The Impact of the Coronavirus Pandemic on Banking Resources (Problems and Solutions from an Islamic Perspective)
Keywords:
Coronavirus pandemic, banking sector, Republic of Iraq, economic crisis, Islamic economyAbstract
The coronavirus has caused countless deaths worldwide. The spread of a global pandemic not only threatens public health but has also disrupted the balance of supply and demand in business. Economically, it has affected nearly all sectors, and similarly, many individuals in society have lost their income. This situation has negatively impacted the well-being of individuals and communities. The rapid spread of the coronavirus plunged the global economy into an unprecedented economic crisis. The outbreak severely affected economic activities such as the global fiscal balance, global unemployment rates, the tourism industry, global inflation, international trade volume, and global growth rates. This article briefly addresses indicators of Iraq's public fiscal balance. These indicators were selected due to their direct interrelation and strong cause-and-effect relationships. The chosen indicators will be analyzed within the timeframe of 2000–2019, along with forecast estimates for 2020–2021.In our research, we seek to transform this pandemic into a new innovation in Iraq's banking sector by directing this study to identify appropriate mechanisms to address the effects of the coronavirus pandemic on Iraq's banking sector. Our goal is to contribute to identifying problems and solutions, ultimately leading to the determination of treatment mechanisms from an Islamic perspective. We conclude that Islamic banking policy involves the design, development, and implementation of innovative financial instruments and processes, along with creative solutions to financing problems—all within the framework of Islamic Sharia. This will greatly assist the banking sector in overcoming its crisis caused by the coronavirus pandemic.
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