Dolmen REIT, ITMinds partner

KARACHI: Arif Habib Dolmen REIT Management Limited (AHDRML) has entered into an outsourcing arrangement with ITMinds Limited (ITMinds), whereby ITMinds will provide back office accounting services to AHDRML, a statement said on Wednesday.

ITMinds is a wholly owned subsidiary of Central Depository Company of Pakistan Limited (CDCPL).

The agreement was signed by Muhammad Ejaz CEO-AHDRML with Iqleem-uz-Zaman Khan CEO-ITMinds in the presence of Badiuddin Akber Director-ITMinds and CEO-CDCPL, Waqas Ashraf CFO- ITMinds, Razi CFO-AHDRML and other senior members of both the companies.

Through the arrangement, ITMinds will facilitate AHDRML in concentrating on their core business activities, i.e., managing a variety of REITs, by relieving them from various non-core back-office functions like accounting services, settlement of portfolios, facilitation for compliance/ reporting, information security management, business continuity, and IT arrangements.

Commenting on the occasion, Muhammad Ejaz said that the collaboration would enable AHDRML to concentrate on its core business of managing various types of REITs while outsourcing the back-office functions to a professional fund administrator.

Badiuddin Akber was of the view that the concept of outsourcing non-core critical business activities proved to be efficient and cost-effective in today’s business world.