Fintech PR

AIIB Announces Paris Alignment of New Investment Operations

Published

1 year ago

July 1, 2023

BEIJING, July 1, 2023 /PRNewswire/ — The Asian Infrastructure Investment Bank (AIIB) has issued its methodology for assessing the alignment of its investment operations with the Paris Agreement. This means that starting today, all AIIB’s new investment operations will be consistent with low-carbon and climate-resilient development pathways.

AIIB first announced on Oct 26, 2021, that it was going to fully align with the Paris Agreement by July 1, 2023. With the adoption of the methodology, AIIB meets its commitment to actively support infrastructure projects that contribute to climate change mitigation, adaptation and resilience, and reinforces its mission to promote sustainable infrastructure development in Asia and beyond.

“From today onwards, all of AIIB’s new financing will be aligned with the Paris Agreement. The detailed process for how we will achieve this, published today, constitutes a major milestone for AIIB. Tackling the urgency of climate change necessitates rapid and collective action. We are dedicated to working with all our Members and partners to achieve the goals of the Paris Agreement. As a multilateral development bank, we understand our pivotal role in advancing sustainable development and supporting our Members in their transition to low-carbon and resilient economies. By aligning with the Paris Agreement, we affirm our commitment to financing projects that promote sustainable Infrastructure for Tomorrow,” said AIIB President Jin Liqun.

Established in the wake of the Paris Agreement, AIIB has been actively engaged in the joint MDB efforts in developing a framework for aligning its financing operations with the goals of the Paris Agreement. In line with this, it has developed its own detailed technical methodology, which provides guidance on the application of the joint MDB methodological framework to AIIB operations. Specifically, AIIB investment operations will:

Be aligned with the overall mitigation goals (BB1) of the Paris Agreement, that is, be consistent with a low greenhouse gas (GHG) emissions development pathway for the respective country and not undermine a transition to a decarbonized economy, in that country or globally, taking into account countries’ common but differentiated responsibilities and respective capabilities; and
Be aligned with the overall adaptation goals (BB2) of the Paris Agreement, by actively managing material physical climate risks, based on systematic and robust risk screening and assessment, in a manner consistent with climate-resilient development pathways. In addition, AIIB will seek to support the enhancement of climate-related disaster resilience of clients and their communities to the adverse impacts of climate change.

AIIB’s methodology will be applied to all projects financed through direct lending, as well as through financial intermediaries.

AIIB believes that aligning its new investments with the Paris Agreement goes beyond mere compliance. According to Vice President for Strategy and Policy Sir Danny Alexander, “Paris alignment will add significant value for our clients by ensuring that projects are designed, prepared and implemented with climate considerations at their core. But it also signifies a commitment to collectively go above and beyond the minimum requirements set forth by international agreements. Rather than simply meeting the minimum obligations, Paris alignment demonstrates a willingness to take bold action, set ambitious targets, and pursue innovative solutions to mitigate greenhouse gas emissions and promote sustainable infrastructure. We recognize our responsibility to scale up further our support for the climate transition in Asia, and Paris Alignment is one of the tools we will use to help play our part in delivering this critically important global agenda.”

AIIB’s Corporate Strategy also contains a commitment to scale up its annual climate finance approvals to at least 50 percent of total approved financing by 2025. In 2022, AIIB’s climate finance amounted to USD2.39 billion, or 56 percent of total approved financing,^¹ up from 48 percent in the previous year and surpassing its 2025 target. It has also set in motion the development of more structures, frameworks and products for climate adaptation and resilience.

Read more about AIIB’s methodology here.

¹ AIIB calculated its 2022 climate financing share excluding financing approved through the COVID-19 Crisis Recovery Facility.

View original content:https://www.prnewswire.co.uk/news-releases/aiib-announces-paris-alignment-of-new-investment-operations-301868538.html

Fintech PR

Wahed appoints Khalid Al Jassim as Executive Chairman of Wahed MENA to help guide the strategic growth of Wahed in the region

Published

7 hours ago

November 24, 2024

CISION (PR Newswire)

wahed-appoints-khalid-al-jassim-as-executive-chairman-of-wahed-mena-to-help-guide-the-strategic-growth-of-wahed-in-the-region

DOHA, Qatar, Nov. 24, 2024 /PRNewswire/ — Wahed, a global Shariah-compliant fintech, has appointed Khalid Al Jassim as Chairman of Wahed MENA.

On this appointment, Khalid commented, ”I am excited to guide Wahed’s growth in the region. Wahed’s mission of furthering Islamic Finance is one I resonate with deeply and I look forward to supporting its growth ambitions.”

Khalid has over twenty five years of investment banking and corporate advisory experience gained with some of the most innovative and groundbreaking institutions in the world.

His career spans leading firms including SABIC, Arthur Anderson and Arcapita Bank in Bahrain, where he was instrumental in making it into one of the PE powerhouses in the region. His responsibilities started in the earlier years with establishing the Investment Placement Team and transforming it into one of the most robust teams in the industry. At the time that Khalid left Arcapita to build his personal business, he was an Executive Director. Today he is Chairman of Afkar Vision, a private advisory house specialized in mergers and acquisitions with offices in Manama, Dubai and Riyadh.

