Does Islamic finance have a responsibility to reduce unemployment
According to expectations, financing SMEs shall be a measure to deal with unemployment in the MENA region. Reports suggest rapid growth of the market share of Islamic banking in Egypt due to the change in public policy. Smaller markets such as Oman and Morocco are also considered important in this context. Observers point out that Islamic finance is a potential source of spurring economic growth in the countries which experienced the Arab Spring. However, it is highly doubtful whether Islamic finance can solve the unemployment issue especially among young people. The question is rather if it should make conscious efforts to contribute to dealing with unemployment as part of its business strategy instead of a byproduct of its activities.