We found a match
Your institution may have access to this item. Find your institution then sign in to continue.
- Title
Microcredit, Islamic Banking and Finance and the Turkish Foundations’ Response to Covid-19 Pandemic.
- Authors
BAŞAR, Emire Cihan
- Abstract
The outbreak of Covid-19 pandemic in November 2019 in Wuhan, China and it’s spread to the rest of the world became a great challenge for the governments and policymakers, made life unbearable under lockdowns, disrupted the socioeconomic life all over the world, especially for those in poverty. This gave an opportunity to Islamic finance to prove its potential in removing the acute income inequality brought by ultra-capitalist exploitation, accumulation and financialization and exacerbated by Covid-19 and bringing in the urgently needed social justice for the world. In this context, the aim of the current study is to explore and analyze the challenges posed by Covid-19, and to critically evaluate the role played by micro credit, Islamic banking and financial institutions, waqfs and various other Islamic financial tools as a response with reference to the practices of various Islamic countries, the role played by the Islamic Development Bank (IsDB) and the Turkish Foundations’ response to the Covid-19 pandemic. For this purpose, the literature on the basic principles of Islamic finance and financial tools is conceptually investigated. The study also identifies a 4-stage model summarizing the various Islamic financial services to be used at each stage of Covid 19. The findings of the study suggest that Islamic finance provides a new avenue for a more sustainable financial system in the post Covid-19 era. Islamic financial concepts will be of interest, particularly for the countries adopting the conventional capitalist financial system based solely on profit maximization. Thus, the article will be of use to develop hypotheses for future research, especially with regard to Islamic finance.
- Subjects
WUHAN (China); TURKEY; ISLAMIC finance; COVID-19 pandemic; MICROFINANCE; BANKING industry; COVID-19
- Publication
Igdir University Journal of Social Sciences / Iğdır Üniversitesi Sosyal Bilimler Dergisi, 2021, p89
- ISSN
2147-5717
- Publication type
Article
- DOI
10.54600/igdirsosbilder.1000558