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25 September 2011

Corporate Social Responsibility of Islamic Banks

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The corporate social responsibility is a great obligation of an organization towards society. The Islamic bank has huge corporate social responsibility on their part as people expect more from them. In practice Islamic banks are playing their sufficient role by providing interest free loan. But one should know the ways how corporate social responsibility works in different sectors such as in ethical investment, business moral values, and involvement in social work directly or indirectly, environment responsible and certainly it is the impact of CSR that now Islamic banks are providing equal opportunity both male and female as well as human rights conscious.

In fact the corporate social responsibility is accepted worldwide because they have inherent capacity of promoting CSR on a greater level as it follow the interjection of Shariah which bounds the Islamic banking to responsible and ethical banking which never allows such business that could harm the social independency of common people. On the other hand the Islamic banks were prohibited by Islamic Shariah to involve in illegal banking so corporate social responsibility is collectively acknowledged by Islamic banks all over the world. The history of Islam reflects the idea of corporate social responsibility as it encourages endowment charity Zakah for the wellbeing of society.

So Zakah proves a powerful tool to bring awareness among the masses regarding social responsibility and it is the symbol of Islamic corporate social responsibility which has now been recognized all over the world. The corporate social responsibility has become part and parcel of an organization’s operations. The corporate social responsibility of Islamic banks lies to bring change in the society they should come up with some plan that how would they bring a social change in society and what role they can play in the development of society as they have resources to make such arrangements. Such activities of social concern can be done by group effort and cooperation with other organization so that better amount can be produced.

So under the guided principles of Islamic Shariah it is the religious obligation of Islamic banks to work for the wellbeing of masses. Such as Emirates Islamic banks is playing its vital role in the execution of corporate social responsibility in its true sense .Such banks are offering highest level of services to its customers. So what makes difference to an Islamic bank by getting involved in corporate social responsibility related activities? The answer is simple such social involvement earns reputation it gains respect, admiration and value from the society so in other words the CSR is the key to success for any business concern and the need of customers so Islamic banking is very committed to corporate social responsibility and playing its role for the development of society by organizing social plan to help the deserving people.

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