Finance Minister Miftah Ismail led the launch of Emlaak Financials – Pakistan’s first digital mutual fund aggregator developed by CDC.
By Staff Reporter
KARACHI: In a landmark development, Pakistan Friday launched Emlaak Financials, the country’s first digital aggregator platform for mutual funds.
Finance Minister Miftah Ismail performed the formal inauguration of the first of its kind initiative in Pakistan at Central Depository Company (CDC) House, Karachi.
Emlaak will initially be a digital distribution channel for Mutual Funds, but will be opened up later on to other asset classes.
Speaking on the occasion, Minister Miftah Ismail lauded Emlaak Financials as “a very important and timely initiative by the Securities and Exchange Commission of Pakistan (SECP) and very well executed by CDC”.
“It is very important for our economy that we introduce such novel concepts that promote the investment culture in Pakistan and provide an easy and informative platform to the investors”, the Minister said.
SECP Chairman Aamir Khan said who also spoke on the occasion said Emlaak was indeed a very important milestone for the Mutual Fund Industry as it embarked on this consolidated digital distribution channel launched for the first time in Pakistan.
“We, at SECP, are strong proponents of re-engineering processes for promoting efficiency and transparency through digitalization and will continue to support and encourage all such initiatives by providing all the required Regulatory assistance in this regard”, Khan said.
Explaining the objectives of the platform, CEO CDC Badiuddin Akber said, “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.”
Chairman of CDC’s Board of Directors Moin Fudda welcomed the Finance Minister and other guests. Mutual Funds Association of Pakistan (MUFAP) CEO Mashmooma Majeed also addressed the audiences on the occasion. The event was attended by SECP Director Khalida Habib among several other officials and industry representatives.
The pilot project for Emlaak was launched in 2021 for the Sahulat account opening via the platform. Its full-fledged account opening feature has now been launched via an online investment portal, which allows multiple funds from different asset management companies (AMCs) to be offered to investors through a single platform.
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