So Far
The journal of strategic thinking in Islamic finance
Volume 1 – Issue 5 – December 2010
1
So Far – Volume 1 Issue 5 – December 2010
Islamic Finance Think Tank Members
Editorial Director
Paul McNamara, UAE
Inaugural members
Ahmed Abbas, Bahrain
Majid Dawood, UK
Asyraf Wajdi Dusuki, Malaysia
John Foster, UK
Blake Goud, USA
Dr. Ahmed Al Janahi, UAE
Douglas Johnson, USA
Raja Teh Maimunah Abdul Aziz, Malaysia
Paul McNamara, UAE
Shahriar Mofakhami, Australia
Ali Mohamed, Qatar
Dr M S S El Namaki, China
Armen Papazian, UAE
Isam Salah, USA
Mohammed Ikram Thowfeek, Qatar
David Vicary, Malaysia
We welcome nominations for membership to the Islamic finance Think Tank. Readers
can nominate others for membership – but no one can nominate themselves.
Nominations, together with a brief description of the candidate, should be sent to
[email protected]
2
So Far – Volume 1 Issue 5 – December 2010
So Far
The journal of strategic thinking in Islamic finance
Volume 1 – Issue 5 – December 2010
The subject of this issue is:
What steps need to be taken to make sure that women are not
disadvantaged in becoming practitioners within the Islamic
finance industry?
What barriers exist?
How can we help break these barriers down?
How swiftly can we expect to see some change?
3
So Far – Volume 1 Issue 5 – December 2010
First published by:
Yasaar Media
www.yasaarmedia.com
Copyright
© Yasaar Media
First published 2010
All rights reserved
This journal may not be lent, resold, hired out or otherwise disposed
of by way of trade in any form of binding or cover other than that
which it is published, without the prior consent of the Publishers.
Neither the publisher nor the authors make any legal representation or
warranty with respect to the contents of the Journal, and they do not
accept liability for any inaccuracy in the material in the Journal.
Design and layout: Pamula Macran
4
So Far – Volume 1 Issue 5 – December 2010
Scaling New Heights
To subscribe simply send an email to [email protected]
with the subject line ‘Subscribe to So Far’
So Far
5
from
So Far – Volume 1 Issue 5 – December 2010
So Far – Volume 1 – Number 2 – March 2010
Each issue of So Far will be devoted to a single topic of current
relevance to the Islamic finance industry.
Each contribution to the Journal will be from a participant and
practitioner within the Islamic finance industry rather than from an
academic. The idea is that each issue will stimulate debate and
discussion within the industry amongst practitioners and in so doing
will provide some much needed airing of difficult issues.
We would encourage readers to share their own views with us on
whether they agree or disagree with the views expressed within So
Far. Opinions, thoughts and contributions should be sent to
[email protected] and we will review these contributions for
inclusion in subsequent issues. Only those contributions that add
depth and colour to the debate will be considered for publication.
The opinions expressed in the various contributions are those of the
authors themselves and do not represent the views of the
organizations for which they work or of Yasaar Media.
6
So Far – Volume 1 Issue 5 – December 2010
Raja Teh Maimunah Raja Abdul Aziz
Kuala Lumpur, Malaysia
What steps need to be taken to make sure that women are not
disadvantaged in becoming practitioners within the Islamic
finance industry? What barriers exist? How can we help break
these barriers down? How swiftly can we expect to see some
change?
These are very difficult questions. I am very fortunate I must say. At
home here in Malaysia, there are hardly any barriers for women to
embark in a career in Islamic finance. We boast an impressive line-up
of senior executives in the industry from the Central Bank governor
(who is a leading proponent of Islamic banking), the Securities
Commission chairman and several CEOs of Islamic financial
institutions (IFI).
This „phenomena‟ has come as a big surprise to some journalists from
the west who uncovered this whilst writing on the state of the industry
recently. It warranted an article in the New York Times. Why so?
Sadly because my sisters elsewhere do not enjoy the same level
playing field as we do here in Malaysia.
