Corporate Social Responsibility of Islamic Banks: CSR website visibility, CSR initiatives, CSR strategy
DOI:
https://doi.org/10.29240/alfalah.v6i2.3091Keywords:
CSR, visibility, strategic, approachAbstract
Purpose: The concept of Corporate Social Responsibility (CSR) has been widely known in the Islamic banking sector yet there is criticism and lack of trust which exists among stakeholders
Design/Method/Approach: To reduce negative concern and to fill the gap in the literature, this research reinforces the integration of ethical and moral principles in the banking business.
Findings: One of the integral and core elements of Islamic economics is ‘falah’; which focuses on wellness and the concept of reward in this world and hereafter
Originality/Values: To fulfil the needs of the ethical aspect of Islamic banks which leads to ‘falah’, this research has extracted the underlying theoretical issues of Islamic bank Corporate Social Responsibility (web visibility, initiatives, strategy). This research also determines the extent of CSR visibility in twelve leading Islamic banks’ corporate websites.
Downloads
References
Abdul Kaium Masud, M., and Humayun Kabir, M (2016). Corporate social responsibility evaluation by different levels of management of Islamic banks and traditional banks: evidence from the banking sector of Bangladesh. Problems and Perspectives in Management. 14(3):194–202.
Abdullah Rajeh, A., Salamon, H. B and Qureshi, I., Amran. R (2015). CSR’s Measuring Corporate Social Responsibility Practice in Islamic Banking: A Review. International Journal of Economics and Financial. 5(1):198-206.
Alazzani, Abdulsamad., Wan hussin, Wan nordin and Jones, M (2019). Muslim CEO, women on boards and corporate responsibility reporting: some evidence from Malaysia. Journal of Islamic Accounting and Business Research. 10(2): 274-296.
Adapa, S (2013). Corporate Social Responsibility in Malaysian Banks Offering Islamic Banking. Management. 3(7):434-439.
Adapa, S (2015). The Extent of Corporate Social Responsibility Engagement in Malaysian Banks Offering Islamic Banking Services. Journal of Internet Banking and Commerce.20 (2):15-20.
Ahmad, K (1992). Nature and Significance of Islamic Economics, in Ahmad and Awan, pp. 19-48.
Ali Aribi, Z., and Arun, T (2014). Corporate Social Responsibility and Islamic Financial Institutions: Management Perceptions from IFIs in Bahrain. Journal of Business Ethics. 129(4):785–794.
Al-Tamimi. H. A. H (2014). Corporate Social Responsibility Practices of UAE Banks. Global Journal of business research. 8(3).
Angus-Leppan, T., Metcalf, L and Benn, S (2010). Leadership styles and CSR practice: An examination of sensemaking, institutional drivers and CSR leadership. Journal of Business Ethics. 93(2):189–213.
Arif, M (1985). Toward a Definition of Islamic Economics: Some Scientific Considerations.Journal Research Islamic Economic. 2(2): 79-93.
Assiouras, I., Ozgen, O., and Skourtis, G (2011). The effect of corporate social responsibility on consumers' emotional reactions in a product-harm crisis. American Marketing Association Conference. 17-19 Feb Austin, USA. p.163-170.
Babatunde, J. H and Adeyemi, A. A (2015). The Effectiveness of Islamic Banks’ Corporate Social Responsibility as Perceived by Gender in Malaysia: An Exploratory Research. Journal of Creative Writing. 1(2):1 – 18.
Baghalab, S. M. S and Chaar, A.M (2013). Corporate Social Responsibility in Islamic Commercial Banks in Saudi Arabia. Master in Islamic Financial Management. Effat University. Jeddah Saudi Arabia.
Bennett, M and Iqbal, Z (2013). How socially responsible investing can help bridge the gap between Islamic and conventional financial markets. International Journal of Islamic and Middle Eastern Finance and Management. 6(3):211-225.
Boateng, H(2016). An analysis of corporate social responsibility communication on the websites of banks operating in Ghana. South African Journal for Communication Theory and Research. 42(1): 100-118.
Branco, M.C and Rodrigues, L.L (2006). Communication of corporate social responsibility by Portuguese banks: A legitimacy theory perspective. Corporate Communications: An International Journal. 11(3): 232–248.
Bravo, R., Matute, J and Pina, J.M (2012). Corporate social responsibility as a vehicle to reveal the corporate identity: A study focused on the websites of Spanish financial entities. Journal of Business Ethics. 107(2): 129–146.
Carroll, A. B (1999). Corporate social responsibility evolution of a definitional construct. Business and Society. 38 (3):268-295.
