Except where explicitly stated, the analyses in this report do not necessarily reflect the policy position of the Islamic Development Bank (IsDB), its Entities, its Executive Directors or the Countries they represent. 2 CONTENTS PREFACE ABBREVIATIONS REPORT HIGHLIGHTS 5 8 10 SECTION 1: THE COVID-19 CRISIS AND ISLAMIC FINANCE 12 Part I: Economic Crises: An Islamic-Finance Perspective I.1 Overview I.2 Introduction I.3 The ‘Debt Trap’ I.4 The Great Lockdown I.5 Why Public Goods are Essential? ... Khalid Habib ABBREVIATIONS 8 3R Respond, Restore & Restart 5Ps Public, Private, Philanthropy and People Partnership AAB AAOIFI Accounting Board AAOIFI Accounting and Auditing Organization for Islamic Financial Institutions ACG Arab Coordination Group AGEB AAOIFI Governance and Ethics Board AGFUND Arab Gulf Program for United Nations Development Organizations APIF Awqāf Property Investment Fund BCM Business Continuity Management BCPs Business Continuity Policies BEIs Benchmark Equity Indices BIA Business Impact Analysis CBFS College of Banking and Financial Studies CGF Covid Guarantee Facility CIBAFI General Council for Islamic Banks and Financial Institutions CPC Country Programs Complex CSOs Civil Society Organizations DFIs Development Financial Institutions DFSA Dubai Financial Services Authority DSSI Debt Service Suspension Initiative EED Economic Empowerment Department EIDs Emerging Infectious Diseases EU European Union FASs Financial Accounting Standards GDP Gross Domestic Product GFC Global Financial Crisis GLCs Government-Linked Companies GMPFC Global Muslim Philanthropy Fund for Children GVCs Global Value Chains ICD Islamic Corporation for the Development of the Private Sector ICIEC Islamic Corporation for the Insurance of Investment & Export Credit IEIs Islamic Equity Indices IFATAD Islamic Finance Advisory and Technical Assistance Department IFN Islamic Finance News IFRS International Financial Reporting Standards IFSB Islamic Financial Services Board IFSD Islamic Financial Sector Development Department IGOs Intergovernmental Organizations IIIs Islamic Infrastructure Institutions IMF International Monetary Fund IMFIs Islamic Microfinance Institutions INGOs International NGOs ABBREVIATIONS 9 IRTI Islamic Research and Training Institute IsDB Islamic Development Bank Group ISFD Islamic Solidarity Fund for Department ITFC International Islamic Trade Finance Corporation KPIs Key Performance Indicators LDMCs Least Developed Member Countries LOF Line of Finance MAO Maximum Acceptable Outage MCs Member Countries MDBs Multilateral Develo