I have personally encountered discrimination whilst in Saudi where I
was refused entry into the Kingdom despite having a business visa on
grounds that, as a Muslim woman, I should know better than
travelling without a mahram. I have also been denied entry into „male
only‟ buildings where my meetings were meant to be held. Though
there is no restriction on movement elsewhere in the GCC, there are
still challenges for women to deal freely with clients as some male
clients would rather talk to a male subordinate than a woman
supervisor.
7
So Far – Volume 1 Issue 5 – December 2010
To be honest, I am not quite sure what steps can be taken by industry
practitioners to bring barriers down as they mainly stem from deeply
rooted cultural inhibitions as well as governmental policies. It is not
just an industry challenge; it is a challenge cutting across societies.
Perhaps governments that wish to promote the development of the
industry in their domestic markets may want to consider appointing
women to certain senior ranking positions, namely in policy making,
to break the glass ceiling as we see here in Malaysia. Another is for
IFIs consciously to develop a line of female managers of various skill
sets for the next generation of Islamic finance practitioners. I believe
that clients, too, can be persuaded if supervisors take on a mentoring
role with their female workers when dealing with clients‟ accounts. In
time clients would grow to be comfortable with the relationship
manager and may see beyond gender issues.
I am also aware that some employers are dissuaded from hiring
female workers because of disruptions arising from maternity leave
and such. Employers could opt for flexible working hours and
arrangements to address those. But more importantly, employers must
first recognize the importance of the female workforce in the industry
and the roles they can play. A shift in mindset is what needs to be
tackled first and the ability to see beyond the stereotyped functions of
female workers i.e. unskilled and semi-skilled roles.
Women can contribute positively to the development of the Islamic
finance industry and we have seen that women have what it takes to
lead in this space. All they needed was a chance.
8
So Far – Volume 1 Issue 5 – December 2010
Stephanie Mumford Brown and Douglas Clark Johnson,
New York, USA
What steps need to be taken to make sure that women are not
disadvantaged in becoming practitioners within the Islamic
finance industry? What barriers exist? How can we help break
these barriers down? How swiftly can we expect to see some
change?
Advancing women in Islamic finance: A few clues from the US
financial sSector
The issue of parity for female practitioners in Islamic finance has a
pragmatic business urgency. One of the biggest challenges the
industry faces is a shortage of competent human capital - from
Shari‟ah specialists to asset managers to customer relations staff - and
the inclusion of women on an equitable basis represents an obvious
solution to this gap.
The US financial sector offers both encouragement on the potential
for advancement of women in a parallel industry segment, and a
realistic picture of the distance to true equality.
While 62 per cent of US commercial bank employees are female, they
represent only 30 per cent of banking managers and executives,
according to US Equal Employment Opportunity Commission data.
The statistics are even less favourable in the securities and
investment-banking end of the US finance spectrum: roughly 40 per
9
So Far – Volume 1 Issue 5 – December 2010
cent of all employees are women; less than 20 per cent of executives
and managers are.
Early signs of top-level breakthrough are finally in sight. Key Bank a major regional bank that may not be a familiar name to the Islamic
finance community because it lacks overseas presence - recently
announced a succession plan that will place Beth Mooney in the CEO
slot in May 2011. She will be the first and only woman heading a Top
20 US bank. US Banker magazine‟s 2010 list of The 25 Most
Powerful Women in Finance includes executives mainly at the
divisional-presidency level, although some are deemed contenders to
be among first women as CEOs of a US-based global banking or
brokerage behemoth.
Reflection of society
Women in finance reflect the role of women in a society‟s workforce
in general. Indeed, the financial sector tends to be somewhat rearguard because women do not have as dominant a role as consumers as
they do in sectors such as healthcare and retailing.
The largest financial market in the Middle East is Saudi Arabia,
which maintains a uniquely gender-segregated society. There is
evidence of incremental progress for women‟s ability to act, earn, and
own in the Kingdom. Nevertheless, the participation of women in the
largest GCC Islamic market is not likely to get out ahead of their role
in society. In this context, we observe, rather than judge.
