If female circumcision truly was an equivalent to male circumcision, then all that would involve would be removing the foreskin of the clitoris.
The clitoris is aesthetically very similar looking to a penis only, of course, a lot smaller. The foreskin is commonly called the ''hood'', but serves the same function -- to cover the glans and to provide pleasure when moved up and down the clitoral head.
In reality, female circumcision is not just removal of the foreskin, but amputation of the clitoris -- the equivalent of removing a penis. So, it's horrifyingly cruel.