SOCIO-FINANCIAL APPROACHES OF ISLAM: PANACEA FOR PANDEMIC PREDICAMENTS

Abstract

Purpose: The objective of the study is to assess and accentuate theimpactof diverse approachesadvanced by Islamic
social finance to combat pandemics, predominant historically in distinctivecivilizations.The astute study also
expoundsintellectual and practical attributes for a staunch financial maintenance of pandemic distressedindividuals.
Methodology:Approaches related to analytical and qualitative research have been employed by usingdifferent
research articles.
Findings:Pandemics areperilous for the whole humanity; that’s why, Muslims coped withpandemics by dint of their
wisdom, knowledge and techniques byemploying the revealed injunctions of Quran, Sunnah and Islamic
Jurisprudence. Islamic social finance has afforded profuse solutions to jettison thechallenges of pandemics by
applying various approaches related to Charity,Sadqa, Zakat,Ushr,Inheritance, Hiba, Fitrana, Waqf, Kaffaraand Qarz-eHasna. These socio-economic tools created strength and courage among individuals and state institutions to get rid of
unemployment, robbery, poverty, mendicancy and other insinuations of moral and financial disorders.
Practical Implications:The study has valuable implications for researchers, scholars, academicians, economists,
policy makers and disaster management related institutions, administrators of NGOs, social activists and legislators.
It creates encouragement and a sense of responsibility for more investigations and planning of socio-economic
policies.
Originality: The study is based on original sources and part of the innovative endeavorsin the field of finance
underlining the paramountsignificance and utility of the Islamic social finance for the obliteration of the pandemic
challenges.