Resilience of African Islamic Institutions in Crisis: An Analysis of the Case of Mali
DOI:
https://doi.org/10.32350/ibfr.131.02Keywords:
crisis, Islamic financial institutions, Mali, new normal, resilienceAbstract
This article examines the forms and factors of resilience that can be mobilized within Islamic financial institutions (IFIs) during times of crisis. Being a qualitative research using a multiple case study approach, this study is based on in-depth semi-structured interviews conducted with key informants from three IFIs. The findings reveal that the IFIs adopted a resilient approach in the crises by implementing multiple factors, including three essential ones: resources, Islamic financial products, and strategies. The results also show that the IFIs demonstrated resilience conforming to Normandin's (2019) five resilience models: resilience through risk mitigation, adaptive resilience, emergency resilience, resilience through rapid restoration of essential services, and resilience through community support and recovery. The current study highlights the crucial role of certain resilience factors, particularly Islamic financial products, which have been a valuable asset for IFIs during the COVID-19 crisis and other as well. This research has also some limitations, as it relies on three case studies conducted in Mali, which may call into question the generalizability of the results to other sub-regional or international contexts. This article is unique in the context of developing African countries, particularly Mali. It highlights the crucial role of certain resilience factors, notably Islamic financial products, in structuring the ecosystem of Islamic financial institutions, both locally and globally.
Downloads
References
Adam, B. (2022). The managerial contribution to organizational resilience in times of health crisis. Projectics / Proyéctica / Projectique, Special Issue (HS), 11–32. https://doi.org/10.3917/proj.hs03.0011
Ait Errays, N., Elamiri, A., & Sidmou, M.-L. (2023). Explorer l’effet de la communication sur la résilience du grand projet Noor de Ouarzazate. Revue Management & Innovation, 8(2), 29–51. https://doi.org/10.3917/rmi.208.0029
Ait-Tejan, M., & Safaa, L. (2018). Crises, learning, and resilience: a retrospective analysis of tourism activity in Morocco from 1991 to 2016. Focus on Marrakech as a destination. . Études Caribéennes. https://doi.org/10.4000/etudescaribeennes.13975
Altman, E. I. (1983). Corporate financial distress: A complete guide to predicting, avoiding, and dealing with bankruptcy. Wiley-Interscience.
Alvarez, F. E., Argente, D., & Lippi, F. (2020). A simple planning problem for COVID-19 lockdown (NBER Working Paper No. 26981). National Bureau of Economic Research. https://doi.org/10.3386/w26981
Asma, T. B. I. (2021). Islamic Finance facing the Covid-19 crisis: Strengths and Challenges. The Mecas Notebooks, 17 (3), 162–173.
Bardin, L. (2013). Content Analysis. Presses Universitaires de France.
Barouch, G., & Ponsignon, F. (2021). La pandémie du COVID-19: Analyse de la crise et choix de politiques publiques favorisant la sortie de cette crise systémique. Gestion et Management Public, 9(4), 179–184. https://doi.org/10.3917/gmp.094.0179
Beck, T., Demirgüç-Kunt, A., & Merrouche, O. (2013). Islamic vs. conventional banking: Business model, efficiency and stability. Journal of Banking & Finance, 37(2), 433–447. https://doi.org/10.1016/j.jbankfin.2012.09.016
Bibeault, D. B. (1982). Corporate turnaround: How managers turn losers into winners. McGraw-Hill.
Bonnet, N. (2009). Résilience d’un territoire face au chômage: Les réseaux d’entreprises innovantes sur Montpellier. Nouvelles Perspectives en Sciences Sociales, 5(1), 97–115. https://doi.org/10.7202/038625ar
Bourkhis, K., & Nabi, M. S. (2013). Islamic and conventional banks’ soundness during the 2007–2008 financial crisis. Review of Financial Economics, 22(2), 68–77. https://doi.org/10.1016/j.rfe.2013.01.001
Bozeman, B., & Slusher, E. A. (1979). Scarcity and environmental stress in public organizations: A conjectural essay. Administration & Society, 11(3), 335–355.
Brgchou, K., & Hamimida, M. (2021). La finance islamique face aux effets économiques de la crise sanitaire COVID-19. Recherches et Applications en Finance Islamique, 5(1), 1–15.
Cameron, K. S., Sutton, R. I., & Whetten, D. A. (1988). Issues in organizational decline. In K. S. Cameron, R. I. Sutton, & D. A. Whetten (Eds.), Readings in organizational decline: Frameworks, research, and prescriptions (pp. 3–19). Ballinger.
