It is necessary for banks to give special attention to specific and well picked target groups and serve their specific needs, in order to remain competitive in the financial market.

As an example of this, the Emirates Islamic Bank in Dubai pioneered a special banking branch solely for women.

A recent article in FinObserver reveals that the bank has incorporated the individual needs of women in its business model. Women are offered a financial zone free of men, as well as custom banking products such as retail-outlet discounts, special travel packages and discounts on bank products, exclusive ladies lounges, free Internet and mobile banking.

Some fear that the women’s only branch in Dubai will increase gender segregation in the Persian gulf, but this fear is mostly unsubstantiated. Banks should focus more on their various target groups and female customers are a target group that has thus far been largely ignored in the banking world. If anything, giving women financial liberty by offering them services tailored to their needs should be applauded.

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