In many aspects, they could be a perfect match for each other: Islamic banks are hungry to grow their loan books while small- and medium-sized enterprises (SMEs) in the Middle East and North Africa, on the other hand, are still finding it hard to obtain funding. Yet thousands of SMEs across the region are left in the cold because there are not enough shariah-compliant banking services available, according to a study by the International Finance Corporation. In nine countries across the region, the IFC estimates that SMEs – which play an important role in economic growth especially in this part of the world – are in need of up to $13.2 billion in Islamic finance.
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Opportunity for Islamic Banks to Finance SME Growth in MENA, IFC Says
Jun 19, 2014