Over the last three months, the coronavirus pandemic and crisis associated with it has significantly slowed the Islamic finance economies.
Islamic finance can play a vital role in navigating the economic disturbance brought by the coronavirus crisis on residents and corporate levels via its social instruments, say some experienced analysts.
It is said that the four Islamic finance instruments of social sukuk, Qard Hassana, zakat, and waqf in particular can support core Islamic countries, corporates and banks navigate the current difficult situation.
“The Islamic finance industry can directly use social instruments to support households by paying compensation to people to reduce the burden, and by giving access to affordable basic services, such as health care and education” said Mohamed Damak, primary credit analyst.
Read More: https://www.khaleejtimes.com/business/local/islamic-finance-can-heal-covid-pain
