Actualization of Islamic social finance during disasters: The Covid-19 pandemic's lessons in Indonesia

Djalaluddin, Ahmad ORCID:, Kholilah, Kholilah ORCID:, Danila, Nevi and Andriani, Sri ORCID: (2023) Actualization of Islamic social finance during disasters: The Covid-19 pandemic's lessons in Indonesia. IQTISHODUNA: Jurnal Ekonomi Islam, 12 (2). ISSN 2252-5661

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The COVID-19 pandemic is the best opportunity for applying Islamic social finance. The government’s limitations in tackling the impact of COVID-19 raise the participation of the Muslim community significantly. Applying Islamic social finance during COVID-19 taught us its effectiveness in dealing with disasters, especially in disaster-prone countries like Indonesia. This research combines normative and empirical aspects. The normative study is sourced primarily from the Qur'an, hadith, and scholarly ijtihad. The empirical study search for empirical practices regarding Islamic social finance development in Indonesia. The study results that Islamic social finance practice in Indonesia during the COVID-19 has reflected a unique and rich actualization in terms of its basis, characteristics, varieties, and purposes; such as social investment, revolving assistance, exemption of tuition fees, and shadaqaa of production tools. The community partnership patterns show that it has great potential to support the state's role in dealing with the disasters’ impact.

Item Type: Journal Article
Keywords: Islamic social finance; covid-19; disaster
Subjects: 14 ECONOMICS > 1402 Applied Economics > 140207 Financial Economics
15 COMMERCE, MANAGEMENT, TOURISM AND SERVICES > 1502 Banking, Finance and Investment > 150201 Finance
Divisions: Faculty of Economics > Department of Accounting
Depositing User: Dr. Ahmad Djalaluddin
Date Deposited: 07 Nov 2023 12:14


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