EXPO 2020 DUBAI
WOMEN ON BOARDS
KEY ISSUES AND CHALLENGES
IN THE MENA REGION
SPEECH OF MR. ABDELLATIF JOUAHRI
GOVERNOR OF BANK AL-MAGHRIB
(MOROCCAN CENTRAL BANK)
NOVEMBER 14, 2021
YOUR EXCELLENCY, MRS. SHAMSA SALEH, CEO OF DUBAI WOMEN ESTABLISHMENT
(DWE) AND SECRETARY-GENERAL OF THE UAE GENDER BALANCE COUNCIL;
MRS. NADIA FETTAH, MINISTER OF ECONOMY AND FINANCE AND COMMISSIONER
GENERAL OF MOROCCO PAVILION AT "EXPO 2020 DUBAI";
Honorable audience,
It is a great pleasure for me to take part with you today in this important meeting at "Expo 2020 Dubai".
I really wished to be there with you in this country where I always feel at home. Unfortunately, multiple
constraints have made it impossible for me. However, I would like to compliment the Emirati authorities for
the exceptional organization of this event. The everyday echoes of the Expo tell a story of a tremendous
success.
I am also delighted as the topic chosen for this meeting is particularly close to my heart and I congratulate the
organizers for such relevant choice. I would like to particularly thank Mrs. AMINA FIGUIGUI and Mrs. NADIA FETTAH,
respectively President and Vice President of The Club of Women Business Administrators (CFA Morocco), for
inviting me to this meeting.
Ladies and Gentlemen,
The topic of this meeting centered on the place of women in governing bodies refers inevitably to the
challenges of women contribution to economic activity and more broadly to the issue of gender inequality.
In this respect, I think there is no need to argue nor to justify the importance of this issue. It is discussed and
debated every now and then in public debates within national and international bodies, not to mention the
regular or specific reports devoted to it. This increasingly highlights the stakes involved and, fortunately, the
greater awareness about it.
It is not only a problem of social exclusion but, as we all know, a considerable economic loss.
The available data on the different dimensions of this issue unfortunately show that our region MENA
appears to have among the highest levels of gender inequality, if not the highest, in the world.
However, I believe that there is a growing awareness about the situation. We have seen in recent years the
adoption of policies and initiatives in the region to empower women and strengthen their economic, social
and political status. I would like, if I may, to illustrate further on this referring to my home country and the
institution I have the honor to lead.
Ladies and Gentlemen,
Since many years now, Morocco engaged in a process of improving the situation of women, ratifying several
international conventions and complying with UN instruments on human rights in general and women rights
in particular.
Since the beginning of the millennium, the process of modernizing society was hastened with major reforms
aimed at entrenching the principle of gender equality and equity. In 2004, the Civil Status Act (Moudawana)
was amended and the status of women in the family further strengthened.
In 2011, the country approved a new constitution that enshrines human rights and gender equality. Several
laws have been adopted to ensure the harmonization of national legislation with international instruments
that Morocco ratified and whose primacy are now recognized over its domestic laws.
In the same vein, and to coordinate the various initiatives aimed at promoting gender equality and including
women's rights in public policies and development programs, a governmental plan for equality entitled
"ICRAM" was developed for the period 2012-2016 and was later on expanded and extended until 2021.
At the same time, a specific strategy for institutionalizing the principle of gender equality in the civil service
was adopted in 2016.
Today, the real challenge remains to succeed in the effective implementation of these laws and programs and
to ensure a regular and close monitoring, which is hardly an easy task.
Ladies and Gentlemen,
Speeding up efforts to strengthen the economic role of women and reduce gender inequalities requires
the mobilization of all stakeholders, government authorities, civil society, public and private institutions and
national and international organizations.
Central banks, as regulators, can play their own role in this endeavor. At Bank Al-Maghrib, we are continuously
working to improve the representation of women in the boards of credit institutions through a gradual
approach. For instance, in 2014 we laid down the obligation for such bodies to implement a policy aimed
at ensuring a better representation of women. Two years later, this directive was reinforced by making
compulsory compliance with the principle of parity in the appointment of independent directors.
Our efforts in this regard are still ongoing with a new regulatory recommendation aimed at bringing the
banking sector to further move towards the reduction of gender inequalities and a more inclusive finance.
This regulatory text, which will be adopted before the end of the year, calls for a genuine implementation
of the gender dimension by (i) entrenching professional gender equality within banking institutions; (ii)
developing offers adapted to the needs of female customers, in particular female entrepreneurs, based
on dedicated refinancing mechanisms such as "Gender Bonds"; and (iii) assisting these institutions in the
implementation of funded projects.
Furthermore, to catch up with the deficit in accessing financial services, the Ministry of Finance and Bank
Al-Maghrib have developed and implemented a national strategy for financial inclusion. This strategy targets
as a priority women, youth and the rural population.
Ladies and gentlemen,
Alongside these efforts as a regulator, Bank Al-Maghrib is striving as an enterprise to set an example in terms
of professional equality between men and women. We have instilled equity and equality in all our processes,
as well as in the recruitment, promotion and social rights.
Women now represent 40% of the Bank's total workforce, as well as of its management and Board. Our
2019-2023 strategic plan enshrines gender equality as a guiding principle for the Bank's actions. In 2020,
Bank Al-Maghrib has adopted a charter for professional gender equality that specifically recognizes the
inclusive nature of the work environment and the mix of professions and promotes work/life balance.
In order to explore the best practices in gender awareness and facilitate the exchange of experiences, we have
with a number of central banks instituted a regular meeting dedicated to gender and reserved exclusively for
women. This initiative has been very successful, and we have been approached by several central banks who
wish to join us. We aspire to convert this regular meeting into an intercontinental forum of central banks
dedicated to the gender issue, initially in Africa-Latin America.
Ladies and Gentlemen,
The fight against gender inequality requires a firm and sustained political will, reinforced monitoring and
consultation of all stakeholders.
Over and above public policies, this is a cultural change that must be carried out, especially in our region,
through ongoing education, promotion and awareness raising.
On the eve of a new post-covid era marked by the impacts of the crisis, rapid mutations and paradigm shifts,
this work is more necessary than ever to strengthen the resilience of our economies and societies, a resilience
that requires the mobilization and valorization of all resources, especially human resources, of which women
are an essential component.
Thank you for your attention.