Table 2 - uploaded by Aida Hanic
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Twenty largest countries ranked by total Sharia -compliant assets
Source publication
Islamic economic model, especially it's most developed part Islamic banking, is known as interest free. Beside this characteristic it includes several moral and ethical dimensions based on Islam as a foundation of this business activity. In this aspect, Islamic banks should be barriers of sustainable development because public interest is the basic...
Citations
... In Islamic banks, donations that they can make, primarily in cash, are the best form of assistance and lead to improved social opportunities (Masoud 2017). The same situation is with approving Qard-Hasan loans and their role in achieving the Sustainable Development Goals (SDGs), i.e., reducing poverty and increasing the education's quality (Hanić and Sućeska 2018). ...
Abstract
Purpose
This study aims to present a corporate social responsibility (CSR) model that would apply to Islamic banks, considering the international aspect of social responsibility because CSR is not applicable in the same way in all types of societies.
Design/methodology/approach
Based on the extensive review of the existing literature, the authors aim to present an Islamic CSR model applicable to Islamic banks. This study is based on the international approach to CSR developed by Masoud (2017). Each responsibility has an equal share but with specific changes regarding the order of priorities between them and the type of responsibility.
Findings
The findings show that the existing literature provides several Islamic CSR models. Most of these models are general and offer guidelines to Islamic financial institutions, but no model applies exclusively to Islamic banks. Using these models for Islamic banks is challenging because of their specific business activities, especially in non-Muslim countries. This study proposes a model that could act as the main guideline for Islamic banks with enough flexibility to meet different market and stakeholders’ requirements.
Practical implications
The model was not tested on a sample, and not all Islamic principles were considered. However, it is applicable for Islamic banks, especially considering internationalization in their businesses and the further development of Islamic banking. At the same time, this model puts ethical norms in the spotlight. This is particularly emphasized in the case of non-Muslim countries or in societies where a particular law does not regulate Islamic bank activities.
Originality/value
Although there is a growing literature on this topic, existing studies primarily discuss the Islamic approach to CSR from the overall perspective, not in a specific industry. While some authors developed their own Islamic CSR models relying on the primary Shariah sources, others base their proposals on other classical CSR ideas. To the best of the authors’ knowledge, this is the first study based on the CSR model developed by Masoud (2017), considering the relationship between economics and religion and the implications of the Islamic moral economy.
... In Islamic banks, donations that they can make, primarily in cash, are the best form of assistance and lead to improved social opportunities (Masoud 2017). The same situation is with approving Qard-Hasan loans and their role in achieving the Sustainable Development Goals (SDGs), i.e., reducing poverty and increasing the education's quality (Hanić and Sućeska 2018). ...
https://www.emerald.com/insight/content/doi/10.1108/IMEFM-07-2021-0284/full/html?fbclid=IwAR2b8ADjsm3PSSR4PzrOeqxejims27BvZ1MEy_QuFiGnKTbgiE0foRKh21Y
