Special Issue - "Islamic Finance Role in the Time of COVID 19 Pandemic: The Way Out during and after Emergency"



Special Issue
"Islamic Finance Role in the Time of COVID 19 Pandemic: The Way Out during and after Emergency"


Guest Editors:

* Maha Radwan, University of Turin, e-mail: maha.radwan@unito.it

* Shoaib Ali Sha,
Shaheed Zulfikar Ali Bhutto Institute of Science and Technology,
e-mail: shoaib.shah230@gmail.com

*Valerio Brescia, University of Turin, e-mail: valerio.brescia@unito.it



In recent times, COVID 19 has demonstrated its pandemic power (Bedford et al., 2020; Koonin, 2020). This adverse event includes unusual economic scenarios (McKibbin and Fernando, 2020).
At a time when many countries in the world are forced into periods of quarantine (Anderson et al., 2020), one wonders what the role of Islamic finance could be in countering the power of the pandemic. Furthermore, what role for Islamic finance in supporting the economies of the countries in which it operates.
Today, research in the Islamic context has initiated a profound discussion of the social instruments that the economic and financial sector can make available to the well-being of society (Almarri and Meewella, 2015). Sharia, that regulates all Islamic financial instruments and investments and its screening methodology, prohibits unethical businesses and practices that are similar to the negative screening methodology adopted by the socially responsible investment which makes both of them connected to Social Finance, however it has to move for taking steps towards positive screening not only negative screening of exclusion (Biancone and Radwan, 2019). From this, it emerges the need for highlighting the link between Islamic Finance and its role fighting COVID 19 pandemic.

The European Journal of Islamic Finance (EJIF) strongly believes in the role of the research and its responsibility to contribute to the guidance for finding ideas and for enriching the scientific debates.
Therefore, the EJIF is dedicating a Special Issue that provides an opportunity to boost the discussion between Islamic Finance and social actions which aim to reduce the impact of COVID 19 pandemic. The Special Issue that aims at studying current state and possible developments for Islamic finance for taking an active role in such a global emergency of COVID19 pandemic, where there could be high expectations for the Islamic finance and Islamic economics contribution due to its ethical principles in the favor of the human well being and societies.

Contributions focusing on the use of Islamic finance to trigger processes of fostering economic development are highly encouraged. EJIF welcomes submissions from a wide range of theoretical, methodological and empirical approaches of contributions.

Suggestions themes to the EJIF Special Issue can cover various aspects of themes of Islamic Finance and COVID19, can include, but not limited to, the following:

• Innovation: What are the innovative instruments that could be developed in the array of Islamic finance for making it useful for Muslims and non-Muslims economy to fight COVID 19 pandemic power? What kind of innovative tools Islamic Finance could use?
• Market aspects: Facing new market challenges, what are the Islamic market strategies to be adopted by companies? Sector like tourism and many other sectors facing is a huge threat and will struggle for overcoming its losses.
• Business models: The need for new innovative business models and its role in value creation. What new business models to be experienced for the Islamic financial system?
• Confidence in markets: How markets' confidence is changing with the pandemic? How to overcome the loss of confidence in markets? Looking to financial markets and stock exchange that are losing and petrol prices that failing.
• Social Finance: Islamic finance offers Islamic economies various social tools, what could be the gearing actions on the social level bearing in mind role of Zakat, Waqf, Qard Hassan, and Sukuk. Is there a need for more new instruments that should be adopted or new prospective of usage for such various array of existent tools? What are the actions in terms of culture, knowledge, and suitable environment needed to create a positive atmosphere for a changing ecosystem?
• Stakeholders Engagement: Role of stakeholders’ engagement within the Islamic economy and finance for the creation of effective strategies.

For Paper Publication Process & for more information about the journal, please refer to: http://www.ojs.unito.it/index.php/EJIF

Submission: Please indicate in the process of submission in the comments that it is for the special issue “Islamic Finance Role in the Time of COVID 19 Pandemic: The Way Out during and after Emergency”
Deadline for receiving manuscripts is: 15th of July, 2020


Almarri, J., Meewella, J. (2015). Social entrepreneurship and Islamic philanthropy. Int. J. Bus. Glob., vol. 15, no. 3, pp. 405–424
Anderson R.M., Heesterbeek H., Klinkenberg D., Hollingsworth T.D. (2020). How will country-based mitigation measures influence the course of the COVID-19 epidemic?. The Lancet. https://doi.org/10.1016/S0140-6736(20)30567-5
Bedford J., Enria D., Giesecke J., Heymann D.L., Ihekweazu C., Kobinger G., Lane Clifford H., Memish Z., Oh M-D., Sall A.A., Schuchat A., Ungchusak K., Wieler L.H. (2020). COVID-19: towards controlling of a pandemic. The Lancet. https://doi.org/10.1016/S0140-6736(20)30673-5
Biancone P.P., Radwan M. (2019). Social Finance and Financing Social Enterprises: An Islamic Finance Prospective. European Journal of Islamic Finance. Special Issue Islamic and Social Finance. http://dx.doi.org/10.13135/2421-2172/3176
McKibbin, W., & Fernando, R. (2020). The global macroeconomic impacts of COVID-19: Seven scenarios (No. 2020-19). Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
Koonin, L. M. (2020). Novel coronavirus disease (COVID-19) outbreak: Now is the time to refresh pandemic plans. Journal of Business Continuity & Emergency Planning, 13(4), 1-15.