First women-only bank opens in Iraq holy city.
In one of Shi’ite Islam’s holiest cities, a bank has opened a branch only for women, hoping to tap a potentially large market and meet pent-up demand from Muslim women for financial services that meet their needs.
The manager of the Najaf branch of the private Babel bank is, however, a man. He must make an appointment before making a visit and enter the premises through a back door.
“Through this bank they (women customers) can unveil and exercise complete freedom in dealing with the employees,” said Mazen Abdul-Razzaq, Babel’s deputy director.
A study by The Boston Consulting Group, which included Iraq, found that women worldwide were particularly dissatisfied when it came to financial services.
Iraqi women interviewed at the women-only bank in Najaf say they felt uncomfortable dealing with male bank clerks in regular banks and felt much more relaxed in the new branch.
