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Edition: U.S. Article Comments (0) Email Print Reprints Could women play a bigger role in Islamic finance? Tweet This Share on LinkedIn Share on Facebook Related News Analysis: Islamic finance seems overwhelmed by scholar reforms Tue, Sep 28 2010 Analysis: Crisis-hit Islamic funds set for recovery Mon, Sep 27 2010 Women trading Wall Street for Main Street Thu, Sep 23 2010 Special report: Tracking Iran's nuclear money trail to Turkey Mon, Sep 20 2010 Islamic derivatives struggle for traction in Gulf Sun, Sep 19 2010 Related Topics World » Lifestyle » Zagat Power Lunches » By Shaheen Pasha DUBAI | Wed Sep 29, 2010 9:02pm EDT DUBAI (Reuters) - It's not unusual to hear people ask why Islamic finance does not embrace women. Given the global finance industry is dominated by men isn't it even more difficult for Muslim women to make their mark on the $1 trillion Islamic finance industry? Well, only up to a point. Recent Western debate about the role of women in Islam may have centered on the veil, but from its early years, Islam was receptive to women in business and finance. And today, Malaysia is an example of how making money has little to do with gender in Islam. Not only does Malaysia boast a female central bank governor devoted to helping Islamic finance grow, but Malaysia's Islamic institutions also boast women executives in top positions. More surprising perhaps, Malaysia is also home to several woman scholars of Islamic law, or sharia, who provide companies with the approval they need to brand their business as compliant with Muslim principles that include a ban on interest. But with its population of 28 million, Malaysia is just a drop in the Islamic finance lake. In the Gulf Arab region, the birthplace of Islam and the other main hub for Islamic finance, women are sorely underrepresented. Islamic finance is growing rapidly in the Gulf Arab region, despite the global financial crisis, yet there is no woman chief executive at any Gulf-based Islamic financial institution. Furthermore, there are no female Islamic scholars in the Middle East advising financial firms on sharia-compliance. That is no surprise as both chief executives and Islamic scholars in the Middle East have traditionally been men, but it makes poor business sense given the enormous wealth and spending power Gulf-based women are sitting on. WOMEN'S WEALTH Estimates on the value of assets in women's hands in the Middle East vary widely, but the numbers are significant. A 2008 study from the Middle East Economic Digest forecast that Gulf women would control as much as $385 billion by the end of 2011. "Times are changing. I'm fond of business and my husband supports that," said one Emirati client at a women only branch of a Dubai-based Islamic bank. That correlates with a 2007 study from a branch of the World Bank which estimated that a third of women-owned business in the United Arab Emirates generated over $100,000 a year, compared to 12 percent of American women-owned companies. In Saudi Arabia, 93 percent of Arab women hold a secondary school certificate or university degree, compared to 60 percent of employed men, according to a study by Al Masah Capital. National Commercial Bank in Saudi Arabia has opened 46 women-only branches since it launched its first branch in 1980. SABB, formerly known as Saudi British Bank, boasts that women make up 17 percent of its total staff. 1 2 Next World Lifestyle Zagat Power Lunches Add a Comment *We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language or appear to be spam and review comments frequently to ensure they meet our standards. 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Views expressed in the comments do not represent those of Reuters. © Copyright 2010 Thomson Reuters Editorial Editions: Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom United States Reuters Contact Us Advertise With Us Help Journalism Handbook Archive Site Index Video Index Reader Feedback Mobile Newsletters RSS Podcasts Widgets Your View Analyst Research Thomson Reuters Copyright Disclaimer Privacy Professional Products Professional Products Support Financial Products About Thomson Reuters Careers Online Products Acquisitions Monthly Buyouts Venture Capital Journal International Financing Review Project Finance International PEhub.com PE Week FindLaw Reuters on Facebook Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. 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