Chapra, M. U. (2011). The global financial crisis: Can Islamic finance help? In J. Langton, C. Trullols, & A. Q. Turkistani (Eds.), Islamic economics and finance (pp. 135–142). Palgrave Macmillan. https://doi.org/10.1057/9780230361133_5
Chenguel, M. B. (2023). The response of Islamic banks face the COVID-19 pandemic and the role of financial technology. In B. Alareeni & A. Hamdan (Eds.), Explore business, technology opportunities and challenges after the COVID-19 pandemic (Vol. 495, pp. 1603–1615). Springer. https://doi.org/10.1007/978-3-031-08954-1_128
Comfort, L. K. (1994). Self-organization in complex systems. Journal of Public Administration Research and Theory, 4(3), 393–410. https://doi.org/10.1093/oxfordjournals.jpart.a037220
Cutter, S. L., Burton, C. G., & Emrich, C. T. (2010). Disaster resilience indicators for benchmarking baseline conditions. Journal of Homeland Security and Emergency Management, 7(1), 1–22. https://doi.org/10.2202/1547-7355.1732
Ghenimi, A., Chaibi, H., & Omri, M. A. (2024). Risk and performance of Islamic and conventional banks under COVID-19 pandemic: Evidence from MENA region. Arab Gulf Journal of Scientific Research, 42(4), 1788–1804. https://doi.org/10.1108/AGJSR-03-2023-0098
Ghosh, B. C., Liang, T. W., Meng, T. T., & Chan, B. (2001). The key success factors, distinctive capabilities, and strategic thrusts of top SMEs in Singapore. Journal of Business Research, 51(3), 209–221. https://doi.org/10.1016/S0148-2963(99)00047-8
Ghouse, G., Ejaz, N., Bhatti, M. I., & Aslam, A. (2022). Performance of Islamic vs conventional banks in OIC countries: Resilience and recovery during COVID-19. Borsa Istanbul Review, 22(Suppl. 1), S60–S78. https://doi.org/10.1016/j.bir.2022.11.020
Gueguen, G. (2001). Environment and strategic management of SMEs: The case of the internet sector [Doctoral dissertation, Université de Montpellier]. The Theses. https://theses.fr/2001MON10059
Haider, S. M., Khan, S., Rabbani, M. R., & Thalassinos, Y. E. (2020). An artificial intelligence and NLP based Islamic FinTech model combining zakat and qardh-al-hasan for countering the adverse impact of COVID-19 on SMEs and individuals. International Journal of Economics and Business Administration, 8(2), 351–364. https://doi.org/10.35808/ijeba/466
Hamza, H., & Guermazi-Bouassida, S. (2012). Islamic banking: an ethical solution to the financial crisis. The Journal of Management Sciences, 255–256(3–4), 161–166. https://doi.org/10.3917/rsg.255.0161
Hasan, M., & Dridi, J. (2010). The effects of the global crisis on Islamic and conventional banks: A comparative study (IMF Working Paper No. 10/201). International Monetary Fund. https://www.imf.org/external/pubs/ft/wp/2010/wp10201.pdf
Holling, C. S. (1973). Resilience and stability of ecological systems. Annual Review of Ecology and Systematics, 4, 1–23. https://doi.org/10.1146/annurev.es.04.110173.000245
Jawadi, F. (2012). Is Islamic finance immune to the global financial crisis? The Journal of Management Sciences, (3–4), 123–132. https://doi.org/10.3917/rsg.255.0123
Johnes, J., Izzeldin, M., & Pappas, V. (2014). A comparison of performance of Islamic and conventional banks 2004–2009. Journal of Economic Behavior & Organization, 103, S93–S107. https://doi.org/10.1016/j.jebo.2013.07.016
Khelifa, H. (2018). Islamic finance: is it an alternative in the face of the current financial crisis? Review of Financial, Banking and Management Economics, 7(2), 288–309.
Kouamé, D. S. (2012). Factors contributing to the success or failure of innovative French startups based on their funding and governance models [Doctoral dissertation, Université de Lorraine]. HAL Theses. https://theses.hal.science/tel-01749181/
Mateev, M., Nair, K., & Mostafa Khan, G. (2024). Sustainable performance during the COVID-19 pandemic: A comparative analysis of Islamic and conventional banks. Journal of Sustainable Finance & Investment, 1–47. https://doi.org/10.1080/20430795.2024.2334252
Miles, M. B., & Huberman, A. M. (2003). Qualitative data analysis (2nd ed.). De Boeck Supérieur.
Normandin, J. M. (2019). Civil security in transformation: Comparative analysis of the design and implementation of resilience to disasters [Doctoral dissertation, National School of Public Administration]. Espace. https://espace.enap.ca/id/eprint/185/
Normandin, J.-M., & Therrien, M.-C. (2016). Resilience factors reconciled with complexity: The dynamics of order and disorder. Journal of Contingencies and Crisis Management, 24(2), 107–118. https://doi.org/10.1111/1468-5973.12107
Olson, D., & Zoubi, T. (2017). Convergence in bank performance for commercial and Islamic banks during and after the global financial crisis. The Quarterly Review of Economics and Finance, 65, 71–87. https://doi.org/10.1016/j.qref.2016.06.013
Oseni, U. A., & Shuaib, S. O. D. (2023). The resilience of Islamic finance against pandemic-induced future economic crisis. In Z. H. Jumat, S. Hafiz Khateeb, & S. Nazim Ali (Eds.), Islamic finance, FinTech, and the road to sustainability (pp. 91–110). Palgrave Macmillan. https://doi.org/10.1007/978-3-031-13302-2_5
Pearson, C. M., & Clair, J. A. (1998). Reframing crisis management. Academy of Management Review, 23(1), 59–76. https://doi.org/10.2307/259099
Rabbani, M. R., Khan, S., & Thalassinos, I. E. (2020). FinTech, blockchain and Islamic finance: An extensive literature review. International Journal of Economics and Business Administration, 8(2), 65–86. https://doi.org/10.35808/ijeba/444
Reilly, A. H. (1993). Preparing for the worst: The process of effective crisis management. Industrial and Environmental Crisis Quarterly, 7(2), 115–143. https://doi.org/10.1177/108602669300700204
Saunders, M., Lewis, P., & Thornhill, A. (2019). Research methods for business students (8th ed.). Pearson.
