This study focuses on the possibility of applying Salam Wakalah, Modified Mudarabah and Musharakah Mutanaqisah as underlying concepts for SMEs financing in Malaysia. It is a known fact that SMEs are having difficulties in obtaining bank financing as compared to large and established corporations. Due to the financing bias, SMEs generally will not seek for bank financing. Although Islamic banks in Malaysia offer SME financing products, the majority is based on Tawarruq which is a debt-based financing and for SMEs, debt financing is not their top preference as it will affect the financial leverage; over-reliance on Tawarruq will cause contract concentration risks for banks as well. This paper proposes three models with profit and loss sharing feature which is believed to be a better option for both SMEs and Islamic banks. The processes and flows of the proposed models are discussed in this paper. Hypothetical examples are used to illustrate the payoffs of the models towards SMEs and Islamic bank, showcasing the benefits of adopting the models over Tawarruq financing. The models address the unique financing needs of SMEs under different business stages: Salam Wakalah for short term working capital financing that is vital during introductory phase; Modified Mudarabah for specific projects that enhance the business productivity during the growth stage, and; Musharakah Mutanaqisah for purchase of equipment and machineries during business expansion. At the same time, this paper also discuss on the potential of adopting the models into Investement Account Platform (IAP) to have involvement from the investors while encouraging Islamic banks to provide more equity-based contracts for SMEs.