Members from CCXI

Ariel Lei Yang – Vice President

Ms. Ariel Lei Yang is the Vice President of China Chengxin International Credit Rating Co., Ltd, and Executive Director and CEO of China Chengxin (Asia Pacific) Credit Ratings Co., Ltd. She is in charge of the company’s international business and branding. She is also the head of the company' Shenzhen and Hong Kong offices.

Ms. Yang joined CCX Group in 2011 as the Chief of Staff to the Chairman, and later as General Manager of International Business Department and Managing Director of CCXI. Previously she was editor and reporter at China’s Xinhua News Agency. She was based in New York covering financial markets from 2008 to 2011, and wrote columns for China Securities Journal etc.

Ms. Yang holds BA in Journalism from Wuhan University and MA in Mass Communication from UK.

Christine Zhang – General Manager, Overseas Business Department

Ms. Zhang is the General Manager of Overseas Business Department of CCXI, responsible for rating service for sovereign and multinational institutions, as well as Panda bond rating. Ms. Zhang is also the member of Credit Rating Committee in CCXI &CCXAP, responsible for panda bond and offshore bond rating.

Ms. Zhang earned Bachelor Degree of Economics, Master Degree of Macro Economics from Renmin University of China.

Ms. Zhang and her team has undertaken most of the MDB, sovereign, sub-sovereign cases, which include the first sovereign cases of Korea and Poland, as well as the first NDB green financial bond.

Rong Tian – Managing Director of China Chengxin (Asia Pacific) Credit Ratings Co. Ltd.

Ms. TIAN Rong is currently the Managing Director of China Chengxin (Asia Pacific) Credit Ratings Company Limited.

Ms. Tian joined China Chengxin Credit Rating Group in 2008. Prior to her current post, she was the Credit Analyst and Assistant to General Manager of Business Development Department of China Chengxin Securities Rating Company Limited, as well as the Marketing Director of China Chengxin International Credit Rating Company Limited.

Ms. Tian holds a Bachelor’s Degree in Management and a Master’s Degree in Finance from Southwestern University of Finance and Economics.

Members from IIRA

Sabeen Saleem, CFA – CEO

Sabeen Saleem, CFA has 19 years of multifaceted experience in financial risk assessments spanning Banks, Manufacturing Concerns, Fund Managers and Insurance Companies, with specialized focus on Islamic finance in all of these areas. Sabeen has extensive experience working in developing countries, chiefly in Pakistan, but also very notably in Bangladesh and Middle Eastern countries. She has been associated with the credit ratings industry for over a decade and has pioneered ratings in the social sector of Pakistan while also being actively involved in research endeavors of considerable significance in the area of Islamic finance. She has authored a number of rating methodologies for several sectors and has been actively involved in writing for reputed journals and speaking at high profile gatherings of finance professionals. She has a Masters degree from the Institute of Business Administration, Karachi and is also a CFA charter holder.

Farah Parveen Khan – Senior Financial Analyst


BMS (Bachelor of Management Studies, with elective in Finance) – University of Mumbai, India; Completed Chartered Accountants Professional Examination II – The Institute of Chartered Accountants of India


Over 10 years of experience in credit ratings covering corporate and financial institutions (FIs) domains; Since August 2016, Ms. Farah has been working as a senior financial analyst at IIRA where she is primarily involved in conducting fiduciary and credit ratings of Islamic FIs within MENA region, while she also worked on sovereign and corporate ratings. As part of adhoc assignments, Ms. Farah was also involved in updating an internal methodology and has been part of AAOIFI working group members for a couple of standard development projects; Previously, Ms. Farah was associated with CRISIL – an S&P Global Company in India, for about 9 years. She was involved in corporate ratings from a third party agency perspective whereby she assisted and closely collaborated with the S&P analysts. The rating assignments covered various regions and industry sectors, - Asia-Pacific commodities sector (sub-sectors including metals & mining, oil & gas, building materials & forest products, and chemicals), and U.S. media and entertainment. She had received a few credit-in-prints on various issuer publications and was acknowledged for her work and contribution.

