The Institute of Cost and Management Accountants of Pakistan (ICMA Pakistan) has signed a memorandum of understanding (MoU) with Pak-Qatar Family Takaful Limited to improve the management of its Employees’ Provident Fund (EPF). The agreement was signed by Muhammad Yasin, President of ICMA Pakistan, and Waqas Ahmed, Chief Executive Officer of Pak-Qatar Family Takaful. The collaboration brings together Shariah-compliant fund management, employee Takaful coverage and administrative support, alongside additional benefits for participating employees. The arrangement focuses on the institution’s employee provident fund and reflects an effort to incorporate Islamic financial services into the management of employee-related financial arrangements. The agreement also highlights cooperation between a professional accountancy body and a family Takaful provider in addressing employee welfare and long-term financial well-being.
Under the announced collaboration, Pak-Qatar Family Takaful will contribute services covering Shariah-compliant fund management, Takaful protection and administrative support for ICMA Pakistan’s provident fund arrangements. Shariah-compliant fund management is intended to ensure that the investment and management approach follows Islamic financial principles. The employee Takaful component adds a protection-related element to the arrangement, while administrative support is expected to assist with the management of the fund. The announcement also refers to additional benefits for participating employees, although it does not specify the nature of these benefits, their monetary value or the conditions under which employees may access them. Details about the fund’s investment structure, expected returns, contribution arrangements and implementation schedule have also not been disclosed publicly.
The agreement was signed in the presence of Aamir Ijaz Khan, Executive Director of ICMA Pakistan, and Lal Muhammad, Senior Director at the institute. Their participation reflected the institutional representation at the signing ceremony, which brought together senior officials from both organisations. For ICMA Pakistan, the initiative is linked to the management of its employees’ provident fund and the provision of additional welfare-related benefits. For Pak-Qatar Family Takaful, the collaboration provides an opportunity to deliver its family Takaful and Shariah-compliant financial services within an institutional employee-benefits arrangement. The announcement does not identify the number of employees covered, the size of the provident fund or the specific administrative responsibilities assigned to the Takaful provider. Further details would be required to assess the scale and financial structure of the arrangement.
The initiative reflects President Muhammad Yasin’s stated commitment to employee welfare and institutional partnerships that support long-term financial well-being. Provident funds form part of employee benefit arrangements designed to support workers’ financial interests over time, while Takaful-based protection can provide an additional layer of coverage depending on the terms of the arrangement. By combining fund management, employee coverage and administrative assistance, the MoU establishes a framework for cooperation between ICMA Pakistan and Pak-Qatar Family Takaful. The organisations have not announced a launch date, detailed operational procedures or the specific benefits available to participating employees. Nevertheless, the agreement marks a formal collaboration focused on the management of ICMA Pakistan’s EPF through Shariah-compliant financial services and employee protection arrangements.
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