Hussein Elasrag

Sme Finance Hussein Elasrag

Small and medium-sized enterprises (SMEs) play an important role in most economies, especially in developing countries. Formal SMEs account for 45% of total employment in new economies and 33% of national income (GDP). These numbers are much higher when it comes to informal SMEs. It is estimated that 600 million jobs will be needed in the next 15 years to absorb the growing global workforce, mainly in Asia and sub-Saharan Africa. In emerging markets, most formal jobs are related to SMEs, and SMEs have also created four of the five new positions. However, access to finance is a major constraint to the growth of SMEs; without it, many SMEs will be sluggish. This book attempts to provide hints and insights and introduce some of the Islamic financial instruments that the market provides for SME financing .