Abstract
The aim of the present study was first to consider the impact of COVID-19 on Kuwait’s economy. Second, it attempted to examine the role of Islamic banking and finance in achieving socioeconomic justice and attaining best practices by securing social goods. Hence, the research assessed how Islamic banking and finance can help in reconstructing the economy based on Maqasid Al-Shari’ah (higher ethical objectives) to redevelop social, economic, and environmental welfare, especially in the COVID-19 era. A theoretical approach was adopted, namely, the grounded theory method (GTM), to explore COVID-19 related solutions for achieving sustainable economic development. The findings show that Islamic banking and finance can be employed to mitigate the impact of coronavirus and can be used as an alternative financial system to support both affected people and entrepreneurs. The paper expands on previous literature discussing the role of Islamic finance in management strategies through Islamic ethical objectives, with a particular focus on Kuwait’s post-COVID-19 era. This research can help policymakers to develop mechanisms and supporting approaches for Kuwait’s economy.
Highlights
The COVID-19 pandemic has altered our lives in many different ways
This research aims to concentrate on the role of Islamic banking and finance with regard to human well-being and sustainable development via the Maqasid Al-Shari’ah framework
Coronavirus caused uncertainty in our daily lives, requiring us to look at the multilevel impacts of COVID-19
Summary
The COVID-19 pandemic has altered our lives in many different ways. On 17 December 2019, unknown pneumonia cases were reported in Wuhan, China, which resulted in a coronavirus disease outbreak [1]. The virus is still prevalent, and new variants are frequently being detected, such as Delta and Omicron. According to the World Health Organisation (WHO), more than 259 million people had contracted coronavirus as of 24 November 2021, and the disease has taken the lives of more than 5 million individuals. Numerous countries adopted a severe and strict quarantine, with 24 h or partial curfews affecting everyday life. Several disease outbreaks have spread globally, such as SARS, Ebola, and H1N1
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