Empowerment of women is the talk of this decade which includes a focus on their education, status in society, career prospects and respect. There are a lot of women empowerment movements going around the globe, ranging from fighting for rights to equal opportunities; with women empowerment and gender equity and equality in rage following increased focus on it as part of the Sustainable Development Goals (SDG#5).
Although, a lot of women are being recognised around the world for their talents and contributions, the portion of women in certain male-dominated sectors is still meagre. Banking and finance is one such domain, and Islamic banking and finance (IBF) even more so. Cambridge IFA, a UK-based financial intelligence house, has been promoting the cause of gender equality in Islamic banking and finance and women empowerment since 2011, highlighting and promoting the role of women in IBF through its WOMANi programme. This year Cambridge IFA hosted the second Women in Islamic Business and Finance (WOMANi) Awards ceremony and gala dinner in the vibrant city of Dubai, UAE.
WOMANi is a part of the women empowerment programme by Cambridge IFA to highlight enormously important roles that exceptionally talented women are playing in Islamic business and finance. “Our WOMANi Programme is a small contribution to the global movement to make the world an equitable place to live in,” said Dr. Sofiza Azmi, CEO of Cambridge IFA. She added that one of the aims of the programme was to redress gender imbalance, by showcasing the achievements of women in the sector and identifying new role models.
Last year, a list of 100 most influential women in Islamic business and finance, WOMANi100, was published by Cambridge IFA. This year the list was expanded to include 300 women who are playing a leading role in and contributing to the development of the global Islamic financial industry. WOMANi attempts to compile a list of 1,000 leading women in Islamic banking and finance in the next 5 years. Its ultimate goal is to develop at least 1 million women into leadership roles in government, business, and social sector & philanthropy in the world as part of the global Islamic economy.
In compiling the WOMANi300 list this year, Cambridge IFA did extensive research and survey of market opinions, and conducted extensive and sophisticated processing of available data, before coming up with a conclusive list of the 300 most influential women in Islamic business and finance world over. They were selected on the basis of their influence, inspirational characters and proven leadership qualities in their own company and in the wider scale. These assessments were carried out using a methodology based on three factors: Professional leadership, Advocacy and Industry-wide recognition.
Prof. Humayon Dar, founder of WOMANi, was the Chief Guest on the occasion. A large number of successful and influential women in Islamic finance participated from the UK, Europe, Kazakhstan, Spain, the Middle East, South America, Maldives, Malaysia, Morocco, Pakistan, Indonesia and China. At this glittering event, WOMANi recipients were celebrated and given recognition for their continued efforts to promote the Islamic business and finance industry in this contemporary world. Besides the Islamic finance sector, a number of women were included from Islamic non-financial businesses, but primary focus was on IBF and its different sub-sectors, i.e., banking, asset management, academia, Shari’a advisory and other ancillary services. The night also saw the launch of the inaugural WOMANi Report 2019, featuring the top 300 most influential women in Islamic business and finance. The report was published by Cambridge IFA and supported by DDCAP Group, Noor Bank and Abu Dhabi National Takaful.
In her welcoming remarks, Dr. Sofiza Azmi said, “In the past decade, we have seen a growing band of women professionals breaking down barriers and promoting increasingly important roles in Islamic banking and finance. These exceptionally talented and inspiring leaders have not only set the pace to occupy leadership positions but have been playing a prominent role in the overall development of the industry. As inspirational role models they have become drivers of change that have inspired a whole new generation of female talent.” She added that “these powerful and influential women are leading change, breaking barriers and creating new possibilities in the world of Islamic business and finance.
Stella Cox CBE, Patron-in-Chief of WOMANi and Managing Director of DDCAP; addressed more than 170 guests in attendance at the awards ceremony and gala dinner. “Not only does WOMANi elevates and raise awareness of the significance of women working across the Islamic financial spectrum globally, it also serves to connect us to each other,” said Stella Cox in her Special Address. She further highlighted the important role of WOMANi in reweighing gender balance in the Islamic financial industry and the wider global financial market place. In congratulating the women for their achievements and prominent role in the overall development of the industry, she urged that women must continue to be vocal and visible to enable that rebalancing to continue and to further accelerate. Stella Cox headed the WOMANi list in 2017 and 2018 as the Most Influential Woman in Islamic Business and Finance. This year she has voluntarily excluded herself from the list to accept her new role as Patron-in-Chief of WOMANi. Her contributions to the development of IBF world over are numerous, both professionally and on the advocacy front. Having worked within the Islamic financial marketplace for more than three decades, she has played a pivotal role in Islamic liquidity management and in championing IBF within the industry and beyond.
Prof. Humayon Dar presented the WOMANi300 certificates to the top women in the WOMANi300 list, whilst WOMANi trophies were presented to the top 50 iconic women in Islamic business and finance. This year’s WOMANi award was presented to Datuk Noripah Kamso, who was named as the Most Influential Woman in Islamic Business and Finance 2019. An international figure in the global Islamic finance industry, Datuk Noripah has a solid and comprehensive 29 years’ experience across businesses in the investment banking and asset management. She is currently serving as the Chairman of Bank Rakyat, Malaysia and aims to establish it as Malaysia’s first Sustainable Bank.
