As a woman working in the finance industry, I have noticed that this sector faces a large and complex gender parity issue.
While women make up nearly half of the financial services industry globally, a recent study by non-profit organisation Catalyst shows they are less likely to get promoted in the finance sector and fewer than 13 per cent will be promoted to leadership roles at the C-suite level.
It is now time for the sector to recognise women’s vital contributions to the growth of the financial services industry.
Companies in the top quartile for gender diversity on executive teams were 21 per cent more likely to outperform on profitability and 27 per cent more likely to demonstrate superior value creation, according to research by management consultancy McKinsey.
Increased female participation and improved representation of female leaders in the financial sector will lead to a more rounded view of customers, given that more than half of women now control their household finances and are responsible for savings and investing.
So, if your staff reflects your customer base, you are already talking the right language. Companies that do not put gender diversity at the forefront will find themselves at a disadvantage in the war for talent.
More women in leadership roles can turbocharge economic growth, making their participation more critical. Unfortunately, female representation falls off in mid-level and senior positions in the financial services industry globally.
Globally, women in financial institutions hold 20 per cent of positions in executive committees and 23 per cent on boards, but only 6 per cent are at the chief executive level, a report from management consultancy Oliver Wyman shows.
This is often due to a lack of support and commitment to issues surrounding work-life balance. More work needs to be done to upskill and retrain female employees, empowering them to move up the corporate ladder.
However, in the Middle East – traditionally viewed as one of the most challenging regions for female leaders to scale – women are gradually being assigned to more leadership positions within the financial sector.
The UAE, in particular, is ahead of the curve in terms of fostering equal opportunities for men and women, and is the first Arab country and the second country globally to introduce mandatory quotas requiring companies to have at least one female member on their boards.
From my experience, the current generation is much less tolerant of disparity in the sector than my cohort.
Companies that do not put gender diversity at the forefront will find themselves at a disadvantage in the war for talent
Fiona McBride
Advancing women’s role in the workforce is a key driver for change in economic sectors and positively contributes to national gross domestic product.
One of the most vital things for women to excel in the workplace is to invest in themselves and in their careers. Professional training is crucial for women to upskill and develop their leadership skills, as well as enable them to be more confident, especially after career breaks and maternity leave.
Leadership skills such as communication, collaboration and management skills combined with technical, sector-specific skills can provide women with an edge in their leadership journey. This is a key factor that fast-tracked my journey and helped me climb the corporate ladder.
Training programmes can help equip women with new leadership skills to help them lead more effectively and excel in their careers, in turn helping the organisation succeed further.
Companies should encourage women and their teams to take up professional training as it not only helps advance the female workforce, but also helps to stimulate collaborative and inclusive cultures that fuel innovation and promote growth.
Investing in upskilling the female workforce will play a key role in closing the gender parity gap in the financial sector.
By including more women across all levels in the C-suite, mid-senior and entry levels, companies can become more diverse, more financially stable, better at risk management, more socially conscious and, ultimately, more profitable.
Adding women to the mix is essential for the financial success of individual organisations as well as local, regional and global economies.
Fiona McBride is managing director of Kaplan Professional Middle East
COMPANY%20PROFILE
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Tonight's Chat on The National
Tonight's Chat is a series of online conversations on The National. The series features a diverse range of celebrities, politicians and business leaders from around the Arab world.
Tonight’s Chat host Ricardo Karam is a renowned author and broadcaster who has previously interviewed Bill Gates, Carlos Ghosn, Andre Agassi and the late Zaha Hadid, among others.
Intellectually curious and thought-provoking, Tonight’s Chat moves the conversation forward.
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The years Ramadan fell in May
UAE currency: the story behind the money in your pockets
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Hili 2: Unesco World Heritage site
The site is part of the Hili archaeological park in Al Ain. Excavations there have proved the existence of the earliest known agricultural communities in modern-day UAE. Some date to the Bronze Age but Hili 2 is an Iron Age site. The Iron Age witnessed the development of the falaj, a network of channels that funnelled water from natural springs in the area. Wells allowed settlements to be established, but falaj meant they could grow and thrive. Unesco, the UN's cultural body, awarded Al Ain's sites - including Hili 2 - world heritage status in 2011. Now the most recent dig at the site has revealed even more about the skilled people that lived and worked there.
