December 2021

Addressing the Need For Women’s Banking Services in the Muslim World

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Throughout the Muslim world, banks and financial institutions have experienced a significant rise in their number of female customers in recent years. The number of banks and investment companies created specifically for women has skyrocketed across the Middle East. Estimated to control around $246 billion of the region’s wealth (projected to hit $383 billion by 2011) , women in the Middle East are regarded today by international banks as financial powerhouses.

The recent rise in this market can be attributed to the increasing role of Muslim women in the workplace. Responsible for controlling household and family finances for decades, women have also experienced new empowerment and freedom in how they spend their money. Hijab With new opportunities for education on the rise and more and more women entering the workforce, women have become crucial target customers to the financial industry. Banks can tap into this growing market by providing banking services to their growing number of female customers and by training their sales and customer service personnel to better sell and service this important customer segment.

The Role of Women in the Muslim World
It is not a new concept for Muslim women to be in control of the family