Prof. Dr. Normah Omar, Director of Accounting Research Institute at UiTM, ranked No.2 on the WOMANi300; followed by Professor Dr. Engku Rabiah Adawiah Ali at No.3, Dr. Hurriya El Islamic at No. 4, and Professor Dr. Rusni Hassan at No.5. The WOMANi Special Award 2019 was presented to Datin Maznah Mahbob, Partner, Finance & Investments at Strategic Swiss Partners AG, for her long-standing contributions to the global Islamic finance industry. She is ranked at No.22 on the WOMANi300 2019.
Although the Top 20 was dominated by leading Malaysian women, several key women leaders in the UK, Middle East, South America, Europe and Indonesia have rose to rank this year. These include Maureen Badjoeri, CEO of Trustbank Amanah at No.5; Sayyida Dr. Rawan Ahmed Al Said, CEO Takaful Oman SOAG at No. 8; Dr. Dian Masyita, Associate Professor at Padjadjaran University at No.9; Nida Khan, Doctoral Researcher at University of Luxembourg, at No.12; and Umera Ali, Partner & Head of Islamic Finance at DWF at No. 14.
Being the only woman from South America who has joined the list of most influential women in Islamic business and finance, Maureen Badjoeri is leading the transformation of Trustbank Amanah, with a disruptive vision for the Islamic banking through Fintech and a focus on financial inclusion. In the Middle East, a new generation of women leaders is making waves in Islamic finance. Sayyida Dr. Rawan Ahmed Al Said, who is the first and only female CEO in a public listed company in Oman, paved the way for the participation of women in leadership roles.
Other notable women who made to the list of Top 50 Most Influential Women in Islamic Business and Finance 2019 were Professor Dr. Meryem Duygun, Professor of Banking and Finance at Nottingham University Business School, at No. 21; Hajara Adeola, Managing Director of Lotus Capital, at No. 23; Zaineb Sefiani, Founder Carrera Learning, at No. 27; Dr. Nerma Saracevic, Director of Regional Centre Zenica at Wiener Asiguranje, at No. 32; Latifa Al Zaabi, General Manager of Siraj Finance, at No. 47, Farah Arakji, Chief Financial Officer at Abu Dhabi National Takaful, at No. 50; and Hind Al Attar, Head of Human Resources at Noor Bank, at No.50.
From the African region, Hajara Adeola is a prime example of women leadership in Islamic finance in the region. She has been instrumental in the promotion of Islamic finance in Nigeria. She has been an adviser and arranger for corporate, state and sovereign sukuk issued in Nigeria. Under her leadership, Lotus Capital issued the first private corporate sukuk in 2009, the first sub-national sukuk in 2013 and advised the Federal Government in their first and second sukuk in 2017 and 2018, respectively. In 2012, Lotus Capital collaborated with the Nigerian Stock Exchange to develop and establish an Islamic Index – NSE Lotus Islamic Index.
The WOMANi Special Award 2019 was presented to Datin Maznah Mahbob, Partner, Finance & Investments at Strategic Swiss Partners AG, for her long-standing contributions to the global Islamic finance industry. She is ranked at No.22 on the WOMANi300 2019 list. A well-known figure in Islamic asset management, she earned fame during her tenure with AmBank Group where she was the CEO and CIO of AmInvest, fund management arm of the Group. She managed more than US$9 billion in investments, including Islamic funds and portfolios, for which her team won a number of awards, including the prestigious Global Islamic Finance Awards (GIFA). Her investment and finance expertise spans more than 35 years. After leaving AmInvest, Datin Maznah Mahbob is spearheading the international Waqf Ilmiyah Project to be established in Liechtenstein as a social finance instrument, pushing the boundaries of waqf beyond physical and financial assets to include intellectual assets.
During the event, the recipient of the DDCAP-CIFLP Bursary was announced by Cassim Docrat, Director of DDCAP (DIFC) Limited. Angelia Chin-Sharpe, CEO and Country Head for Malaysia and Brunei at BNP Paribas Asset Management, was awarded this prestigious scholarship. She is ranked No.14 on the WOMANi300. In his speech, Cassim Docrat explained that the DDCAP-CIFLP Bursary is a partnership between DDCAP and Cambridge IFA to support the attendance of one of this year’s WOMANi list achievers at the 2019 Cambridge Islamic Finance Leadership Programme.
Commenting on the WOMANi Programme, Professor Humayon Dar stressed that Cambridge IFA’s WOMANi Programme aims at empowering women at different levels in different regions across a range of professions. “Each and every woman featured in the WOMANi inaugural report is a story of hard work, dedication, multi-tasking, professionalism perseverance, and success,” he said.“Grooming the next generation of woman leaders with relevant skill sets to meet these changes in the business environment is vital for the future of Islamic banking and finance. For this reason, we have developed other programmes like Cambridge Islamic Finance Leadership Programme, which aims to fast-track and groom the next generation of C-suite executives and leaders,” added Professor Humayon Dar.
