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Islamic finance for SMES

Author

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  • Hussein ELASRAG

    (INCEIF, Malaysia.)

Abstract

Small and Medium Enterprises (SMEs) make up the bulk of the economic tissue of the economy. In developing countries, they represent the majority of employment, including female employment. Investing in SMEs is a long-term and smart strategy, with sustainable returns that multiply across regions, countries and societies. SMEs constitute the overwhelming majority of firms. Globally, SMEs make up over 95% of all firms, account for approximately 50% of GDP and 60%–70% of total employment, when both formal and informal SMEs are taken into account. This amounts to between 420 million and 510 million SMEs, 310 million of which are in emerging markets. Promoting access to finance for SMEs has been on the global reform agenda since the global financial crisis. The purpose of this paper is to investigate the opportunities of development and growth as well as the main challenges to Islamic finance for SMEs. This paper will help to deepen understanding of the concepts of Islamic finance as well as SMEs. In addition to evaluate how Islamic financial institutions can support SMEs.

Suggested Citation

  • Hussein ELASRAG, 2016. "Islamic finance for SMES," Journal of Economic and Social Thought, EconSciences Journals, vol. 3(3), pages 417-433, September.
    • Handle: RePEc:cvv:journ3:v:3:y:2016:i:3:p:417-433
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    JEL classification:

    • B10 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - General
    • B30 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - General
    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • K40 - Law and Economics - - Legal Procedure, the Legal System, and Illegal Behavior - - - General
    • K20 - Law and Economics - - Regulation and Business Law - - - General

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