Agents of Economic Resilience and the Role of Islamic Approach Towards Financial Inclusion During the Covid-19 Pandemic: A Case of Pakistan

Abstract

In times of hyperinflation, these days Pakistan is confronted with health financing and food crises. It is essential to decrease the likelihood of food insecurity and economic vulnerability. This study aims to investigate the Vulnerability of society to pandemic shocks and the resilience of an Islamic nation such as Pakistan, as well as to investigate and identify the agents of Economic resilience in Pakistan. This study also investigated the function of Islamic financial inclusion strategies during pandemics. This study utilizes a variety of data categories and methods. The study's conclusion was reached using both primary and secondary qualitative and quantitative data. The study found that the majority of individuals are susceptible to such disruptions in terms of health, income, and social construction. The study revealed that there are numerous economic resilience agents in Pakistan, which play a significant role in bolstering support for small households and poor families. The analysis of quantitative data sets revealed that interventions or agents of change/resilience have had a significant impact on reducing hunger risk, infant deprivation, and other societal vulnerabilities. The conclusion of the study is that both formal and informal service providers contribute to enhancing the community's resilience through financial inclusion and a transitory support system. The conclusion of the study argues that the Islamic approach to financial transactions is more dependable and satisfactory for households and community-oriented organizations.