Gender quotas and inclusion requirements: are they just a window-dressing tool or a driver of real change?  For decades, the finance industry worldwide has been predominantly male, with Lebanon’s financial sector reflecting similar trends. Despite advancements, many women in Lebanon still find themselves excluded from the industry’s “cigar lounge”—the exclusive, informal arenas where pivotal decisions are sometimes made, networks are forged, and leadership roles are often assigned. Though women’s participation in Lebanese finance is increasing, their representation in leadership positions remains limited. While Lebanon’s financial crisis has been harsh on women, it also gave certain finance leaders the chance to note that compared to their male counterparts, women are often more resilient and reliable in times of crisis.

Slowly shifting statistics

While women constitute a significant portion of the banking workforce, leadership roles are still predominantly occupied by men. “Life has taken me from one thing to another. I initially joined as an employee, but over time, I carved out my own space. It wasn’t given to me—I had to fight for it,” says Hasmig Khoury, a Corporate Social Responsibility (CSR) Strategist and member of Lebanon’s Economic and Social Council. Khoury, who spent 15 years at Bank Audi setting up and leading the CSR unit, witnessed and contributed to the sector’s transformation. She emphasizes that leadership opportunities for women, while growing, are still not evenly distributed.

According to Nada Rizkallah, a senior executive and head of risk management at Credit Libanais, women in Lebanon’s banking sector once outnumbered men at 57 percent but were primarily concentrated in middle management or operational roles. “We were always present,” she noted, “but never truly in power.”

This phenomenon is not unique to Lebanon. According to a 2021 report on gender diversity in the financial services industry by Deloitte Global, an advisory and research firm, women hold 21 percent of board seats, 19 percent of C-suite roles, and a mere five percent of CEO positions within financial service institutions globally. In the United States, women occupy 21.2 percent of C-suite positions within the financial services sector, underscoring the global nature of this disparity.

In Lebanon, some women believe this is changing for the better. Maya El Kadi, Deputy CEO and Head of Investment Banking at BlomInvest, after spending 30 years at Blom bank, emphasized that her ascent to leadership was facilitated by strong mentorship. El Kadi’s career trajectory has been marked by many positive moments, and she reflected on how she has experienced a work culture that fosters gender equality. “I had a very good sponsor and mentor within the bank. Somebody I started working with, it’s a man, not a woman, but who really gave me a lot of opportunities. And in a way, this is why I try to replicate that with people I work with, but mostly with women,” she recounted.

Women have proved to be the drivers of systematic change, including in areas related to CSR. Numerous studies have shown that female-led companies have higher employee satisfaction, retention rates, and innovation. This contribution to a healthier culture in the workplace extends outward to areas of CSR. Women make sure that their corporations shift their priorities when it comes to making an impact on the community and the market. A 2024 study by the International Journal of Corporate Social Responsibility found that greater gender equality at the board level led to better CSR performance and workplaces that centered “compassion, kindness, helpfulness, empathy, interpersonal sensitivity, a willingness to nurture, and a greater concern for others’ well-being.”

Khoury’s key role in establishing CSR initiatives within Bank Audi demonstrates how women in leadership push for more sustainable and ethical business practices. “We rocked the boat in getting people on board with environmental and social impact.” Khoury indirectly touched on the systemic barriers women face in finance, particularly when trying to move beyond mid-management roles. “At first, CSR was just seen as a human resources thing, something on the side. However, once the leadership realized its real impact, I started reporting to the general management. That’s when the doors started opening.”This insight underscores how women’s leadership is often undermined until it proves indispensable, echoing the struggles of other women in finance. Moreover, El Kadi supports the idea that women leaders can shift perspectives and leadership strategies, “I think having more female leadership roles will bring a lot to the table. Any diversity does. And I think women, in that sense, look at things differently” she says.

Are informal spaces still a “boy’s club”?

Cultural and social norms continue to influence workplace dynamics in Lebanon. Deep-seated biases persist, even within institutions that profess gender neutrality. For example, gender-based unequal pay is usually justified with the notion that women do not need the same income since they are not the main breadwinners in the family, a reasoning that emerges from the deep-seated patriarchal culture that burdens men with provisional roles within the family structure. Thus, the gender wage gap in Lebanon is to the disadvantage of women—they earn 22 percent less than men—after controlling for factors such as education and job selection as mentioned in a 2022 report by the World Bank.

Furthermore, informal decision-making spaces—such as exclusive business dinners or closed-door boardroom discussions—often exclude women. “It’s not just about getting the job,” Rizkallah says, “It’s about the conversations that happen after hours, in places we are not invited to.” Khoury agrees with the idea of informal decision-making spaces and how corporate cultures can be exclusionary: “In banking, the real decisions aren’t made in boardrooms.” Globally, women remain underrepresented at top levels, struggling to attain equality in opportunities to ascend.

In terms of entrepreneurship, the World Bank report indicates that only 11 percent of women are self-employed entrepreneurs, compared to 25 percent of men​, and just 5 percent of small firms, 5 percent of medium-sized firms, and 25 percent of large firms in Lebanon are led by women. In addition, only 6 percent of firms managed by men have women among the owners, compared to 76 percent of female-led firms that also have female ownership​.