Members from RAEX

Svetlana Grishankova – Managing Director/ Chairman of the Advisory Board

Svetlana Grishankova is the Managing Director of Rating-Agentur Expert RA GmbH since 2013. She holds BSc degrees from the Higher School of Economics in Moscow and University of London, as well as MSc degree in Finance and Economics from the London School of Economics. Ms Grishankova has been working in private equity in London and following that held leading positions in a number of investment projects in fields of construction, real estate, retail and IT with wide geographic scope (UK, Switzerland, Germany, Russia). She was managing the rating activity in Europe of Expert RA (Moscow) and then fully involved in the foundation of Rating-Agentur Expert RA GmbH in Frankfurt being responsible for the strategy and development of the agency, including its process of obtaining ESMA registration. Ms Grishankova actively participates in discussions with EU and overseas financial regulators as well as green and sustainable finance associations.

Hector Alvarez – Associate Director

Hector Alvarez is an Associate Director at Rating-Agentur Expert RA where he oversees a wide portfolio of rated entities in the insurance and banking sectors as well as sovereigns. Mr. Alvarez also introduced the ESG Rating Methodology and leads its continuous improvement process. Previously, Hector worked as an advanced manufacturing engineer at Nemak in Monterrey, Mexico and was part of the collateral management team at State Street Bank in Frankfurt. He graduated from Tecnológico de Monterrey with a degree in Industrial and Systems Engineering and from Frankfurt School of Finance & Management where he completed a Master of Finance with a Corporate Finance concentration. Recently, he obtained the International Certificate in Corporate Finance from Columbia Business School.

Members from VIS

Javed A. Callea – Advisor

Mr. Callea is a professional in the financial sector with 35 years of experience mostly in the financial institutions with certain exposure to service and infrastructure sectors in Pakistan. He has held the position of Chief Executive of a leasing company for 10 years. His core areas of expertise cover leasing, development financing, project management, investment & merchant banking, strategic investment management and real estate. Major financial institutions he worked for include Pakistan Industrial Credit and Investment Corporation, State Life Insurance Corporation, Bankers Equity, Crescent Leasing Corporation and Saudi Pak Ind. & Agri. Inv. Company. He has also served as Member Finance of Water & Power Development Authority of Pakistan and as member of the Inquiry committee on stock exchange crises in 2000 commissioned by the SECP. He earned his MBA degree from the Institute of Business Administration in 1974.

Shahid Ghaffar – Independent

Mr. Shahid Ghaffar possess vast experience of working at top positions in the financial market. He has served as Chairman and Managing Director, National Investment Trust Limited 2014 – 2017. Prior to that he was Head of Investor Relations and Corporate Representation and Member Management Forum at Habib Bank Limited (HBL) during the period 2012 – 2014. He was involved in the formation and development of HBL Asset Management Limited and was its Chief Executive Officer from 2005-2012.

Mr. Ghaffar has vast experience in Capital Market Regulation at Governance. He was Executive Director/ Commissioner, Securities & Exchange Commission of Pakistan and was instrumental towards implementation of wide ranging reforms in the capital market and capacity building of the Securities Market Division during the period 2000 – 2005. He was also Managing Director of Pakistan Stock Exchange (Former Karachi Stock Exchange) from 1998 – 2000 and was actively involved in introducing effective risk management measures, automation of trading system and enhancing capacity building of the exchange. During the period 1977-1998 he has served National Investment Trust Limited in various capacities in the Asset Management Division and was responsible for managing equity, fixed income portfolio and trading desk.

Mr. Ghaffar is presently Member, Audit Oversight Board, Pakistan and Independent Director of Jubilee Life Insurance Company Limited, HBL Asset Management Limited, Awwal Modaraba Management Limited, Habib Insurance Company Limited and Archroma Pakistan Limited.

Mr. Ghaffar holds a master’s degree in business administration from Gomal University, D.I Khan, Khyber Pakhtunkhwa, Pakistan. He has attended serval courses on Securities Regulations including the prestigious course conducted by Securities & Exchange Commission in Washington D.C., USA.