Business Resilience and Creative Economy Post COVID-19

Abstract

This study aimed to shed light on the urgency of nurturing business resilience and creative economy in developing the micro, small, and medium enterprises (MSMEs) through an Islamic economics approach post the Corona Virus Disease 2019 (commonly known as COVID-19) pandemic. It is driven by the downturn of MSMEs during the COVID-19 pandemic. MSMEs themselves are the foundation of community’s economic stability. Thus, the effect of MSMEs’ downturn is heartily felt by the community. In the study of Islamic economics itself, a system of alleviating economic downturn is a necessity along with the system of justice and equity. Based on this problem, this literature-based study critically examines the position of Islamic economy in the implementation of business resilience and creative economy in restoring the dignity of MSMEs post COVID-19 pandemic viewed from maqāṣid sharī’ah (purposes of Islamic law) perspective.  The findings show that strengthening MSMEs post COVID-19 pandemic fits both the creative economy and Islamic economic models and is in line with maqāṣid sharī’ah, especially with ḥifẓ al-nafs (preserving one’s soul) and ḥifẓ al-māl (preserving one’s wealth).