مجلة العلوم الاقتصادية والتسيير والعلوم التجارية
Volume 18, Numéro 1, Pages 373-390
2025-06-30
Crowdfunding Between Theory And Practice: An International And Regional Analysis With A Case Study Of Algeria
Authors : Harfouche Saida .
Abstract
This study aims to highlight crowdfunding as an emerging financing model by outlining its theoretical foundations and analyzing its development and prospects globally and regionally. It examines successful experiences in the Arab region, particularly in Saudi Arabia and the United Arab Emirates, which have made significant progress in adopting and regulating this model. The study also focuses on the Algerian experience by reviewing the current state of crowdfunding, the legal and regulatory framework (notably Law 01-23), and the active platforms in the country. Findings suggest that crowdfunding offers a flexible and efficient alternative to traditional financing, especially for startups and SMEs, and is expected to expand further in the coming years. Despite Algeria’s notable steps toward regulation, including the role of COSOB, the sector still faces legal, technological, and institutional challenges that need to be addressed to ensure its successful implementation and sustainable growth.
Keywords
Crowdfunding ; Participatory Investment Advisor ; , COSOB (Commission for the Organization and Supervision of Stock Exchange Operations) ; Alternative Financing ; Crowdfunding Platforms
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