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Article

The Response of Islamic Financial Service to the COVID-19 Pandemic: The Open Social Innovation of the Financial System

by
Mustafa Raza Rabbani
1,
Mahmood Asad Mohd. Ali
2,
Habeeb Ur Rahiman
3,*,
Mohd. Atif
4,
Zehra Zulfikar
5 and
Yusra Naseem
6
1
Department of Economics and Finance, University of Bahrain, Zallaq P.O. Box 32038, Bahrain
2
Department of Management and Marketing, University of Bahrain, Zallaq P.O. Box 32038, Bahrain
3
Department of Management, Kingdom University, Riffa 909, Bahrain
4
Department of Commerce and Business Studies, Jamia Millia Islamia, New Delhi 110025, India
5
Department of Commerce, Shaheed Bhgat Sigh College, University of Delhi, New Delhi 110017, India
6
Department of Commerce, Sri Ram College of Commerce (SRCC), University of Delhi, New Delhi 110007, India
*
Author to whom correspondence should be addressed.
J. Open Innov. Technol. Mark. Complex. 2021, 7(1), 85; https://doi.org/10.3390/joitmc7010085
Submission received: 28 January 2021 / Revised: 8 February 2021 / Accepted: 8 February 2021 / Published: 4 March 2021
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Abstract

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.
Keywords: COVID-19; COVID-19 pandemic; Fintech; Islamic finance; financial contagion COVID-19; COVID-19 pandemic; Fintech; Islamic finance; financial contagion

Share and Cite

MDPI and ACS Style

Raza Rabbani, M.; Asad Mohd. Ali, M.; Rahiman, H.U.; Atif, M.; Zulfikar, Z.; Naseem, Y. The Response of Islamic Financial Service to the COVID-19 Pandemic: The Open Social Innovation of the Financial System. J. Open Innov. Technol. Mark. Complex. 2021, 7, 85. https://doi.org/10.3390/joitmc7010085

AMA Style

Raza Rabbani M, Asad Mohd. Ali M, Rahiman HU, Atif M, Zulfikar Z, Naseem Y. 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. 2021; 7(1):85. https://doi.org/10.3390/joitmc7010085

Chicago/Turabian Style

Raza Rabbani, Mustafa, Mahmood Asad Mohd. Ali, Habeeb Ur Rahiman, Mohd. Atif, Zehra Zulfikar, and Yusra Naseem. 2021. "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 7, no. 1: 85. https://doi.org/10.3390/joitmc7010085

APA Style

Raza Rabbani, M., Asad Mohd. Ali, M., Rahiman, H. U., Atif, M., Zulfikar, Z., & Naseem, Y. (2021). 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, 7(1), 85. https://doi.org/10.3390/joitmc7010085

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