Integrating Islamic Fintech into Islamic Social Finance to Revive the Going Concern of MSMEs in the COVID-19 Era


  • Umar Habibu Umar Department of Accounting and Finance, UBD School of Business and Economics, Universiti Brunei Darussalam
  • Muhammad Aminu Umar Department of Computer Science Education, Federal College of Education (Technical) Bichi, Kano, Nigeria



COVID-19, Islamic social finance, MSMEs, Islamic Fintech (Peer-to-Peer Lending and Crowdfunding), Going Concern, Nigeria


This study seeks to propose a model that integrates Islamic social finance and Islamic fintech to revive MSMEs' going concerns during the COVID-19 pandemic in Nigeria. The study applies content analysis and a multidisciplinary literature review. This study proposes a model that integrates Islamic social finance instruments (such as zakat [Islamic compulsory tax], waqf [Islamic endowment], Islamic microfinance and sadaqat [voluntary charity]) and Islamic fintech platforms (P2P and crowdfunding) that could enable MSMEs to obtain funds to revitalize their going concerns by engaging in various Islamic-based contracts, such as musharakah (equity partnership), murabahah (the cost-plus sale contract), mudarabah (trust partnership), ijarah (lease contract), musharakah mutanaqisah (diminishing equity partnership), qard al-hasan (free interest loan), salam (forward financing transaction), etc. The provision of adequate finance using the proposed integrated model is expected to revitalize the MSMEs' going concerns, which can contribute to the country's economic growth and development. Despite the study's contribution by inventing an Islamic-based model for reviving the MSMEs' going concerns in Nigeria, it is conceptual without empirical validation. Hence, future studies should empirically explore the feasibility of the proposed integrated model. The implications of the findings indicate the need to provide motivational regulations for establishing Islamic fintech companies. There is also a need to provide effective technological applications that ensure the selection of only eligible beneficiaries.

Author Biographies

Umar Habibu Umar, Department of Accounting and Finance, UBD School of Business and Economics, Universiti Brunei Darussalam

Umar Habibu Umar is a lecturer in the Department of Accounting, Yusuf Maitama Sule University Kano, Nigeria. He is also a member of the Institute of Chartered Accountants of Nigeria (ICAN). Umar’s major area of research is Islamic accounting, banking and finance. Umar is currently a PhD student in the Department of Accounting and Finance, University Brunei Darussalam, Brunei. Umar can be reached at:

Muhammad Aminu Umar, Department of Computer Science Education, Federal College of Education (Technical) Bichi, Kano, Nigeria

Muhammad Aminu Umar had his Bsc Mathematics from Usman Danfodiyo University Sokoto in 1990, Msc Computer Science from Bayero University Kano in 2009 and currently a PhD Computer Science Student in Abubakar Tafawa Balewa University Bauchi, Nigeria.
Served as an Assistant Lecturer with Kano State Polytechnic from 1991 to 1992, Afribank Nig Plc as Credit Officer 1992 to 1999, Dawakin Kudu Local Govt Council as elected Executive Chairman from 2007 to 2009. He is currently a Senior Lecturer and Director ICT in the Federal College of Education (Technical) Bichi, Kano, Nigeria.

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