“The Women around Prophet Mohammad (peace be upon him) are my greatest inspiration – Samina Akram”
The long-term vision of the forum is to achieve the expansion of the sector through educational seminars, events and promotion of best practices, globally and to the highest standards.
The goals of WIEFF are thus twofold:
- To support, encourage and promote women in the global Islamic financial services industry; and
- To create a platform that fosters links between the Islamic and ethical finance industries for expansion and advancement of the sector.
The forum began as an informal network, bringing together female industry professionals within the Islamic finance space to simply meet and share ideas. In 2013, the network branched out to include professionals from the ethical finance industry, and came to be known as The Women in Islamic & Ethical Finance Forum. It started with 30 keen enthusiasts and today includes over 5,000 professionals located in over 20 countries.
To mark its formal launch, the WIEFF held an event at the KPMG offices in London on July 30, 2015. Over 200 guests from the UK and abroad attended.
The launch event was marked by a keynote address by the world-renowned scholar Sheikh Nedham Yaquby, entitled “The Role Women Have Played in Development of the Islamic Finance Industry.” A particular reference was made to Lady Khadija’s contributions to business, trade and Islamic finance.
Sheikh Nedham highlighted that Khadija bint Khuwaylid used to employ mudaraba contract for doing business in the pre-Islamic era. As men predominantly conducted the trade business in those days, mudaraba allowed women like Khadija bint Khuwaylid to take part in business. In this way, it could be seen as a tool for women empowerment and their participation in business and economic activities.
Mudaraba is a form of partnership contract. The capital provider (rabb al-maal) contributes the capital, while the other (mudarib) provides the necessary skills and manages the capital accordingly. The Quraysh tribe of Makkah in the Arabian Peninsula would send caravans every summer and winter to nearby countries to sell goods and in turn bring back goods from those countries to sell in the local markets. Lady Khadija used the young Muhammad (peace be upon him) as a mudarib, and was impressed by his entrepreneurial skills and honesty. This mudaraba-based engagement of the Prophet later led to the marriage of Khadija bint Khuwaylid with the Prophet.
Lady Khadija was a very powerful and successful businesswoman of her time. Impressed by her wealth, integrity and business acumen, the most elite and high-ranking men of her time wished to marry her. However, she preferred to marry Muhammad bin Abdullah (aged 25) when she was 40 years old.
The keynote was followed by a panel discussion by leading senior industry practitioners, which focused on the themes of “Reflections from the Financial Crisis: Restoring Ethics and Integrity into the Financial System.”
“Samina Akram, a UN Ambassador of Peace, founded WIEFF in 2007. Headquartered in London, WIEFF describes itself as an independent, international forum, with an aim to create a networking platform for the industry professionals to meet, collaborate, support and promote the interests of theethical and Islamic finance industries.”
Samina Akram, Founder of the WIEFF, later told ISFIRE that the women around Prophet Mohammed (peace be upon him) have been a constant source of inspiration for her, in particular his first wife Lady Khadija (also known as Khadija al-Kubra, i.e, Khadija the Great). “It was extremely humbling and inspiring to hear Sheikh Nedham’s keynote on what an amazing leader and role model Lady Khadija was and how some of the transactions we even use in modern-day Islamic finance can be traced back to her,” she commented.
Samina Akram believes that it is vital that exceptional role models like Lady Khadija are highlighted to an industry that still has many barriers to overcome when it comes to encouraging and helping more women in senior leadership positions. According to her, inspirational role models are also drivers to change. “It is amazing to note that the Prophet was not intimidated or put off by a strong, powerful woman like Lady Khadija,” Ms Akram commented. Many cultures and societies throughout history have held certain negative thoughts with regards to women’s roles in society. The Prophet Muhammad challenged and broke all negative forms of thinking. He ensured women around him were given a strong voice. We see them very active, with their own individuality whether in business, education or at home.
Sheikh Nedham pointed out several other women in Makkah, who excelled in business. However, Lady Khadija was the most prominent. Aisha bint Abu Bakr – the second wife of Prophet Muhammad – is considered as one of the greatest scholars of her and all times. People from the most distant lands sought her out for her knowledge of the sunna (sayings of the Prophet) and fiqh (Islamic jurisprudence).
She also excelled in tafsir (commentary on the Holy Quran). She also possessed great knowledge of poetry, literature, Arab history, genealogy, and medicine. A majority of the students of Aisha bint Abu Bakr were men. She transmitted to at least 77 men and 8 women.
Zaynab bint Khuzayma – another wife of the Prophet Mohammad (peace be upon him) – was a very successful entrepreneur. She ran a home-based business making and selling crafts, and was known for her exceptional weaving talents. What made her special, however, was the fact she would donate all her business proceeds to charity. She came to be known as umm al-masakeen, mother of the poor.
The tradition of women scholarship and their social contributions was not limited to only the first generation of Muslims. Sheikh Nedham highlighted that throughout Islamic history women continued to play roles in socio-economic activities. Many women established awqaf (trusts) to fund hospitals, universities and schools.
WHAT’S NEXT FOR THE WOMEN IN ISLAMIC & ETHICAL FINANCE FORUM?
The Forum’s sole purpose is to educate and bring like-minded professionals together for the ultimate aim of real change for the industry. The forum has many events and seminars planned throughout the year to achieve its aims.
However, WIEFF’s ambitions go beyond just this. The long-term goal of WIEFF is to become an active think tank for the industry. “I know change won’t come overnight,” Samina Akram commented. “However, my own struggle in the industry has given me insights into what needs to be done to overcome the issues women face in reaching senior roles in the industry.