In other major economies along the Islamic Crescent, women‟s status
tracks the global spectrum of female experience. The Malaysian
Islamic finance industry, for one, shows a pattern very similar to the
US conventional industry. As the financial-services workforce
evolves, women are taking prominent positions as regulators but have
yet to gain corporate leadership. The top of the private-sector pyramid
in banking remains male.
Oman, while a small market, appears to be at the forefront of
women‟s advances in regional finance. Some 40 per cent of the 9,200
10
So Far – Volume 1 Issue 5 – December 2010
banking workforce is female, according to a recent report - although
only 14 per cent of managers are women, echoing disparity
elsewhere.
Assuming anti-discrimination legislation and regulation are in place,
governments can only crack the whip, not fill the ranks. Based on our
decades-long view of US progress, the critical ingredients for the
advancement of women in business leadership are education and
experience, and the time frame is generational.
Dedicated women’s divisions
Women‟s financial units have been tried in the United States, but they
seem to have been transitional exercises. As women have evolved
toward equal participation as both financial consumers and staff,
women-focused services have diminished in prominence. (The
remaining such services seem mainly to focus on women as smallbusiness owners.) Separate-but-equal has not proved a concept with
much validity in US society, and we suspect this is for reasons
universally human, not uniquely American.
Cultural vectors tend to send Islamic banking in the direction of
women-only services in more conservative markets. Elsewhere the
accommodation has been marketing-inspired, addressing the comfort
levels of female consumers rather than working around authoritarian
barriers. Women‟s divisions can serve as a meaningful early-stage
tactic in financial equalization, but we do not think they are a
destination.
Heritage suggests future
We leave it to others more expert than we to comment on the
theological and historical aspects of this topic. We simply note the
continuing focus on Khadījah bint Khuwaylid, the successful trader
who was the business patron of the Prophet before she married him.
While historical information is understandably sketchy, Khadijah
apparently ran a successful import-export business for many years,
and may be a key influence behind Islam‟s atypical respect for
11
So Far – Volume 1 Issue 5 – December 2010
women‟s property rights in a patriarchal era. This impressive
personage may provide a philosophical construct by which the broad
spectrum of Islamic finance can find its way to implementing equal
opportunities for women in its ranks.
12
So Far – Volume 1 Issue 5 – December 2010
David Vicary (Daud Abdullah)
Kuala Lumpur, Malaysia
What steps need to be taken to make sure that women are not
disadvantaged in becoming practitioners within the Islamic
Finance industry? What barriers exist? How can we help break
these barriers down? How swiftly can we expect to see some
change?
The simple answer is to keep an open mind. However, that may not
be as easy as it sounds, given the diverse cultural mix and value sets
that we all have. Granted that we are all living in an increasingly
interconnected world and far more aware of what is going on around
the world compared with 40 years ago, but old habits/customs die
hard and we all revert to tribal behaviour from time to time!
Sometimes it is just an auto-response to a given situation. At the
recent GIFF opening ceremony where the IILM master Agreement
was signed, I heard the PM of Malaysia give a glowing report as to
the importance of the efforts made by Governor Zeti in not only
promoting Islamic finance but also securing this agreement. It was all
let down rather badly by a throw - away line that went along the lines
of “no doubt she used her womanly charms...”
In fact, overall, Malaysia has done pretty well in female leadership
category with regulators, IFI CEOs, Shari‟ah scholars and
practitioners all in their positions on merit. However, it does all come
down to keeping an open mind. I am reminded at this point of my
13
So Far – Volume 1 Issue 5 – December 2010
early career in the banking industry in the City of London during the
mid 70s, when I had a female boss. By way of a reminder to all her
male reports she had a board on her desk which read “The best man
for the job is a Woman”. She taught me a great deal about how to
keep an open mind and I guess I am still learning.
What barriers exist?
Prejudice and ignorance are probably the biggest barriers in my view.
Some of these are based on tribal custom and peer pressure.
However, there may also be legislative and negative selection criteria,
as we move from country to country. It is interesting that the large
numbers of female students, studying for their CIFP at INCEIF in
Malaysia, are coming from countries where this type of training is not
available or it is frowned upon for women.
In reality the barriers are of our own creation and can therefore only
be removed by removing misperceptions and prejudice.
