Islamic women and economics (WIEF)

I had the honor of participating in the Businesswomen's Forum of the 5th Annual World Islamic Economic Forum (WIEF) on March 1 in Jakarta, Indonesia. There were women participating from many Asian countries, as well as Uganda, Kenya, UK, Pakistan, Egypt and Holland. I was the only attendee from the United States. The title of the day event was "Women Entrepreneurs: The Driving Force Towards a Stronger Future."

We have set up a forum at Connected-Women.com to continue our discussions, and anyone that wants to join in is most welcome. The goal of the WIEF Businesswomen's Forum was "not to talk too much about challenges but move forward in working together" said Dato' Dr. Norraesah Mohamad, Chair of the WIEF Businesswomen Network. "We want to look beyond national borders and create serious and workable ventures together."

The Driving Force Towards a Stronger Future

I was quite excited about attending the event, and in talking about it with friends and colleagues in the U.S., most people would say, "Islamic women and economics? Isn't that an oxymoron?"

Unfortunately, we are buying into the stereotypes we see in the media. Not only are terrorists a fringe group of Muslims, but so are Muslims that constrain women and their role in the family and the economy. The women I met at this conference are dynamic, educated, driven, strong, powerful, committed and about every other positive adjective you can think of to describe business women.

I met a woman from Malaysia whose company had revenues last year of $3.9 billion. I verified that with her, because it was hard to believe-of any woman or company! Her company builds and maintains highways in Malaysia, which recently privatized its road system.

I had a terrific talk with another public relations consultant from Indonesia. Mercedes Benz is one of her clients. We plan to stay in touch and continue to share stories.

We are all hoping to find ways for the associations to which we belong-such as the NAWBO and WIPP; the Indonesian, Egypt, Pakistan and Malaysian women business associations; and the Islamic and Ugandan Chambers of Commerces-to fully work together and stand united by sharing resources and ideas. And maybe, most importantly as a first step, to help break down barriers and stereotypes.

When I pursued this a bit further with Attiya Nawazish Ali, Assistant Secretary General for Coordination of the Islamic Chamber of Commerce and Industry, she said their biggest need now (from US women business owners) is the sharing of resources and knowledge. "There is not a lot of interest or need now in doing business in the United States. We have such a big network that we can do business amongst ourselves first, while we learn."

Each conference speaker had a "liaison officer" that we dubbed "our shadow." Citra Harshari was my liaison. She just graduated from a University in Australia in business and finance and is looking for her first professional job. I will write more about the great experience of working with her in a later post.

To illustrate that the stereotypes go both ways, Citra said she was very nervous about meeting me. I am the first American that she has met and she thought I would be arrogant, because that is how we are portrayed in the media.

But we departed almost tearfully after our three days together, we have already connected on Facebook, and I look forward to mentoring her in the future and continuing this new relationship. I am glad I was able to break through another stereotype.

Highlights of my presentation

The number of women-owned enterprises is now growing faster than the economy at large in many countries around the world. Women-owned firms comprise more than one quarter of businesses and are starting up in every industry sector. International trade offers new markets and new opportunities for businesses that can't be ignored in this global environment.

With the cost in money, time and physical wear and tear of travel, communication and work projects will heavily depend on technology. This technology will need to address ways to find each other, get acquainted and build trust and actually carry out business.

However, these advancing technologies can not completely cut out personal interaction, especially for women who insert a lot of intuition and relationship-building into their business decisions. These factors are also more important in other cultures than they are in the U.S. culture, thus, technology will not take place of all face to face interaction, and using video on the internet will become standard operating procedure.

Women business owners, already good at collaboration, will find alliances to be of significant strategic advantage. A joint alliance, or teaming up, can provide an ideal and unique alternative - to team up through a contractual agreement to provide services, yet stay independently owned and operated. Joining forces with the right partner in another country or continent can leverage power and increase financial stability, helping a small company to effectively compete in today's ever-changing marketplace. The rewards can include personal and professional growth, immediately strengthening and growing your visibility and marketing efforts, and expanding your eyes and ears out in the business arena.

Associations, organizations and technology sites that give women in business an opportunity to easily connect and build relationships will be key in the expansion of accessing international markets. (Such as www.connected-women.com) Although a social context is important for women to get to know each other and build a level of trust and respect, these entities will need to go beyond social events and business matchmaking. Women in business will demand more from these entities than gathering business cards, attending gala dinners and passing out awards.

It will be key for women to share resources and best practices and expand their networking arena to work together in important areas that impact women overall, such as policy, access to capital, communications, project management and leadership. Forums will need to be provided for education, discussion and carrying out work projects.
For example, training of even the most well-off and successful entrepreneurs in public relations and communication areas is vital. By combining leadership and communication training, women business owners can discover how the two go hand in hand and become skilled at using communications in a strategic manner. Women are historically reluctant to "toot their own horn" and share their triumphs, successes and inherent knowledge.
Government agencies worldwide, and in the United States, have historically focused their programs, trainings, funding and all forms of assistance at exporters of products, particularly manufacturing. Programs, trainings, financing, trade missions and other forms of assistance will need to focus more on women business owners, and even more specifically, service businesses. By reaching out to these specific sectors, governments should see exponential growth in export.

Save the Date, the next WIFE is from May 18-20, 2010 in Kuala Lumpur.