Karachi, June 14, 2023: Arif Habib Dolmen REIT Management Limited (AHDRML), a renowned real estate investment trust management company, has recently made a strategic decision to outsource its back office functions to ITMinds Limited, a subsidiary of Central Depository Company of Pakistan Limited (CDCPL).
This move aims to enhance AHDRML’s operational efficiency and allow them to focus on their core business activities.
The outsourcing arrangement was officially announced during a signing ceremony held in Karachi on June 14, 2023. Muhammad Ejaz, the CEO of AHDRML, and Iqleem-uz-Zaman Khan, the CEO of ITMinds, signed the agreement in the presence of Badiuddin Akber, Director of ITMinds and CEO of CDCPL, Waqas Ashraf, CFO of ITMinds, Razi, CFO of AHDRML, and other senior members from both companies.
Under the new arrangement, ITMinds will provide AHDRML with comprehensive back office accounting services. This includes handling various non-core functions such as accounting services, portfolio settlement, compliance reporting, information security management, business continuity, and IT arrangements. By entrusting these tasks to ITMinds, AHDRML will have the opportunity to streamline its operations and concentrate on its primary goal of managing a diverse range of real estate investment trusts (REITs).
Expressing his views on the outsourcing agreement, Muhammad Ejaz, CEO of AHDRML, emphasized that this partnership would allow AHDRML to devote more attention to its core business activities while leveraging the expertise of a professional fund administrator for back office functions.
Badiuddin Akber, Director of ITMinds and CEO of CDCPL, also shared his thoughts on the occasion, highlighting the efficiency and cost-effectiveness of outsourcing non-core critical business activities in today’s dynamic business landscape. He stated that ITMinds was commissioned with the aim of enabling REIT Management Companies (RMCs) and other organizations to outsource their back office functions to a reliable and competent business process outsourcing (BPO) partner. This strategic move is expected to enhance management focus on critical business activities, leading to improved efficiency, scalability, and transparency in processes.
The decision by AHDRML to outsource its back office functions to ITMinds Limited signifies a forward-thinking approach in adapting to the modern business environment. It is anticipated that this collaboration will yield positive outcomes for AHDRML, enabling them to optimize their operations and achieve greater success in managing various types of REITs.
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