How can we help break these barriers down?
Educate and change perceptions. Not only as individuals must we set
a good example, but we must also correct errors when we come
across them, and engage with people when we come across ideas that
are not well founded on fact or reason. When we hear and see errors
being made it is our duty to have a quiet word and to put them right.
How swiftly can we expect to see some change?
I do not believe that we are going to see a sudden change in this area.
It is more likely that we will see a gradual transformation. This will
occur as more and more women achieve leadership positions in the
industry and more and more men learn to accept that they are there on
merit.
As always there is much to do and not a moment to lose.
14
So Far – Volume 1 Issue 5 – December 2010
15
So Far – Volume 1 Issue 5 – December 2010
Blake Goud
Portland, USA
What steps need to be taken to make sure that women are not
disadvantaged in becoming practitioners within the Islamic
finance industry? What barriers exist? How can we help break
these barriers down? How swiftly can we expect to see some
change?
The challenge facing integrating women into the Islamic finance
industry, and particularly in top roles, is not a challenge facing
Islamic finance alone.
According to the Financial Women
International Foundation, only 16.1 per cent of all executive positions
at the 100 largest nationally chartered commercial banks in the United
States in 2007 were women.
It is likely that a similarly
disproportionately small share of higher positions at other types of
financial institutions both in the US and globally are held by women.
However, the Islamic finance industry cannot take a cavalier attitude
towards recruiting women for positions in the industry with a cry that
„we‟re no better than conventional finance at integrating women‟.
This would ring hollow when Islamic finance is constantly captivated
with efforts to distinguish itself from conventional banking in other
aspects of its business.
Despite the general idea that Islamic finance is less diverse in terms
of gender participation, there are several notable women with senior
positions in Islamic finance in many different areas. Besides the
dozens of female lawyers and advisors active in the day-to-day
structuring of Islamic financial products and the female staff at
16
So Far – Volume 1 Issue 5 – December 2010
women‟s branches of Islamic banks, there are female executives,
regulators and a Shari‟ah scholar.
At the risk of omitting other women in prominent positions within
Islamic finance, here are a few of the more recognizable:





Dr. Zeti Akhtar Aziz, governor of Bank Negara Malaysia,
the central bank of Malaysia responsible for supervision of
the country‟s Islamic financial industry.
Zarinah Anwar, Chairwoman of the Malaysian Securities
Commission, the securities regulator in Malaysia
Dr. Rabiah Adawiah, the first female Shari‟ah scholar in
Malaysia certified by the Securities Commisssion. She also
is a member of Bank Negara Malaysia‟s Shari‟ah Advisory
Council.
Dr. Shamshad Akhtar, former governor of the State Bank of
Pakistan, the country‟s central bank
Jamelah Jamaluddin, CEO of Kuwait Finance House
(Malaysia) and former CEO of RHB Islamic Bank.
While the presence of these women in tops spots in Islamic finance
should be reassuring to those who assume Islamic finance has
completely excluded women from higher positions, there remains a
challenge to recruit qualified female candidates to Islamic finance.
One reason that it may be challenging even moving forward is that
many executives in Islamic finance have backgrounds in conventional
finance, so the gender inequality in conventional finance could spill
over and limit the number of female executives in Islamic finance.
In addition to the challenges described earlier, there remain specific
challenges for Islamic finance based on the specific cultural norms
that prevail in countries where Islamic finance is prominent. For
example, it would be difficult (but not impossible) for a woman to
head a large bank in Saudi Arabia where gender segregation is the
norm. In other countries in the GCC, the norms on gender relations
are less restrictive and it would be more likely that a woman would
rise to a top position in those countries than in Saudi Arabia.
17
So Far – Volume 1 Issue 5 – December 2010
Outside of the executive position, there should be a place in Islamic
finance for both men and women. It would be foolish of the industry
to restrict itself to just selecting male candidates when there is already
a shortage of qualified people. In addition, it would be impossible to
provide Islamic financial services in situations where the bank wants
to appeal to women who are not comfortable discussing finance with
a male banker. Whether the solution a bank develops is a „ladies
branch‟ or just complementing their male staff with female
employees as well, they would miss a significant market if they didn‟t
cater to their customers‟ needs or preferences.
