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OIC economies during the COVID-19: implications and recommendations

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dc.contributor.authorM. Kabir Hassan
dc.contributor.authorSaeed Awadh Bin-Nashwan
dc.contributor.authorAishath Muneeza
dc.date.accessioned2022-03-28T03:15:26Z
dc.date.available2022-03-28T03:15:26Z
dc.date.issued2022
dc.description.abstractCOVID-19 is a pandemic that is a black swan event that has disrupted the economic activities in the whole world. Organization for Islamic Cooperation (OIC) is the second largest international organization that unites Muslims to collectively protect their interest by having a global platform to voice out their concerns. This is an exploratory research of which the objective is to understand the implication of this pandemic on OIC countries to suggest ways in which pandemic related economic challenges facing these countries could be resolved. This research identifies four key economic challenges faced by the OIC countries: challenges in adapting to new normal in in re-starting the economic activities; issues in formulating effective plans for economic recovery; increase in poverty, unemployment and inequality in societies; and disruption to global economy chains. To overcome these economic challenges identified, fives recommendations are proposed via which OIC could play the leading role in ensuring that OIC countries could leverage each other to rebound the respective economies in the shortest possible time. The recommendations proposed are made not to gain short term benefits; but they are proposed considering the long-term benefits it will give to the economies of member countries of OIC. The recommendations proposed are: creating a fintech ecosystem for financial services and introducing OIC electronic commerce market; formulating strategies to implement shared prosperity via effective implementation of Islamic social finance; adopting Blue Ocean Strategy; promoting Islamic economic principles; and implementing circular economy concept. It is anticipated that through this research the economic challenges faced by Muslim countries due to the pandemic can be understood and the recommendations proposed could be utilized by the government and policymakers of the respective countries to resolve the challenges identified.en_US
dc.identifier.citationHassan, M. K., Bin-Nashwan, S. A., & Muneeza, A. (2022). OIC economies during the COVID-19: implications and recommendations. In M. Kabir Hassan, Aishath Muneeza & Adel M. Sarea (Eds.), Towards a post-COVID global financial system lessons in social responsibility from Islamic finance (pp. 37-50). United Kingdom: Emerald Publishing Limited.en_US
dc.identifier.isbn9781800716261 (Print)
dc.identifier.isbn9781800716254 (Online)
dc.identifier.isbn9781800716278 (Epub)
dc.identifier.urihttps://ikr.inceif.org/handle/INCEIF/3548
dc.languageEnglish
dc.language.isoengen_US
dc.publisherEmerald Publishing Limiteden_US
dc.rights2022. Emerald Publishing Limited
dc.sourceSEDONA
dc.subjectEconomic principlesen_US
dc.subjectIslamic countriesen_US
dc.subjectIslamic financeen_US
dc.subjectHuman developmenten_US
dc.subjectPandemicen_US
dc.subjectPoverty alleviationen_US
dc.subjectRebounden_US
dc.subjectCOVID-19en_US
dc.titleOIC economies during the COVID-19: implications and recommendationsen_US
dc.typeChapter in Booken_US
dlc.maintopicCOVID-19en_US
dspace.entity.typePublication
ikr.doctypeScholarly Works
ikr.topic.maintopicCOVID-19en_US
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relation.isAuthorOfPublication.latestForDiscovery81014255-5cb8-46bc-ad81-bf6d8a3a0702
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