COVID-19 has brought unprecedented challenges to the world economy that have never been experienced before, including a sharp decline in economic output and substantial increase in the level of unemployment. The aim of this paper is to critically discuss the effects caused by COVID-19 on the world economy and financial markets, the actions taken by the governments and corporations to withstand these effects, and what Islamic economics and finance can offer to improve the resilience of the economy while the pandemic is still ongoing.
{"title":"The World Economy and Islamic Economics in the Time of COVID-19","authors":"Abdelhafid Benamraoui Abdelhafid Benamraoui","doi":"10.4197/islec.34-1.4","DOIUrl":"https://doi.org/10.4197/islec.34-1.4","url":null,"abstract":"COVID-19 has brought unprecedented challenges to the world economy that have never been experienced before, including a sharp decline in economic output and substantial increase in the level of unemployment. The aim of this paper is to critically discuss the effects caused by COVID-19 on the world economy and financial markets, the actions taken by the governments and corporations to withstand these effects, and what Islamic economics and finance can offer to improve the resilience of the economy while the pandemic is still ongoing.","PeriodicalId":39159,"journal":{"name":"Journal of King Abdulaziz University, Islamic Economics","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84403135","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper is a critical response to the lead paper of the discussion forum entitled “The World Economy and Islamic Economics in the Time of COVID-19”, written by Benamraoui (2021). Benamraoui (2021) looked at the COVID-19 pandemic from the economic perspective. He pointed out that it has brought unprecedented challenges to the world economy, that have never been experienced before, including a sharp decline in economic output and substantial increase in the level of unemployment. He suggested that Islamic finance could provide solutions to reduce the impact of the pandemic. This paper argues that, it is true that COVID-19 has negatively affected the world economy in an unprecedented way. However, this is a global crisis like many other global crises that have battered the world before, and it will soon be over.
{"title":"The World Economy and Islamic Economics in the Time of COVID-19: Few Remarks and Observations","authors":"Abdelkader Chachi Abdelkader Chachi","doi":"10.4197/islec.34-1.9","DOIUrl":"https://doi.org/10.4197/islec.34-1.9","url":null,"abstract":"This paper is a critical response to the lead paper of the discussion forum entitled “The World Economy and Islamic Economics in the Time of COVID-19”, written by Benamraoui (2021). Benamraoui (2021) looked at the COVID-19 pandemic from the economic perspective. He pointed out that it has brought unprecedented challenges to the world economy, that have never been experienced before, including a sharp decline in economic output and substantial increase in the level of unemployment. He suggested that Islamic finance could provide solutions to reduce the impact of the pandemic. This paper argues that, it is true that COVID-19 has negatively affected the world economy in an unprecedented way. However, this is a global crisis like many other global crises that have battered the world before, and it will soon be over.","PeriodicalId":39159,"journal":{"name":"Journal of King Abdulaziz University, Islamic Economics","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88504417","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
COVID-19 has changed our lives and the way how business, social interacting, and healthcare is delivered like nothing else in modern history. This study aims to extend the growing body of literature on the topic of the COVID-19 crisis by critically analyzing and comparing government responses to the COVID-19 crisis in 2020, and the global financial crisis (GFC) in 2008. It focuses on investigating the similarities and differences in size, scope, structure, and timing of government policies between the two.
{"title":"World Economy and Islamic Finance: Comparison of Government Policies during the Global Financial Crisis and the COVID-19 Crisis","authors":"Azra Zaimovic Azra Zaimovic","doi":"10.4197/islec.34-1.5","DOIUrl":"https://doi.org/10.4197/islec.34-1.5","url":null,"abstract":"COVID-19 has changed our lives and the way how business, social interacting, and healthcare is delivered like nothing else in modern history. This study aims to extend the growing body of literature on the topic of the COVID-19 crisis by critically analyzing and comparing government responses to the COVID-19 crisis in 2020, and the global financial crisis (GFC) in 2008. It focuses on investigating the similarities and differences in size, scope, structure, and timing of government policies between the two.","PeriodicalId":39159,"journal":{"name":"Journal of King Abdulaziz University, Islamic Economics","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77815958","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
According to Marshall, “economic conditions are constantly changing, and each generation looks at its own problems in its own way” (Marshall, 1920/1946, p. v). Our generation’s most formidable problems are climate change and platform capitalism.
{"title":"Platform Capitalism, Big Data, and Data Ethics","authors":"Jack Reardon Jack Reardon","doi":"10.4197/islec.33-1.4","DOIUrl":"https://doi.org/10.4197/islec.33-1.4","url":null,"abstract":"According to Marshall, “economic conditions are constantly changing, and each generation looks at its own problems in its own way” (Marshall, 1920/1946, p. v). Our generation’s most formidable problems are climate change and platform capitalism.","PeriodicalId":39159,"journal":{"name":"Journal of King Abdulaziz University, Islamic Economics","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84271414","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Safika Praveen Sheikh, Shafkat Shafi Dar, Sajad Ahmad Rat Safika Praveen Sheikh, Shafkat Shafi Dar, Sajad Ah
Risk mitigation is one of the main concerns for an investor, and has gotten renewed attention after the 2007-2008 financial crisis. This paper tries to examine the scope of Sharīʿah indices in offering an opportunity for portfolio diversification. The paper empirically analyzes the existence of volatility contagion among conventional and Sharīʿah indices and delves into the presence of portfolio diversification opportunities among them.
