میلاد عیسایی

Small and medium enterprises (SMEs) are vital for economic development, growth in production, and employment expansion. One of their key challenges is the financing gap. Therefore, offering alternative financing solutions can aid in their growth and development. This study aims to propose an efficient way to finance SMEs through the issuance of sukuk. At first, we identified challenges in financing SMEs by interviewing experts. Then based on challenges we propose two assumptions in designing a Sukuk model for financing SMEs and based on them, we designed 7 models. We use an intermediary in all models and we propose to finance a portfolio of SMEs instead of financing a single SME and, also we use contracts that originator could use them for any purpose. These models were based on Tawaruq, Ijarah, Musharaka, Manfaat, Salam, Wakalah and Bay' al-dayn. Then we ranked models using the TOPSIS method based on 6 criteria, and the wakalah sukuk model was chosen for SME financing from the capital market. Subsequently, a model based on wakalah sukuk was developed, addressing aspects such as parties involved in Wakalah Sukuk for financing SMEs, profit management in SME Wakalah Sukuk, wakil's fee, construction of SME’s portfolio by Wakil, and reporting and monitoring the performance of the originator.