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One standout figure in this landscape is Dr. Zeti Akhtar Aziz, a former governor of the Central Bank of Malaysia. Dr. Aziz's contributions have left an indelible mark on the development of Islamic banking and finance. Her leadership exemplifies the transformative influence women can wield in shaping financial systems and policies.
The significance of women in Islamic business and finance extends beyond individual accomplishments. The WOMANi Report, an annual publication, meticulously curates a list of over 300 influential women in this field. These women constitute the dynamic force on the supply side of Islamic banking, illustrating the diverse talents and skills they bring to the sector.
However, acknowledging and celebrating these achievements is just the beginning. The focus must now shift to empowering women in both the supply and demand sides of Islamic banking and finance. Initiatives, such as Islamic microfinance arrangements, can serve as powerful tools in achieving this objective. These arrangements provide a platform for women to actively participate in economic activities, fostering financial inclusion and independence.
The empowerment of women through Islamic finance transcends political correctness; it is a pressing need given the escalating role of Muslim women in formal economic activities. As the economic landscape evolves, their active participation becomes integral for sustainable growth. Recognizing and addressing this need reflects not only ethical considerations but also an astute understanding of the economic landscape's evolving dynamics.
Islamic microfinance emerges as a strategic pathway toward achieving women's empowerment. By facilitating financial access and inclusion, it catalyzes economic participation. These microfinance initiatives empower women to start and manage businesses, thereby contributing to the overall economic development of communities.
Moreover, embracing the potential of women in Islamic banking and finance aligns with broader societal and economic goals. It fosters diversity, bringing varied perspectives and approaches to decision-making processes. This inclusivity enhances the resilience and adaptability of financial systems, ensuring they are equipped to navigate the complexities of a rapidly changing global economy.
In conclusion, celebrating the achievements of women in Islamic banking and finance is a commendable step, exemplified by Claudia Goldin's Nobel Prize win. However, the focus must extend beyond accolades to encompass sustained efforts in empowering women on both the supply and demand sides of the industry. Initiatives like Islamic microfinance arrangements not only support economic independence but also contribute to the overall resilience and diversity of Islamic banking and finance. In recognizing and nurturing the potential of women in this sector, we lay the foundation for a more inclusive and prosperous future.
The author is the Managing Director & CEO of National Bank Limited. He is a fellow member of the Institute of Cost & Management Accountants of Bangladesh (ICMAB) and the first Certified Sustainability Reporting Assurer (CSRA) in Bangladesh. He is also a post-graduate diploma from the Institute of Islamic Banking & Insurance (IIBI), United Kingdom.
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