Celebrating the women leaders of Middle Eastern banking

Bahrain Development Bank (BDB) named Dalal Al Qais as its group CEO in December 2021. BDB, an important pillar of Bahrain’s financial sector, is committed to empowering small- and medium-sized enterprises.  

In 2023, BDB expanded its digital horizon by launching “tijara,” a digital banking platform tailored for SMEs in Bahrain. In the same year, the bank also saw a 6 percent increase in loan issuance compared to the previous year. The loans totaled $54.4 million, financing facilities that could create nearly 500 jobs.  

Before her tenure at BDB, Al Qais was the chief retail banking officer at Bahrain Islamic Bank. Her impressive resume also includes leading positions held at Standard Chartered Bank and United Bank. Her two-decade experience has honed her expertise in retail banking, credit, technology and risk management. 

Apart from her role at BDP, she is also an active member of the technical board at Bahrain Polytechnic and serves on the board of Ebdaa Bank. 

As the deputy chairman of the National Bank of Egypt, Dalia El-Baz brings almost three decades of extensive banking experience to her role. Her appointment in 2017 marked a historic milestone, as she became the first woman to hold this position in NBE. 

Founded in 1898, NBE stands as one of Egypt’s largest banks, playing a pioneering role in introducing modern banking services to the country. Before the establishment of the Central Bank of Egypt in 1961, NBE essentially functioned as the nation’s central bank. 

El-Baz is a driving force behind the bank’s ongoing commitment to innovation. Notably, in collaboration with Mastercard, NBE recently unveiled the UEFA Champions League Mastercard Credit Card – a groundbreaking initiative in Egypt that offers exclusive benefits to NBE cardholders. 

Before assuming her current position, El-Baz served as the bank’s chief operating officer. In addition, she holds the position of chairperson at Al Ahly Payments and serves as a non-executive director at the National Bank of Egypt (U.K.) Limited. 

Elham Mahfouz assumed the reins at The Commercial Bank of Kuwait in 2014, bringing with her nearly four decades of valuable banking experience. During her tenure, she has successfully guided Kuwait’s second-oldest bank to achieve significant milestones. 

In the first nine months of 2023, CBK recorded a net profit of $322.5 million. Notably, in September of the previous year, the bank issued its inaugural Subordinated Tier II capital, amounting to $308 million. 

In response to the growing trend of digital payment adoption in Kuwait, CBK recently partnered with Network International, a Dubai-based payment solutions provider, to enhance the bank’s digital initiatives. 

Before taking on her current role, Mahfouz made substantial contributions to various critical aspects of the bank’s operations, particularly in trade financing and syndicated loans. Her journey at CBK began in 2000 when she joined as a manager. Over the years, she ascended through the ranks, serving as the general manager of the International Banking Division before becoming the Deputy CEO in 2012. 

Beyond her professional commitments, Mahfouz also plays a role in academia, serving as a member of the supervisory board of the American University of Kuwait.

As the group chief human resource officer of one of the leading banks in the UAE, Eman Abdulrazzaq oversees a workforce of over 26,000 employees spread across nine countries. In her capacity as the top HR executive, she has been instrumental in elevating workplace practices. Notably, she initiated the “Future Skills” development program, focusing on reskilling of employees to cultivate an agile workforce capable of navigating the challenges and opportunities presented by the digital landscape.  

 Prior to joining Emirates NBD, Abdulrazzaq spent more than two decades at HSBC, where she began her journey as an HR Manager in 2003. Through her dedication and proficiency, she ascended through the ranks, ultimately attaining the positions of Chief of Staff and Regional Head of HR for the Middle East, North Africa, and Türkiye (MENAT) countries. Her implementation of innovative technologies significantly enhanced operational efficiency across the MENAT region.  

Today, Abdulrazzaq also serves on the boards of prominent institutions in the UAE, including Emaar Properties PJSC, Dubai Refreshment Co. PJSC, Emirates Institute for Banking & Financial Studies, and ENBD Egypt S.A.E. 

Since joining QNB in 2000, Fatima Al-Suwaidi has played a pivotal role in the organization’s growth. She currently serves as the group chief risk officer, a role she assumed following her tenure as the assistant general manager of Credit Risk Management.  

With an extensive banking career spanning over two decades, Al-Suwaidi brings a wealth of knowledge to her leadership role in QNB’s Risk Division, contributing significantly to the bank’s strategic direction. Beyond her responsibilities as Group CRO, she actively participates in shaping QNB’s future as a member of the Board of QNB Finansbank in Türkiye and holds the position of president commissioner of the bank. 

Al-Suwaidi’s leadership skills are underpinned by her exceptional academic achievements. She holds a Bachelor of Science in Accounting and an MBA from Qatar University. She also obtained a Master of Science in Risk Management from the University of New York, a Juris Doctor degree from Hamad Bin Khalifa University, and a Doctorate in Business Administration from Grenoble University in France.  

Her doctoral research focused on “Innovation in Banking and Financial Markets,” with a particular emphasis on cryptocurrencies, underscoring her forward-thinking approach and dedication to staying at the forefront of banking and finance industry trends. 

