COVID19- Economic Implications, Islamic Finance and the Way Forward

The world around us has changed in less than 90 days. Little was known as we welcomed the year 2020 that the virus (COVID-19) will become a pandemic and bring the world to a standstill as it is today. Suddenly, the untold stories have become relevant once again as we relate the intensity of COVID-19 to those in the past pandemics and plagues. Notwithstanding, the loss of human beings in the earlier pandemics was very significant compared to COVID-19. However, as we transgress through this great lockdown, the world as it is now, has never been in the past and the crisis we are in is unprecedented compared to the great depressions and great recessions. We now live in a world where increased globalization and intense integration, while offering multiple leverages has, on the flip side, stimulated the butterfly effects and the occurrence of black swan events.