ON CORPORATE SOCIAL RESPONSIBILITY OF ISLAMIC FINANCIAL INSTITUTIONS

Sayd Farook ()
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Sayd Farook: Bahrain Institute of Banking and Finance (BIBF), Postal: Center for Islamic Finance, Bahrain Institute of Banking and Finance (BIBF)

Islamic Economic Studies, 2007, vol. 15-1, 31-46

Abstract: This study proposes a structured definition of the social purpose of Islamic Financial Institutions (IFIs) derived from, among other things, Islamic principles of social equity and redistributive justice. It is posited that IFIs are meant to be socially responsible for two interrelated reasons: their status as a financial institution fulfilling a collective religious obligation and their exemplary position as a financial intermediary. Specific responsibilities within this dual role are also framed allowing for a clear structured logic for IFIs to implement policies.

Date: 2007
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