The COVID-19 pandemic has drastically transformed the human lifestyle and world socioeconomic conditions. It has attracted many scholars to assess the consequences of this pandemic. From a different angle, this study aims to compare the socioeconomic conditions before and during the COVID-19 pandemic; and to assess which socioeconomic indicator was most impacted by the pandemic. This empirical study employed a valid and reliable questionnaire that was randomly distributed to 516 respondents aged 18 to 65 years old in Peninsular Malaysia. Paired sample t-test and frequency analysis were utilised for the data analysis. Results show a significant difference in terms of socioeconomic conditions, namely income, saving, job security, health conditions, security/personal safety, emotional condition, spirituality, and work productivity was observed before and during the COVID-19 pandemic. Furthermore, spirituality (99.4%), food security (96.9%), health (88%), and personal safety (83.5%) were the most affected indicators during the COVID-19 pandemic. The outcomes of this study could provide policymakers with a clear picture of the effective strategy for achieving Sustainable Development Goals (SDG) and aiding Malaysia in its economic and social recovery after the pandemic.

Poverty is a universal reality that takes various forms worldwide. It is considered the most detrimental economic and social issue, being the root cause of human rights violations due to its destructive effects on individuals and society. In the modern era, poverty has become a major global issue, hindering economic and human development and leading to deprivation of well-being. Any credit type, micro or nano credit, must be implemented well to help the poor. Recently, there has been an interest in nanocredit. Although there are limited studies on nanocredit, there have been some attempts to review the topic. In contrast to other research, this study adopts a different methodology to thoroughly review the literature on the development of nanocredit to address the innovative and reliable tools that are dependable financial inclusion for the underprivileged. This study is being conducted to comprehensively review and analyse current research on nanocredit. Scopus, Web of Science (WoS), Emerald Insights, and Google Scholar index the reviewed literature from 2000 to 2022 for published article access. Studies have presented that nanocredit is a new paradigm in the lending industry with fewer requirements and bureaucracy. Although it is still lacking in fully complying with Shariah guidelines, nanocredit is a saviour for the poor in improving their quality of life. In simple understanding, nanocredit should be the bridge that connects Islamic finance and Islamic philanthropy.