Karachi: IGI Life Insurance Limited has announced a significant development in the financial sector with the approval of the Offering Document for the Mahaana IGI Islamic Retirement Fund. This key milestone, achieved on October 23, 2023, marks the company’s strategic move into the Islamic finance market, expanding its retirement fund offerings under the Voluntary Pension System Rules, 2005.

The approval from the Securities and Exchange Commission of Pakistan (SECP) is a major step forward for IGI Life Insurance Limited, allowing it to offer a new investment opportunity tailored to Islamic finance principles. The company has partnered with M/s. Mahaana Wealth Limited, entering into an investment advisory agreement to manage the Fund effectively. This collaboration is expected to attract a wide range of investors seeking Sharia-compliant investment options.

According to information available from the Pakistan Stock Exchange (PSX), IGI Life Insurance Limited is preparing for the official launch of the Mahaana IGI Islamic Retirement Fund. This initiative is in line with the company's commitment to innovation and diversification in its product offerings, catering to the growing demand for Islamic financial products in the market.

IGI Life Insurance Limited’s latest venture is expected to enhance its position in the designated market category of voluntary pension funds. By launching the Mahaana IGI Islamic Retirement Fund, the company aims to provide investors with a reliable and ethical investment platform, contributing to the development of the Islamic finance industry in Pakistan.

The disclosure of this material information reiterates IGI Life Insurance Limited’s dedication to transparency and compliance with the regulatory framework set by the Pakistan Stock Exchange and the Securities Act, 2015. As the company gears up for the fund's launch, stakeholders and potential investors are encouraged to stay informed about further developments.