The Covid-19 pandemic has posed serious social and economicchallenges to Global economy and financial buoyancy/status ofmost countries, states, communities, corporate bodies andindividuals. Encounters such as loss of life, loss of income,business closures, etc. are evident in almost all communitiesglobally. Managing these challenges and its aftermath requiresthe positive response and concerted efforts of States, CorporateBodies and other stakeholders at both local and internationallevel. Islamic Financial Institutions (IFIs) are significantstakeholders in communities where they operate and are activeplayers in the socio-economic development of such communitiesin line with the spirit of Sharia provisions on Corporate SocialResponsibility (CSR). Similarly, CSR as one of the cardinalobjectives of IFIs is well entrenched in Islamic law such thatcertain activities are either mandated or recommended inprinciple. This paper using doctrinal approach examined theIslamic law perspective that promotes the operationalization ofCSR by IFIs through some highlighted policies such as zakat,waqf, qard hasan etc. These policies will generally assist inmitigating the socio-economic challenges faced by the societyand specifically those posed by Covid 19. The paper argued thatameliorating the effects of Covid 19 can best be achievedthrough the instrumentality of CSR by IFIs. Implementing CSRby IFIs is generally beneficial particularly to the immediatecommunities where they operate. The paper thereforerecommends for an enactment of viable laws that will mandatethe conduct of CSR by all IFIs in Nigeria and mandate such institutions to engage in more CSR that will positively impactthe society and alleviate the sufferings caused by Covid 19.