CORPORATE SOCIAL RESPONSIBILITY (CSR) PRACTICES OF ISLAMIC BANKS IN JORDAN A CASE STUDY ON JORDAN ISLAMIC BANK

Hossam Haddad ()
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Hossam Haddad: University of Debrecen 1Károly Ihrig Doctoral School of Management and Business

Annals of Faculty of Economics, 2017, vol. 1, issue 1, 609-619

Abstract: Nowadays Corporate Social Responsibility (CSR) is a common concept in the world, and it is considered as a part of the culture of any organisation. Many banks in Jordan realise the importance of adopting CSR which helps in community building, sustainable development and increases productivity by presenting distinctive programs that support small and medium enterprises, and also it contributes to solving the problems of unemployment and poverty. In line with modernity, CSR is being seen as the source of new competition edge for the banking sectors specially the Islamic banks of Jordan. Practicing CSR is not only to improve community relations but also as a source of significance that Islamic banks can benefit from in Jordan. The purpose of this study is to provide deep understanding of the practices of CSR of Islamic banks in Jordan. The study has taken Jordan Islamic Bank as a case study to shed light on the contribution of the bank and its role in implementing CSR in several sectors. This study has found that the amount of contribution by Jordan Islamic banks to CSR activities is significant in proportion to their profit. The information disclosure has helped stakeholders to get an in-depth insight. Provide social contribution in these sectors and continue with renewable energy and water consumption programs. Furthermore, increased attention to sponsorship of scientific conferences and educational institutions are strongly recommended due to their positive impacts on the contribution of employees and other parties to the costs of employees' study. Also, encouragement for employees to participate in social activities and voluntary work are essential, similarly to continue funding in the health and education sectors. Training may provide help for the bank to raise their academic qualifications; in addition, it is a new added value for the bank, this is why the Jordan Islamic bank pays increasingly more attention to social and environmental issues.

Keywords: Corporate social responsibility; Banks; Islamic Banks (search for similar items in EconPapers)
JEL-codes: G21 G29 M14 (search for similar items in EconPapers)
Date: 2017
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