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Analyzing the Role of Islamic Finance in Kuwait Regarding Sustainable Economic Development in COVID-19 Era

Business Studies Department, Arab Open University, 6 St, Al-Ardiya Industrial Area, Al Farwaniyah 130333, Kuwait
Academic Editor: Klaus Reiner Schenk-Hoppé
Sustainability 2022, 14(2), 701; https://doi.org/10.3390/su14020701
Received: 13 December 2021 / Revised: 5 January 2022 / Accepted: 7 January 2022 / Published: 9 January 2022
(This article belongs to the Section Economic and Business Aspects of Sustainability)
The aim of the present study was first to consider the impact of COVID-19 on Kuwait’s economy. Second, it attempted to examine the role of Islamic banking and finance in achieving socioeconomic justice and attaining best practices by securing social goods. Hence, the research assessed how Islamic banking and finance can help in reconstructing the economy based on Maqasid Al-Shari’ah (higher ethical objectives) to redevelop social, economic, and environmental welfare, especially in the COVID-19 era. A theoretical approach was adopted, namely, the grounded theory method (GTM), to explore COVID-19 related solutions for achieving sustainable economic development. The findings show that Islamic banking and finance can be employed to mitigate the impact of coronavirus and can be used as an alternative financial system to support both affected people and entrepreneurs. The paper expands on previous literature discussing the role of Islamic finance in management strategies through Islamic ethical objectives, with a particular focus on Kuwait’s post-COVID-19 era. This research can help policymakers to develop mechanisms and supporting approaches for Kuwait’s economy. View Full-Text
Keywords: COVID-19; Islamic banking and finance; sustainable economic development; Maqasid Al-Shari’ah; Kuwait COVID-19; Islamic banking and finance; sustainable economic development; Maqasid Al-Shari’ah; Kuwait
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MDPI and ACS Style

Alhammadi, S. Analyzing the Role of Islamic Finance in Kuwait Regarding Sustainable Economic Development in COVID-19 Era. Sustainability 2022, 14, 701. https://doi.org/10.3390/su14020701

AMA Style

Alhammadi S. Analyzing the Role of Islamic Finance in Kuwait Regarding Sustainable Economic Development in COVID-19 Era. Sustainability. 2022; 14(2):701. https://doi.org/10.3390/su14020701

Chicago/Turabian Style

Alhammadi, Salah. 2022. "Analyzing the Role of Islamic Finance in Kuwait Regarding Sustainable Economic Development in COVID-19 Era" Sustainability 14, no. 2: 701. https://doi.org/10.3390/su14020701

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