In 2021, Hana Al Rostamani made history by becoming the first female CEO of First Abu Dhabi Bank, the largest bank in the UAE. 

Three years into her leadership, Al Rostamani continues to steer FAB toward unparalleled success. 2023 saw FAB achieve a remarkable annual increase in net profit, soaring by 56 percent to reach an impressive $4.5 billion, underscoring the bank’s consistent upward trajectory. 

With a career spanning over 25 years, Al Rostamani undertook various pivotal roles before assuming the position of FAB’s group CEO. Notably, she served as deputy group CEO and head of Personal Banking, imprinting her tenure with a transformative, digital-first, and customer-centric approach. 

Al Rostamani’s professional journey includes key roles at First Gulf Bank, Citibank, and AW Rostamani Group, showcasing her diverse and extensive expertise in the financial sector. 

Beyond her corporate responsibilities, Al Rostamani is actively engaged in global initiatives. She serves as the chair of the Global Council on Sustainable Development Goals, reflecting her dedication to advancing sustainable energy practices. 

Moreover, she holds board positions in prominent financial entities, including Buna, the cross-border payment system of the Arab Monetary Fund; the Institute of International Finance (IIF); and the International Institute for Management Development. 

Huda Sabil Abdulla currently serves as the chief financial officer of Emirates Islamic Bank, the Islamic subsidiary of Emirates NBD Group, a role she assumed in 2019. Notably, she broke barriers by becoming the first Emirati woman to be appointed as CFO in a UAE bank.   

With an impressive career spanning over 26 years, Abdulla commenced her professional journey at Emirates NBD Group. Over the years, she honed a diverse skill set including HR, financial accounting and control, business finance, and more. 

In her current capacity as CFO, Abdulla plays a pivotal role in steering Emirates Islamic toward financial growth. Her adept cost management and strategic planning skills have been instrumental in achieving remarkable milestones. In 2023, the bank achieved its highest net profit in history, reaching an impressive $577.2 million – a remarkable 71 percent increase from the previous year. 

One of her noteworthy accomplishments includes spearheading the successful implementation of the fund transfer pricing rollout. This initiative significantly contributed to enhancing the organization’s pricing and liquidity management.  

In recognition of her pioneering efforts, Abdulla has received numerous accolades over the years, including awards from prestigious institutions such as the Middle East Future Excellence and the Emirates Institute for Banking and Financial Studies. 

Prominent Saudi businesswoman Lubna Olayan holds the position of chair of the Board of Directors at Saudi Awwal Bank, known as the Saudi British Bank prior to the historic merger and integration of SABB and Alawwal Bank. Olayan has been a fixture in Saudi Arabia’s banking and business landscape, making history when she became the first woman to be elected to the board of a publicly listed Saudi firm in 2004. 

In 2023, SAB celebrated a remarkable achievement, witnessing a 45 percent year-over-year surge in net profit, reaching an impressive $1.86 billion. The bank was also honored as the “Best Trade Finance Service Provider” in Saudi Arabia by Euromoney for the seventh consecutive year. 

With over 35 years of leadership experience at Olayan Financing Company, the parent company of The Olayan Group, Lubna Olayan has played a pivotal role in transforming the company into a trailblazer as the first privately owned entity in Saudi Arabia to employ women. 

Olayan also serves on several international boards and advisory panels. In 2022, she joined the Board of Trustees of the World Economic Forum. Moreover, Olayan achieved another milestone in 2021 by becoming the first woman to lead a foreign business council, assuming the role of president of the Saudi-Swedish Business Council. 

Nadia Al Saeed has been at the helm of Bank al Etihad, one of Jordan’s leading financial institutions, since 2008, introducing innovative initiatives during her tenure. In 2014, she spearheaded the launch of Shorouq, a program designed to empower women across Jordan in achieving their financial goals. Demonstrating her commitment to gender equality, Al Saeed implemented policies aligned with the United Nations Women Empowerment Principles. 

In a recent development, Bank al Etihad and Jordan Kuwait Bank have announced their intentions to merge, signifying a pivotal moment in Jordan’s banking scene. As two of the country’s most significant financial entities, this merger holds the potential to reshape the financial sector in Jordan. 

Al Saeed, a seasoned industry professional, previously served as the head of Corporate Banking at Bank al Etihad and worked as a strategy adviser at McKinsey & Co. Notably, she also held the position of Jordan’s minister of information communication technology, and currently serves as the chair of Endeavor Jordan. Al Saeed also holds board positions with the Jordan Loan Guarantee Corporation and EDAMA, an organization dedicated to energy, water and environmental initiatives.

Najla Al Shirawi has been an integral part of the Securities & Investment Company Bank since 1997. Showcasing exceptional leadership skills over her nearly three-decade career, her journey led to her appointment as deputy CEO in 2013, and a year later, she ascended to the position of CEO. 

Based in Manama, Bahrain, SICO was established in 1995, cementing its status as a leading provider of brokerage, asset management and corporate finance services. Last year, it recorded an annual net profit of $11.6 million, marking a 23 percent growth from 2022.  

