WOMEN AND ISLAMIC FINANCE

When I read this article in Islamic Banking and Finance Issue 21, I know that I have to share this article with you....

The first wife of the Prophet Muhammad, Khadijah binti Khuwaylid, is considered to be one of the greatest women in Islamic history. A widely respected and successful businesswoman who inherited her father’s business, Khadijah is known as the first female entrepreneur in Islam. Her title of al-Tahira (“the pure one”) was earned through her purity, generosity and service to others.

Khadijah employed Muhammad as an agent to trade her merchandise to Syria and, impressed by his sense of responsibility and business skills, she proposed to him. She was also the first to declare faith in Islam. Khadijah’s example sets a standard for aspiring businesswomen across the Islamic world—her success in a male-dominated society provides inspiration for women to pursue their own careers. But how easy is it, in modern times, for a woman to gain acceptance from her male peers and become successful in an environment such as Islamic finance? And what does the future hold for women in the sector?

The Western view of a successful woman generally relates to an accomplished career and financial independence. But in Islam, although a Muslim woman can pursue a career, her primary role as wife and mother are considered more important. The status attached to the role of mother is equal to, or more than, that associated with the father as provider:

A man came to the Prophet and said: “O Messenger of God! Who among the people is the most worthy of my good companionship?” The Prophet said: “Your mother.” The man said: “Then who?” The Prophet said: “Then your mother.” The man further asked: “Then who?” The Prophet said: “Then your mother.” The man asked again: “Then who?” The Prophet said: “Then your father.”
(Bukhari and Muslim hadith)

Although Western attitudes towards career women are actively promoted in most industries, women in the Middle East, North Africa and emerging Asia (MENASIA) regions can still be faced with chauvinistic attitudes and lower salaries. In an industry based on Islamic laws, attitudes towards women in Islamic finance are more traditional and conservative. But attitudes towards businesswomen in the sector are becoming more liberal, as female role models prove they can balance both a family and career. Women are finding they are increasingly regarded as equals in the workplace, and steps are being taken across many regions to encourage female entrepreneurship.