EFFICIENCY OF SMALL AND MEDIUM- SIZED BUSINESS FINANCING BASED ON MUSHARAKAH: AN ANALYSIS OF OPPORTUNITIES AND RISKS

This article examines the economic efficiency, opportunities, and key risks associated with Musharakah-based financing for small and medium-sized enterprises (SMEs). The study employs comparative analysis, financial modelling, scenario analysis, and risk systematization methods. Musharakah-based financing and conventional bank lending are compared under different profitability scenarios. The results demonstrate that the principal advantage of Musharakah lies not in the absolute cost of financing, but in its capacity to distribute profits and risks between the parties in accordance with business performance. At the same time, information asymmetry, moral hazard, agency problems, and monitoring costs are identified as the main factors that may influence the practical efficiency of Musharakah financing.