Carroll, A. B (1979). A Three-dimensional conceptual model of corporate performance. The Academy of Management Review. 4(4): 497-505.
Chomvilailuk, R and Butcher, K (2013). The effect of CSR knowledge on customer liking, across cultures. International Journal of Bank Marketing. 31(2):98- 114.
Dahlsrud, A (2008). How corporate social responsibility is defined: An analysis of 37 definitions. Corporate Social Responsibility and Environmental Management. 15(1): 1-13.
Darus, F., Fauzi, H., Purwanto, Y., Yusoff, H., Amran, A., Zain, M., Naim, D and Nejati, M (2014). Social responsibility reporting of Islamic banks: Evidence from Indonesia. International Journal of Business Governance and Ethics. 9(4).
Dienes, D and Velte, P (2016). The Impact of Supervisory Board Composition on CSR Reporting. Evidence from the German Two-Tier System. Sustainability. 8(1):1-20.
Du, C.B. Bhattacharya and S. Sen (2007). Reaping relational rewards from corporate social responsibility. The role of competitive positioning. International Journal of Research in Marketing. 24(3): 224-241.
De los Salmones, M.D.M.G., Perez, A and del Bosque, I. R (2009). The social role of financial companies as a determinant of consumer behaviour. International Journal of Bank Marketing. 27(6):467–485.
Dinar Standard (2010). Social Responsibility Trends at Islamic Financial Institutions. Based on 2009 Social Responsibility Survey. Dar Al Istithmar.
ElMelki, A and Ben, A. M (2009). Ethical Investment and the Social Responsibilities of the Islamic Banks.International Business Research International Business Research. 2(2):124-129.
Farook, S (2007). Corporate Social Responsibility of Islamic Financial Institutions. Islamic Economic Studies.15(1).
Farook, S and Lanis, R (2007). Islamic Economics and Finance, Banking on Islam? Determinants of Corporate Social Responsibility Disclosure. Islamic Development Bank.1(1): 219-240.
Freeman, R. E., Wicks, A. C and Parmar, B(2004). Stakeholder Theory and The Corporate Objective Revisited. Organization Science. 15(3) 364-369.
Hamdan, M. H (2013). Corporate Social Responsibility of Islamic Banks in Brunei Darussalam. Corporate Social Responsibility in Asia, Springer International Publishing Switzerland. pp. 85-107.
Hardivizon, dan Muhammad Sholihin. “Hybrid Rationality behind Customers’ Choices of the Islamic Banks : An Experience of Bengkulu, Indonesia.†Journal of Islamic Thought and Civilization 11, no. 1 (23 Juni 2021): 175–200. doi:10.32350/jitc.111.10.
Haniffa, R. and Hudaib, M (2007). Exploring the ethical identity of Islamic banks via communication in annual reports. Journal of Business Ethics.76(1): 97-116.
Hassan, A (2009). Corporate social responsibility of Islamic financial institutions and businesses optimizing charity value. Humanomics. 25(3):177-188.
Hassan, A and Chachi, A (2005). The Role of Islamic Financial Institutions in Sustainable Development.Islamic Finance and Economic Development, Palgrave Macmillan. pp. 59-93.
Hazlina, W. N and Jusoh, W. I. U (2015). Corporate Social Responsibility of Islamic Banks: Malaysian Practitioners Perspective. International Organization for Research and Development – Conference paper Feb.
Hazlina, W. N and Jusoh, W. I. U (2017). Corporate Social Stakeholders' Perspectives. International Journal of Islamic and Middle Eastern Finance and Management. 1(2).
Hazlina, W. N., Jusoh, W. I. U and Napiah, M. D. M (2014). Corporate Social Responsibility of Islamic Banks: A Literature Review and future direction. J. Appl. Environ. Biol. Sci. 4(12):57-61.
Hazlina, W. N and Ibrahim, U (2016). Responsibility of Islamic Banks in Malaysia: Arising Issues. Islamic Economic Studies. 25 (April): 155-172.
Hidayat, S. E and Suliman, A. (2011). Public Awareness on Corporate Social Responsibilities of Saudi Islamic Banks. 8th International Conference on Islamic Economics and Finance. Qatar, 18-20 December.
Kalyan, S., Das, S. K. and Sahoo, P. (2011). Practices of corporate social responsibility in banking sector in India: An Assessment. Research Journal of Economics, Business and ICT. 4(1):1-10.
Kamla, R and Rammal, H (2013). Social Reporting by Islamic Banks: Does Social Justice Matter. Accounting, Auditing and Accountability Journal. 26(6): 911 – 945.
