When a number of companies floated their shares for subscription in the past, Saudi women sought to invest by buying shares in their own names and in the names of their underage children. The women, however, received the shock of their lives when local banks handling the initial public offerings refused to sell them shares unless they produce a written consent from their husbands.
The irony is that some women discovered that their husbands had bought shares in their names without their knowledge. The men didn’t bother to ask their wives’ opinion, and the banks agreed to sell them the shares without the written consent of their wives. It is this kind of double standard that makes women angry. Their anger is justified in this case when the banking system favors one group over another; putting full trust and confidence in men while treating women with suspicion. What is wrong if a woman sought to buy something in the name of her sons and daughters? Why ask for a written approval from the husband if the matter solely concerns the woman? For any system to be fair it has to apply to all, men and women alike.
Such acts deny women the right to invest their own money in the manner they deem fit. Islam gives a woman the right to economic independence and prohibits men from illegally exploiting their wealth. The problem lies in a system that gives men everything and denies women the rights guaranteed by Islam. Some women have wealth that far exceeds that of their husbands. They may not want to be entangled in business dealings with their husbands. Don’t these women have the right to invest their money in a manner they deem fit, whether in their own names or in the names of their children or through any other means that ensures financial security for them and their children?
There has to be a way out. We have to find a system that guarantees fairness and protects the rights of all, especially women. More companies are planning to float their shares in future and women would like to invest. If women are to be empowered they have to find themselves part of a system that guarantees the rights for all, and on an equal footing.
