COVID-19 : an opportunity to re-think Islamic economics

Abstract EN

This brief comment begins in section 1 by making some observations on the lead paper, highlighting the need to have some comparative data with regards to the impact of COVID-19 on OIC countries and to have analyses to see if there were any similarities or differences in countries that had Islamic economics and finance reforms.

Section 2 of the paper discusses the need to re-think the approach taken in presenting Islamic economics and the possible impact this would have in dealing with the post COVID-19 economy.

It is important to realize that Islamic economics must be seen as a 3-sector economy, in which private, public, and not-for-profit sectors have their role to play.

In addition, a new decision-making model is needed, one that goes beyond individual self-interest and takes into consideration ‘others’ in one’s choices, i.e., decisions that have a social impact.

It is also imperative that we bring Islamic banking and finance in-line with the bigger development agenda that takes into concern the well-being of all others.

Much more serious research is needed to translate ideas developed in the 1970s and early 1980s into workable models