The impact of COVID-19 on the Islamic financial sector in Bangladesh
This article is a chapter out of the e-book, "Impacts of the COVID-19 outbreak on Islamic finance in the OIC countries" that is available as a pdf download from HERE. Read the article in the e-book for the complete set of tables, charts and references.
There is a general consensus that the novel coronavirus COVID-19 is gradually leading the global economy into an unprecedented economic recession, second only to the Great Depression. The decline of world GDP is estimated to be 3% in 2020, and an accumulated loss of $9 trillion in 2020 and 2021. The crisis is likely to cripple business enterprises by its recurrent wave of bankruptcies and layoffs. Many industries, including tourism, aviation, catering services, sports, and entertainment, are steadily moving toward an uncharted danger zone. The world’s major stock markets have lost their value significantly, which is merely an indication of what the global economy would look like in the coming days.
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Mohammad Dulal Miah, Norizan Binti Mohd Kassim