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


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.


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.

Elkhashen, Sarhan, Ejiogu. (2020). Egyptian budgetary responses to COVID-19 and their social and economic consequences, Journal of Public Budgeting, Accounting & Financial Management.

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,

Kunjana, G. (2020). Kontraksi Ekonomi. Investor Daily.

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.

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.
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