Esham, the Origin of Sukuk for Facing the Crisis: Historical Experience

Pandemic brings a crisis. This makes world leaders have to work hard and smartly in managing state budgets. During the heyday of Islam, Muslims also faced crises. Given that time power Islam mastered many areas world, it can be assumed crisis occurred past was global as is happening today. The difference at because losing war. paper tries describe historical experience esham, one fiscal instruments Islamic helped Ottoman Empire overcome Esham has mobilized low-cost funds from public relatively concise time. served better choice than looking for foreign debt. As origin sukuk, esham simpler structure so used an alternative sukuk with lower cost. To deal crisis, may intervene economy. real sector turn will help government drive economy well control prices market goods services. Therefore, potential facing