As with all changes in gender roles within the workplace, it would be
impossible to expect change to happen overnight. However, it should
also not be passed over as a „long term trend‟. There are too many
reasons why Islamic finance needs to attract as many qualified people
as it cans if it hopes to continue to grow.
18
So Far – Volume 1 Issue 5 – December 2010
Ali Mohammed
Doha, Qatar
What steps need to be taken to make sure that women are not
disadvantaged in becoming practitioners within the Islamic
finance industry? What barriers exist? How can we help break
these barriers down? How swiftly can we expect to see some
change?
The shortage of women on Islamic finance may be attributed to quite
a number of factors.
1.
Islamic finance is a niche industry and mainly attracts
Muslim individuals, due to its consistency with their faith,
which immediately implies that there is a shortage of
individuals in Islamic finance.
2.
In light of the above, Islamic finance is probably likely to
attract Muslim women; having said this, the differences in
the roles of men and women in Islam comes into play.
3.
Muslim women that are already in Islamic finance or want to
pursue Islamic finance may be apprehensive due to the
industry‟s male dominated nature.
4.
Islamic financial institutions may also be biased when hiring
due to their employees e.g. Shari‟ah board‟s or clients‟
conservative nature.
How can we help break these barriers down?
Islamic banking is banking that is consistent with your faith, why
should it not be applied to all aspects of banking. By this I mean
19
So Far – Volume 1 Issue 5 – December 2010
that when recruiting for front office staff, especially personal
bankers, there should be a preference for men. I don‟t mean that
they should only hire men, I mean if you have two candidates; a
man and a woman interviewing for a customer facing job with
similar credentials, the man should be given the position since
your clients who are more often than not men will be more
comfortable with a man.
Similarly if the job is mid and back office women should be
given preference.
These barriers can be broken down by the support of
governments. Even in many Muslim countries and wider
markets, the involvement of women banking professionals in the
sector, are limited. Experienced women bankers, who very often
outperform their male counterparts, are privately exasperated that
their career chances are governed by the socio-cultural norms
imposed by men. They are not satisfied with heading
marginalized women-only departments at banks; or women-only
financial institutions. They want to be acknowledged as leaders
in their fields in the mainstream Islamic or conventional financial
services sectors, irrespective of gender or other barriers to entry.
If women are increasingly required to contribute their part to
GDP in Muslim economies, as the governments seem to suggest,
many of them argue that they need to operate in a level playing
field with access to equal opportunities in order to realize their
full potential and contribution.
Advertise the mid and back office job positions and include
clauses such as “women are strongly encouraged to apply”
especially inter-bank traders
The same way that there is a bias when hiring for front office
there should be a female bias when hiring for mid and back office
positions and eventually this perception will become known in a
market and that is how you can encourage women Islamic
finance practitioners.
20
So Far – Volume 1 Issue 5 – December 2010
How swiftly can we expect to see some change?
There is no Shari‟ah restriction on why women cannot play and
occupy important roles in the development of Islamic finance at all
levels. Now is the time for Muslim women to get training as Islamic
scholars, given the anticipated shortage of qualified scholars that
could hinder the growth of the Islamic finance industry.
There are 132 scholars, all men, currently active in the Gulf
Cooperation Council, comprising six Gulf Arab countries, according
to firm Funds at Work. Even among that group, the same top 10
scholars comprise almost half of all Sharia board positions and their
expertise is stretched thin.
If the above measures were to be implemented we may see a change
but this industry will probably always be male dominated due to the
nature of Islam and Muslims. If you look in the practice of the early
(Muslim) generations, women enjoyed domestic life but also
participated actively in business. A case in point: Prophet
Mohammad‟s (PBUH) first wife Khadija (May Allah be pleased with
her) was a successful businesswoman in her day.
21
So Far – Volume 1 Issue 5 – December 2010
Paul McNamara
Dubai, UAE
What steps need to be taken to make sure that women are not
disadvantaged in becoming practitioners within the Islamic
finance industry? What barriers exist? How can we help break
these barriers down? How swiftly can we expect to see some
change?
