Future of Islamic finance in the post-COVID era in Africa
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COVID-19 was first considered to be a health crisis. However, the containment measures implemented by the respective governments of countries around the world led to an economic crisis which eventually led to a human crisis. It is said that due to the pandemic, the global poverty clock has turned back 30 years (Kharas and Hamel, 2020) and the impact of it in different countries depending on their level of development is affected. It is reported that COVID-19 virus has been found in all African countries, but the number of cases recorded is fewer which could be due to lack of capacity to test and report positive cases (United Nations, 2020). Apart from the health issues faced, other issues such as: scarcity of food and medical supplies; inability to work leading to loss of income; and the emergence of a debt crisis leading to political instability (United Nations, 2020). The main difference between the financial crisis of 2018 and the pandemic is that the pandemic crisis has affected more than just the financial sector and includes real economic activities like farming and trading (Muhammad and Ismail, 2020).
Islamic finance , Islamic commercial finance , Islamic banking , Post-covid era , Pandemic , Policy direction
Hassan, M. K., & Muneeza, A. (2022). Future of Islamic finance in the post-COVID era in Africa. In M. K. Hassan, A. Muneeza, & K. N. M. Sonko (Eds.), Islamic finance in Africa: the prospects for sustainable development (pp. 14-28). Edward Elgar Publishing Limited.
Edward Elgar Publishing Limited