IJIBE (International Journal of Islamic Business Ethics)
Vol 6, No 2 (2021): September 2021

GLOBAL COVID-19: WHAT ISLAMIC ECONOMIC AND FINANCE CAN DO? INDONESIA EXPERIENCE

Azwar Iskandar (Sekolah Tinggi Ilmu Islam dan Bahasa Arab (STIBA) Makassar, Indonesia)
Bayu Taufiq Possumah (Institut Agama Islam Tazkia, Indonesia)
Khaerul Aqbar (Sekolah Tinggi Ilmu Islam dan Bahasa Arab (STIBA) Makassar, Indonesia)



Article Info

Publish Date
30 Sep 2021

Abstract

Pandemic of COVID-19 has shocked and spread all over the world, including Indonesia. This research was conducted with the aim to lay out the role of Islamic economic and finance policies, as well as to propose a number of solutions which could be offered to solve various problems in time of the COVID-19 pandemic in Indonesia. By using descriptive qualitative approach, this research attempts to analyse various concepts that found in the research process trough content analysis techniques and library research. The results show that within the framework of Islamic economic and finance, some strategies that we can employ to dispose the social impact of COVID-19 such as: (1) distribution of direct cash assistance from zakat and infaq, collected by zakat and other social institutions; (2) strengthening infaq programs for various needs; (3) strengthening waqf programs, including cash waqf for social waqf projects, productive waqf, combination of social-productive waqf, or cash waqf linked sukuk; (4) superior venture capital assistance for the business sectors or Micro and Small Enterprises (MSEs); (5) the qardh al-hasan scheme; (6) strengthening MSMEs businesses; (7) improvement of Islamic economic and finance literacy; and (8) the development of Islamic financial technology. If the above programs using Islamic economic and finance instruments could really be encouraged, the economic surplus would be re-established and the acceleration of economic recovery could be realized, while at the same time reducing poverty and supporting the achievement of equitable distribution of income and wealth.

Copyrights © 2021






Journal Info

Abbrev

ijibe

Publisher

Subject

Economics, Econometrics & Finance

Description

International Journal of Islamic Business Ethics (IJIBE) is a publication medium of research results in the field of Islamic business ethics. Islamic business ethics is a concept of business which based on Islamic values and principles. It is guidance for business actors to know what is right or ...