Covid-19 has shown its pandemic powers to the whole world. At times when many countries are forced to go for total lockdown of its economic activities, unusual economic crisis is inevitable. In such unusual scenario where economic and financial sector should be made available for the well-being of the society, Islamic finance can serve as the solution to this pandemic crisis. As per Global Financial Crisis (GFC), Islamic finance is an irrepressible option because of type of instrument it offers. This chapter is an attempt to provide empirical evidence of impact of various financial crisis on Islamic finance. The two major financial crisis of 1997 and 2007 has been studied with special emphasis on various type of risk. Lesson from the Islamic finance sector has been drawn to suggest ways in which future risk may be mitigated. The chapter adds value to the current literature and provides evidence of Islamic finance mitigating risk and providing a social finance for the well-being of the society. It suggests Islamic finance instruments that could be deployed for helping economies fight Covid-19 financial crisis.