Moreover, Rizkallah reflected on the bias women face during recruitment and promotions, especially when it comes to marital status and motherhood: “You don’t know how many times I’ve been asked in interviews: ‘Are you married? Are you getting married?’ I even used to ask the same question.” This highlights how systemic gender discrimination continues to affect hiring and career advancement in Lebanon’s finance sector. Rizkallah then pointed out that over the course of her career, she found that it was her female employees—married and single alike—who proved to be more loyal to the company and who were more skilled at navigating crises.

Strategies for Survival: Playing the Game or Changing the Rules?

Women in Lebanon’s financial sector have developed various strategies to navigate workplace challenges. Some have leveraged their gender to their advantage, using diplomacy and negotiation skills to gain allies in male-dominated spaces.

Others, like El Kadi, advocate for a merit-based approach, believing that demonstrating competence is the best way to challenge stereotypes. “When you have women in leadership positions, you give role models to younger girls. You also give men the belief that they [the women] can do as well as they do, if not more” she says. Yet, even as women excel, the burden of continually proving themselves persists. Moreover, women tend to morph their behavior to fit the expectations in the workplace:” I don’t accept to see a woman crying at the workplace. It’s subtle, but if we want equality, we have to act like it.” Rizkallah says. This shows the need to adopt a persona stereotypically considered more “masculine,” shying away from any behavior that can be deemed as a weakness and aligning with stereotyped traits attributed to women. This instinct goes against evidence that women-led companies have healthier work cultures, indicating that bringing more care into work is good for companies.

El Kadi emphasizes the importance of moral encouragement by saying “If I want to give advice to girls in the workplace, I would tell them that you have to stand up for yourself. You have to know your value. Nobody will see your value better than you do.”   Although emotional intelligence and support roles often become an unpaid, gendered burden on women in the workplace, the negative “emotional” trait given to women now shows power. Having the emotional intelligence and capacity to see beyond short-term profit goals allowed for a more sustainable and people-centered approach in leadership positions.

Furthermore, women were given roles and responsibilities that were not at the top priority lists of company goals. As Khoury noted, “Even today, CSR is seen as ‘soft work’—and guess who gets assigned to the ‘soft’ stuff? Women,” she adds.This reinforces how women in finance are often pigeonholed into roles seen as non-essential, limiting their chances of rising to CEO or C-suite positions.

Crises as catalysts

Lebanon’s financial crisis has had a paradoxical effect on women’s roles in finance. With many men emigrating for better opportunities, more women have stepped into leadership roles out of necessity. “It wasn’t a gender revolution,” Rizkallah explained. “It was survival. Men left, and we had to step up. Moreover, the working women held the spotlight as they proved more efficient in handling crises.” Rizakallah goes on to say: “During the financial collapse, women showed more resilience. They were better at handling crises because they’ve always had to multitask and adapt.” However, this shift is not without challenges. The financial instability has also forced many women to leave the workforce, particularly those who could no longer afford domestic help or had to relocate with their families.

Khoury pointed out that systemic change is only possible through institutional reforms and commitment from leadership. “We need to stop treating women’s success stories as exceptions. They should be the norm,” she says. While it is valid for some women to get attention for their success stories, this attention should not be based on gender; countless women succeed every day, and it is no exception.

 Most women leaders agree with the gender quota, even though it might be seen as favoritism or forced, however, it is shown to allow top management to consider female professionals when it was not the case before.  This insight ties back to the article’s argument that gender equality in finance needs to be structurally enforced, not just left to individual resilience. When asked whether CSR in banking had died out post-crisis, Khoury states that: “[It is] not a graveyard, but a bench. We’ve been sidelined, but we’re not out.” This metaphor captures how women in finance are often the first to be sidelined during financial crises, even if they played a crucial role in stabilizing the sector.

Opening the doors for the next generation

While progress is evident, systemic change is needed to ensure that women in finance receive equal opportunities. Interviewees advocate for policy reforms, including mandatory gender quotas in boardrooms, equal pay enforcement, and greater work-life balance support. The inclusion of women in the workforce can yield several benefits for the Lebanese economy. For example, the World Bank report states that closing the gender gap in the workforce could increase Lebanon’s GDP by 9 percent, demonstrating the significant economic potential of empowering women in finance.

Education also plays a critical role in shifting mindsets. Several women highlighted the importance of addressing gender bias from an early age, noting how societal conditioning starts in childhood. It’s not just about finance; It’s about teaching assertiveness and raising girls to know they deserve a seat at the table—and boys to see them as equals. 

The finance sector in Lebanon remains a challenging landscape for women, yet the stories of those breaking barriers offer hope for the future, especially when compared to corporate culture in other Middle Eastern countries. However, structural and cultural barriers continue to hinder women’s full participation in Lebanon’s finance industry. While economic crises have pushed more women into leadership roles, they are often stepping in out of necessity rather than structural inclusion​. More proactive policies—such as gender quotas in corporate boards, legal enforcement of equal pay, and financial inclusion programs—are needed to create real, sustainable change in Lebanon’s financial sector. As El Kadi put it, “If they won’t let us into the cigar lounge, we’ll build our own space.”

read more