Mahaana Wealth, Y-Combinator backed Fintech, in collaboration with IGI Life Insurance Limited, part of the Packages Group, has launched the Mahaana IGI Islamic Retirement Fund. Pakistan’s first fully digital, Shari’ah-compliant voluntary pension scheme.
The initiative aims to promote retirement savings and financial security through a regulated and technology-based platform. It offers individuals, including self-employed and informal sector workers, an accessible way to plan for retirement while availing tax benefits and professional fund management.
The launch event was held at IGI’s Lahore office and was attended by Mr. Syed Hyder Ali, CEO, Packages Group; Mr. Shamoon Tariq, CEO, Mahaana Wealth; Mr. Ali Nadeem, CEO, IGI Life; Mr. Mattias Martinsson, Founding Partner and CIO, Tundra Fonder (Sweden); Mr. Syed Ammar Naqvi, Special Secretary, Ministry of IT; and Mr. Akif Saeed, Chairperson, Securities and Exchange Commission of Pakistan (SECP) and H.E. Alexandra Berg Von Linde, Ambassador of Sweden in Pakistan.
Mahaana Wealth will serve as the investment advisor and technology partner, also managing the fund’s day-to-day operations to ensure real-time digital access and transparency for investors. IGI Life will manage the fund’s administration and the Takaful component an added benefit of the fund along with custodial arrangements through the Central Depository Company (CDC).
Mahaana is inspired by the Swedish pension and social system, ensuring dignified and sufficient post retirement living while ensuring instant income tax credits, highlighted Muhammad Shamoon Tariq.
We believe in Pakistan as our structural growth market and remain an active foreign investor in Pakistan. Such initiatives will help build the local investors base to further strengthen the Pakistan’s economy, noted Mattias Martinsson.
The initiative supports the SECP’s efforts to enhance financial inclusion and expand access to technology-led savings systems, said Akif Saeed.
Ministry of IT is dedicated to benefit from technological revolution for Pakistan’s growth. Innovators like Mahaana are helping achive us our overall roadmap quicker and we are willing to lend any support needed by such companies, said Syed Ammar Naqvi.
In line with global standards, the platform is expected to strengthen Pakistan’s retirement savings culture, promote Shari’ah-compliant investment opportunities, and contribute to the country’s long-term financial stability and inclusive economic growth, said H.E. Alexandra.