A quick quiz for readers of So Far. What do the following have in
common?
Indra Nooyi, CEO of Pepsico, Andrea Jung, CEO of Avon Products,
Guler Sabanci, chairwoman of Sabanci Group, Irene Rosenfeld, CEO
of Kraft Foods, Dong Mingzhu, president of Gree Electric, Ursula
Burns, CEO of Xerox, Yoshiko Shinohara, CEO of Temp Holdings,
Ellen Kullman, CEO of DuPont, Cheung Yan, CEO of Nine Dragons
Paper, Patricia Woertz, CEO of ADM.
In truth they have a number of things in common. The first is that
they are all women. The second is that they are all heads of major
global institutions. The third is that they all appear in the FT‟s list of
Women at the Top published in mid-November 2010 (in fact the list
of women runs to 50 – but I have merely picked the first 10 for
illustrative purposes).
What is most surprising about the list? Well, the first thing might be
the fact that the list was compiled in the first place. After all, does
anyone publish a list of Men at the Top? Some may argue that by
producing such a list we are relegating women to a „special category‟
rather like „disabled people‟ or „blind people‟. But no. The most
22
So Far – Volume 1 Issue 5 – December 2010
surprising thing about the list is that there are so many women
represented in financial services companies.
Guler Sabanci, number three on the list, is chairwoman of the Sabanci
Group which is one of Turkey‟s leading financial services and general
industrial groups. Number 17 on the list is Gail Kelly who is the CEO
of Westpac, one of Australia‟s top banks. In 18 th position is Annika
Falkengren who is CEO of Skandinaviska Enskilda Banken of
Sweden. Stine Bosse is CEO of Tryg, Scandinavia‟s biggest
insurance group. Of greatest interest to readers of So Far might be
Nahed Taher who is CEO of Bahrain‟s Gulf One Investment Bank
and number 24 on the list. At 25 is Ho Ching, CEO of Singapore‟s
financial services giant Temasek while at 48 in Shikha Sharma who is
CEO of India‟s Axis Bank. She is closely followed by Katherine
Garrett-Cox who is CEO of the UK‟s financial services company
Alliance Trust and finally at number 50 is Mia Brunell Livfors who is
CEO of one of Sweden‟s leading investment companies AB
Kinnevik. The list may also have included Olunfunke Iyabo Osibodu
who is CEO of Nigeria‟s Union Bank of Nigeria except that she has
been CEO for less than one year and consequently did not meet the
criteria to be on the list.
In short, 18 per cent of the globe‟s leading women, as defined by
membership of the list, are from a financial services background. This
tends to disprove the notion that finance is a „boys‟ club‟ and that
women are excluded. I have no doubt that if we wound the clock back
10 or 20 years the picture would have been much different and that
women would have formed a far smaller proportion of financial
services businesses. But the reality is that progress has been made.
Some might argue that not enough progress has been made – but that
is another issue.
Sadly the same cannot be said for the Islamic finance industry where
the progress of women has been painfully slow. When I first got
involved in the industry, eight years ago, there were two „big issues‟.
The first was the lack of „brand‟ scholars (back then there were only
about six whereas today there are about ... oh hang on... about six...
and they are the same six). And the other „big issue‟ was why there
23
So Far – Volume 1 Issue 5 – December 2010
were so few women at the top in the industry and what the industry
could do to encourage their participation. Not much, if anything,
seems to have changed over that time.
This is not to say that there are no high powered women in the
industry. For a start there is the inspirational Raja Teh Maimunah
Raja Abdul Aziz who is global head, Islamic markets for Bursa
Malaysia who also happens to be the only female member of the So
Far Think Tank. But the reality is that there are pitifully few women
in senior roles which means, even from a simple logical perspective,
that the industry is starting from a position of disadvantage and this
can only translate into a loss for the industry as a whole.
So what are the barriers exactly?
The answer to this question is perhaps best illustrated by the response
forthcoming when the question is posed: there is a lot of „off the
record‟ acknowledgement that something is wrong but no one wants
to go on the record to point any fingers. It‟s all the little things, the
cumulative resistance, and the things that people will not say – rather
than the things that they will say.
