On Wednesday, April 29 2020 Puskas BAZNAS held a Webinar discussing the topic of the Impact of COVID-19 Towards Bahrain’s Islamic Finance. The Webinar was moderated by Mr. Abdul Aziz Yahya Saoqi M.Sc, Senior Researcher of Puskas BAZNAS. The guest speaker of the Webinar was Dr. Muhammad Rizky Prima Sakti, an Assistant Professor (Islamic Finance) at the Department of Business Administration, University College Bahrain.

According to Dr. Rizky, there are currently 2,183 COVID-19 cases in Bahrain of which 1,310 have recovered and 8 casualties. Bahrain’s COVID-19 case is very interesting and could set an example for many countries who are also dealing with COVID-19. The Bahrain government uphold strict laws and regulations regarding COVID-19. Among several of the regulations are fining 5 BD towards individuals who leave home without a mask and having policemen watching your house if you are under self-quarantine.

Changes within the economic sectors are quite visible. Many sectors are shifting towards utilizing digital platforms due to social distancing. However, these economic sectors are also expected to experience lower than expected growth. Social Islamic Finance such as zakat and wakaf also play a contribution towards the management of COVID-19 in the Kingdom of Bahrain. According to Dr. Rizky Islamic banks in the country can  jointly set-up a waqf fund o support families affected by the coronavirus as part of their CSR activites.

The Kingdom of Bahrain is one of the homes of Islamic Finance. Their immediate and assertive action towards management of COVID-19 has lead them to a minimum amount of deaths. The steps that the Kingdom of Bahrain have taken should be an example for other countries who are currently struggling with managing COVID-19.

 

Rep: Puskas BAZNAS