The Impact of Covid- 19 to Capitalism Economic System: An Islamic Economic and Financial Perspective

  • Zulhelmy Zulhelmy Universitas Islam Riau
  • Hidayat Hidayat Universitas Islam Riau, Pekanbaru, Indonesia
Keywords: Covid-19, Capitalism Economic, Islamic Economic, Finance

Abstract

The purpose of this article is to see how Covid-19 impacts the economy of a country, especially countries that have so far relied on the tourism service business. The research method is based on a literature study about Islamic economics and finance in the Covid-19 pandemic case.  The analysis was done based on the facts collected from the literature, considering consistent facts and conclusions based on these facts after an analysis was completed.  As a result, many businesses have been forced to stop and lay off their employees. Not to mention the other impacts besides business, namely health and education. The current economy is more dominated by the capitalist economic system, emphasizing the benefits of bringing a country's economic system's fragility. It is undeniable that the capitalist economic system has created prolonged problems, especially in creating social welfare. Even now, the world has seen the economic system's weakness and fragility, which has been used as the basis for economic development in every country, mostly European and western countries, that exist in the capitalist economic system. At the same time, people see an alternative system that has been proven to create social welfare, namely the Islamic economic system. The Islamic economic system has proven to be an anti-crisis system, be it economic, monetary, or financial crises. It is time for the ummah or society to leave the fragile economic system of Capitalism, to be replaced by an Islamic economic system that has been proven both conceptually, historically, and empirically while in a glorious Islamic civilization from the time of the Prophet Muhammad to the time of the Ottoman Turks.

References

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

An-Nabhani, T. (2018). Sistem Ekonomi Islam Edisi Mu’tamadah. Jakarta: Pustaka Fikrul Islam.

Aswaq, H. (1998). al-Maliyah, Asbabuha wa Hukm asy-Syar`i fi Hadihi al-Asbab. Thariqul ‘Izzah.

BBC (2020). Ekonomi Singapura: Akibat pandemi virus corona, Singapura masuk resesi. BBC News Indonesia. https://www.bbc.com/indonesia/dunia-53400428

Elkhashen, Sarhan, Ejiogu. (2020). Egyptian budgetary responses to COVID-19 and their social and economic consequences, Journal of Public Budgeting, Accounting & Financial Management. https://doi.org/10.1108/JPBAFM-07-2020-0116.

Etheridge, B., Wang, Y., & Tang, L. (2020). Worker Productivity during Lockdown and Working from Home: Evidence from Self-Reports. Covid Economics, 118, 118-151.

Faber, M., Ghisletta, A., & Schmidheiny, K. (2020). A lockdown index to assess the economic impact of the coronavirus. Swiss Journal of Economics and Statistics, 156(1), 1-23.

Gulyas, A., & Pytka, K. (2020). The Consequences of the COVID-19 Job Losses: Who Will Suffer Most and by How Much? (No. crctr224_2020_212). University of Bonn and University of Mannheim, Germany.

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

Ismail, M. (1998). Bunga Rampai Pemikiran Islam, Gema Insani Press, Jakarta

Kim, S., Koh, K., & Xuan, Z. (2020), Short-term Impact of COVID-19 on Consumption Spending and Its Underlying Mechanisms: Evidence from Singapore, https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3612738

Kunjana, G. (2020). Kontraksi Ekonomi. Investor Daily. https://investor.id/editorial/kontraksi-ekonomi

Mamoon, D. (2020). Health and economic outcomes of COVID 19. Journal of Economic and Social Thought, 7(1), 41-54.

Morikawa, M. (2020). Productivity of working from home during the COVID-19 pandemic: Evidence from an employee survey, CEPR PRESS, 49, 123-147.

Muhyiddin, M. (2020). Covid-19, New Normal, dan Perencanaan Pembangunan di Indonesia. The Indonesian Journal of Development Planning, 4(2), 240-252.

Nasution, D., Erlina. Muda, & Iskandar (2020). Dampak Pandemi Covid-19 Terhadap Perekonomian Indonesia, Jurnal Benefita, 5(2), 212-224.

Oxford Analytica (2020). COVID-19 may hurt Singapore most in South-east Asia, Expert Briefings. https://doi.org/10.1108/OXAN-DB251060

Rusiadi, R., Aprilia, A., Adianti, V., & Verawati, V. (2020). Dampak Covid-19 Terhadap Stabilitas Ekonomi Dunia (Studi 14 Negara Berdampak Paling Parah). Jepa, 5(2), 173-182.

Saito, Y., & Sakamoto, J. (2020). Asset pricing during pandemic lockdown. CEPR PRESS, 47, 17-34.

Sokolov, Chen, Mostovoy, Roberts, Seco, & Murty (2020). Integrating health and economic parameters to optimize COVID-19 mitigation strategies, CEPR PRESS, 47, 101-112.

Sulaeman, M. (1985). Mengatasi Krisis Ekonomi Dengan Islam. Bandung: Al Ma`arif.

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

Yusanto, M. I., & Yunus, M. A. (2009). Pengantar Ekonomi Islam. Al-Azhar Press.

Zulhelmy. (2013). Isu-isu Kontemporer Ekonomi dan Keuangan Islam-Suatu Pendekatan Institusional. Bogor: Al-Azhar Presszone Publishing.

Zallum, A. Q. (1998). Sebab-Sebab Kegoncangan Pasar Modal Menurut Hukum Islam, Pustaka Thariqul Izzah, Bangil.
Published
2020-11-30
How to Cite
Zulhelmy, Z., & Hidayat, H. (2020). The Impact of Covid- 19 to Capitalism Economic System: An Islamic Economic and Financial Perspective. Jurnal Kajian Peradaban Islam, 3(2), 40-44. Retrieved from http://jkpis.com/index.php/jkpis/article/view/47
Issue
Vol 3 No 2 (2020): Jurnal Kajian Peradaban Islam
Section
Ekonomi Islam
Creative Commons License

This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

Copyright

  1. The Author and each co-authors transfer the copyright and grant the journal right of publication with the work simultaneously licensed under an International Creative Commons Attribution and ShareAlike 4.0 License that allows others to share the work with an acknowledgement of the work's authorship and initial publication in this journal.
  2. Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgement of its initial publication in this journal.
  3. Authors should sign copyright transfer agreement when they have approved the final proofs sent by JKPIs prior the publication.

 

Author Guarantee

  1. The Author (Co-authors) guarantees that the Materials are an original work, submitted only to JKPIs, and have not been published previously.
  2. In case the Materials were written jointly with Co-authors, the Author guarantees that he/she has informed them of the terms of this Agreement and obtained their signatures or written permission to singe on their behalf.
  3. The Author guarantees as well that:
  • The Materials do not contain libelous statements.
  • The Materials do not infringe on other persons' rights (including without limitation copyrights, patent rights and the trademark right).
  • The Materials do not contain facts or instructions that can cause damage or injury to third parties and their publication dose not cause the disclosure of any secret or confidential information

 

Jurnal Kajian Peradaban Islam

Published by Penerbit Sinergi Mandiri Bandung in Collaboration with Perhimpunan Intelektual Muslim Indonesia, and licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

Copyright ©2018 Perhimpunan Intelektual Muslim Indonesia.