Towards a Post–Covid Global Financial System – Lessons in Social Responsibility from Islamic Finance

The impact of COVID-19 has exposed major cracks in the global financial system and has severely undermined global financial stability. Never have the shortcomings of universal financialization - the dominant principle of the global financial system for the past thirty-odd years - been more obvious or more painful.

Islamic finance provides ways forward: based on commercial and social modes of risk-sharing and financing, it offers radical structural solutions to the health, human and financial crises faced in this unprecedented time. In Towards a Post-Covid Global Financial System: Lessons in Social Responsibility from Islamic Finance, an international team of experts explore how COVID-19 has affected the most vulnerable parts of the global economy; how it has been met by Islamic banking and finance specifically; and how the principles of Islamic social finance could be used to have a fairer, more resilient Islamic finance system for all.

M. Kabir Hassan is Professor of Finance in the Department of Economics and Finance in the University of New Orleans, Louisiana, USA. He currently holds three endowed Chairs - Hibernia Professor of Economics and Finance, Hancock Whitney Chair Professor in Business, and Bank One Professor in Business - in the University of New Orleans. Professor Hassan is the winner of the 2016 Islamic Development Bank (IDB) Prize in Islamic Banking and Finance.

Aishath Muneeza is Associate Professor at the International Centre for Education in Islamic Finance (INCEIF), Malaysia. She is the first female Deputy Minister of the Ministry of Islamic Affairs and was the Deputy Minister of the Ministry of Finance and Treasury of the Republic of Maldives.

Adel M. Sarea is Associate Professor of Accounting and Economics at Ahlia University, Bahrain. He has published numerous papers, book chapters and edited several books and serves on the editorial team of several international journals published by Elsevier, Emerald and Taylor & Francis. He is the winner of Emerald Literati Award 2014.