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Covid-19: reinforcing the impact of Islamic banking through value-based intermediation

The novel Covid-19 pandemic has caused an unprecedented human crisis around the globe. The necessary actions implemented to contain the virus have sparked both economic and social downturn. It shows the fragility and unpreparedness of the economy to face such a pandemic. Significant weakening of eco...

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Main Authors: Ahmad, Shamsuddeen Muhammad, Mahadi, Nur Farhah
Format: Conference or Workshop Item
Language:English
Published: Islamic Business School, UUM 2020
Subjects:
BPH Islamic Economics
HG3368 Islamic Banking and Finance
Online Access:http://irep.iium.edu.my/87304/7/87304_Covid-19%20reinforcing.pdf
http://irep.iium.edu.my/87304/
https://submit.confbay.com/thisconf/dwnl?view=download&acid=959
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spelling my.iium.irep.873042020-12-30T15:38:01Z http://irep.iium.edu.my/87304/ Covid-19: reinforcing the impact of Islamic banking through value-based intermediation Ahmad, Shamsuddeen Muhammad Mahadi, Nur Farhah BPH Islamic Economics HG3368 Islamic Banking and Finance The novel Covid-19 pandemic has caused an unprecedented human crisis around the globe. The necessary actions implemented to contain the virus have sparked both economic and social downturn. It shows the fragility and unpreparedness of the economy to face such a pandemic. Significant weakening of economic conditions has escalated the pressure on households, businesses and financial markets. However, before the Covid-19 outbreak, Bank Negara Malaysia has taken a new initiative by introducing Value-Based Intermediation (VBI). VBI’s strategy opens up a new holistic layer for Islamic banks in providing the public at large with impactful and profitable services. This paper discusses VBI’s strategy and its potential application from the viewpoint of Sharīʽah. This paper also discusses Islamic banks' activities in implementing VBI as well as their response to the Covid-19 pandemic, based on qualitative inquiry. The paper concludes that VBI is a long journey that requires significant transformation of mindset among key stakeholders. As Covid-19 has adversely impacted communities in several ways, Islamic banks could empower communities through provision of financial solutions that create positive impact. Islamic Business School, UUM 2020-09-24 Conference or Workshop Item PeerReviewed application/pdf en http://irep.iium.edu.my/87304/7/87304_Covid-19%20reinforcing.pdf Ahmad, Shamsuddeen Muhammad and Mahadi, Nur Farhah (2020) Covid-19: reinforcing the impact of Islamic banking through value-based intermediation. In: 3rd UUM International Islamic Business Management Conference 2020 (IBMC 2020), 24th–30th September 2020, Sintok, Kedah. https://submit.confbay.com/thisconf/dwnl?view=download&acid=959
institution Universiti Islam Antarabangsa Malaysia
building IIUM Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider International Islamic University Malaysia
content_source IIUM Repository (IREP)
url_provider http://irep.iium.edu.my/
language English
topic BPH Islamic Economics
HG3368 Islamic Banking and Finance
spellingShingle BPH Islamic Economics
HG3368 Islamic Banking and Finance
Ahmad, Shamsuddeen Muhammad
Mahadi, Nur Farhah
Covid-19: reinforcing the impact of Islamic banking through value-based intermediation
description The novel Covid-19 pandemic has caused an unprecedented human crisis around the globe. The necessary actions implemented to contain the virus have sparked both economic and social downturn. It shows the fragility and unpreparedness of the economy to face such a pandemic. Significant weakening of economic conditions has escalated the pressure on households, businesses and financial markets. However, before the Covid-19 outbreak, Bank Negara Malaysia has taken a new initiative by introducing Value-Based Intermediation (VBI). VBI’s strategy opens up a new holistic layer for Islamic banks in providing the public at large with impactful and profitable services. This paper discusses VBI’s strategy and its potential application from the viewpoint of Sharīʽah. This paper also discusses Islamic banks' activities in implementing VBI as well as their response to the Covid-19 pandemic, based on qualitative inquiry. The paper concludes that VBI is a long journey that requires significant transformation of mindset among key stakeholders. As Covid-19 has adversely impacted communities in several ways, Islamic banks could empower communities through provision of financial solutions that create positive impact.
format Conference or Workshop Item
author Ahmad, Shamsuddeen Muhammad
Mahadi, Nur Farhah
author_facet Ahmad, Shamsuddeen Muhammad
Mahadi, Nur Farhah
author_sort Ahmad, Shamsuddeen Muhammad
title Covid-19: reinforcing the impact of Islamic banking through value-based intermediation
title_short Covid-19: reinforcing the impact of Islamic banking through value-based intermediation
title_full Covid-19: reinforcing the impact of Islamic banking through value-based intermediation
title_fullStr Covid-19: reinforcing the impact of Islamic banking through value-based intermediation
title_full_unstemmed Covid-19: reinforcing the impact of Islamic banking through value-based intermediation
title_sort covid-19: reinforcing the impact of islamic banking through value-based intermediation
publisher Islamic Business School, UUM
publishDate 2020
url http://irep.iium.edu.my/87304/7/87304_Covid-19%20reinforcing.pdf
http://irep.iium.edu.my/87304/
https://submit.confbay.com/thisconf/dwnl?view=download&acid=959
_version_ 1688547781341347840
score 13.211869

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