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Is Islamic Finance A Panacea for Global Economic Disruptions After COVID-19

Author

Listed:
  • Abubakar, Jamila
  • Bashayer AlQashouti, Bashayer AlQashouti
  • Aysan, Ahmet Faruk
  • Unal, Ibrahim Musa

Abstract

The coronavirus pandemic has led to unprecedented financial and economic disruptions worldwide. Academic interest in the topic of COVID-19 outbreak has led to a rapid influx of publications on the subject matter from both Islamic and conventional finance and economy perspectives. This paper analyses the contributions of Islamic finance and economy (IFE) literature to the global discussion through a bibliometric analysis and literature review of publications on IFE and COVID-19 using the dimensions database. The paper investigates the role IFE research has played in providing solutions capable of addressing global challenges in the wake of the pandemic. The paper reveals that IFE has made efforts during the pandemic to mitigate the effect of the crisis and strengthen economies. But unlike after the 2008 global financial crisis, IFE is not focusing on global solutions and is more confined to localized country-specific solutions for recovery and resilience. The paper recommends repositioning IFE's academic focus towards tackling issues and providing solutions at a global scale.

Suggested Citation

  • Abubakar, Jamila & Bashayer AlQashouti, Bashayer AlQashouti & Aysan, Ahmet Faruk & Unal, Ibrahim Musa, 2022. "Is Islamic Finance A Panacea for Global Economic Disruptions After COVID-19," MPRA Paper 116883, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:116883
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    References listed on IDEAS

    as
    1. Adel Ahmed, 2010. "Global financial crisis: an Islamic finance perspective," International Journal of Islamic and Middle Eastern Finance and Management, Emerald Group Publishing Limited, vol. 3(4), pages 306-320, November.
    2. Kinateder, Harald & Campbell, Ross & Choudhury, Tonmoy, 2021. "Safe haven in GFC versus COVID-19: 100 turbulent days in the financial markets," Finance Research Letters, Elsevier, vol. 43(C).
    3. Khairil Faizal Khairi & Nur Hidayah Laili & Aimi Fadzirul Kamarubahrin, 2020. "Determination of Malaysian consumer intention toward purchasing Takaful scheme for mental health disorders," Jurnal Ekonomi & Keuangan Islam, Faculty of Economics, Universitas Islam Indonesia, vol. 6(2), pages 106-118.
    4. Yarovaya, Larisa & Elsayed, Ahmed H. & Hammoudeh, Shawkat, 2021. "Determinants of Spillovers between Islamic and Conventional Financial Markets: Exploring the Safe Haven Assets during the COVID-19 Pandemic," Finance Research Letters, Elsevier, vol. 43(C).
    5. Sherif, Mohamed, 2020. "The impact of Coronavirus (COVID-19) outbreak on faith-based investments: An original analysis," Journal of Behavioral and Experimental Finance, Elsevier, vol. 28(C).
    6. Hasanul Banna & Md Rabiul Alam, 2021. "Does Digital Financial Inclusion Matter For Bank Risk-Taking? Evidence From The Dual-Banking System," Journal of Islamic Monetary Economics and Finance, Bank Indonesia, vol. 7(2), pages 401-430, May.
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    Cited by:

    1. Umar Nawaz Kayani & Misbah Sadiq & Mustafa Raza Rabbani & Ahmet Faruk Aysan & Farrukh Nawaz Kayani, 2023. "Examining the Relationship between Economic Growth, Financial Development, and Carbon Emissions: A Review of the Literature and Scientometric Analysis," International Journal of Energy Economics and Policy, Econjournals, vol. 13(2), pages 489-499, March.

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    More about this item

    Keywords

    Resilience; Islamic Finance and Economy; COVID-19; Economic Recovery;
    All these keywords.

    JEL classification:

    • G00 - Financial Economics - - General - - - General
    • G01 - Financial Economics - - General - - - Financial Crises
    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages

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