Khan, A (1984). Islamic Economics: Nature and Need. Journal Research Islamic Economic.1(2): 51-55.
Khan, M.H.U.Z., Halabi, A. and Samy, M (2009). Corporate social responsibility (CSR) reporting: a study of selected banking companies in Bangladesh. Social Responsibility Journal. 5(3): 344–357.
Kiliç, M (2016). Online corporate social responsibility (CSR) disclosure in the banking industry: Evidence from Turkey.International Journal of Bank Marketing. 34(4):550-569.
Laliwala, J (1989). Comment: Nature and Scope of Islamic Economics. Journal of King Abdulaziz University: Islamic Economics. 1(1): 129-141.
Mandhachitara, R and Poolthong, Y (2011). A model of customer loyalty and corporate social responsibility. Journal of Services Marketing. 25(2): 122– 133.
Marin, L and Ruiz, S (2007). I Need You Too! Corporate Identity Attractiveness for Consumers and the Role of Social Responsibility. Journal Business Ethics. 71(1): 245-260.
Metcalfe, B. D and Syed, J (2015). Corporate Social Responsibility and Islamic Financial Institutions: Management Perceptions from IFIs in Bahrain.Journal of Business Ethics. 129(4):785-794.
Nielsen Norman Group (2017). F-Shaped Pattern of Reading on the Web: Misunderstood, But Still Relevant (Even on Mobile). Research consultancy users experience. November 12, 2017. https://www.nngroup.com/articles/f-shaped-pattern-reading-web-content/.
Pérez, A and Ignacio, R(2015) Corporate social responsibility and customer loyalty: exploring the role of identification, satisfaction and type of company. Journal of Services Marketing. 29(1):15-25.
Pérez, A and del Bosque, I (2013). Customer Personal Features as Determinants of the Formation Process of Corporate Social Responsibility Perceptions. Psychology and Marketing. 30(10):903–917.
Pomering, A., Johnson, L. W and Noble, G (2013). Advertising corporate social responsibility: results from an experimental manipulation of key message variables. Corporate Communications: an international journal. 18(2):249-263.
Roy, I and Sarker, A (2017). Corporate Social Responsibility Practices in Bangladesh: A Statistical Analysis on State-Owned & Private Commercial Banks. Economics World. 5(4): 322-332.
Sairally, S (2007). Evaluating the ‘Social Responsibility’ of Islamic Finance: Learning from the Experiences of Socially Responsible Investment Funds. Islamic Development Bank. p.420-447.
Samina, Q (2012). Practice of Corporate Social Responsibility in Islamic Banks of Bangladesh. World Journal of Social Science. 2(6):1-13.
Soana, M (2011). The Relationship between Corporate Social Performance and Corporate Financial Performance in the Banking Sector. Journal of Business Ethics.104(1):133-148.
Sobhy, N and Megeid, A (2013). The Impact of Service Quality on Financial Performance and Corporate Social Responsibility: Conventional Versus Islamic Banks in Egypt. International Journal of Finance and Accounting. 2(3):150-163.
Tania, I. J (2014). Exploring Underlying Dimensions of Business Benefits through Corporate Social Responsibility: A Study on Commercial Banks. World Journal of Social Sciences. 4(1): 117 – 129.
Wajdi, D. A (2008). Understanding the Objectives of Islamic Banking: A Survey of Bangladesh.World Journal of Social Sciences. 2(6):1 – 13.
Wajdi, D. A and Irwani, A. N (2006). The Ideal of Islamic Banking: Chasing a Mirage, Paper presented in INCEIF Islamic Banking and Finance Educational Colloquium. Bank Negara Malaysia. Kuala Lumpur, 3rd-5th April.
Wajdi, D. A and Irwani, A. N (2009).Maqasid al-Shari`ah, Maslahah, and Corporate Social Responsibility. The American Journal of Islamic Social Sciences. 24(1): 24-28.
Wartick, S. L and Cochran, P.L (1985). The Evolution of the Corporate Social Performance Model.Academy of Management. 10(4):758-769.
Wood, D. J (1991). Corporate Social Performance Revisited. The Academy of Management Review. 6(4):691-718.
Yeung, S (2011). The Role of Banks in Corporate Social Responsibility. Journal of Applied Economics and Business Research. 1(2): 103-115.
Zubairu, U. M., Sakariyau, O. B and Dauda, C. K(2011). Evaluation of Social Reporting Practices of Islamic Banks in Saudi Arabia. Electronic Journal of Business Ethics and Organization Studies. 17(1): 41-50.