COVID-19 Pandemic and ‘KITA JAGA KITA’: Appraisal of Social Responsible Practices of Islamic Banking Institutions in Malaysia

Noor Suhaida Kasri () and Siti Fariha Adilah Ismail ()
Additional contact information
Noor Suhaida Kasri: INCEIF University
Siti Fariha Adilah Ismail: Maybank Islamic Bank, Dataran Maybank

Chapter Chapter 18 in Wealth Management and Investment in Islamic Settings, 2022, pp 313-330 from Springer

Abstract: Abstract COVID-19 pandemic has caught global economies off-guard and its lingering detrimental socio-economic impact is still raging. Government and central banks worldwide scrambling to find the right approach and means to facilitate their nations’ swift recovery. In this challenging time, the world saw the critical role played by financial sectors to resuscitate the economies through the adoption of measures appropriate to the need of the people and businesses. In light of this development, This paper examines the socially responsible practices of selected Islamic banking institutions in Malaysia during the COVID-19 pandemic. Due to their exemplary inclusive assistance to the communities and businesses particularly the marginalised and underserved segment of the society, five Islamic banking institutions have been selected namely Bank Islam Malaysia Berhad, Maybank Islamic Berhad, Alliance Islamic Bank Berhad, CIMB Islamic Bank Berhad and Bank Muamalat Malaysia Berhad. The responsible and commendable actions of these Islamic banking institutions aptly resonate the Malaysian communal COVID-19 campaign, ‘Kita Jaga Kita’ meaning we take care of each other. This paper also highlights the recovery measures and the financial assistance announced and implemented by the Government of Malaysia particularly the Central Bank of Malaysia to curb the impact of COVID-19 on the nation.

Keywords: COVID-19; Socially responsible; Islamic banking; Sustainability; Inclusive; Malaysia (search for similar items in EconPapers)
Date: 2022
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-981-19-3686-9_18

Ordering information: This item can be ordered from
http://www.springer.com/9789811936869

DOI: 10.1007/978-981-19-3686-9_18

Access Statistics for this chapter

More chapters in Springer Books from Springer
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().