The Response of Islamic Financial Service to the COVID-19 Pandemic: The Open Social Innovation of the Financial System
Novel Coronavirus, also known as COVID-19, is a health emergency that is having an ever-growing impact on the global economy. COVID-19 has caused economic disruption at an unprecedented speed and scale. The economic costs it will bring to society can only be measured in times to come. Millions of pe...
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| Format: | Article |
| Language: | English |
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Elsevier
2021-03-01
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| Series: | Journal of Open Innovation: Technology, Market and Complexity |
| Subjects: | |
| Online Access: | https://www.mdpi.com/2199-8531/7/1/85 |
| _version_ | 1797427392236486656 |
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| author | Mustafa Raza Rabbani Mahmood Asad Mohd. Ali Habeeb Ur Rahiman Mohd. Atif Zehra Zulfikar Yusra Naseem |
| author_facet | Mustafa Raza Rabbani Mahmood Asad Mohd. Ali Habeeb Ur Rahiman Mohd. Atif Zehra Zulfikar Yusra Naseem |
| author_sort | Mustafa Raza Rabbani |
| collection | DOAJ |
| description | Novel Coronavirus, also known as COVID-19, is a health emergency that is having an ever-growing impact on the global economy. COVID-19 has caused economic disruption at an unprecedented speed and scale. The economic costs it will bring to society can only be measured in times to come. Millions of people across the globe have already become unemployed, and similarly, millions of businesses have either shut down or are on the verge of collapse. It is a great challenge for policymakers to minimize the economic impact of COVID-19 and put the economy on a growth trajectory once again. Unfortunately, there is so far no country in the world that can be viewed as a role model for its economic response to the COVID-19 pandemic. The present study proposes Islamic finance as a potential tool to help affected economies safely pass through the economic crisis resulting from the pandemic. This study identifies a four-stage COVID-19 model and proposes ten innovative Islamic financial services for each stage of the pandemic. In addition, it analyzes how these services can be effectively utilized at different stages to overcome the economic damage caused by the pandemic. |
| first_indexed | 2024-03-09T08:43:38Z |
| format | Article |
| id | doaj.art-1eb8e04e6a0349648dfd76610ef35e89 |
| institution | Directory Open Access Journal |
| issn | 2199-8531 |
| language | English |
| last_indexed | 2024-03-09T08:43:38Z |
| publishDate | 2021-03-01 |
| publisher | Elsevier |
| record_format | Article |
| series | Journal of Open Innovation: Technology, Market and Complexity |
| spelling | doaj.art-1eb8e04e6a0349648dfd76610ef35e892023-12-02T15:51:28ZengElsevierJournal of Open Innovation: Technology, Market and Complexity2199-85312021-03-017858510.3390/joitmc7010085The Response of Islamic Financial Service to the COVID-19 Pandemic: The Open Social Innovation of the Financial SystemMustafa Raza Rabbani0Mahmood Asad Mohd. Ali1Habeeb Ur Rahiman2Mohd. Atif3Zehra Zulfikar4Yusra Naseem5Department of Economics and Finance, University of Bahrain, Zallaq P.O. Box 32038, BahrainDepartment of Management and Marketing, University of Bahrain, Zallaq P.O. Box 32038, BahrainDepartment of Management, Kingdom University, Riffa 909, BahrainDepartment of Commerce and Business Studies, Jamia Millia Islamia, New Delhi 110025, IndiaDepartment of Commerce, Shaheed Bhgat Sigh College, University of Delhi, New Delhi 110017, IndiaDepartment of Commerce, Sri Ram College of Commerce (SRCC), University of Delhi, New Delhi 110007, IndiaNovel Coronavirus, also known as COVID-19, is a health emergency that is having an ever-growing impact on the global economy. COVID-19 has caused economic disruption at an unprecedented speed and scale. The economic costs it will bring to society can only be measured in times to come. Millions of people across the globe have already become unemployed, and similarly, millions of businesses have either shut down or are on the verge of collapse. It is a great challenge for policymakers to minimize the economic impact of COVID-19 and put the economy on a growth trajectory once again. Unfortunately, there is so far no country in the world that can be viewed as a role model for its economic response to the COVID-19 pandemic. The present study proposes Islamic finance as a potential tool to help affected economies safely pass through the economic crisis resulting from the pandemic. This study identifies a four-stage COVID-19 model and proposes ten innovative Islamic financial services for each stage of the pandemic. In addition, it analyzes how these services can be effectively utilized at different stages to overcome the economic damage caused by the pandemic.https://www.mdpi.com/2199-8531/7/1/85COVID-19COVID-19 pandemicFintechIslamic financefinancial contagion |
| spellingShingle | Mustafa Raza Rabbani Mahmood Asad Mohd. Ali Habeeb Ur Rahiman Mohd. Atif Zehra Zulfikar Yusra Naseem The Response of Islamic Financial Service to the COVID-19 Pandemic: The Open Social Innovation of the Financial System Journal of Open Innovation: Technology, Market and Complexity COVID-19 COVID-19 pandemic Fintech Islamic finance financial contagion |
| title | The Response of Islamic Financial Service to the COVID-19 Pandemic: The Open Social Innovation of the Financial System |
| title_full | The Response of Islamic Financial Service to the COVID-19 Pandemic: The Open Social Innovation of the Financial System |
| title_fullStr | The Response of Islamic Financial Service to the COVID-19 Pandemic: The Open Social Innovation of the Financial System |
| title_full_unstemmed | The Response of Islamic Financial Service to the COVID-19 Pandemic: The Open Social Innovation of the Financial System |
| title_short | The Response of Islamic Financial Service to the COVID-19 Pandemic: The Open Social Innovation of the Financial System |
| title_sort | response of islamic financial service to the covid 19 pandemic the open social innovation of the financial system |
| topic | COVID-19 COVID-19 pandemic Fintech Islamic finance financial contagion |
| url | https://www.mdpi.com/2199-8531/7/1/85 |
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