KARACHI: A memorandum of understanding (MoU) has been signed between ACCA (the Association of Chartered Certified Accountants) and the Institute of Financial Markets of Pakistan (IFMP). Both the organisations have decided to work together to promote investor awareness and financial literacy among students, professionals and small businesses.
Speaking at the signing ceremony in Karachi, head of ACCA Pakistan, Sajjeed Aslam, shared:
‘Financial literacy is crucial for the sustainable growth of capital markets ecosystem. The limited levels of financial literacy and investor education, especially among SMEs and young entrepreneurs in Pakistan, is a significant factor in the equally low levels of successful access to external finance and absence of long-term financial planning.’
‘As part of our commitment to the community, we’re happy to be joining forces with IFMP to promote knowledge about the financial system, educate small businesses about different options to access finance and encourage their participation in retail financial markets, and help SMEs to scale up leveraging effective financial planning.’, he added.
Sharing the details of the MoU, Mobashar Sadik, CEO, IFMP, said:
‘IFMP in partnership with ACCA intends to promote the cause of financial education, not just for typical investors but also for the middle-income households. The rising complexity of financial markets means consumers have to choose between a variety of complex financial instruments for borrowing and saving. Individuals, when become financially educated, are more likely to save and to challenge financial service providers to develop products that truly respond to their needs, and that would have positive effects on both investment levels and economic growth. We are sure that this partnership will help us achieve this goal of empowering public through financial knowledge.’
ACCA has been actively supporting the financial literacy agenda in the country. Collaboration with Akhuwat to support micro-entrepreneurs with their cash flow management during the current pandemic, partnership with Jamapunji for financial literacy and investor education roadshows across Pakistan, promotion of gamified digital learning with NIB
F, joint session with State Bank on access to capital, and cooperation with Kamayi to deliver free-of-cost professional advice to small businesses are some of the recent examples of ACCA leading the financial literacy agenda in Pakistan.
ACCA is the Association of Chartered Certified Accountants. We’re a thriving global community of 227,000 members and 544,000 future members based in 176 countries and regions that upholds the highest professional and ethical values.
We believe that accountancy is a cornerstone profession of society that supports both public and private sectors. That’s why we’re committed to the development of a strong global accountancy profession and the many benefits that this brings to society and individuals.
Since 1904 being a force for public good has been embedded in our purpose. And because we’re a not-for-profit organisation, we build a sustainable global profession by re-investing our surplus to deliver member value and develop the profession for the next generation.
Through our world leading ACCA Qualification, we offer everyone everywhere the opportunity to experience a rewarding career in accountancy, finance and management. And using our respected research, we lead the profession by answering today’s questions and preparing us for tomorrow.
The Institute of Financial Markets of Pakistan (IFMP), Pakistan’s first securities market institute, has been established as a permanent platform to develop quality human capital, capable to meet the emerging professional knowledge needs of financial markets and create standards among market professionals.
The Institute has been envisioned to conduct various licensing examinations leading to certifications for different segments of the financial markets. In addition, IFMP also provides a platform for research & development, exchange of ideas and consulting services on Financial Markets issues.
The Institute will develop a pool of trained and certified professionals, skilled not only to deal in conventional instruments but also to develop and trade new and complex financial market products like options, index futures, and Exchange Traded Funds, and commodity futures.
Pakistan markets presently face the capacity constraint where standards of knowhow and lack of quality human financial are major impediment to build investor’s confidence. There exists a strong need of a dedicated institute that conduct educational and training activities for the market participants to develop financial market practitioners and focus on the current issues being faced by the financial market.
The Institute has been registered as a not-for-profit company limited by guarantee with share financial under section 42 of the Companies Ordinance, 1984.