{"title":"Volatility Contagion and Portfolio Diversification among Sharīʿah and Conventional Indices: An Evidence by MGARCH Models","authors":"Safika Praveen Sheikh, Shafkat Shafi Dar, Sajad Ahmad Rat Safika Praveen Sheikh, Shafkat Shafi Dar, Sajad Ah","doi":"10.4197/islec.33-1.3","DOIUrl":"https://doi.org/10.4197/islec.33-1.3","url":null,"abstract":"Risk mitigation is one of the main concerns for an investor, and has gotten renewed attention after the 2007-2008 financial crisis. This paper tries to examine the scope of Sharīʿah indices in offering an opportunity for portfolio diversification. The paper empirically analyzes the existence of volatility contagion among conventional and Sharīʿah indices and delves into the presence of portfolio diversification opportunities among them.","PeriodicalId":39159,"journal":{"name":"Journal of King Abdulaziz University, Islamic Economics","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72392238","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Omar Ikbal Tawfik and Zaroug Osman Bilal Omar Ikbal Tawfik and Zaroug Osman Bilal
his paper investigates the availability of Sharīʿah auditing requirements in Islamic banks in the Sultanate of Oman. This entails investigating a set of regulatory arrangements through which we ensure Islamic financial institutions conform to Sharīʿah principles. Moreover, we study their impact on the quality of service of Islamic banks in Oman. The researchers used a questionnaire to collect the data from Islamic banks (two full-fledged Islamic banks and six Islamic windows of conventional banks).
{"title":"The Impact of Sharīʿah Auditing Requirements on the Service Quality of Islamic Banks in The Sultanate of Oman","authors":"Omar Ikbal Tawfik and Zaroug Osman Bilal Omar Ikbal Tawfik and Zaroug Osman Bilal","doi":"10.4197/islec.33-1.8","DOIUrl":"https://doi.org/10.4197/islec.33-1.8","url":null,"abstract":"his paper investigates the availability of Sharīʿah auditing requirements in Islamic banks in the Sultanate of Oman. This entails investigating a set of regulatory arrangements through which we ensure Islamic financial institutions conform to Sharīʿah principles. Moreover, we study their impact on the quality of service of Islamic banks in Oman. The researchers used a questionnaire to collect the data from Islamic banks (two full-fledged Islamic banks and six Islamic windows of conventional banks).","PeriodicalId":39159,"journal":{"name":"Journal of King Abdulaziz University, Islamic Economics","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84960248","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The economies of the Arab countries are generally projected to have shown not much inclusive economic growth, especially since the second half of the twentieth century. Keeping in view the state of underdevelopment in their economies, several Arab countries had embarked on economic and financial reforms in collaboration with international financial institutions, such as the IMF and the World Bank, in order to overcome their economic difficulties. This book review article sheds light on how the Arab Spring of 2011 resulted in income and wealth inequalities, weak investments, and growing unemployment in Tunisia.
{"title":"Making the Tunisian Resurgence","authors":"Mahmoud Sami Nabi Mahmoud Sami Nabi","doi":"10.4197/islec.33-1.10","DOIUrl":"https://doi.org/10.4197/islec.33-1.10","url":null,"abstract":"The economies of the Arab countries are generally projected to have shown not much inclusive economic growth, especially since the second half of the twentieth century. Keeping in view the state of underdevelopment in their economies, several Arab countries had embarked on economic and financial reforms in collaboration with international financial institutions, such as the IMF and the World Bank, in order to overcome their economic difficulties. This book review article sheds light on how the Arab Spring of 2011 resulted in income and wealth inequalities, weak investments, and growing unemployment in Tunisia.","PeriodicalId":39159,"journal":{"name":"Journal of King Abdulaziz University, Islamic Economics","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80546128","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Mousa Ajouz, Adam Abdullah, Salina Kassim Mousa Ajouz, Adam Abdullah, Salina Kassim
Under the fiat standard, money is no longer backed by any assets, but rather it is backed by debt. The implication of such a system is the emergence of many socio-economic problems. Restoring the value of money has long been a controversial topic, hampered in part by the lack of theoretical and empirical evidences.
{"title":"Developing A Sharīʿah-Compliant Precious Metal Backed Cryptocurrency","authors":"Mousa Ajouz, Adam Abdullah, Salina Kassim Mousa Ajouz, Adam Abdullah, Salina Kassim","doi":"10.4197/islec.33-1.1","DOIUrl":"https://doi.org/10.4197/islec.33-1.1","url":null,"abstract":"Under the fiat standard, money is no longer backed by any assets, but rather it is backed by debt. The implication of such a system is the emergence of many socio-economic problems. Restoring the value of money has long been a controversial topic, hampered in part by the lack of theoretical and empirical evidences.","PeriodicalId":39159,"journal":{"name":"Journal of King Abdulaziz University, Islamic Economics","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73472026","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The adoption of the 2030 sustainable development goals (SDGs) by the UN member nations is of great importance. These goals seek to ensure that no single individual is left behind, and everyone is carried along. Key to achieving these goals is to ensure the availability of data and skills necessary for interpreting such data. Paucity of data is a major issue faced by several developing countries towards achieving the sustainable developing goals.
{"title":"Big Data, Islamic Finance, and Sustainable Development Goals","authors":"Syed Nazim Ali Syed Nazim Ali","doi":"10.4197/islec.33-1.6","DOIUrl":"https://doi.org/10.4197/islec.33-1.6","url":null,"abstract":"The adoption of the 2030 sustainable development goals (SDGs) by the UN member nations is of great importance. These goals seek to ensure that no single individual is left behind, and everyone is carried along. Key to achieving these goals is to ensure the availability of data and skills necessary for interpreting such data. Paucity of data is a major issue faced by several developing countries towards achieving the sustainable developing goals.","PeriodicalId":39159,"journal":{"name":"Journal of King Abdulaziz University, Islamic Economics","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73556773","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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