Business

Miftah launches ‘EMLAAK Financials’

Written by The Frontier Post

F.P. Report

ISLAMABAD: As a landmark, and first of its kind, initiative in Pakistan’s capital market landscape, Pakistan’s first digital aggregator platform for mutual funds – “Emlaak Financials” – was formally inaugurated by Honorable Federal Minister for Finance and Revenue Dr. Miftah Ismail.

This platform has been successfully implemented as a digital distribution channel initially for Mutual Funds and later on for other asset classes as well, said a press release issued here by SECP.

The pilot project for Emlaak was initially launched in 2021 for the Sahulat account opening via the platform, after which CDC stayed committed towards enhancing the platform.

The full-fledged account opening feature has now been launched via this online investment portal, which allows multiple funds from different asset management companies (AMCs) to be offered to investors through a single platform.

On the occasion, Federal Minister Miftah Ismail said, “Emlaak Financials is 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.”

In his address at the event, SECP Chairman Aamir Khan said, “It is indeed a very important milestone for the Mutual Fund Industry as it embarks 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.”

Describing 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 others guests.

Mutual Funds Association of Pakistan (MUFAP) CEO Mashmooma Majeed also addressed the audiences. The event was attended by SECP Director Khalida Habib and industry representatives.

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