KARACHI: Arif Habib Dolmen REIT Management Limited (AHDRML) has entered into an outsourcing arrangement with ITMinds Limited (ITMinds), a wholly-owned subsidiary of Central Depository Company of Pakistan Limited (CDCPL), whereby ITMinds will provide back office accounting services to AHDRML.

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

Commenting on the occasion, Muhammad Ejaz, CEO AHDRML, said this arrangement will 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.

Also commenting on the occasion, Badiuddin Akber, Director ITMinds and CEO CDCPL, said the concept of outsourcing non-core critical business activities has proven to be efficient and cost-effective in today’s business world.

Hence, we have commissioned ITMinds with this aim to enable REIT Management Companies (RMCs) and other organizations to outsource their back office functions to a competent and reliable BPO partner, thus facilitating them to augment the focus of their management on their critical business activities which are integral to their commercial success while achieving efficiency, scalability & transparency of processes.

Copyright Business Recorder, 2023