Schmitt, A., Probst, G., & Tushman, M.-L. (2010). Management in times of economic crisis: Insights into organizational ambidexterity. Management, 13(3), 128–150. https://doi.org/10.3917/mana.133.0128
Shayerah, I. (2009). Islamic finance: Overview and policy concerns (CRS Report No. R40647). Congressional Research Service.
Sidibe, M., & Thera, S. (2021). Public action and the resilience of Islamic microfinance in the face of the Covid-19 health crisis in Mali: The case of the intermediation and development fund (CID). International Journal of Accounting, Finance, Auditing, Management and Economics, 2(5), 436–448. https://doi.org/10.5281/zenodo.5522888
Smart, C., & Vertinsky, I. (1984). Strategy and the environment: A study of corporate responses to crises. Strategic Management Journal, 5(3), 199–213. https://doi.org/10.1002/smj.4250050302
Somers, S. (2009). Measuring resilience potential: An adaptive strategy for organizational crisis planning. Journal of Contingencies and Crisis Management, 17(1), 12–23. https://doi.org/10.1111/j.1468-5973.2009.00558.x
Stumpp, E.-M. (2013). New in town? On resilience and “resilient cities.” Cities, 32, 164–166. https://doi.org/10.1016/j.cities.2013.01.003
Suleman, S., Mohd Thas Thaker, H., Fatima, H., Bhatti, M. I., & Cheong, C. W. H. (2025). Resilience of Islamic financial institutions amid economic disruptions: Lessons from the COVID-19 pandemic. In F. Taghizadeh-Hesary, H. Mohd Thas Thaker, M. I. Bhatti, & A. Allah Pitchay (Eds.), Islamic financial markets and institutions (pp. 173–194). Springer. https://doi.org/10.1007/978-981-96-8650-6_8
Sun, H., Rabbani, M., Sial, M., Yu, S., Filipe, J., & Cherian, J. (2020). Identifying big data’s opportunities, challenges, and implications in finance. Mathematics, 8(10), Article e1738. https://doi.org/10.3390/math8101738
Tayyebi, A. (2009). Eclipsed by the crescent moon: Islamic finance provides some light in the global financial crisis. Financial Services Review, 18, 14–16.
Therrien, M., Normandin, J., & Denis, J. (2017). Bridging complexity theory and resilience to develop surge capacity in health systems. Journal of Health Organization and Management, 31(1), 96–109. https://doi.org/10.1108/JHOM-04-2016-0067
Thiétart, R. A. (1988). Success strategies for businesses that perform poorly. Interfaces, 18(3), 32–45.
Weick, K. E. (1988). Enacted sensemaking in crisis situations. Journal of Management Studies, 25(4), 305–317. https://doi.org/10.1111/j.1467-6486.1988.tb00039.x
Weick, K. E., Sutcliffe, K. M., & Obstfeld, D. (1999). Organizing for high reliability: Processes of collective mindfulness. In Research in Organizational Behavior (Vol. 21, pp. 81–123). JAI Press.
Westrum, R. (2006). A typology of resilience situations. In E. Hollnagel, D. D. Woods, & N. Leveson (Eds.), Resilience engineering: Concepts and precepts (pp. 55–66). Ashgate Publishing.
Whetten, D. A. (1980). Sources, responses and effects of organizational decline. In J. R. Kimberly & R. H. Miles (Eds.), The organizational life cycle (pp. 342–374). Jossey-Bass.
Wildavsky, A. (1988). Searching for safety. Transaction Publishers.
Yin, R. K. (2003). Case study research: Design and methods (3rd ed.). Sage Publications.
Zahid, A., & Ibourk, A. (2014). The performance of Islamic banking in the face of the crisis. A study of the profitability of Islamic banking during the crisis. Economic Critique, 32, 1–16. https://doi.org/10.48409/IMIST.PRSM/ce-n32.4621
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2026 Mahamadou Sidibe
This work is licensed under a Creative Commons Attribution 4.0 International License.
Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution (CC-BY) 4.0 License that allows others to share the work with an acknowledgement of the work’s authorship and initial publication in this journal.
