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COVID-19 Pandemic and ‘KITA JAGA KITA’: Appraisal of Social Responsible Practices of Islamic Banking Institutions in Malaysia

In: Wealth Management and Investment in Islamic Settings

Author

Listed:
  • Noor Suhaida Kasri

    (INCEIF University)

  • Siti Fariha Adilah Ismail

    (Maybank Islamic Bank, Dataran Maybank)

Abstract

COVID-19 pandemic has caught global economies off-guard and its lingering detrimental socio-economic impact is still raging. Government and central banks worldwide scrambling to find the right approach and means to facilitate their nations’ swift recovery. In this challenging time, the world saw the critical role played by financial sectors to resuscitate the economies through the adoption of measures appropriate to the need of the people and businesses. In light of this development, This paper examines the socially responsible practices of selected Islamic banking institutions in Malaysia during the COVID-19 pandemic. Due to their exemplary inclusive assistance to the communities and businesses particularly the marginalised and underserved segment of the society, five Islamic banking institutions have been selected namely Bank Islam Malaysia Berhad, Maybank Islamic Berhad, Alliance Islamic Bank Berhad, CIMB Islamic Bank Berhad and Bank Muamalat Malaysia Berhad. The responsible and commendable actions of these Islamic banking institutions aptly resonate the Malaysian communal COVID-19 campaign, ‘Kita Jaga Kita’ meaning we take care of each other. This paper also highlights the recovery measures and the financial assistance announced and implemented by the Government of Malaysia particularly the Central Bank of Malaysia to curb the impact of COVID-19 on the nation.

Suggested Citation

  • Noor Suhaida Kasri & Siti Fariha Adilah Ismail, 2022. "COVID-19 Pandemic and ‘KITA JAGA KITA’: Appraisal of Social Responsible Practices of Islamic Banking Institutions in Malaysia," Springer Books, in: Toseef Azid & Murniati Mukhlisin & Othman Altwijry (ed.), Wealth Management and Investment in Islamic Settings, chapter 0, pages 313-330, Springer.
    • Handle: RePEc:spr:sprchp:978-981-19-3686-9_18
    DOI: 10.1007/978-981-19-3686-9_18
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