IslamicFinance.de

In Egypt, 20% of small- and medium-sized enterprises (SMEs) have indicated a preference for Sharia-compliant products, according to an IMF working paper issued this month. The paper said there is a substantial demand for Islamic banking among the MENA region’s SMEs, with approximately 35% expressing their interest in financing by Islamic banks. Islamic banks need to make adjustments in the structure of their work to improve their ability to reach consumers. They also need to sell their products to the global Muslim population segment that does not currently have a bank account, according to the paper. Moreover, banks need to focus on SMEs and pursue private equity and venture capital initiatives.