Correspondents
By Tim Murphy
(Grove Press)
Global state-owned investor ranking by size
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United States
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China
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UAE
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Japan
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Norway
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
Review: Tomb Raider
Dir: Roar Uthaug
Starring: Alicia Vikander, Dominic West, Daniel Wu, Walter Goggins
two stars
More from Neighbourhood Watch:
Killing of Qassem Suleimani
Key changes
Commission caps
For life insurance products with a savings component, Peter Hodgins of Clyde & Co said different caps apply to the saving and protection elements:
• For the saving component, a cap of 4.5 per cent of the annualised premium per year (which may not exceed 90 per cent of the annualised premium over the policy term).
• On the protection component, there is a cap of 10 per cent of the annualised premium per year (which may not exceed 160 per cent of the annualised premium over the policy term).
• Indemnity commission, the amount of commission that can be advanced to a product salesperson, can be 50 per cent of the annualised premium for the first year or 50 per cent of the total commissions on the policy calculated.
• The remaining commission after deduction of the indemnity commission is paid equally over the premium payment term.
• For pure protection products, which only offer a life insurance component, the maximum commission will be 10 per cent of the annualised premium multiplied by the length of the policy in years.
Disclosure
Customers must now be provided with a full illustration of the product they are buying to ensure they understand the potential returns on savings products as well as the effects of any charges. There is also a “free-look” period of 30 days, where insurers must provide a full refund if the buyer wishes to cancel the policy.
“The illustration should provide for at least two scenarios to illustrate the performance of the product,” said Mr Hodgins. “All illustrations are required to be signed by the customer.”
Another illustration must outline surrender charges to ensure they understand the costs of exiting a fixed-term product early.
Illustrations must also be kept updatedand insurers must provide information on the top five investment funds available annually, including at least five years' performance data.
“This may be segregated based on the risk appetite of the customer (in which case, the top five funds for each segment must be provided),” said Mr Hodgins.
Product providers must also disclose the ratio of protection benefit to savings benefits. If a protection benefit ratio is less than 10 per cent "the product must carry a warning stating that it has limited or no protection benefit" Mr Hodgins added.
T20 World Cup Qualifier
October 18 – November 2
Opening fixtures
Friday, October 18
ICC Academy: 10am, Scotland v Singapore, 2.10pm, Netherlands v Kenya
Zayed Cricket Stadium: 2.10pm, Hong Kong v Ireland, 7.30pm, Oman v UAE
UAE squad
Ahmed Raza (captain), Rohan Mustafa, Ashfaq Ahmed, Rameez Shahzad, Darius D’Silva, Mohammed Usman, Mohammed Boota, Zawar Farid, Ghulam Shabber, Junaid Siddique, Sultan Ahmed, Imran Haider, Waheed Ahmed, Chirag Suri, Zahoor Khan
Players out: Mohammed Naveed, Shaiman Anwar, Qadeer Ahmed
Players in: Junaid Siddique, Darius D’Silva, Waheed Ahmed
Company%20profile
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F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
ANATOMY%20OF%20A%20FALL
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Brief scoreline
Switzerland 0
England 0
Result: England win 6-5 on penalties
Man of the Match: Trent Alexander-Arnold (England)
Without Remorse
Directed by: Stefano Sollima
Starring: Michael B Jordan
4/5
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'Panga'
Directed by Ashwiny Iyer Tiwari
Starring Kangana Ranaut, Richa Chadha, Jassie Gill, Yagya Bhasin, Neena Gupta
Rating: 3.5/5
SPEC%20SHEET%3A%20APPLE%20IPAD%20(2022)
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UK-EU trade at a glance
EU fishing vessels guaranteed access to UK waters for 12 years
Co-operation on security initiatives and procurement of defence products
Youth experience scheme to work, study or volunteer in UK and EU countries
Smoother border management with use of e-gates
Cutting red tape on import and export of food
MATCH INFO
Asian Champions League, last 16, first leg:
Al Jazira 3 Persepolis 2
Second leg:
Monday, Azizi Stadium, Tehran. Kick off 7pm
HAJJAN
%3Cp%3EDirector%3A%20Abu%20Bakr%20Shawky%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cbr%3EStarring%3A%20Omar%20Alatawi%2C%20Tulin%20Essam%2C%20Ibrahim%20Al-Hasawi%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cbr%3ERating%3A%204%2F5%3C%2Fp%3E%0A
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
