Sharia economy momentum to restore economic recession due to pandemic disruption in Indonesia

https://doi.org/10.31295/ijbem.v3n1.189

Authors

Keywords:

economic recession, islamic economics, pandemic impact, publications, sharia economy

Abstract

This qualitative study aimed to review seven international publications that state the Islamic economy's potential as a momentum to restore Indonesia's economic recession due to the disruption of the pandemic crisis. From the concept and objective of the Islamic economy, namely the prosperity of the community, experts believed that the Islamic economy could overcome the impact of the national economic recession as a result of national policies to combat the spread of COVID-19. To understand the potential advantages of this Islamic economy in restoring economic recession, we collected seven international publications, which we then studied in depth with a descriptive phenomenological approach. Other literature searches through online search engines such as "international Islamic economy," "national economic recession,"; "pandemic impact and COVID-19", "economic recovery," and "capitalist and socialist economy." Based on the literature and the results of a review of the seven Islamic economics publications, the end we can conclude our findings with the level of validation and reliability of the findings; it has proven that the application of the Islamic economic system can be a golden momentum to restore Indonesia's economic recession after the effects of the application of national policies to combat the terrifying coronavirus.

Downloads

Download data is not yet available.

References

Abdi, M. N. (2020). Krisis Ekonomi Global dari Dampak Penyebaran Virus Corona (Covid-19). AkMen Jurnal Ilmiah, 17(1), 90-98.

Abdul-Rahman, A., & Gholami, R. (2020). Islamic Finance and COVID-19 Recovery: The Role Profit-Loss Sharing Contract. Jurnal Pengurusan (UKM Journal of Management), 59.

Abuselidze, G., & Slobodianyk, A. (2019, December). Pandeconomic crisis and its impact on small open economies: a case study of COVID-19. In Energy Management of Municipal Transportation Facilities and Transport (pp. 718-728). Springer, Cham.

Ahmed, A. (2010). Global financial crisis: an Islamic finance perspective. International Journal of Islamic and Middle Eastern Finance and Management.

Ajmi, A. N., Hammoudeh, S., Nguyen, D. K., & Sarafrazi, S. (2014). How strong are the causal relationships between Islamic stock markets and conventional financial systems? Evidence from linear and nonlinear tests. Journal of International Financial Markets, Institutions and Money, 28, 213-227. https://doi.org/10.1016/j.intfin.2013.11.004

Al-Fatih, S., Ahsany, F., & Alamsyah, A. F. (2020). Legal Protection of Labor Rights During the Coronavirus Disease 2019 (Covid-19) Pandemic. Jurnal Pembaharuan Hukum, 7(2), 100-115.

Amri, A. (2020). Dampak Covid-19 terhadap UMKM di Indonesia. BRAND Jurnal Ilmiah Manajemen Pemasaran, 2(1), 123-131.

Apriliana, E. S. (2020). Upaya Peningkatan Pendapatan Nasional di Tengah Wabah Virus Corona Perspektif Ekonomi Islam. AL IQTISHADIYAH JURNAL EKONOMI SYARIAH DAN HUKUM EKONOMI SYARIAH, 6(1), 19-28.

Asma’Munifatussa’idah, K. S. (2020). Indonesia Monetary Policy During COVID-19 Outbreak: In Islamic Economic Perspective.

Chapra, M. U. (2016). The future of economics: An Islamic perspective (Vol. 21). Kube Publishing Ltd.

Chaudhuri, S. (2011). Economic recession, skilled unemployment and welfare. Economic Modelling, 28(3), 1435-1440. https://doi.org/10.1016/j.econmod.2011.02.003

Hadiwardoyo, W. (2020). Kerugian Ekonomi Nasional Akibat Pandemi Covid-19. BASKARA: Journal of Business & Entrepreneurship, 2(2), 83-92.

Hanoatubun, S. (2020). Dampak Covid–19 terhadap Prekonomian Indonesia. EduPsyCouns: Journal of Education, Psychology and Counseling, 2(1), 146-153.

Hyett, N., Kenny, A., & Dickson-Swift, V. (2014). Methodology or method? A critical review of qualitative case study reports. International journal of qualitative studies on health and well-being, 9(1), 23606.