As well as being one of the earliest investors in Wahed, he is currently Chairman of the Audit Committee and Board Member at Bahrain Islamic Bank, the 4th oldest Islamic Bank in the World and Board Member at SICO Bank and SICO Capital in Saudi, an $8bn asset manager in the region.

Mohsin Siddiqui, Wahed CEO said, “We are delighted to announce Khalid’s appointment. His unique understanding of the financial landscape in the MENA region is unparalleled and we are excited to bring this expertise in continuing to grow our presence in the region.”

About Wahed

Founded in 2015, Wahed is a financial technology company that is advancing financial inclusion through accessible, affordable, and values-based investing. The company has made significant inroads in the world Shariah compliant investing by creating an easy-to-use digital platform that provides a suite of Shariah compliant investing products including managed portfolios and venture and real estate investments. Wahed caters to over 400,000 customers globally and manages over $ 1 billion in assets.

For more information, visit: www.wahed.com

Photo – https://mma.prnewswire.com/media/2566076/Wahed_MENA_Khalid_Al_Jassim.jpg

View original content:https://www.prnewswire.co.uk/news-releases/wahed-appoints-khalid-al-jassim-as-executive-chairman-of-wahed-mena-to-help-guide-the-strategic-growth-of-wahed-in-the-region-302314779.html

Fintech PR

Qatar Development Bank announces strategic investment in global Islamic FinTech, Wahed

Published

7 hours ago

November 24, 2024

CISION (PR Newswire)

qatar-development-bank-announces-strategic-investment-in-global-islamic-fintech,-wahed

DOHA, Qatar, Nov. 24, 2024 /PRNewswire/ — Qatar Development Bank (QDB) announces a strategic investment in Wahed, a global Shariah-compliant fintech.

Wahed currently manages over $1 billion in assets and has attracted over 400,000 clients worldwide. The company is built on the principles of democratizing access to financial services and offers clients access to Shariah-compliant investments in its mobile app. Wahed removes the barriers to sophisticated investment management services that have been traditionally reserved for high-net-worth investors.

Khalid Al Jassim, Executive Chairman of Wahed MENA said: ‘We are delighted to welcome our new shareholders, QDB. We believe Qatar is fully aligned with our mission in creating a technology-first Islamic finance leader that unlocks a financial ecosystem free from Riba. We look forward to supporting the Qatar National Vision 2030 of becoming a leading knowledge-based economy.

Ali Rahimtula, Partner at Cue Ball Capital said: “Qatar Development Bank’s strategic investment is a clear signal of the faith the industry has in Wahed and its ability to create the future of Islamic Finance.”

About Wahed

For more information, visit: www.wahed.com

About Qatar Development Bank

Qatar Development Bank’s mission is to advance the economic and innovation development cycle of Qatar, supporting and contributing to the nation’s economic diversification. As well as a focus on the development of Qatar’s private sector, QDB is a powerful catalyst for socio-economic development in the country, empowering the local economy and bettering living standards.

For more information, visit: https://www.qdb.qa/

Photo – https://mma.prnewswire.com/media/2566075/Qatar_Development_Bank_Announcement.jpg

View original content:https://www.prnewswire.co.uk/news-releases/qatar-development-bank-announces-strategic-investment-in-global-islamic-fintech-wahed-302314778.html

Fintech PR

China’s AIMA brand electric motorbike is now in Bangladesh

Published

20 hours ago

November 23, 2024

CISION (PR Newswire)

DHAKA, Bangladesh, Nov. 23, 2024 /PRNewswire/ — With the popularity of electric vehicles in Bangladesh, the globally renowned AIMA brand has also arrived in Bangladesh. The esteemed DX Group has brought the AIMA F-626 to customers. This environmentally friendly battery-operated electric motorbike has already been approved by the Bangladesh Road Transport Authority (BRTA) now.

In light of the increasing popularity of electric motorcycles in the country, the internationally-leading brand AIMA has entered the market. By the end of 2023, AIMA electric two-wheelers had established a presence in over 50 countries worldwide, with 11 global production bases, including overseas factories in Indonesia and Vietnam. In 2022, AIMA collaborated with Rob Janoff, the designer of the Apple logo, to refresh the brand’s VI system with a youthful and fashionable image. In 2023, AIMA teamed up with PANTONE, the global authority in color expertise, to create the trending color of the year. As an industry leader, AIMA spearheads the electric two-wheeler sector and showcases the prowess of a leading electric two-wheeler brand on a global scale. As of March 31, 2024, AIMA’s total electric two-wheeler sales had reached 80 million units, earning certification from Frost & Sullivan, a globally recognized business growth consulting firm, as the “Global Leading Electric Two-wheeler Brand”.

Over the years, AIMA has always been a product trendsetter in the electric two-wheeler sector. As of March 31, 2024, the total sales volume of AIMA electric two-wheelers reached 80 million, and Frost & Sullivan, a world-renowned market consulting company, awarded AIMA with the market status certification of the “Global Leading Electric Two-wheeler Brand (by Sales)”.

AIMA adhere to the customer-centered product philosophy and technologies that support long-term innovation and breakthroughs. We believe that the efficiency and modern technology of the AIMA F-626 will present an excellent alternative means of communication for our customers.