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Amwal and Bahrain-based Takaud have joined hands to provide long-term savings and pension products for the first time in Qatar’s corporate sector, a move that could go a long way to address the vast expatriate populations’ concerns on the end-of-service benefits.
Amwal, which would be the investment manager, would utilise Takaud’s open architecture and third party administration platform, which also offer more than 100 funds, to facilitate the creation of employee savings scheme and pension plans.
Takaud, a Category I investment business firm licensed by the Central Bank of Bahrain, is 50% owned by Kuwait Projects Company (Kipco) and 50% by United Gulf Bank, a member of the Kipco Group.
Takaud - which already has tie-ups with Barwa Bank and First Investor as well as proposals to have an agreement with Doha Bank - will provide Amwal with access to its fund and administration platform, enabling Amwal to offer its clients Takaud’s carefully-due-diligent investment solutions provided by global and regional asset managers, including a Shariah fund range.
Amwal and Takaud are targeting individuals and corporate clients to give a big push to the pension industry in the region, where state pensions are suffering due to imbalances brought about by budgetary constraints.
“This is the first of its kind in introducing pension and savings scheme for the corporate sector. This is the beginning of pushing the pension industry in the right direction in the Gulf Cooperation Council (GCC),” Amwal chief executive Fahmi al-Ghussein told reporters in Doha.