Throughout the Muslim world, banks and financial institutions have experienced a significant increase in the number of female clients in recent years. A number of banks and investment companies created specifically for women has increased dramatically across the Middle East. Estimated to manage approximately 246 billion U.S. dollars of wealth in the region (projected to hit 383 billion dollars in 2011), women in the Middle East will be considered today by international banks as financial powers.
The recent increase in the market can be attributed to the increasing role of Muslim women in the workplace. Head of Financial home and family for decades, women have also experienced a new emancipation and freedom in how they spend their money. With new opportunities for higher education for women and increasing the labor market, women have become a key target for financial industry clients. Banks can take advantage of market growth by providing banking services to their growing number of female clients and training their sales staff and improved customer service sales and customer service in this segment is important.
Role of women in the Muslim world
This is not a new concept for Muslim women to manage household finances, but now they are entitled to leave the house, cash in hand. They have money to spend and invest and are seeking the same opportunities available to men. A 2007 study by the International Finance Corporation, a subsidiary of the World Bank found that one third of women business owners in the UAE and has generated more than $ 100 000 per year, compared to only 13 % of American women owned enterprises.
Women on the home front
Today, many Muslim women in significant liquidity, in part because Islamic law of inheritance. Islamic law requires that the wealth of a married woman of its own, dedicated to the house will be the responsibility of her husband. Muslim women are legally entitled to inherit property and pass, hold their wealth in their own names even after marriage, without obligation to contribute to the wealth of their husbands or families.
Because Muslim women do not have to rely on their husbands as their only source of money to buy a house and home, they have traditionally been the most successful aspects of household finances. Today, women across the Muslim world will play a more active role in the financial operations of their families, giving greater influence in the purchasing power and decision-making power. With these responsibilities, women need banking services that both understand their needs and can help manage the challenges they face in making better financial decisions for their families.
Women in the workforce
Throughout the Muslim world, women in the labor market, and even start their own businesses now more than ever. According to recent reports, women are currently around 16 390 enterprises. In recent years, women have gradually become more accepted in the workplace and came even to live in senior positions of government, including ministerial appointments and leadership positions in the private sector. Once regarded as vulnerable beings in need of protection, Muslim women today are entitled to seek financial independence.
In 2009, Financial News has published its annual list of 100 most influential women in finance and for the first time, four women from the Middle East were among the names included. Chosen for their outstanding leadership and its profound impact in their industry, these women are a sex change in this region. Abd Rahim Haliza, head of project management for BMB Islamic UK, led a team that oversees $ 10000000000 assets for some of the richest families in the Middle East. Maha Al-Ghunaim President of Global Investment House, asset management and leading investment banking companies in the GCC and wider Middle East and North Africa (MENA). Soha Nashaat, head of the Middle East, North Africa and Turkey in wealth Barclay, the British group Barclay, was built pole Barclay Wealth in Dubai since 2006, becoming one of the recruiters wealth management high Gwynedd Council in 2009. Nahed Maher co-founded a Gulf Investment Bank in 2005, making her the first woman to head a bank in Saudi Arabia.
Identifying the Needs of Women
As women continue to manage their financial responsibility and independence throughout the Muslim world, the need for new banking products and services specifically for this market have emerged as well. Forced to wait in line with men in many men and managed by financial institutions for decades, women throughout the Muslim world are now seeking a private environment, personal banking and comfortable. Women today enjoy financial institutions that provide their unique needs and provide better, targeted, powerful financial services and more personal than they have ever known before, such as credit cards and loans.
Banks can provide to this market by providing women with more privacy in their financial affairs and a more relaxed atmosphere where they can discuss their needs. Banks can create restricted areas in their branches that enable women to do their banking with more comfort and privacy. Banks can also attract new customers by providing women with additional benefits, including limited privileges to health in hospitals and experts in health clubs, shopping discounts and special privileges in selected stores for perfumes , clothing, accessories, books and more. Financial institutions are truly committed to expanding services to women exposed women only branches.
Financial institutions can also reach lucrative demographic employing more women. Muslim women much prefer to discuss their financial affairs with another woman who understands their concerns through personal experience. The staff is all-tellers, bankers, asset managers, managers-do-women branch would be welcomed by their wives only customers.
Training
For women only financial institutions has been in existence for decades, a new initiative for many organizations. The change will take time and education. The most effective way for banks across the Muslim world to access this growing market is to implement the training program of high quality, tailored to the needs of women. Training program will help all employees in a bank to become familiar with this growing demographic group and understands the importance of being sensitive to the needs of new customers. Staff will be well educated to prove to customers that the bank is aware of the impact of women in the Muslim world and is ready for change.
In addition, a bank employee training to learn how to successfully communicate with their female clients and provide excellent sales and service. Professional skills customer service employees to help the needs of their clients and answer questions, help their female clients to feel relaxed and confident in their banking experience. Through training, workers will also be familiar with the products and services available to their female clients, such as current accounts, savings accounts, investment accounts, credit cards, auto financing, real estate and much more . Above all, employees learn how to sell these products, follow the policy and procedures appropriate to protect themselves, their banks and their female clients.
Closing Remarks
Role of the movement of Muslim women in their homes and around the world working to provide a new market for financial institutions. To capitalize on this segment of the growing financial industry, banks need to understand the unique banking needs of the customer segment is critical and implementing a solid training program to better sell and service. Through training, banks can build a competent, responsive and ready to serve professional women in the Muslim world in this market continues to grow.
Dr. Linda Eagle is Founder and President of the Bank of Edcomm Group education and consulting company Academy-22-year-old is committed to serving banks, credit unions, money services businesses (SBS) and all sectors of the international financial community with thousands of programs and the adaptation of general education in areas such as BSA / AML, Regulatory Compliance, Teller Training, Systems Training, Sales and Service Training, and more .
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