Iskandar, A., Possumah, B. T., & Aqbar, K. (2020). Peran Ekonomi dan Keuangan Sosial Islam saat Pandemi Covid-19. Jurnal Sosial & Budaya Syar’i FSH UIN Syarif Hidayatullah Jakarta, 7(7), 625-638.

Jaelani, A., & Hanim, T. F. (2020). Sustainability of Public Finance During The COVID-19 Outbreaks in Indonesia. Al-Amwal: Jurnal Ekonomi dan Perbankan Syari'ah, 12(1), 109-123.

Jureid, J. (2020). Ekonomi Syariah Sebagai Alternatif Kesejahteraan Ekonomi Masyarakat Pada Era COVID-19. JEpa, 5(2), 224-236.

Kahf, M. (2003). The role of waqf in improving the ummah welfare. In International Seminar on Waqf as a Private Legal Body (pp. 6-7).

Laldin, M. A. (2008). Islamic financial system: the Malaysian experience and the way forward. Humanomics.

Manan, H. A., & SH, S. (2017). Hukum Ekonomi Syariah: Dalam Perspektif Kewenangan Peradilan Agama. Prenada Media.

Naryono, E. (2020). Impact Of National Disaster Covid-19, Indonesia Towards Economic Recession (No. 5cj3d). Center for Open Science.

Nugroho, L., & Husnadi, T. C. (2017). Maslahah and Strategy to Establish a Single State-Owned Islamic Bank in Indonesia. Tazkia Islamic Finance and Business Review, 10(1).

Ostamo, A., Lahelma, E., & Lönnqvist, J. (2001). Transitions of employment status among suicide attempters during a severe economic recession. Social science & medicine, 52(11), 1741-1750. https://doi.org/10.1016/S0277-9536(00)00294-X

Parikh, K. D., Ramaiya, N. H., Kikano, E. G., Tirumani, S. H., Pandya, H., Stovicek, B., ... & Plecha, D. M. (2020). COVID-19 pandemic impact on decreased imaging utilization: a single institutional experience. Academic Radiology, 27(9), 1204-1213. https://doi.org/10.1016/j.acra.2020.06.024

Pati, U. K. (2020). Indonesian Government Policy in Mitigating Economic Risks due to the Impact of the

Putra, P., Liriwati, F. Y., Tahrim, T., Syafrudin, S., & Aslan, A. (2020). The Students Learning from Home Experiences during Covid-19 School Closures Policy In Indonesia. Jurnal Iqra': Kajian Ilmu Pendidikan, 5(2), 30-42.

Samra, E. (2016). Corporate governance in Islamic financial institutions.

Su?kowski, ?. (2020). Covid-19 pandemic; recession, virtual revolution leading to de-globalization?. Journal of Intercultural Management, 12(1), 1-11.

Sumarni, Y. (2020). Manajemen Ekonomi Islam dalam Menangani Pandemi Coronavirus Disease (COVID-19) di Indonesia. Jurnal BAABU AL-ILMI: Ekonomi dan Perbankan Syariah, 5(1), 117-126.

Thaha, A. F. (2020). Dampak covid-19 terhadap UMKM di Indonesia. BRAND Jurnal Ilmiah Manajemen Pemasaran, 2(1), 147-153.

Wiresti, R. D. (2020). Analisis Dampak Work From Home pada Anak Usia Dini di Masa Pandemi Covid-19. Jurnal Obsesi: Jurnal Pendidikan Anak Usia Dini, 5(1), 641653.

Xiong, J., Lipsitz, O., Nasri, F., Lui, L. M., Gill, H., Phan, L., ... & McIntyre, R. S. (2020). Impact of COVID-19 pandemic on mental health in the general population: A systematic review. Journal of affective disorders. https://doi.org/10.1016/j.jad.2020.08.001

Yunita, P. (2020). The Future of Indonesia Islamic Banking Industry: Bankruptcy Analyzing the Second Wave of Global Financial Crisis. International Journal of Islamic Economics and Finance (IJIEF), 3(2), 199-226.

Zaher, T. S., & Kabir Hassan, M. (2001). A comparative literature survey of Islamic finance and banking. Financial Markets, Institutions & Instruments, 10(4), 155-199.

Published

2020-11-08

How to Cite

Ismaulina, I. (2020). Sharia economy momentum to restore economic recession due to pandemic disruption in Indonesia. International Journal of Business, Economics and Management, 3(1), 196-202. https://doi.org/10.31295/ijbem.v3n1.189