Abstract
The study examines the potential roles of Islamic Finance in the contemporary world in the provision of waqf based economic, social welfare and youth empowerment to surpass the economic impact of COVID-19 pandemic, reduce people’s suffering and protect the human lives which is one of the cardinal objectives of shariah. The paper will attempt to give a framework for waqf to youth empowerment in the entrepreneurship, and human capital development for the socio- economic development of Kano state. This study examines the effect of accessibility to basic healthcare services and economic growth as parts of the objectives of Maqasid al-Shariah, which is protection of life and dignity. The paper adopted a qualitative approach to explore the role of waqf in the empowerment of the youth in order to survive the economic meltdown as a result of the COVID-19 pandemic. The structured interview questions were designed to explore the potentials of waqf in providing youth empowerment. The result of the study revealed that waqf is a kind of charitable Islamic empowerment which has the capability of providing empowerment to the youth and economic wellbeing to the Kano People through financing the small and medium enterprises. The study concluded that Waqf can be used to overcome economic challenges in this time of COVID-19 and post COVID-19 era towards the attainment of financial stability and realization of Maqasid Shariah.
Highlights
The global outbreak of the COVID-19 that was declared by the WHO as a world pandemic has affected billions of people worldwide
The present economic challenges in the state, as a result of the COVID-19 pandemic has clearly shown to the Muslim society, that there is a need for a new framework that will emphasize the charitable assistance that will lessen the indebtedness among the people
The findings of the study further reveal that, capital was provided through cash waqf funds that was given to the needy people who are affected by the pandemic to re-start their businesses which have collapsed as a result of the total lockdown of the state
Summary
The global outbreak of the COVID-19 that was declared by the WHO as a world pandemic has affected billions of people worldwide. The pandemic has imposed negative impact to the world economy, business, industries, small scale enterprises and all the socio- economic sectors were affected. The recent Africa’s pulse world Bank report assert that with the effect of COVID-19 pandemic, Sub- Saharan Africa Economy may likely lead into economic recession with growth falling as low as negative 5.1 percent in 2020. The COVID-19 established its pandemic power (Bedford et al, 2020; Koonin, 2020), and this unusual circumstance brings uncommon economic situations (McKibbin & Fernando, 2020). COVID-19 pandemic has impacted negatively on the nation’s economy, industries, small and medium enterprises. It was predicted by the economist that there is no specific date and time for the pandemic ending
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