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How Islamic Finance Firms Are Empowering Women Through Fintech

Proshare Islamic Finance Weekly Article

Enhancing the skills of women, increasing investment opportunities for them through products and encouraging them to take up leadership positions are ways in which Islamic Fintech Firms can empower women in climes like Nigeria. Mrs. Wahida Mohamed the Founder of the Islamic Fintech Hub made this statement while speaking on the "Role of Women In The Islamic Fintech Ecosystem".

According to her, women in the Islamic Banking and Finance industry have pooled immense investments and assets into the industry, including the following;

- Rania Mahmoud Nasher of Saudi Arabia, Samba Financial Group CEO named twice in the Forbes 100 most powerful women in the world. Samba, formerly known as The Saudi American Bank has 66 branches,

- Lubna Suliman Olayan of Saudi Arabia, CEO of Olayan Financing Company that has earned US$ 10 billion. OFC is currently active in 40 countries,

- Raja Teh Maimuna is the managing director of Wholesale Banking for the AmBank Group. She has also been the CEO of AmInvestment Bank, Hong Leong Islamic Bank, Bank AlKhair Malaysia (previously Unicorn Investment Bank) and has helped set up the world's first Islamic commodity Murabahah (cost-plus deferred sale) platform,

- Raja Al Mazrouei is the Executive Vice President of FinTech Hive UAE that brings together leading financial institutions, government entities, technology partners and entrepreneurs to realize a common goal in driving forward the UAE's national innovation agenda and shaping the future of financial services,

- Fatime Qasimi CEO of Aseel Islamic Finance, an award-winning Islamic non-bank retail finance institution,

- Viola Llewellyn President & Co-Founder of Ovamba Solutions, Inc. used by partner banks to provide their customers with capital for trade, importation, manufacturing and business growth using non-interest-bearing risk-mitigated financial instruments,

- Mirna Slieman is the founder and CEO of Fintech Galaxy, MENA region's digital fintech community and crowdsourcing platform,

- Dr. Hayat Sindi Chief Adviser to the Islamic Development Bank (IsDB) President for Science, Technology and Innovation amongst others.

Speaking further Mohamed acknowledged the fact that women are doing a lot of work and making changes in the industry. She noted that about 10 startups in collaboration have worked to promote gender balance and develop skills and products for women.

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