The Role of Islamic Social Finance in Cushioning the Impact of COVID-19: The Case of Zakat
May 28th, 2020 |
Governments around the world are doing its best in dealing with the coronavirus disease (COVID-19) outbreak with most countries implementing partial or full lockdown as a mitigative step to control the spread of the disease. In Malaysia for example, the Government of Malaysia (GOM) initiated the Movement Control Order (MCO) on 18 March 2020 and has since opened up the economy sector gradually through conditional MCO from 4th to 18th May. The COVID-19 pandemic has had a huge impact on the country’s economy and the Governor of Bank Negara Malaysia (BNM), Datuk Nor Shamsiah (2020) contends that amid the extended MCO, the unemployment rate will likely surpass the bank’s earlier forecast of 4%.
