The introduction of Islamic finance in Libya: Capturing the opportunities for SMEs development / Abdulaziz M. Abdulsaleh.

Abdulsaleh, Abdulaziz M. (2017) The introduction of Islamic finance in Libya: Capturing the opportunities for SMEs development / Abdulaziz M. Abdulsaleh. Journal of Emerging Economies & Islamic Research, 5 (1). pp. 1-10. ISSN 2289-2559

Abstract

In most countries, especially the developing ones, SMEs have a dynamic role as engines through which the growth objectives can be accomplished. This is very true in the case of Libya where the economy has been over-reliant on oil and gas as well as inefficient public sector. Unfortunately, SMEs in Libya are not playing their expected role as access to finance remains to be a formidable challenge. While banks remain the major external financier, if not the only one, many studies found that Libyans in general avoid dealing with conventional banks mainly due to religious beliefs. However, the recent introduction of Islamic banking and finance in the country could be a game changer. As such, this paper attempts to assess the opportunities for SMEs development in Libya following the recent introduction of Islamic finance. The study is exploratory; therefore the relevant literature is sourced and reviewed. The review shows that there is a strong demand for Islamic finance products from Libyan businesses including SMEs. Coupled with a strong enabling environment in which political stability and regulatory clarity are maintained Islamic finance is viable and has the ability to significantly contribute to the development of SMEs sector.

Metadata

Item Type: Article
Creators:
CreatorsEmail / ID. Num
Abdulsaleh, Abdulaziz M.UNSPECIFIED
Subjects: H Social Sciences > HJ Public Finance
H Social Sciences > HJ Public Finance > Finance, Islamic
Divisions: Universiti Teknologi MARA, Selangor > Puncak Alam Campus > Faculty of Business and Management
Journal or Publication Title: Journal of Emerging Economies & Islamic Research
Journal: UiTM Journal > Journal of Emerging Economies and Islamic Research (JEEIR)
ISSN: 2289-2559
Volume: 5
Number: 1
Page Range: pp. 1-10
Official URL: http://www.jeeir.com/v2/index.php/33-current/2017/...
Item ID: 32153
Uncontrolled Keywords: Islamic Finance, SMEs, Libya
URI: http://ir.uitm.edu.my/id/eprint/32153

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