Introduction

COVID-19 is an unprecedented health crisis which has led to a human and economic crisis. The pandemic has not forced to create a ‘new normal’ only to people inhabited in a specific geographical location; but it has created the ‘new normal’ for the whole world and all spheres that are linked with humankind including the economy and the financial systems. The time that will end this pandemic crisis is unknown and it is impossible to know with certainty as at the moment neither a specific cure nor a vaccine has been invented and the process is ongoing. The World Health Organization (WHO) has already said that ‘this virus may never go away’ (Aljazeera, 2020). As such, currently even the financial systems including Islamic financial system is searching for the ‘new normal’ that would shape the future of it.