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Thursday, March 26, 2020 / 5:30 PM / Bukola
Akinyele for WebTV / Header Image Credit: WebTV
As the global coronavirus
pandemic continues to surge in terms of the socio-economic impact across
nations, Dr. Aliyu Dahiru Muhammad,
Deputy Director, Training & Linkages, International Institute of Islamic
Banking and Finance, Bayero University Kano gave insights into what he termed "Econovirus" from an
Islamic economic perspective" in a recent discussion with WebTV.
In terms of concept the scholar
acknowledged that there is no word in the dictionary ascribed to "Econovirus" and is simply coined to signify some discussions on the subject matter of
interest.
Econovirus according to him as a concept, means a
situation whereby an Economic system is adversely affected by the hazard of a
killer disease called Coronavirus or Covid-19 as defined by the World Health
Organization (WHO) which emerged from the Chinese city of Wuhan in December,
2019.
Speaking further he said as earlier stated the disease
emanated from China in December, 2019, which some analysts as usual attributed
to the ongoing North-South divide and the rising tension and competition in
economic and military space between world super powers.
In his view, the conspiracy theory was weak because
even if created artificially the virus could not make a significant global
impact without the permission of Allah.
He quotes the Quran saying "And you cannot will
unless (it be) that Allah wills-The Lord of the Universe (Q:82:29)". Also
clearly stated in the Quran, the lecturer noted that, "...but whatever of evil befalls you, is from
yourself (Surah An-Nisa' 4:79)".
Quoting another verse Dr Aliyu said refernced
the Holy Quran as saying, "And
whatever of misfortune befalls you, it is because of what your hands have
earned. And He pardons much" (Ash-Shoora 42:30)".
The Islamic banking teacher noted that one of the
major sins of humanity has been dealing in Riba (Usury or Unjust
exploitative gains) in the economic and financial system against the code of
Shariah (Islamic law). According to him Allah says "Those who eat Riba will
not stand (on the Day of Resurrection) except like the standing of a person
beaten by shaitan (Satan) leading him to insanity".
He underscored the fact that there has been excessive
focus on Riba (Usury or Unjust exploitative gains) in the global
financial and economic system, while Allah will give increase for Sadaqat
(Alms, Charity).
The Islamic Scholar further quoted the Quran as saying "Allah will destroy Riba and will give increase for Sadaqat (alms and
charity) and Allah likes not the disbelievers and sinners. O you who believe!
Be afraid of Allah and give up what remains (due to you) from Riba, if you are
(really) believers. And if you do not do it, then take a notice of war from
Allah and His messenger but if you repent, you shall have your capital sums.
Deal not unjustly and you shall not be dealt with unjustly" (Q:2:275-279).
Giving insight into the effects of the COVID-19 on the
global financial and economic system, he highlighted the following as the
short-term, medium-term and long-term prospects;
Short Term
Medium Term
Long Term Effects
Potential Solutions
Of course, Healthwise, according to Dr Muhammad, there
are various solutions. These include, restricting travelling, limiting exposure
to the environment, constant hand wash by all, cleanliness and relevant drugs.
All these are material solutions but relevant. In
addition to this, there are non-material aspects such as shunning dealing in Riba
(Usury or Unjust exploitative gains in business transactions), seeking
forgiveness from Allah , ensuring justice and fairness among people, reciting
the Prophetic Dua (Prayer) for protection against any killer diseases
and giving charity.
Dr Muhammad referred to the following Quranic verses, "Oh Allah I seek your refuge from leprosy, insanity, mutilation and all
serious illness." And "I seek refuge from the perfect words of Allah from evil
of what he has created".
The Islamic Finance expert, noted that the "Econovirus
was a temporary undesirable economic and health phenomenon, albeit with
devastating effect on the global economy and the environment. Its causes are
beyond the material and reflect spiritual deficiencies, noting that its
emergence exposes the weaknesses in global advancement in science and technology
especially in developed nations. Muhammad points out that only the will of
Allah can stop the phenomenon from spreading. The banking lecturer urged
Nigerians to avoid economic sins such as injustice and dealing in Riba
among other things, he insisted that the country needed to, "pray for the
best" he said.
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