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The World Economy and Islamic Economics in the Time of COVID-19: Few Remarks and Observations الاقتصاد العالمي والاقتصاد الإسلامي في زمن كُورونا المُستجد (كوفيد-19): بعض الملحوظات والتعليقات

Author

Listed:
  • Abdelkader Chachi

    (Assistant Professor, Department of Islamic Economics and Finance, Istanbul Sabahattin Zaim University, Istanbul, Turkey)

Abstract

This paper is a critical response to the lead paper of the discussion forum entitled “The World Economy and Islamic Economics in the Time of COVID-19”, written by Benamraoui (2021). Benamraoui (2021) looked at the COVID-19 pandemic from the economic perspective. He pointed out that it has brought unprecedented challenges to the world economy, that have never been experienced before, including a sharp decline in economic output and substantial increase in the level of unemployment. He suggested that Islamic finance could provide solutions to reduce the impact of the pandemic. This paper argues that, it is true that COVID-19 has negatively affected the world economy in an unprecedented way. However, this is a global crisis like many other global crises that have battered the world before, and it will soon be over. This paper also argues that one should not overlook the other side of the coin, as many studies, articles, and blogs are coming up, showing some of the positive effects of COVID-19. This paper also argues that even though the suggested Islamic solution could help in reducing the negative impact of COVID-19, but the problem is, who is going to implement it? Even some Muslim countries may not apply it, waiting for a solution to come from the West. تُقدم هذه الورقة رؤية نقدية لورقة منتدى النقاش بعنوان "الاقتصاد العالمي والاقتصاد الإسلامي في زمن كُورونا المُستجد (كوفيد-19)" التي كتبها ابن عمراوي (2021م). تَنَاول ابن عمراوي (2021م) جائحة كورونا (كوفيد-19) من منظور اقتصادي، التي أشار فيها إلى أنها تسببت في تحديات غير مسبوقة للاقتصاد العالمي لم يسبق لها مثيل، كالانخفاض الحاد في النشاط الاقتصادي، والزيادة الكبيرة في مستوى البطالة. علاوة على إضافته بأن التمويل الإسلامي يُمكن أن يُقَدِّم حلولاً مناسبةً تَحُد من آثار ومُخلفات الجائحة. تتفق هذه الورقة مع مسألة الأثر الاقتصادي السلبي للجائحة على الاقتصاد العالمي بطريقة غير مسبوقة، إلا أنها -أي الورقة- ترى أن الجائحة تُمثل أزمة عالمية كغيرها من العديد من الأزمات العالمية الأخرى التي عصفت بالعالم من قبل، لكنها انتهت كما ستنتهي هذه الأزمة كذلك. ثم ذكرت الورقة أيضا أنه لا ينبغي للمرء أن يتغاضى عن الوجه الآخر من العملة، حيث تظهر العديد من الدراسات الجانب "المشرق" للجائحة؛ أي ما يمكن وصفه "بالمنح التي تختفي وراء المِحَنْ". وتناقش الورقة أيضًا أنه وعلى الرغم من أن الحل الإسلامي المقترح يمكن أن يساعد في الحد من أثار الجائحة، إلا أن المشكلة تكمن فيمن سينفذه؟ حيث إن بعض الدول الإسلامية قد لا تطبقه، وتنتظر أن يأتي الحل من الغرب.

Suggested Citation

  • Abdelkader Chachi, 2021. "The World Economy and Islamic Economics in the Time of COVID-19: Few Remarks and Observations الاقتصاد العالمي والاقتصاد الإسلامي في زمن كُورونا المُستجد (كوفيد-19): بعض الملحوظات والتعليقات," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 34(1), pages 125-131, January.
  • Handle: RePEc:abd:kauiea:v:34:y:2021:i:1:no:9:p:125-131
    DOI: 10.4197/Islec.34-1.9
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    References listed on IDEAS

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    1. Warwick McKibbin & Roshen Fernando, 2021. "The Global Macroeconomic Impacts of COVID-19: Seven Scenarios," Asian Economic Papers, MIT Press, vol. 20(2), pages 1-30, Summer.
    2. Khawla Bourkhis & Mahmoud Sami Nabi, 2013. "Islamic and conventional banks' soundness during the 2007–2008 financial crisis," Review of Financial Economics, John Wiley & Sons, vol. 22(2), pages 68-77, April.
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    More about this item

    Keywords

    COVID-19; Negative impact; Positive impact; Islamic finance. كوفيد-19، الأثر السلبي، الأثر الإيجابي، التمويل الإسلامي.;
    All these keywords.

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • Z12 - Other Special Topics - - Cultural Economics - - - Religion

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