BrazilNicoleta Remmlinger (4most) on the UAE's strides in financial equality
Over the past years, women in the UAE have made major strides in advancing their financial independence, writes Nicoleta Remmlinger, director at financial services consultancy firm 4most.
The nature of my day-to-day work at 4most often leads me to reflect on the progress women have made in achieving financial independence.
Going way back, it wasn’t until the passage of the Equal Credit Opportunity Act in 1974 that women in the US could apply for credit cards and loans without a male co-applicant. This landmark legislation made it illegal for financial institutions to discriminate based on gender, race, or religion.
Fast forward to 2024, and here in the UAE the landscape is encouraging. The demographic data reveals a population comprised of approximately 70% males and 30% females. Most of this population falls within the working age of 25 to 64, a critical period when individuals typically seek to acquire homes through mortgages.
One of the most significant advancements in the UAE is that credit applicants are not required to disclose their gender when applying for credit, particularly through digital platforms. This practice indicates a strong respect for equality in financial opportunities.
Women – whether single or married, UAE nationals or expats – can confidently apply for credit cards and mortgages. In fact, having a credit card is essential for various transactions, as debit cards can pose risks of fraud.
In terms of the legislative and institutional environment supporting women’s empowerment, 2019 to 2021 were notable for women in the UAE, as 11 new laws and legislative amendments were issued to advance women’s rights and empower them in all fields, while also including them in the UAE’s 50-year strategy.
So, let me share my own story as the Director for the UAE at 4most [a risk management consultancy with offices in the UK, Ireland, India and the UAE].
I approached a bank in the UAE just a year after joining a federal company in 2017. To my delight, my application was approved solely in my name, even before I got married. This experience truly underscores the importance of equal opportunities in both the workplace and the pursuit of personal dreams, such as homeownership.
However, it is crucial for women to build a solid credit history before applying for credit. Monitoring one’s credit score through the Al Etihad Credit Bureau can significantly enhance the chances of approval. A good credit score not only reflects financial responsibility but also opens doors to better financial products and services.
In short, women in the UAE can indeed secure credit independently – the strides we’ve made in financial equality are commendable. Yet there is always room for improvement. As we continue to advocate for equal opportunities, let’s celebrate the progress and encourage more women to take charge of their financial futures.
