Author(s):
Aliyu Mustapha, aliyumustaphagembu@gmail.com,
Habibu Yunusa, yunusahabibu760@gmail.com,
Abstract:
The Covid-19 pandemic has posed serious social and economic challenges to Global economy and financial
buoyancy/status of most countries, states, communities, corporate bodies and individuals. Challenges such
as loss of life, loss of income, business closures, etc. are evident in almost all communities globally.
Managing these challenges and its aftermath requires the positive response and concerted efforts of States,
Corporate Bodies and other stakeholders at both local and international level. Islamic Financial Institutions
(IFIs) are significant stakeholders in communities where they operate and are active players in the socioeconomic development of such communities in line with the spirit of Sharia provisions on Corporate Social
Responsibility (CSR). Similarly, CSR as one of the cardinal objectives of IFIs is well entrenched in Islamic
law such that certain activities are either mandated or recommended in principle. This paper using doctrinal
approach examined the Islamic law perspective that promotes the operationalization of CSR by IFIs through
some highlighted policies such as zakat, waqf, qard hasan etc. These policies will generally assist in
mitigating the socio-economic challenges faced by the society and specifically those posed by Covid 19.
The paper argued that ameliorating the effects of Covid 19 can best be achieved through the instrumentality
of CSR by IFIs. Implementing CSR by IFIs is generally beneficial particularly to the immediate
communities where they operate. The paper therefore recommends for an enactment of viable laws that will
mandate the conduct of CSR by all IFIs in Nigeria and mandate such institutions to engage in more CSR
that will positively impact the society and alleviate the sufferings caused by covid 19
IWF