Feminization of currency exchange shops in Makkah

Makkah:  The Saudi Arabian Monetary Agency (SAMA), the Kingdom’s Central Bank, is weighing prospects of appointing women graduates of accountancy and finance courses to work at currency exchange shops, following Shariah regulations.

“SAMA is holding consultations with field players for feminization of the currency exchange sector,” said banker Salahuddin Kaaki, adding that women-only shops would be opened for the purpose.

He said the move would strengthen women’s position in the banking sector and open new horizons for participation of businesswomen and women bankers in the currency exchange sector.

He said the currency exchange market in Makkah alone would require more than 100 female employees once the new project is implemented.

“This will force all currency exchange shops in Makkah to appoint female employees,” Kaaki said.

“Many female pilgrims, especially the elderly, who come for Haj and Umrah throughout the year require special treatment and services when they need currency exchange,” he pointed out.

At present Saudization in the sector has reached 25 percent, Kaaki said, adding that the rate was on the increase during the past two years.

According to Kaaki, the total value of currency exchange during the first half of this Hijrah year reached SR1,261,648,000 divided among 32 shops.

“The US dollar is the largest currency exchanged in these shops, followed by Euro, Sterling Pound and GCC currencies,” he pointed out.

Among the Gulf currencies, the UAE dirham tops the list of currencies exchanged in Makkah, followed by the Kuwaiti dinar and the Qatari riyal. Of Arab currencies, the Egyptian pound tops the list followed by Iraqi and Jordanian dinars.

“We are not allowed to exchange or deal with certain currencies because of political reasons like the Iranian rial, Syrian and Lebanese liras, the Libyan dinar and the Yemeni riyal,” he said.