Mitigating the Effect of Covid-19 on the Society Through the Islamic Social Finance

AbdulKareem, Ibraheem Alani; Mahmud, Mohd Sadad; Elaigwu, Moses; Ganiyy, Abdul Fattah Abdul

doi:10.37231/jmtp.2021.2.1.83

Cited by 10 publications

(6 citation statements)

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“…Priority of assistance should first be given to the poor and needy, as well as MSMEs as ISF is primarily designed to help them. These roles of ISF in Covid-19 health and economic recovery have been confirmed by, among others, AbdulKareem et al (2021), Nik Azman et al (2021) and Haji-Othman et al (2020).…”

Section: Resultsmentioning

confidence: 64%

“…Nik Azman et al (2021) proved, using the partial least squares-structural equation modeling (PLS-SEM) method, that ISF has played an essential role in stabilising income among micro-entrepreneurs during the COVID-19 pandemic. Moreover, AbdulKareem et al (2021) documented that ISF, especially zakat and waqf , decreased the negative impact of a pandemic on the people and the entire global economy.…”

Section: Introductionmentioning

confidence: 99%

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The role of Islamic social finance during Covid-19 pandemic in Indonesia’s economic recovery

Ascarya

2021

IMEFM

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Purpose This study aims to propose Islamic solutions to the Covid-19 health and economic crises, specifically using Islamic social finance (ISF) instruments, including zakat, infaq and waqf. Design/methodology/approach This study applies the qualitative content analysis method, guided by a model of composite approaches of poverty alleviation in Islam, integrated Islamic commercial and social finance (IICSF) and crisis management of Umar bin Khattab, to construct various programs and/or policy actions toward economic recovery in Indonesia. Findings The results show that ISF with its instruments, especially zakat, infaq and waqf could help the government and the economy to recover from the crisis. The proposed solutions include: save lives, including medical assistance using zakat-infaq and health-care waqf using waqf; save households, by creating a social safety net and graduation program using zakat-infaq; save businesses, especially micro-small enterprises (MSEs), through financial and business assistance (especially digital marketing) leveraging zakat-infaq-waqf and save financial institutions, especially micro-small financial institutions, by the development of cash waqf and the adoption of fintech and IICSF, especially in Islamic financial institutions targeting MSEs. Research limitations/implications This study is exploratory in nature, which needs further investigations using more sophisticated qualitative and/or quantitative methods. Practical implications If the above programs using ISF instruments are implemented, the economic surplus would be re-established and the acceleration of economic recovery can be realized. Social implications The successful adoption of ISF could at the same time reduce poverty, accelerate MSEs development and improve equitable well-being. Originality/value The Covid-19 pandemic has caused health, economic and social problems, which must be solved holistically, including ISF within IICSF.

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Section: Resultsmentioning

confidence: 64%

Section: Introductionmentioning

confidence: 99%

The role of Islamic social finance during Covid-19 pandemic in Indonesia’s economic recovery

Ascarya

2021

IMEFM

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“…For instance, they can involve establishing partnerships with universities, the Kedah State Zakat Board (LZNK), and various research institutes in Malaysia to support underprivileged students access to highquality education there (Hudaefi et al, 2020). The Institute of zakat in Malaysia also distributes alms for the provision of materials and learning resources for religious education, scholarships for students at religious schools, and the salaries of teachers (Abdulkareem et al, 2021;Gwadabe, 2020). Bank Rakyat distributed RM 100,000 to students who could not return to their hometowns (Muhamat, 2020).…”

Section: Practical Implications Of Zakat In Malaysia During the Covid...mentioning

confidence: 99%

Practical Implication of Zakat in Socio-economic Empowerment during the COVID-19 Pandemic

Lestari

Febiyanti

Rohman

et al. 2022

Shirkah

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The extent to which zakat has contributed to and been implicated in the socio-economic empowerment of Muslim countries has not been the subject of a literature review. This study analyzes the practical implications of zakat in the OIC countries during the COVID-19 pandemic from the existing literature. Data were obtained from Harzing's Publish or Perish to analyze the role of zakat involvement in the socio-economic community in OIC countries from 2019 to 2021. 31 scholarly studies on the topics of economics, health, and education illustrate the economic implications of zakat. The discussion on the implications of zakat includes poverty reduction, economic empowerment, and MSMEs improvement. Zakat helps to fund community health care. Zakat provides educational scholarships, and school infrastructure, and enhances the feasibility of school arrangements. This study could assist the government to recognize the importance of zakat for socioeconomic empowerment and help policymakers develop strategic strategies to increase zakat participation, particularly in Muslim countries.

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“…Instruments from ISF can increase economic growth during a pandemic by optimally utilizing it according to its function (Masrul & Huda, 2020). In addition, the impact of social inequality can be overcome by utilizing instruments from the ISF, especially waqf and zakat (Kareem et al, 2021).…”

Section: Literature Reviewmentioning

confidence: 99%

Designing of digital-based Islamic social finance model through role of mosque

Nuriyah

Fakhri²

2022

J. Eko. Keu. Isl.

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Purpose – This study aims to optimize the role of mosques in increasing economic welfare and reducing widespread public usury loans. Moreover, this study also aims to determine the right model for Islamic financial activities.Methodology – This is a qualitative study and the Analytic Network Process (ANP) BOCR model was utilized to obtain the ideal model according to literature reviews and expert opinion. This study conducted in-depth interviews with 5 experts (Ulama, Regulators (Financial Services Authority), Fintech Practitioners, fintech academics, and the Indonesian Mosque Council).Findings – Three alternative models were chosen by the experts, namely the Crowdfunding Model (0.47), Peer-to-Peer landing (0.37), and Bank Infaq (0.17). In addition, the experts suggested for attention to be made to the cost factor (0.47) so as not to burden the mosque. Moreover, according to the experts, the benefits (0.28) that will be obtained will be greater for the welfare of the mosque and residents around the mosque if fintech crowdfunding is implemented.Originality – Research on the role of mosques in improving people's welfare by utilizing fintech is very rarely done. The results of this study are expected to increase the role of the community in collecting funds and controlling the distribution of tabarru' funds.Research limitations – This type of research is exploratory, and empirical research is needed for in-depth results.Practical implications – If this research is implemented, it will accelerate the recovery of economic conditions during a crisis.Social implications – The successful implementation of the Islamic Social Finance (ISF) model by utilizing the role of the mosque will improve the welfare of the community evenly.

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Mitigating the Effect of Covid-19 on the Society Through the Islamic Social Finance

Cited by 10 publications

References 0 publications

The role of Islamic social finance during Covid-19 pandemic in Indonesia’s economic recovery

The role of Islamic social finance during Covid-19 pandemic in Indonesia’s economic recovery

Practical Implication of Zakat in Socio-economic Empowerment during the COVID-19 Pandemic

Designing of digital-based Islamic social finance model through role of mosque

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