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An Artificial Intelligence and NLP based Islamic FinTech Model Combining Zakat and Qardh-Al-Hasan for Countering the Adverse Impact of COVID 19 on SMEs and Individuals

Author

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  • Mohammad Haider Syed
  • Shahnawaz Khan
  • Mustafa Raza Rabbani
  • Yannis E. Thalassinos

Abstract

Pursose: The ongoing Corona virus (COVID 19) pandemic has already impacted almost everyone across the globe. The focus has now shifted from spread of the disease to the economic consequences it will bring to the society. The shortage of production will result into the shortage of supply and consequently will end as loss of jobs and employment for millions of people around the world. Two of the most important section of our society i.e., daily wage laborers and Small and Medium Enterprises (SMEs) will have to bear the major burnt of this crisis. The proposed integrated Artificial Intelligence and NLP based Islamic FinTech Model combining Zakat (Islamic tax) and Qardh-Al-Hasan (benevolent loan) can help the economy to minimize the adverse impact of COVID 19 on individuals and SMEs. Design/Methodology/Approach: The present study explores the possibility of Zakat and Qardh-Al-Hasan as a financing method to fight the adverse impact of Corona virus on poor individuls and SMEs. It provides the solution by proposing an Artificial Intelligence and NLP based Islamic FinTech Model combining Zakat and Qardh-Al-Hasan. Findings: The findings of the study reveals that Islamic finance has immense potential to fight any kind of situation/pandemic. Zakat and Qardh-Al-Hasan, if combined together can prove to be a deadly combination to fight the adverse effect of COVID 19. Practical Implications: To be used as an effective way to support individuals and SMEs in the period during and after the pandemic of COVID 19. Originality/value: There is no study combining Zakat and Qardh Al-Hasan to fight the adverse effect of poor individuals and SMEs. The study will contribute massively to the existing literature and will help the government and civil societies in fighting the economic impact of COVID 19 on individuals and SMEs.

Suggested Citation

  • Mohammad Haider Syed & Shahnawaz Khan & Mustafa Raza Rabbani & Yannis E. Thalassinos, 2020. "An Artificial Intelligence and NLP based Islamic FinTech Model Combining Zakat and Qardh-Al-Hasan for Countering the Adverse Impact of COVID 19 on SMEs and Individuals," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(2), pages 351-364.
    • Handle: RePEc:ers:ijebaa:v:viii:y:2020:i:2:p:351-364
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    References listed on IDEAS

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    1. Farah Muneer & Foyasal Khan, 2019. "Qard-Al-Hassan As A Tool For Poverty Alleviation: A Case Study Of The Fael Khair Waqf Program In Bangladesh," Journal of Islamic Monetary Economics and Finance, Bank Indonesia, vol. 5(4), pages 829-848, November.
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    Cited by:

    1. Mohammad Rashed Hasan Polas & Valliappan Raju, 2021. "Technology and Entrepreneurial Marketing Decisions During COVID-19," Global Journal of Flexible Systems Management, Springer;Global Institute of Flexible Systems Management, vol. 22(2), pages 95-112, June.
    2. Ambika Zutshi & John Mendy & Gagan Deep Sharma & Asha Thomas & Tapan Sarker, 2021. "From Challenges to Creativity: Enhancing SMEs’ Resilience in the Context of COVID-19," Sustainability, MDPI, vol. 13(12), pages 1-16, June.
    3. Chaklader, Barnali & Gupta, Brij B. & Panigrahi, Prabin Kumar, 2023. "Analyzing the progress of FINTECH-companies and their integration with new technologies for innovation and entrepreneurship," Journal of Business Research, Elsevier, vol. 161(C).
    4. Amin Jan & Mário Nuno Mata & Pia A. Albinsson & José Moleiro Martins & Rusni Bt Hassan & Pedro Neves Mata, 2021. "Alignment of Islamic Banking Sustainability Indicators with Sustainable Development Goals: Policy Recommendations for Addressing the COVID-19 Pandemic," Sustainability, MDPI, vol. 13(5), pages 1-38, March.
    5. Sitara Karim & Mustafa Raza Rabbani & Mamunur Rashid & Zaheer Anwer, 2022. "COVID-19 Challenges and the Role of Islamic Fintech," Springer Books, in: M. Kabir Hassan & Mustafa Raza Rabbani & Mamunur Rashid (ed.), FinTech in Islamic Financial Institutions, pages 341-356, Springer.
    6. Mohajan, Haradhan, 2020. "Most Fatal Pandemic COVID-19 Outbreak: An Analysis of Economic Consequences," MPRA Paper 101623, University Library of Munich, Germany, revised 03 Apr 2020.
    7. Mohajan, Haradhan, 2021. "Global COVID-19 Pandemic: Prevention and Protection Techniques," MPRA Paper 106923, University Library of Munich, Germany, revised 19 Jan 2021.

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    More about this item

    Keywords

    Artificial Intelligence; COVID 19; Islamic FinTech; Zakat; Qardh-Al-Hasan.;
    All these keywords.

    JEL classification:

    • G3 - Financial Economics - - Corporate Finance and Governance
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation

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