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The impact of the COVID-19 pandemic on Islamic finance: the lessons learned and the way forward

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dc.contributor.authorM. Kabir Hassan
dc.contributor.authorAdel M. Sarea
dc.contributor.authorAishath Muneeza
dc.date.accessioned2022-03-28T03:15:25Z
dc.date.available2022-03-28T03:15:25Z
dc.date.issued2022
dc.description.abstractThis chapter explores the impact of the pandemic on Islamic commercial finance and Islamic social finance in a comprehensive manner. The chapter reveals that COVID-19 has provided more opportunities to Islamic social finance than Islamic commercial finance. The beauty of Islamic finance in this regard is reflected as the perception that Islamic finance does not achieve its objective as being a social finance is proved to be false as Islamic finance not only promotes profit maximization, but it has also the potential to achieve social objectives. Islamic commercial finance developments could be slower, but it is anticipated that Islamic social modes of financing will be used widely even by multilateral agencies to assist the communities who need help in this pandemic. The most important lesson one could learn from this pandemic in relation to Islamic finance is that Islamic finance is truly different from conventional finance and as such, it needs a unique legal, regulatory and governance framework to display the true potential of it.en_US
dc.identifier.citationHassan, M. K., Muneeza, A., & Sarea, A. M. (2022). The impact of the COVID-19 pandemic on Islamic finance: the lessons learned and the way forward. In M. Kabir Hassan, Aishath Muneeza & Adel M. Sarea (Eds.), Towards a post-COVID global financial system lessons in social responsibility from Islamic finance (pp. 15-36). United Kingdom: Emerald Publishing Limited.en_US
dc.identifier.isbn9781800716261 (Print)
dc.identifier.isbn9781800716254 (Online)
dc.identifier.isbn9781800716278 (Epub)
dc.identifier.urihttps://ikr.inceif.edu.my/handle/INCEIF/3547
dc.languageEnglish
dc.language.isoengen_US
dc.publisherEmerald Publishing Limiteden_US
dc.rights2022. Emerald Publishing Limited
dc.sourceSEDONA
dc.subjectIslamic commercial financeen_US
dc.subjectIslamic financeen_US
dc.subjectIslamic social financeen_US
dc.subjectImpacten_US
dc.subjectCOVID-19en_US
dc.subjectWay forwarden_US
dc.titleThe impact of the COVID-19 pandemic on Islamic finance: the lessons learned and the way forwarden_US
dc.typeChapter in Booken_US
dlc.maintopicIslamic social financeen_US
dspace.entity.typePublication
ikr.doctypeScholarly Works
ikr.topic.maintopicIslamic social financeen_US
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relation.isAuthorOfPublication.latestForDiscovery81014255-5cb8-46bc-ad81-bf6d8a3a0702
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