COMMENT: Why Women Have a Bigger Role to Play in Shaping the Middle Eastern Financial Services Industry

In the banking sector generally women remain firmly in the minority, representing just 5% of the senior executives in investment banking, for instance.

In the Middle East this male-dominance of the industry has traditionally been, if anything, more pronounced. However, an increasing number of women are taking up new roles and pursuing advanced positions in financial institutions.

In Saudi, for instance, the number of women working in banking has swelled from just 972 in 2000 to 3,700 in 2008. In Oman, nearly 40% of people working in the banking sector are women – 3,680 out of a total of 9,200 employees.

There are a number of reasons for this. The educational opportunities for women are growing in the Middle East along with the availability of female-only banks that are staffed by women. The rise of Islamic finance is creating more opportunities for local women in the region as well.

Educational opportunities

More women are seeking educational opportunities in the Middle East and an increasing number of universities in the region are offering courses on banking and finance. This means that more women are equipped with the knowledge and skills needed to succeed in positions traditionally occupied by men.

There are also increasing numbers of role models that show what's possible for women in the banking sector - Nahed Taher, chief executive Gulf One Investment Bank in Saudi Arabia, Maha al-Ghunaim, MD and chairperson at Global Investment House (Kuwait), and Fatima Al Jaber, CEO of Al Jaber Group, to name a few.

The need for ongoing training

For women seeking entry into the Middle Eastern financial industry, it is important that they are prepared by having the necessary knowledge and skills in order to succeed. Training will help women to become familiar with the products and services available at their organisations and how to sell them. Ongoing training is integral to ensure that women have the necessary tools to further climb the corporate ladder in the Middle Eastern banking industry.

Why Islamic finance is an increasingly important option

Recruitment in the Middle East Islamic finance sector has traditionally been heavily biased towards men, and the region has been slowly embracing women in the workforce.

Women in the Middle East should view their advancing role in this sector as an opportunity. About 25% of the global Islamic finance workforce are women, so it's only a matter of time before Middle Eastern banks, which are creating more and more positions, turn to the female population for future positions.

The Islamic Financial Services Board is anticipating an annual increase in demand for financial services professionals in this sector of 20%, particularly in the investment banking industry. With more women looking for opportunities in this area, it has the potential to be a source of the female leaders of tomorrow.

Dr. Linda Eagle is Founder & President of The Edcomm Group Banker's Academy (www.bankersacademy.com)—a 24-year-old education and consulting firm dedicated to serving Banks, Credit Unions, Money Services Businesses (MSBs) and all areas of the Global Financial Community with thousands of off-the-shelf and customized training programs in areas such as BSA/AML, Regulatory Compliance, Teller Training, Systems Training, Sales and Service Training, and many more. Visit www.jobtraining.bankersacademy.com for information on teller training for individuals.