Islamic Finance and Its Contribution to the Financing of Moroccan SMEs

Résumé

Abstract

SMEs are vital to the Moroccan economy, accounting for 95% of the country's productive fabric and playing a central role in economic development and job creation. However, these businesses face major difficulties in accessing finance, mainly because financial institutions are reluctant to grant them loans, preferring to support large companies. To remedy this situation, the government has introduced a number of measures to make it easier to finance SMEs. Among the solutions being considered, Islamic finance stands out for its innovative financing methods, which require less collateral and reduce financial burdens. This study seeks to determine whether Islamic finance could represent an effective solution to the financing challenges facing Moroccan SMEs. We adopted a deductive methodology to test our hypotheses. This included a literature review to understand the principles of different financing methods and field data collection through interviews with SME managers. The descriptive analysis of these data will allow us to examine the characteristics of the sample, the financing needs, and to assess the potential of Islamic finance. Our article is structured in four parts: a review of the literature, the working methodology, a descriptive analysis and a presentation of the results obtained.

Key-words: SMEs, Financing, Islamic Finance.