The impact of the Corona pandemic on banking resources (problems and solutions from an Islamic point of view)

Abstract

The rapid spread of the Coronavirus plunged the global economy into an unprecedented economic crisis. The outbreak of the virus severely impacted economic activities such as the global fiscal balance, global unemployment rate, tourism industry, global inflation, volume of global trade, and global growth rates. In our research, we aim to transform this pandemic into a new innovation within the Iraqi banking sector by directing this study toward identifying appropriate mechanisms to address the effects of the Coronavirus pandemic on the Iraqi banking sector. Our goal is to contribute to identifying problems and solutions, ultimately leading us to determine treatment mechanisms from an Islamic perspective. We concluded that Islamic banking policy includes the processes of designing, developing, and implementing both financial instruments and innovative financial operations, as well as formulating creative solutions to financing problems — all within the framework of Islamic Sharia law.