the World Health Organization standards. Cordoba Care Institute’s mission is to improve public health through practical and soft skills focused training of nursing and allied healthcare professionals.” He said, “CCI actively works on job placement, and career counseling and has an over 90% job placement rate of its graduates, who secure salaries between PKR 23,000 to PKR 33,000 per month for their technical competence and soft skills training.” He further added, “We believe that digital healthcare and skills development initiatives are critical for improving the quality of healthcare services in Pakistan and beyond as they serve to showcase our homegrown talent and skills."

It is essential to note that Pakistan is prioritizing the strengthening of the health sector, especially after the outbreak of the COVID-19 pandemic. The country is making progress on SDG 3 (Good Health and Wellbeing). Pakistan's healthcare system is facing a dearth of healthcare professionals, particularly in the fields of nursing and allied healthcare. Although the Lady Health Workers (LHW) program has been revitalized through adequate training, support, and a revised service structure, which has improved effective coverage of skilled birth attendants, pre, and post-pregnancy care, and neonatal care, the need for trained professionals is still needed in the peri-urban and rural areas of Pakistan.

Pakistan has been making efforts to achieve health-relevant SDGs. However, progress has been slow due to a lack of resources, infrastructure, and skilled human resources. The government has made skills development initiatives a priority to ensure that the demand for public health service delivery is met with quality and quantity both.

There is a need for the government and private sector to collaborate to improve healthcare services and ensure that quality healthcare is accessible to all. The use of digital platforms and public communication can play a vital role in creating awareness of the need for quality allied health resources and improving behavior-change of patients and care providers. The Cordoba Care Institute provides quality demand-driven curriculum taught with innovative methodologies to achieve these goals.