Positive Social Impact of Islamic Social Finance During Covid-19: Case Study of Malaysia

Authors : Nur Shasha Dilla BİNTİ MOHD, Tawfik AZRAK

Pages : 115-141

View : 20 | Download : 11

Publication Date : 2022-03-21

Article Type : Research Paper

Abstract :Abstract: The global pandemic of COVID-19 has affected many aspects of human lives all over the world. Changes in many policies in the economic, political, health, social and education system can be observed including in Malaysia. The practice of Islamic social finance insert ignore into journalissuearticles values(ISF); tools such as sadaqah insert ignore into journalissuearticles values(charity);, zakat insert ignore into journalissuearticles values(alms); and microfinance in many Islamic financial institutions is crucial to help improve the affected society’s quality of living and help them overcome any financial challenges in this difficult time. In response to this pandemic, the objective of this study is to explore the practice of ISF in three Islamic banks which are Bank Islam Malaysia Berhad insert ignore into journalissuearticles values(BIMB);, CIMB Islamic Bank Berhad insert ignore into journalissuearticles values(CIMB Islamic); and Agrobank along with its positive impacts on the society during this outbreak. This study also aims to figure out which bank is more effective in their ISF practice in delivering positive social impact. Depending on analytical and quantitative investigation, this paper specifically applies the comparative analysis method by reviewing and analysing the relevant data using the Value-Based Intermediation insert ignore into journalissuearticles values(VBI); strategy indicator of community empowerment. The result of this study reveals that in general, BIMB is the most efficient institution in delivering a positive impact to the society through its ISF practices, followed by Agrobank and CIMB Islamic.
Keywords : Islamic social finance, COVID 19, BIMB, CIMB Islamic, Agrobank, social impact