Question

In the first and second quarter of Covid-19 outbreak, financial and non-financial institutions
have no choice but to remain hyper vigilant and rewrite the pandemic playbook as
circumstances with COVID-19 evolve. It’s shows that the overall economic impact remains
highly uncertain.

In the situation of post-Covid 19 pandemic outbreak that caused the global economy
plummeting and the inevitable economy slowdown, Assess and propose a comprehensive
systematic framework for Islamic non-financial institutions to exploit the results and offer
financial assistance to the community.

(400 words)

Answer 1

Global economy is experiencing a slowdown due to the COVID-19 pandemic.Businesses are greatly affected and need a strategic path to recovery post-Covid 19 pandemic.Management must plan actions that will support and influence the post- pandemic outcomes.The global and interconnected nature of today's business environment poses serious risk for non- financial institutions involved in production of market goods and services due to affected global supply chains.Islamic non-financial instistutions promotes socio-economic justice and they can exploit the situation post pandemic amd offer financial assistance to the community in following ways:

1. Proper financial security policies for all the employees that are working in the organisation.
2. Health insurance cover for all the empolyees.
3. firms can develop profitable new products and services that address unmeet societal needs.
4. By introducing new corporate social responsibility programmes that benefit the organisation as well as community like supporting small businesses.
5. for better supply chain alternatives organistions can look for local suppliers or can create local suppliers for their raw material this will help both
6. limited credit facilities or discounts to customers that help both
7. businesses can introduce different saving plans for their regular customers