The role of Islamic finance in mitigating the economic impact of COVID-19 towards the attainment of maqasid al shariah: A case study of waqf institutions in Kano State, Nigeria

Nura Abubakar Gwadabe; Asmak Ab Rahman

doi:10.33102/jmifr.v17i3.284

Authors

Nura Abubakar Gwadabe Yusuf Maitama Sule University, Kano State, Nigeria
Asmak Ab Rahman Department of Shariah and Economy, Academy of Islamic Studies, University of Malaya, 50603 Kuala Lumpur, Malaysia

DOI:

https://doi.org/10.33102/jmifr.v17i3.284

Keywords:

Waqf, Islamic finance, youth empowerment, COVID-19, economy

Abstract

The study examines the potential roles of Islamic Finance in the contemporary world in the provision of waqf based economic, social welfare and youth empowerment to surpass the economic impact of COVID-19 pandemic, reduce people’s suffering and protect the human lives which is one of the cardinal objectives of shariah. The paper will attempt to give a framework for waqf to youth empowerment in the entrepreneurship, and human capital development for the socio- economic development of Kano state. This study examines the effect of accessibility to basic healthcare services and economic growth as parts of the objectives of Maqasid al-Shariah, which is protection of life and dignity. The paper adopted a qualitative approach to explore the role of waqf in the empowerment of the youth in order to survive the economic meltdown as a result of the COVID-19 pandemic. The structured interview questions were designed to explore the potentials of waqf in providing youth empowerment. The result of the study revealed that waqf is a kind of charitable Islamic empowerment which has the capability of providing empowerment to the youth and economic wellbeing to the Kano People through financing the small and medium enterprises. The study concluded that Waqf can be used to overcome economic challenges in this time of COVID-19 and post COVID-19 era towards the attainment of financial stability and realization of Maqasid Shariah.

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Author Biographies

Nura Abubakar Gwadabe , Yusuf Maitama Sule University, Kano State, Nigeria

Asmak Ab Rahman, Department of Shariah and Economy, Academy of Islamic Studies, University of Malaya, 50603 Kuala Lumpur, Malaysia

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