It is said that the COVID-19 pandemic has turned back the poverty clock. As such, there is a need to have social mechanisms put in place to provide relief to those who are affected in this regard. Islamic social finance consists of tools and institutions that could be used to alleviate poverty. This book explores the impact of COVID-19 on Islamic finance to better understand the effectiveness of Islamic social finance in helping those who have been affected by poverty overnight due to the halt in all major economic activities in the context of the pandemic.
Since the struggle against poverty in each country will be different, the book attempts to shed light on the experiences of different countries by presenting successful models of Islamic social finance. The book first looks at poverty and COVID-19 before delving into the role of Islamic social financial institutions and how they have risen against COVID-19. The book concludes by examining the impact of COVID-19 on Islamic microfinance.
This book is the first of its kind on the subject of COVID-19, and it intends to bridge the gap in the literature.
Table of Contents
M. KABIR HASSAN, AISHATH MUNEEZA, AND ADEL M. SAREA
PART I Poverty and Covid-19
1 Impact of COVID-19 on Islamic social finance
M. KABIR HASSAN, AISHATH MUNEEZA, AND ADEL M. SAREA
2 Financial capacity indicators and risk exposure among different income groups: influence of COVID-19
MONSURAT AYOJIMI SALAMI AND ADEL M. SAREA
3 Financial inclusion and risk exposure among different income groups: the impact of COVID-19 pandemic
MONSURAT AYOJIMI SALAMI, ADEL M. SAREA, AND M. KABIR HASSAN
4 Iran and COVID-19: An alternative crisis management system based on bottom-up Islamic social finance and faith-based civic engagement
NAJMODDIN YAZDI, ALI MARVI, AND ALI MALEKI
5 Impact of COVID-19 on sustainable development: A way forward
NUSRAT JAFRIN, MUHAMMAD MEHEDI MASUD, AND ABU NASER MOHAMMAD SAIF
PART II Innovation in Islamic social finance to fight against COVID-19
6 Islamic FinTech – the digital transformation bringing sustainability to Islamic finance
MOHAMMAD ATIF, M. KABIR HASSAN, MUSTAFA RAZA RABBANI, AND
7 Artificial intelligence and Natural language processing (NLP) based FinTech model of Zakat for poverty alleviation and sustainable development for Muslims in India
MUSTAFA RAZA RABBANI, M. KABIR HASSAN, SHAHNAWAZ KHAN, AND MAHMOOD ASAD MOH’D ALI
8 Online monetary donations to mitigate the impacts of the COVID-19 crisis: evidence from Kuwait
SAEED AWADH BIN-NASHWAN
9 Adapting the Al Rajhi waqf model to mitigate the impact of COVID-19 on the ummah: a lesson to Muslim philanthropists
UMAR HABIBU UMAR
10 Funding the refugee crisis in Turkey: a case for social impact sukuk
ZIYAAD MAHOMED, IBRAHIM MUSA UNAL, AND SHAMSHER MOHAMAD
PART III Impact of COVID-19 on Islamic microfinance
11 COVID-19 pandemic: the Islamic social capital perspective in Baitul Maal Wat Tamwil institutions movement in Indonesia
RAHMAWATI AND FITRI RINALDI
12 Unlocking Islamic social finance to assist micro small medium enterprises in Brunei Darussalam
KHAIRUL HIDAYATULLAH BASIR AND MOHD HAIRUL AZRIN BESAR
13 The role of Islamic microfinance in eradicating the impact of COVID-19 on socio-economic wellbeing in Nigeria
ABDULLATEEF ABDULQADIR MAIKABARA, ROMZIE ROSMAN, AND HABEEBULLAH ZAKARIYAH
14 Islamic social finance during economic uncertainty: special roles of Ar-Rahnu
NOR FADILAH BAHARI, MUSTAFA MOHD HANEFAH, AND ZURINA SHAFII
15 Profit-loss sharing principle: The strategic answer of solidarity in Islamic finance
AMIRA KADDOUR, BADRI NARAYANAN GOPALAKRISHNAN, MOHAMED BECHIR BELAID, AND MOHAMMAD NURUNNABI
M. Kabir Hassan is Professor of Finance in the Department of Economics and Finance in the University of New Orleans, Louisiana. He currently holds three endowed Chairs – Hibernia Professor of Economics and Finance, Hancock Whitney Chair Professor in Business, and Bank One Professor in Business – in the University of New Orleans. Professor Hassan is the winner of the 2016 Islamic Development Bank (IDB) Prize in Islamic Banking and Finance. Professor Hassan received his BA in Economics and Mathematics from Gustavus Adolphus College, Minnesota, and MA in Economics and PhD in Finance from the University of Nebraska–Lincoln, Nebraska.
Aishath Muneeza is Associate Professor at the International Centre for Education in Islamic Finance (INCEIF), Malaysia. She is the first female Deputy Minister of the Ministry of Islamic Affairs and was the Deputy Minister of the Ministry of Finance and Treasury of the Republic of Maldives. She is considered as the founder of Islamic finance in the Maldives. Her contribution to Islamic finance includes structuring of the corporate sukuks, sovereign private sukuk of the country including the Islamic treasury instruments, designing the first Islamic microfinance scheme, and establishing and heading the Maldives Hajj Corporation, the Tabung Haji of Maldives.
Adel M. Sarea is Associate Professor of Accounting and Economics at Ahlia University, Kingdom of Bahrain. He obtained a PhD in Economics and Muamalat Administration (Accounting) from the Islamic Science University of Malaysia in 2011. He joined Ahlia University in September 2011 and has been Director of the Ahlia MBA program since 2013. Dr Sarea is the winner of the Emerald Literati Award 2014 for Excellence (best paper). In 2015, he was appointed as a recognized PhD supervisor by Brunel University London, UK.