Islamic Wealth Management During the Covid-19 Pandemic

Abstract

The coronavirus disease (COVID-19) pandemic has severe health effects and serious implications for economic. This research is a conceptual article that describes concepts and principles of Islamic wealth management (IWM), Islamic financial planning practice during Covid-19 pandemic, and Islamic social finance for reducing the pandemic effect. There are five stages in IWM that is wealth accumulation, wealth consumption, wealth purification, wealth distribution, and wealth protection. Wealth distribution such as alms, grant, and waqf are important in reducing social and economic impacts due to a pandemic. The existence of Islamic social financial institutions becomes very important to manage that fund. In other hand, practicing Islamic financial planning in household level can mitigate potential poverty in the crisis period. The financial planning manage the provision given by Allah as well which is beneficial for the life of the world and for the afterlife.

Bibliometric Analysis in Islamic Social Finance and Covid-19 Research

“…Throughout the Covid-19 pandemic, Islamic social finance is essential in reducing the economic and social impact which in Islamic wealth management is known as the wealth distribution (Cahyani et al, 2021). Islamic social finance, which consists of zakat, waqf, and Islamic microfinance institutions, has good potential to overcome poverty (Umar et al, 2021).…”

Research Map on Islamic Wealth Management Studies

“…On this topic, not much research has been found. Among the relevant research is Cahyani et al (2021) discussing IWM during the Covid-19 pandemic. Based on his research it was found that in IWM, there are five stages of planning namely wealth accumulation, wealth consumption, wealth purification, wealth distribution, and wealth protection.…”