International Journal of Innovation and Applied Studies
ISSN: 2028-9324     CODEN: IJIABO     OCLC Number: 828807274     ZDB-ID: 2703985-7
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Islamic finance and the financing of SMEs in Morocco

[ La finance islamique et le financement des PME au Maroc ]

Volume 18, Issue 3, November 2016, Pages 736–742

 Islamic finance and the financing of SMEs in Morocco

Mohamed ADRAOUI1, Khalid ROUGGANI2, and Nabil BOUAYAD AMINE3

1 Economic and Management Laboratory (LEG), Doctoral School, University Hassan 1st, Morocco
2 Economic and Management Laboratory (LEG), Doctoral School, University Hassan 1st, Morocco
3 Economic and Management Laboratory (LEG), Doctoral School, University Hassan 1st, Morocco

Original language: French

Received 3 August 2016

Copyright © 2016 ISSR Journals. This is an open access article distributed under the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.


The Islamic finance develops rapidly and its activity draws several stakeholders, Morocco is considered as one of the few Arab-Muslim countries not to have Islamic Bank. Morocco has everything to gain by integrating the Islamic finance. Who can bring fresh resources, and inject a new blood in our economy. Through our research we wonder about the place of Islamic finance in the financing of small and medium-sized enterprises, thanks in particular to an offer of financial products complementary to the classical system, which allows to meet the growing needs of SMES who struggle yet to find adequate sources of funding. We are going to present in a first time the Islamic financial system by focusing on the products of this branch of the conventional finance, and also the products offered by this new industry. In a second time we discuss the contribution of the conventional Finance in Morocco in relation to small and medium-sized enterprises.

Author Keywords: Islamique Finance, Finance conventional, SMEs, banks alternatives, Islamique financial products.

Abstract: (french)

La finance islamique se développe rapidement et son activité attire plusieurs intervenants, Le Maroc est considéré comme l’un des rares pays arabo-musulmans à ne pas avoir de banque islamique. Le Maroc a tout à gagner en intégrant la finance islamique. Qui peut apporter des ressources fraîches, et injecter un nouveau sang dans notre économie. A travers notre recherche nous nous interrogeons sur la place de finance islamique dans le financement des petites et moyennes entreprises, grâce notamment à une offre de produits financiers complémentaire au système classique, ce qui permet de répondre aux besoins croissants des PME qui peinent encore à trouver des sources de financement adéquates. Nous allons présenter dans un premier temps le système financier islamique en mettant l’accent sur les produits de cette branche de la finance conventionnelle, et aussi les produits offerts par cette nouvelle industrie. Dans un deuxième temps nous abordons l’apport de la finance conventionnelle au Maroc par rapport aux PME.

Author Keywords: Finance islamique, Finance conventionnelle, PME, banques alternatives, produits financiers islamiques.

How to Cite this Article

Mohamed ADRAOUI, Khalid ROUGGANI, and Nabil BOUAYAD AMINE, “Islamic finance and the financing of SMEs in Morocco,” International Journal of Innovation and Applied Studies, vol. 18, no. 3, pp. 736–742, November 2016.