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Financing SMEs through the Islamic Qard al-Hasan: a proposal of Islamic FinTech interest- free lending for government initiatives.

Sa'ad, Auwal Adam and Pitchay, Allah Pitchay (2019) Financing SMEs through the Islamic Qard al-Hasan: a proposal of Islamic FinTech interest- free lending for government initiatives. In: Impact of Financial Technology (FinTech) on Islamic Finance and Financial Stability. Advances in Finance, Accounting, and Economics (AFAE), 1 volume . IGI Global Publication, Hershey, Pennsylvania, USA, pp. 54-64. ISBN 9781799800392

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Abstract

Financing small and medium enterprises (SMEs) is one of the most important mechanisms to boost eco- nomic growth in both developed and developing nations. The contributions of SMEs in many countries’ gross domestic product (GDP) have been overwhelming. SMEs improve job creation in all sectors of the economy and contribute to the people’s economic wellbeing. However, many SMEs are not getting financing from their respective counties due to strict regulations and interest rate hike. With this kind of regulations and high interest, many brains are wasted, and many ideas are vanishing with the job opportunities attached them. Government agencies are therefore in need to innovate different ways to facilitate SME financing and support new businesses for achieving and maintaining sustainable economic growth. This chapter proposes an Islamic FinTech and its mechanisms to achieving this vital initiative using the Islamic benevolent loan “Alqard al-hasan.”

Item Type: Book Chapter
Additional Information: 8761/74855
Uncontrolled Keywords: SMEs Financing; Qard al-Hasan, Islamic FinTech
Subjects: H Social Sciences > HG Finance
H Social Sciences > HG Finance > HG3368 Islamic Banking and Finance
H Social Sciences > HG Finance > HG4001 Financial management. Business finance. Corporation finance.
Kulliyyahs/Centres/Divisions/Institutes (Can select more than one option. Press CONTROL button): Institute of Islamic Banking & Finance (IIiBF)
Depositing User: DR. Auwal Adam Sa'ad
Date Deposited: 15 Oct 2019 10:55
Last Modified: 15 Oct 2019 10:55
URI: http://irep.iium.edu.my/id/eprint/74855

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