CIBAFI Webinar on “Women’s Economic Empowerment: The Role of Islamic Financial Institutions in Bridging Existing Gaps”.

Women’s empowerment is essential to enable the participation of women in the development of the different life aspects, socially, politically, and economically. In addition, empowering women economically is essential to achieving economic prosperity. This can be attained by two key means: increasing women’s access to financial services and enabling their contribution to the workforce.

Efforts were made over the years to empower women and equip them with the necessary skills and provide equal access to opportunities. However, more work is needed to meet the existing gaps in women’s financial inclusion and participation in the labour force. For example, according to research, it is estimated that around 1 billion women still do not have access to formal financial services1. It is also reported that women represented only 39.2% of the total global labour force in 20212, with their representation usually decreasing with the increase in the seniority positions. The effects of Covid-19 have further exacerbated these issues, expected to widen existing gender gaps.

Financial institutions can play an important role in empowering women and filling existing gaps. This is through offering tailored financial services and digital offerings that consider women’s needs and increase their access to finance. Financial institutions may also contribute by increasing women’s workplace representation and creating accommodative environments for their progress. Islamic finance presents an increased opportunity to pave the way for women’s economic empowerment through its values that support equality and wealth creation.

In this webinar, CIBAFI aims to bring together experts to discuss women’s economic empowerment and the role of Islamic financial institutions (IFIs) in its attainment. The webinar will look at understanding the critical enablers of women’s economic empowerment and the barriers that hinder its achievement. It will also dive into the tools for IFIs to achieve women’s economic empowerment and the opportunities this provides for economic and sustainable development.