Social Synergy Sukuk (Double-S Sukuk): A Solution for Pandemic Crisis

The COVID-19 pandemic crisis is projected to plunge over half a billion people (580 million) globally into extreme poverty. This exploratory paper proposes an innovative Social Synergy sukuk (Double-S sukuk) for alleviating the alarming upsurge in poverty triggered by face of limited resources. Double-S designed with Multilateral Development Banks (MDBs); such as Islamic Bank subscribing at discounted profit rate, issued country facing pains pandemic. will be paid charitable Non-Governmental Organization; Bill & Melinda Gates Foundation incentive crises contingent upon judicious utilization funds pre-agreed social targets achieved within timely milestones that trickle down uplift citizens from only pay principal component. Furthermore, suitable MDB; Investment Guarantee Agency (MIGA) issue guarantee enhance rating and cut issuance costs. enhancement makes attractive BASEL III High-quality-liquid-asset (HQLA). Instead begging public charity, open invest alongside MDBs rate crowd-in social/ethical conscious private sector raise cheaper larger apt synergistic alleviation. methodology used this study qualitative based on content analysis relevant academic journals, industry reports policy documents.