Is there a problem? Sure there‟s a problem. Name one female CEO of
an Islamic bank or Takaful house outside of Malaysia. Just one.
How do we break the barriers down?
One at a time, of course.
I am reminded of a song called Your Racist Friend by a group called
They Might Be Giants that contains the lines:
This is where the party ends
I'll just sit here wondering how you
Can stand by your racist friend
I know politics bore you
But I feel like a hypocrite talking to you
You and your racist friend
24
So Far – Volume 1 Issue 5 – December 2010
If we exchanged the word „racist‟ for „sexist‟ then I think we might
have a route map for a new kind of Islamic finance industry – one in
which women played as significant a role as men. Whenever we see
rampant sexism in action in the Islamic finance world we make a fuss
rather than turning the other cheek. I have no illusions that change
will happen soon – but I am confident it will happen. It‟s up to each
of us to do our own small bit.
A few more female members of the So Far Think Tank would be
good start, I hear you say. Yes please.
25
So Far – Volume 1 Issue 5 – December 2010
Majid Dawood
London, UK
What steps need to be taken to make sure that women are not
disadvantaged in becoming practitioners within the Islamic
finance industry? What barriers exist? How can we help break
these barriers down? How swiftly can we expect to see some
change?
The steps that need to be addressed primarily is for the awareness that
women can play a role in Islam, a idea that has been suppressed for a
long time. At the foundation of Islam the Prophet Mohammed pbuh
had made it clear about the role of women in life generally and in the
religion specifically. From awareness springs the need for knowledge
and education. In my view, Malaysia is in the forefront in this regard
and has a few women Shari‟ah scholars and I believe that
International Shariah Research Academy (ISRA) under the leadership
of Dr Mohammed Akram Laldin its executive director is laying the
groundwork for the access to Islamic finance for women.
It is heartening to see the number of women in commerce generally
and finance particularly in the UAE as otherwise we lose a large
portion of the nation‟s workforce for no good reason. In Malaysia, the
number of women in the Islamic finance industry is quite large and in
many instances they are in senior management positions and
operating successfully. In places like Pakistan there is a shortage of
places for candidates in medical schools and I find it criminal that a
women studies to become a doctor, qualifies, gets married and her
husband will not let her work. That means that some poor unfortunate
student could not get into medical school who would have performed
his services to the nation. It is this sort of predicament that must be
26
So Far – Volume 1 Issue 5 – December 2010
avoided in the promotion of women in the Islamic finance industry.
Women are discouraged rather than being encouraged to enter the
workforce.
Depending on the geography, the barriers vary and encompass such
areas as culture, family, education, discrimination and in rather rarer
cases job availability. The task of breaking these down will differ
from place to place but some prejudices and discriminations need to
be overcome in the first place. The workplace environment must be
conducive to engender a positive response to women in the
workplace. We have seen numerous cases of harassment brought up
in court in the west in the financial industry at large by women and
this is something that ought to be addressed. A further aggravation is
that women are a minority in most work environments and therefore
feel intimated by being outnumbered by their male colleagues. The
social aspect of work also creates a minefield for the institutions due
to the male/female mix and potential for issues arising and causing
concern due to religious and cultural considerations.
The barriers need to be fully understood as per local needs, diagnosed
and reassembled to incorporate the necessary concerns to create a
conducive environment. Women are just as capable as men and
should be given the same opportunities. Awareness and education are
the most powerful implements to bring down any barriers with a little
help from open mindedness.
The time to overcome and address the barriers for women in the
Islamic finance industry will not be short as it requires overcoming
different mind-sets and implement the awareness and education
programs. The Islamic finance industry is young and the barriers are
old and therein lies the contradiction.
27
So Far – Volume 1 Issue 5 – December 2010
Blue Sky Thinking
To subscribe simply send an email to [email protected]
with the subject line ‘Subscribe to So Far’
28
So Far – Volume 1 Issue 5 – December 2010
So Far
from
29
So Far – Volume 1 Issue 5 – December 2010
www.yasaarmedia.com