Fintech PR

As the world chokes in plastic, banks continue to finance plastic production

Published

1 month ago

October 17, 2024

New research led by Profundo, BankTrack and the Plastic Soup Foundation reveals a lack of bank policies dealing with the impact of plastics on climate, nature and humans

AMSTERDAM, Oct. 17, 2024 /PRNewswire/ — Most commercial banks are blind to the risks associated with financing companies in the plastic supply chain, in particular the detrimental impact of plastic on climate, nature, human health and communities. As a result, very few banks have policies in place to effectively deal with these risks, let alone exclude finance for the plastics industry altogether.

This is the main conclusion from a first assessment of bank policies on plastic conducted by the Plastic Banks Tracker aimed at exposing the role of commercial banks in financing the plastics life cycle: from polymer producers via the food industry and retail companies to the waste management sector.

Assessment of commitment, policies and implementation
This first assessment covered twenty of the biggest banks that play a prominent role in financing companies in the global plastics lifecycle, including some banks that participate in the UNEP Finance Leadership Group on Plastics. ^[1]Our methodology assesses three different phases a bank must go through to properly finance the plastics transition: Acknowledgement of their role in perpetuating the plastics crisis and Commitment to be part of the solution; Policy development (‘Policies’) to guide their financing decisions, and Implementation of these policies through screening, engagement with clients and providing attractive financing conditions for alternatives. Based on their scoring for these phases, banks are then categorized on a laggards to leaders scale.

Most banks are slow performers
A new website published today, www.plasticbankstracker.org, shows that, of the twenty banks investigated, none of them can be considered a leader. Only two banks score reasonably well on Acknowledgement and Commitment.

Germany based ProCredit qualifies in our ranking as a moderate achiever, while Dutch banking group ING is seen as a follower.

Disappointingly, the other 18 banks rank among the slowest performers. Some of these banks, such as Mitsubishi UFJ, Barclays and BNP Paribas, do have relevant policies in place on for instance climate change, nature protection, or health and communities. However, because they lack proper acknowledgement and commitment related to the plastics crisis, they cannot be expected to strictly implement these policies in their financing relationships with companies in the plastics lifecycle.

Based in on the Plastic Banks Tracker methodology, all banks received a score on a scale from 0-100.

Jan Willem van Gelder, Director of Profundo, which conducted the research, commented: “It is striking to see that so many banks heavily exposed to companies in the plastics life cycle fail to acknowledge the severity of the plastics crisis and their own specific responsibility for it. While most banks have high-level policies on health, human rights and climate change, these will not help solving the plastics crisis as long as they do not commit to prioritize implementation of these policies with their clients in the plastics lifecycle.”

Maria Westerbos, Director of the Plastic Soup Foundation: “The research reveals there is a total lack of urgency in the banking sector to deal with the current global plastic crisis. The current plastic production of 500 million tons a year is out of control; we eat, drink and breathe plastic, and scientists found plastic in our blood and recently even in our brains. The projections show plastic production will triple in the next decades if no serious measures are taken. As the financiers of this system banks can play a crucial role in changing the direction of plastic production.”

Johan Frijns, Director of BankTrack, further commented:
“The ever-increasing production and consumption of plastics is widely seen as a major environmental and human health crisis, for which at some point not only plastic producers but also their financiers will be held accountable. Banks must understand that being perceived as a ‘Plastic Bank’, bankrolling plastics production, carries the same severe reputational risk as financing the continued exploration of fossil fuels as a ‘Fossil Bank’. Banks must disentangle themselves from these two strongly connected industries and instead focus on financing the energy and plastics transition.”

View original content:https://www.prnewswire.co.uk/news-releases/as-the-world-chokes-in-plastic-banks-continue-to-finance-plastic-production-302279155.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

8 minutes 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

8 minutes 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

13 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.