| Throughout the Muslim world, banks and financial | | | | Wealth's Dubai hub since 2006, becoming one of the |
| institutions have experienced a significant rise in their | | | | major wealth management recruiters in the GCC in |
| number of female customers in recent years. The | | | | 2009. Nahed Taher cofounded Gulf One Investment |
| number of banks and investment companies created | | | | Bank in 2005, making her the first woman to head a |
| specifically for women has skyrocketed across the | | | | bank in Saudi Arabia. |
| Middle East. Estimated to control around $246 billion | | | | Identifying Women's Needs |
| of the region's wealth (projected to hit $383 billion by | | | | As women continue to manage their financial |
| 2011) , women in the Middle East are regarded today | | | | responsibility and independence throughout the Muslim |
| by international banks as financial powerhouses. | | | | world, the need for new and specific banking |
| The recent rise in this market can be attributed to | | | | products and services for this market has also |
| the increasing role of Muslim women in the workplace. | | | | emerged. Forced to wait in line with men in many |
| Responsible for controlling household and family | | | | male-operated financial institutions for decades, |
| finances for decades, women have also experienced | | | | women throughout the Muslim world now seek a |
| new empowerment and freedom in how they spend | | | | private, personal and comfortable banking |
| their money. With new opportunities for education on | | | | environment. Women today enjoy financial institutions |
| the rise and more and more women entering the | | | | that cater to their unique needs and offer enhanced, |
| workforce, women have become crucial target | | | | targeted, financially compelling, and more personalized |
| customers to the financial industry. Banks can tap into | | | | services than they have ever experienced before, |
| this growing market by providing banking services to | | | | such as credit cards and loans. |
| their growing number of female customers and by | | | | Banks can cater to this market by offering women |
| training their sales and customer service personnel to | | | | extra privacy in their financial affairs and a more |
| better sell and service this important customer | | | | relaxed atmosphere in which they can discuss their |
| segment. | | | | needs. Banks can create exclusive areas within their |
| The Role of Women in the Muslim World | | | | branches that enable women to carry out their |
| It is not a new concept for Muslim women to be in | | | | banking transactions with greater comfort and |
| control of the family finances, but now they are | | | | privacy. Banks can also attract new customers by |
| empowered to step out of the home, cash in hand. | | | | offering women additional benefits, including exclusive |
| They have money to spend and invest and they are | | | | health privileges at renowned hospitals and health |
| looking for the same opportunities made available to | | | | clubs, and shopping discounts with special privileges at |
| men. A 2007 study by the International Finance | | | | select stores for perfumes, clothing, accessories, |
| Corporation, an arm of the World Bank, found that a | | | | books, and much more. Financial institutions truly |
| third of women-owned enterprises in the United Arab | | | | dedicated to expanding services to women will open |
| Emirates generated over $100,000 a year, compared | | | | female-only branches. |
| to only 13% of American women-owned firms. | | | | Financial institutions can also reach this lucrative |
| Women on the Home Front | | | | demographic by employing more women. Many |
| Today, many Muslim women have significant liquid | | | | Muslim women would prefer to discuss their financial |
| assets, partly because of Islamic inheritance law. | | | | affairs with another woman who understands their |
| Islamic law dictates that a married woman's wealth is | | | | concerns through personal experience. An entire |
| her own; spending on the household is her husband's | | | | staff-tellers, bankers, wealth managers, branch |
| responsibility. Muslim women are legally entitled to | | | | managers-made up of women would be welcomed |
| inherit and bequeath property, holding their wealth in | | | | by their female-only clientele. |
| their own names even after marriage, without | | | | Training |
| obligation to contribute that wealth to their husband | | | | While women-only financial institutions have been in |
| or their family. | | | | existence for decades, this is a new initiative for |
| Because Muslim women do not have to rely on their | | | | many institutions. The transition will require time and |
| husbands as their only source of funds for domestic | | | | education. The most effective way for banks |
| and household purchases, they have traditionally | | | | throughout the Muslim world to reach this growing |
| managed most aspects of household finance. Today, | | | | market is to implement a top quality training program, |
| women throughout the Muslim world play an even | | | | customized to the needs of women. A training |
| more active role in the financial transactions of their | | | | program will help all employees at a bank to become |
| families, giving them more of a say in terms of | | | | familiar with this growing demographic and understand |
| purchasing power and decision-making authority. With | | | | the importance of being sensitive to the needs of |
| these responsibilities, women require banking services | | | | these new customers. A well-educated staff will |
| that both understand their needs and can help them | | | | prove to their clients that the bank is aware of the |
| to manage the challenges they face in making the | | | | impact of women throughout the Muslim world and is |
| best financial decisions for their families. | | | | ready for a change. |
| Women in the Workforce | | | | Additionally, a training program will teach bank |
| Throughout the Muslim world, women are entering | | | | employees how to successfully communicate with |
| the workforce and even starting their own | | | | their female customers while providing outstanding |
| businesses now more than ever. According to recent | | | | sales and service. Learning professional customer |
| reports, women currently run about 16,390 | | | | services skills will help employees listen to their |
| businesses. In recent years, women have slowly | | | | customers' needs and answer any questions, helping |
| become more accepted in the workplace and have | | | | their female customers to feel relaxed and confident |
| even come to occupy senior government posts, | | | | in their banking experience. Through training, |
| including ministerial appointments and executive | | | | employees also will become familiar with the products |
| positions in the private sector. Once regarded as | | | | and services available for their female customers, |
| delicate beings that need to be protected, Muslim | | | | such as current account, savings accounts, |
| women today are being empowered to seek financial | | | | investment accounts, credit cards, auto finance, real |
| independence. | | | | estate and much more. Most importantly, employees |
| In 2009, Financial News released its annual list of the | | | | will learn how to sell these products; following proper |
| 100 most influential women in finance and for the | | | | policy and procedure, protecting themselves, their |
| first time, four Middle Eastern women were among | | | | banks, and their female clients. |
| the names included. Chosen for their profound impact | | | | Final Word |
| and exemplary leadership in their industry, these | | | | The shifting role of Muslim women in their homes and |
| women represent the gender shift in this part of the | | | | in the working world provides a new market for |
| world. Haliza Abd Rahim, head of project | | | | financial institutions. In order to tap into this growing |
| management for BMB Islamic UK, leads a team that | | | | segment of the financial industry, banks need to |
| oversees $10 billion of assets for some of the Middle | | | | understand the unique banking needs of this vital |
| East's wealthiest families. Maha Al-Ghunaim is chairman | | | | customer segment and implement a sound training |
| of Global Investment House, the leading asset | | | | program to best sell and service them. Through |
| management and investment banking companies in | | | | training, banks can build a knowledgeable, professional |
| the GCC and the wider Middle East and North Africa | | | | and sensitive staff that is prepared to serve women |
| (MENA) regions. Soha Nashaat, head of Middle East, | | | | throughout the Muslim world as this market continues |
| North Africa and Turkey for Barclay's Wealth, of the | | | | to grow. |
| UK-based Barclay's Group, has been building Barclay | | | | |