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Shaping the gig economy in Malaysia: is the Islamic banking industry on track?

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Date
2022
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Abstract
The term gig economy was first coined in 2009 by Tina Brown, the editor-in-chief of the Daily Beast, an online news magazine. At the time of her writing, the world was bearing the brunt of the global economic recession. The ensuing economic woes accelerated the proliferation of gig workers who made a living by taking on on-demand jobs as part-timers, freelancers, independent contractors and project-based workers. Fast forward eleven years to 2020, the economic downturn from massive layoffs and business closures triggered by the COVID-19 pandemic is seeing the spur of worldwide gig economic activities. The widespread use of the Internet and the rise of digital platforms have helped those who lost their jobs to use them to make a living, sparking the popularity and exponential growth of this sector. The gig economy, also dubbed the 'sharing economy', 'collaborative economy', 'digital economy', 'crowd economy', and 'peer economy', is recognised as a new economic source of revenue across the globe and in Malaysia too. With close to four million freelance workers in Malaysia, and increasing by the day, the gig economy forms a key part of the Twelfth Malaysia Plan (2021-2025) (Lim, 2021).
Keywords
Gig economy , Gig workforce , COVID-19 , Islamic finance , Twelfth Malaysia Plan (2021-2025) , Malaysia
Citation
Kasri, N. S. (2022). Shaping the gig economy in Malaysia: is the Islamic banking industry on track? IF Hub, 2 (June 2022), pp. 3-8.
Publisher
ISRA Research Management Centre
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