There aren’t many business arenas left where seeing a woman in a top-level role still raises eyebrows, but finance is one. 

That’s according to a Gender Equality Attitudes Study by UN Women, which said the view that women “don’t do finance” is still deeply entrenched in society.

However, in the Middle East, the winds of change blow up a gust, led by Dr. Saeeda Jaffar, Senior Vice President & Group Country Manager—GCC at Visa, Rola Abu Manneh, CEO of Standard Chartered Bank UAE, Amnah Ajmal, Executive Vice President, Market Development, EEMEA at Mastercard, and many, many more.

A 2021 report from McKinsey found that women occupied 32% of top leadership roles in the banking and financial services sector across the MENA region – a significant increase from previous years. 

Then, last year, another report titled Winning Women in MENA: How Wealth Managers Can Help Further Female Empowerment by First Abu Dhabi Bank (FAB) highlighted the growing presence of women in the industry and their considerable influence on family business strategies in the Middle East. 

CHALLENGES TO ADVANCEMENT

However, despite these positive strides, a (thinning) glass ceiling still exists across the corporate world in general. According to a study by Bain & Company, 70% of females in the region cited gender bias and stereotypes as one of their biggest challenges to advancement.

Hoda Abou-Jamra, Founding Partner and Managing Director of Southeast Asia of private equity firm TVM Capital Healthcare says she had to overcome many dissenting voices to get into entrepreneurship after transitioning from a career as a pharmacist without a solid foundation in finance. 

“In 2006, I discovered an opportunity in healthcare investment in the Middle East. Despite being told that my lack of financial experience would hinder my vision, I didn’t let that deter me,” she said. “I instead found an experienced partner and team to complement my skills.” 

She was soon confronted by the global economic crisis of 2008 but persisted. 

“The challenges of that time were significant, with many negative voices urging me to leave the UAE and return to my comfort zone. However, these obstacles only fuelled my determination to succeed and raise the healthcare fund against all odds.” 

NETWORKING AND MENTORSHIP

Hard work and sheer tenacity led to Abou-Jamra becoming a member of 100 Women in Finance and a founding Chair of the 30% Club’s MENA chapter—a campaign group committed to increasing gender diversity on boards and senior management teams. 

She believes networking and mentorship are crucial for women in finance. 

She advises, “Build connections with peers in the industry, join professional organizations, and attend events to expand your circle. ” 

“Supportive mentors were crucial in my development, offering guidance and encouragement. I demonstrated to everyone that having a vision, recognizing a need, and collaborating with those smarter than yourself in a particular domain are key ingredients for success.”

Another female finance leader – Shruti Kohli, Associate Director at prominent merchant commerce omnichannel platform Pine Labs – said her career has been shaped by over 12 years focused on merchants and loyalty programs. 

IMMENSE OPPORTUNITIES 

She is enthusiastic about being at the forefront of the evolution in payment acceptance, driven by technological advancements and changing consumer behaviors. 

“This transformation presents immense opportunities for innovation, and the potential within the end-to-end payment ecosystem is truly exciting,” she says.

Overall, Kohli is optimistic about more women rising through the region’s finance and banking ranks.

“Many countries have implemented policies to promote gender diversity, and some organizations have established mentorship programs to support women’s career advancement,” she says. 

However, she adds that cultural norms, lack of representation at higher levels, and challenges in work-life balance continue to hinder women’s advancement. 

“The pace of change can vary significantly between countries and sectors, so while some women are breaking barriers, systemic issues remain that need to be addressed.”

Meanwhile, credit risk management expert Nicoleta Remmlinger, Director at 4most Analytics Consulting, believes there’s no reason for women in the region to fear a lack of opportunity in the industry. Based in Dubai, she is a renowned advocate for female financial literacy and says the UAE has made considerable strides towards making its financial sector more inclusive for women. 

“Since 2016, when I moved to the country, I gradually saw increased female participation in the finance sector, either through financial organizations’ internal diversity policies or through government-led initiatives and policies, such as the recent mandate for publicly listed companies to include at least one woman on their boards,” she says

“The World Economic Forum’s 2023 Global Gender Gap Report ranked the UAE as the second most gender-equal nation in the MENA region. I look forward to seeing women stepping into AI finance and finance strategy-related roles, where they will make invaluable contributions.”

For women looking to return to finance after an extended career break, banks like Emirates NBD are doing their bit with initiatives such as the Women’s Returnship Programme. The program supports women re-entering the workforce by offering training, mentoring, and upskilling to help them smoothly transition back into their careers. Meanwhile, Mashreq’s global Reignite Program also helps women to make a comeback in finance careers.