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Sharia Finance Managing Risks: The Case of Covid-19

Author

Listed:
  • Said Edaich
  • Lukasz Dymek

Abstract

Purpose: The purpose of our work is to analyze the efforts of the Islamic financial industry to deal with the COVID-19 crisis and highlights its support for conventional finance, and global economy. Design/Methodology/Approach: Desk research and case studies were provided to identify type and scope of the legal and economic measures taken by the governance of Islamic finance meeting the challenges imposed by the Coronavirus pandemic and analyze how they match with the conventional finance proposed resolution. Findings: The outcome of this article is the evaluation of main measures of the Islamic finance system according to their effectiveness and efficiency providing a case study of the COVID-19 crisis. Practical Implications: The approach of the best practice to the global financial policy has been proposed. Global Islamic finance is largely concentrated in the Middle East, Asia and North Africa, where the Gulf Islamic finance markets hold a 40.3% share. The findings have been used to consider as the policy directives for the conventional finance system. Originality/Value: The assessment of the impact of the measures taken by Islamic finance industry, in short and long-term as a results of the process of integration and harmonization to conventional finance.

Suggested Citation

  • Said Edaich & Lukasz Dymek, 2020. "Sharia Finance Managing Risks: The Case of Covid-19," European Research Studies Journal, European Research Studies Journal, vol. 0(Special 2), pages 1057-1067.
    • Handle: RePEc:ers:journl:v:xxiii:y:2020:i:special2:p:1057-1067
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    References listed on IDEAS

    as
    1. Ozili, Peterson & Arun, Thankom, 2020. "Spillover of COVID-19: Impact on the Global Economy," MPRA Paper 99317, University Library of Munich, Germany.
    2. Alasrag, Hussien, 2010. "Global Financial crisis and Islamic finance," MPRA Paper 22167, University Library of Munich, Germany.
    Full references (including those not matched with items on IDEAS)

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    Cited by:

    1. Radomír Scurek, 2021. "Management and Data Processing of Quantitative Terrorism Research in the European Union and the Czech Republic," European Research Studies Journal, European Research Studies Journal, vol. 0(Special 4), pages 18-39.

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    More about this item

    Keywords

    Global finance system; global economy; Sharia finance; COVID-19 crisis.;
    All these keywords.

    JEL classification:

    • E02 - Macroeconomics and Monetary Economics - - General - - - Institutions and the Macroeconomy
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • E66 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General Outlook and Conditions

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