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COVID-19: An Opportunity to Re-Think Islamic Economics كوفيد-19: فرصة لإعادة التفكير في ماهية الاقتصاد الإسلامي

Author

Listed:
  • Mohamed Aslam Haneef

    (Professor, Department of Economics, International Islamic University Malaysia)

Abstract

This brief comment begins in section 1 by making some observations on the lead paper, highlighting the need to have some comparative data with regards to the impact of COVID-19 on OIC countries and to have analyses to see if there were any similarities or differences in countries that had Islamic economics and finance reforms. Section 2 of the paper discusses the need to re-think the approach taken in presenting Islamic economics and the possible impact this would have in dealing with the post COVID-19 economy. It is important to realize that Islamic economics must be seen as a 3-sector economy, in which private, public, and not-for-profit sectors have their role to play. In addition, a new decision-making model is needed, one that goes beyond individual self-interest and takes into consideration ‘others’ in one’s choices, i.e., decisions that have a social impact. It is also imperative that we bring Islamic banking and finance in-line with the bigger development agenda that takes into concern the well-being of all others. Much more serious research is needed to translate ideas developed in the 1970s and early 1980s into workable models. يبدأ هذا التعليق الموجز في القسم الأول بإبداء بعض الملاحظات على الورقة الرئيسة، مع تسليط الضوء على أهمية الحصول على بعض البيانات المُقارنة فيما يتعلق بتأثير كوفيد-19على دول منظمة التعاون الإسلامي وذلك بغرض إجراء تحليلات لمعرفة ما إذا كانت هناك أي أوجه للتشابه و/أو الاختلاف بين الدول التي لديها مساهمات في الاقتصاد الإسلامي وتقوم بإصلاحات مالية. يناقش القسم الثاني من الورقة الحاجة إلى إعادة التفكير في النهج المتبع في تقديم الاقتصاد الإسلامي والتأثير المحتمل لذلك في التعامل مع اقتصاد ما بعد جائحة كوفيد-19. من المهم أن ندرك أن الاقتصاد الإسلامي يجب أن يُنظر إليه على أنه اقتصاد ثلاثي القطاعات؛ حيث يقوم القطاع الخاص والعام وغير الربحي بدور مهم. بالإضافة إلى ذلك، هناك حاجة إلى نموذج جديد لصنع القرار؛ أُنموذجًا يتجاوز المصلحة الفردية "الصِّرْفَة" ليأخذ في الاعتبار "الآخرين" في خيارات المرء؛ أي الأخذ بعين الاعتبار البُعد الاجتماعي في القرارات الاقتصادية والمالية. ومن الضروري أيضًا أن تتماشى الصيرفة بشكل خاص والتمويل الإسلامي بشكل عام مع جدول أعمال التنمية الأكثر شُمولاً؛ أي النموذج الذي يأخذ بعين الاعتبار رفاهية "الجميع" بشكل متوازن. علاوةً على ذلك هناك حاجة إلى مزيد من البحث الجاد لترجمة الأفكار التي تم تطويرها في السبعينيات وأوائل الثمانينيات من القرن الماضي إلى نماذج قابلة للتطبيق.

Suggested Citation

  • Mohamed Aslam Haneef, 2021. "COVID-19: An Opportunity to Re-Think Islamic Economics كوفيد-19: فرصة لإعادة التفكير في ماهية الاقتصاد الإسلامي," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 34(1), pages 93-102, January.
  • Handle: RePEc:abd:kauiea:v:34:y:2021:i:1:no:6:p:93-102
    DOI: 10.4197/Islec.34-1.6
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    References listed on IDEAS

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    1. Alves, Carolina & Kvangraven, Ingrid Harvold, 2020. "Changing the Narrative: Economics After Covid-19," Review of Agrarian Studies, Foundation for Agrarian Studies, vol. 10(1), July.
    2. Marwan, Syed & Haneef, Mohamed Aslam, 2019. "Does doing good pay off?," Islamic Economic Studies, The Islamic Research and Training Institute (IRTI), vol. 27, pages 23-37.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Re-thinking Islamic economics; Social impact; Re-alignment of Islamic finance. إعادة التفكير في الاقتصاد الإسلامي، الأثر الاجتماعي، إعادة مواءمة التمويل الإسلامي.;
    All these keywords.

    JEL classification:

    • B5 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches
    • H5 - Public Economics - - National Government Expenditures and Related Policies
    • I3 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty
    • Z0 - Other Special Topics - - General

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