Al-Meezan Launched Pakistan’s First Shariah – Compliant Pension Scheme, this was stated by Mohammad Shoaib, Chief Executive Officer in a seminar organised by the southern regional committee of the Institute of Chartered Accountants of Pakistan (ICAP) at its premises here, according to a statement on Saturday.The moot was addressed by Mohammad Shoaib, Chief Finance Officer of Al Meezan Investment Management Limited and Abdul Rahim Abdul Wahab of Sidat Hyder Morshed Associates. Highlighting the features of voluntary pension scheme, Shoaib said that it is a structured savings mechanism which helps individuals to save during their working life so that accumulated savings and profit can be used to provide pension income during retired life.
In addition, contributions to this scheme result in tax credits for investors. He said that Al Meezan Investments has recently launched Pakistan's first Shariah-compliant pension scheme by the name of 'Meezan Tahaffuz Pension Fund'.
The pension fund, apart from the benefits of a normal voluntary pension scheme (VPS), also offers, free of charge, Takaful protection for accidental death and disability. Abdul Rahim, who heads the Actuarial Services Division of Sidat Hyder Morshed Associates, compared various retirement benefits currently being offered in Pakistan's corporate sector.
He said the VPS compares favourably to other retirement schemes, like provident fund. He said that only a handful of corporate sector entities in Pakistan currently offer pension plans. In the absence of a proper social security infrastructure, it is important that schemes like VPS are introduced for the employed and self-employed classes.
The seminar was attended by CFOs, chartered accountants and people from the business community. The participants appreciated the efforts of ICAP in organising such events for the benefit of the business community.