Fintech PR
CareEdge announces entry into Global Scale Ratings with launch of Sovereign Ratings for 39 Countries
- First Indian credit rating agency to enter the Global Scale Ratings with launch of CareEdge Global IFSC Ltd.
- Unveiled CareEdge Report on Sovereign Ratings of Global Economies
MUMBAI, India, Oct. 4, 2024 /PRNewswire/ — CareEdge Ratings, India’s leading credit rating agency, today announced that it has become the first Indian credit rating agency to enter the Global Scale Ratings space, through its subsidiary, CareEdge Global IFSC Limited.
CareEdge has unveiled a report on Sovereign Ratings of Global Economies, releasing sovereign ratings of 39 countries in a mega event held at GIFT City, Gandhinagar, India. Many eminent personalities from regulators, corporates and policy makers were present during the launch, including Shri K.V. Kamath – renowned corporate leader in India, Shri Ashish Kumar Chauhan – MD & CEO, NSE, and Shri Sanjeev Sanyal – Member, Economic Advisory Council to Prime Minister.
In its first sovereign rating action, CareEdge Global has assigned the following ratings to 39 countries: AAA to Germany, Netherlands, Singapore and Sweden; AA+ to Australia, Canada and USA; AA- to France, Japan, Korea, UAE and UK; A+ to Portugal, A to China and Spain; A- to Chile, Malaysia and Thailand; BBB+ to Botswana, India and Philippines; BBB to Indonesia, Italy and Mauritius; BBB- to Mexico, Morocco and Peru; BB+ to Brazil, Columbia, Greece and Vietnam; BB to South Africa ; B+ to Turkey; B to Nigeria; B- to Ecuador and Egypt; CCC+ to Bangladesh; CCC to Argentina and D to Ethiopia.
Speaking on the occasion, Mehul Pandya MD & Group CEO, CareEdge said, “This is a significant milestone for us in our journey towards becoming a global knowledge-based institution. As India’s economic influence grows, it is both timely and appropriate for an Indian company to enter this domain. CareEdge Ratings brings with it a nuanced understanding of emerging economies – a perspective that is invaluable in today’s complex global economic environment. We are convinced that it is very important to have transparency in methodology of sovereign ratings, particularly in assessing the growth potential and investment needs of economies. This reflects in the ratings assigned by us. We are conscious of the responsibility that comes with our entry into this space and are fully committed to provide independent and unbiased opinion.”
CareEdge Sovereign Ratings methodology involves analysis under five broad pillars to determine a sovereign’s creditworthiness. These pillars are Economic Structure & Resilience (25% weightage), Fiscal Strength (25% weightage), External Position & Linkages (16.67% weightage), Monetary & Financial Stability (16.67% weightage), and Institutions & Quality of Governance (16.67% weightage). The assessment of each of these pillars is based on the consideration of historical, current as well as expected future trends.
Rajani Sinha, Chief Economist, CareEdge Ratings said, “Our methodology is robust and aptly captures the nuances of developed and emerging economies, even while applying consistent thresholds across countries. This rating assigned using our methodology will aid investors and enhance the diversity of opinions about various countries.”
The entire report on Sovereign Ratings of Global Economies can be accessed at www.careedgeglobal.com
About CareEdge Ratings
CareEdge is a knowledge-based analytical group offering services in Credit Ratings, Analytics, Consulting and Sustainability. Established in 1993, the parent company CARE Ratings Ltd (CareEdge Ratings) is India’s second-largest rating agency, with a credible track record of rating companies across diverse sectors and holding leadership positions in high-growth sectors such as BFSI and Infra. The wholly-owned subsidiaries of CareEdge Ratings are (I) CARE Analytics & Advisory Private Ltd. (previously known as CARE Risk Solutions Pvt. Ltd.), and (II) CARE ESG Ratings Ltd, (previously known as CARE Advisory Research and Training Ltd.). Besides CareEdge Global IFSC Ltd., CareEdge Ratings’ other international subsidiaries entities include CARE Ratings Africa (Private) Limited in Mauritius, CARE Ratings South Africa Pty. Ltd, and CARE Ratings Nepal Limited.
For further details, contact:
Tayyab Imadi
+91 99672 12492
[email protected]
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Fintech PR
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
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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
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
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/
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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.
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