IslamicFinance.de

Islamic finance can play an important role in navigating the economic turbulence brought by the Covid-19 crisis on individual and corporate levels. It is believed that the four Islamic finance instruments of Qard Hassana, social sukuk, waqf and zakat in particular can help core Islamic countries, banks and corporates navigate the current tough situation. The Covid-19 crisis has significantly slowed the core Islamic finance economies. According to Mohamed Damak, primary credit analyst at S & P Global Ratings, social instruments could be used directly by the Islamic finance industry to support households by compensating them for lost income, and by providing access to basic services, such as education and health care.