دراسة مقارنة لكفاءة التمويل الإسلامي والتقليدي في تمويل المؤسسات الصغيرة والمتوسطة

Abstract

This study aims to compare, on both theoretical and procedural levels, the efficiency of Islamic and traditional financing instruments aimed at SMEs in Algeria by analyzing the cases of Al Baraka Bank and the Banque Nationale d'Algérie (BNA) for the post-2020 period. The central problem focuses on identifying structural divergences regarding terms, collateral requirements, and execution mechanisms. The methodology relies on a descriptive and comparative approach toward regulatory frameworks and credit offerings. The findings indicate that the divergence lies not in economic objectives, but in the philosophical framework, contractual engineering, and risk-sharing mechanisms. The traditional model (BNA) stands out for its flexibility in injecting immediate liquidity for working capital in exchange for variable interest and heavy real collateral. Conversely, the Islamic model (Al Baraka) favors financing backed by tangible assets (Murabaha), ensuring cost stability for the entrepreneur despite slower processing procedures. The study recommends accelerating the digitization of credit processing, reducing the tax burden on Islamic transactions, and enhancing SME transparency to optimize access to both systems.