In October 2023, SICO, in partnership with Wafra International Investment Company, announced the launch of the Elzaad Sukuk Fund. 

Before joining SICO, Al Shirawi made significant contributions to the Geneva-based Dar Al-Maal Al-Islami Trust in Geneva. She was crucial in establishing private banking operations in the Gulf region. She is also a board member of the Bahrain Economic Development Board.  

Furthermore, Al Shirawi chairs the boards of SICO Funds Services Company in Bahrain and SICO Financial Brokerage in Abu Dhabi. She is also the vice chairperson of SICO Capital in Riyadh.  

Since February 2022, Randa Sadik has been the CEO of Arab Bank, a Jordan-headquartered banking institution with a sprawling network of over 600 branches across five continents. The bank also has offices in Lebanon, the UAE, Saudi Arabia, Qatar and Egypt.  

Prior to her current position, she served as the bank’s deputy CEO. She brings with her a rich banking experience, including her 24-year work at the National Bank of Kuwait, where she ascended to the role of general manager. 

Within the Arab Bank Group, she showcases her leadership process, serving as the chair of the Board of Arab Tunisian Bank, vice chair of Arab Bank Australia Ltd, a board member of Oman Arab Bank, and the chair of the management committee of Al-Arabi Investment Group. 

Sadik’s academic credentials, which include an MBA from the American University of Beirut, complement her vast professional experience.

Since joining Mashreq in 2018, a prominent bank in the UAE, Rania Nerhal has consistently showcased her innovative prowess. 

Initially, she held the position of head of Public Sector, Healthcare, Education and Energy, spearheading the bank’s thought leadership initiatives. 

Currently, as the chief client experience & conduct officer, she leads the Client Experience & Conduct Group. At the heart of her responsibilities is the redefinition of client experience, emphasizing efficient, ethical and effective banking operations. 

With over 25 years of experience in client relationship management within the banking industry, Nerhal brings proven expertise to her current role.  

Her career before Mashreq includes serving as the head of Client Corporate Coverage and head of Large Corporates & Public Sector at notable institutions, including the Egyptian American Bank, Commercial Bank of Dubai and Al Ahli Bank of Kuwait. 

Rola Abu Manneh has achieved a historic milestone as the first Emirati woman to lead a bank in the UAE, serving as the CEO of Standard Chartered Bank UAE since August 2018. 

Under her leadership, the UAE division has grown to become one of the Standard Chartered Group’s top five global markets, with notable achievements in innovation. Under Abu Manneh’s leadership, the bank introduced the region’s first conventional sustainable account and sustainable Islamic account.  

Last year, Standard Chartered UAE also partnered with the DIFC Innovation Hub to unveil the fifth cohort of the bank’s “Women in Tech” accelerator program. This initiative aims to drive sustainable growth and empower women entrepreneurs in the country’s technology sector. 

Prior to her role at Standard Chartered Bank, Abu Manneh held key positions at First Abu Dhabi Bank, including head of Corporate & Investment Banking for Abu Dhabi. 

She has also championed female empowerment through various initiatives, and played a pivotal role in providing mentorship programs for university students. 

Shaikha Khaled Al Bahar serves as the deputy group CEO of the National Bank of Kuwait Group, a premier financial institution in Kuwait. Her leadership has been pivotal in steering NBK through a transformative journey into the digital scene, marked by the establishment of Kuwait’s first digital bank. Furthermore, Al Bahar has played a key role in orchestrating significant transactions across the Middle East, solidifying NBK’s reputation as a regional powerhouse with a footprint in 13 countries. 

Prior to her current role, Al Bahar served as the CEO of NBK’s Kuwait operations from 2010 to 2013, during which time the Kuwait operations accounted for over 70 percent of the Group’s profits. 

Within the NBK Group, Al Bahar holds various key positions, including chairing the National Bank of Kuwait France S.A. and the National Bank of Kuwait (Egypt). Additionally, she serves as a board member at the National Bank of Kuwait (International) P.L.C. in the U.K. Notably, from 2017 to 2021, Al Bahar was a distinguished member of Kuwait’s Supreme Council for Planning and Development. 

Thuraiya Hamid Alhashmi has etched her name in banking history as the first Emirati and Arab woman to take on the role of a director at the New Development Bank. Her appointment, made in July 2023, designates her as a constituency director and a valued member of the Board of Directors.  

The NDB, established in 2015 by the BRICS economic bloc, welcomed the UAE as a member in October 2021, officially becoming a part of BRICS in 2024. 

At NDB, Alhashmi represents the UAE, showcasing the country’s strong commitment to supporting infrastructure projects and sustainable development goals.  

Concurrently, Alhashmi sits as the director of International Financial Relations and Organizations at the UAE Ministry of Finance. Her responsibilities include managing government investments, treaties, bilateral negotiations and the exchange of information for tax purposes.  

She has been crucial in facilitating the UAE’s engagements with global financial organizations such as the World Bank, the International Monetary Fund, the OPEC Fund for International Development and the G20 Finance Track.