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Corporate social responsibility in Islamic banking: Theory and practice
Ist Teil von
Sociologija, 2019, Vol.61 (1), p.32-54
Erscheinungsjahr
2019
Link zum Volltext
Quelle
EZB Free E-Journals
Beschreibungen/Notizen
Democratization of the society and the strengthening of civic awareness in
many countries have brought the corporate social responsibility into the
focus of attention of the scientific, investment and general public, as well
as regulatory bodies. This has created a significant pressure on the
corporate sector to adapt its business to the interests of numerous
stakeholders. The issue of corporate social responsibility (CSR) is of
particular importance to Islamic banking, as the fastest growing sector of
the global financial market. Social responsibility is an integral element of
the doctrine of Islamic banking and economics. The Islamic model of social
responsibility is as old as Islam itself, so it is for centuries present in
Sharia-compliant business. The institutionalization of Islamic banking,
which began far later, raised the question of the role of social
responsibility in the Islamic banks? business practice. The strong pressure
from the competition, the business model insufficiently adapted to the
modern market environment and the desire to achieve business success and
strengthen the market position, have forced Islamic banks to face numerous
challenges and partly deviate from some of their stated goals. In this
article, we analyze the theoretical model of Islamic banking and the model
of man adapted to its principles - homo islamicus, as the carrier of that
system, the business practice of Islamic banks, the gap between expectations
and realities in the relationship of Islamic banks towards CSR, and
potential solutions for removing this gap. The aim is to examine the
potential of Islamic banking as socially responsible and ethical alternative
to, often criticized and, according to many, morally problematic
conventional banking.
nema