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The COVID-19 pandemic has heavily impacted micro-entrepreneurs worldwide. Although incentives and assistance funds have been provided by the government, these might only last for three months. The funds can be accessed through Islamic Social Finance (ISF) tools (Zakat, Waqf, Baytulmal, Ar-rahnu). Although ISF mitigates risks by providing fund assistance to micro-entrepreneurs, it is essential to know how far the assistance can support them and help them survive in their business. Therefore, this study intends to investigate the significance of Islamic social finance in stabilising micro-entrepreneurs’ income during the COVID-19 pandemic, using the Partial Least Squares-Structural Equation Modeling (PLS-SEM) method. A survey consisting of 200 questionnaires was distributed to micro-entrepreneurs in three states in Malaysia between June and August 2020. The findings show that ISF has played an essential role in stabilising income among micro-entrepreneurs during the COVID-19 pandemic. Overall, zakat has the most robust, positive relationship with financial stability. This means that it is an essential tool being used by micro-entrepreneurs to stabilise their income during COVID-19.

THE SIGNIFICANCE OF ISLAMIC SOCIAL FINANCE IN STABILISING INCOME FOR MICRO-ENTREPRENEURS DURING THE COVID-19 OUTBREAK