The Financial Express

Living with the Covid-19 pandemic

| Updated: November 19, 2020 16:40:24

Living with the Covid-19 pandemic

Presently the world is facing a difficult time because of coronavirus. The virus first broke out in China and then spread across the world like a rapid fire. A large number of people have died across the world as there is no medicine till now against the pandemic. Businesses are also suffering as consumption has been downsized. Exports, import and remittance flow had been affected severely before the curves headed upward. Like other countries, Bangladesh had not been immune. The economy of Bangladesh is closely connected with the world economy in the areas of export, import, remittance, etc.

The recovery of the economy now is a cause of concern. Many people are now staying at home. Schools and colleges are remaining closed or have moved online. Hotels, restaurants and airlines are reopening gradually. However, amid the second wave of the Covid-19, some of the European countries are again grappling with it. It is a testing time for the world. How will the world battle the second Covid wave?

Now, the question is what should be the right action after the coronavirus. First of all, those who are alive must think deeply about rebuilding the world for welfare of the human beings. We may come up with some sort of answers such as leadership based on performance and the performance also should be calculated with honesty and skill. Labourers and executives should be paid fairly with good attitude. Right people should be in right places. All people should be reached out and their human rights be upheld. Especially rights of weak people like children, women, infants, etc. should be ensured through skilful and honest leadership.

Businesses need to be started based on the new concept "Wealth and Welfare Business Model" where profit making, human rights, welfare and social responsibility will be ensured. For rebuilding the world primarily the business entrepreneurs should lay more emphasis on basic needs of humans like food, clothes, residents, treatment and education. Special attention should be given to agriculture production and smooth supply chain management. Agriculture should get the highest priority as this is very essential for food and raw materials for industries.

Current Islamic and conventional banking is creating injustice. A new type of banking should be practised like profit sharing and doing direct business. The main target of the banks should be to deal with goods and services, not documents.

Due to the coronavirus most of the business organisations might not repay banks' loans in time and consequently a part of the liabilities will be written off and the interest amounts will be waived. As a result, depositors will land in trouble. This will ail the present banking system. So, we have to practise a new kind of banking as explained earlier.

Business of luxurious goods and services should be limited as the people's survival is the most important question.

Last but not the least, leadership should grow based on skill and honesty but donations should be provided to relatives and in the neighbourhood. On the other hand, the government's taxation should be fair and done transparently. Expenditure should be made by ensuring transparency and accountability. All humans should understand that they are in the world for a limited time and they must return to the Almighty.

The writer is an author & banker.
Email: [email protected]

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