The role of Islamic microfinance in eradicating the impact of COVID-19 on socio-economic wellbeing in Nigeria

Abstract

This chapter assesses the role of Islamic microfinance in reducing the impact of the COVID-19 pandemic on the socio-economic wellbeing in Nigeria, adopting mixed research methods to achieve the objective of the study The justification for this was to investigate the role of Islamic microfinance in eradicating the impact of COVID-19 from the expert and industrial perspective In terms of the issues and challenges faced or that could be faced by Islamic microfinance in Nigeria, it can be said that to some extent, there is a consensus in the views of the respondents on the obstacles to the growth of Islamic microfinance institutions in Nigeria In response to the current socio-economic crisis due to the outbreak of the COVID-19 pandemic, Islamic microfinance can actively serve the economy and society in reducing its negative effects through the provision of financing and social relief under the system of charity-based models such as qardul-hassan, donation, zakat, and waqf © 2021 selection and editorial matter, M Kabir Hassan, Aishath Muneeza, and Adel M Sarea