Abstract
Every aspect of human life is inherently risky. The fatal infectious disease caused by severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), known as coronavirus disease 2019 (COVID-19), has been considered a black swan event and compared to the economic scene of World War Two. The concept and practices of takaful al-ijtimai’ or social security are pertinent area to be discussed amidst the COVID-19 pandemic recovery mission because its meaning and applications are much wider; encompasses both financial and non-financial assistance and is not limited by the country's regulations. Using secondary data, this study will examine the concept and scopes of takaful al-ijtimai’, from an Islamic perspective, as well as provide the current state of the art in its application during the COVID-19 epidemic in Malaysia. The study is intended to contribute to an understanding and promotion of the concept of takaful al-ijtimai’ as an important tool for achieving maqasid shariah and sustainable development goals.
Highlights
Risk is present in every aspect of human life
The human race is constantly exposed to the possibility of adversaries of uncertain events, giving rise to misfortunes and sufferings in many ways (Alhabshi, Sharif, & Shaikh Abdul Razak, Shaikh Hamzah Ismail, 2012). This has set the grounds for various practices of risk management since ancient times and evolved over years
The concept of risk management evolved to mitigate the calamities of facing catastrophes and disasters (Billah, 2003)
Summary
Risk is present in every aspect of human life. The human race is constantly exposed to the possibility of adversaries of uncertain events, giving rise to misfortunes and sufferings in many ways (Alhabshi, Sharif, & Shaikh Abdul Razak, Shaikh Hamzah Ismail, 2012). This has set the grounds for various practices of risk management since ancient times and evolved over years. This has led to innovation to achieve competitive advantage and sustainable growth The deadly disease of COVID-19 became a major risk to all countries which affect humankind beyond public health
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