STANDARDS, FRAMEWORKS, GUIDELINES AND INITIATIVES RELATING TO CORPORATE SOCIAL RESPONSIBILITY: A LITERATURE REVIEW
Keywords:
Standards, Frameworks, Guidelines, Corporate Social Responsibility, Islamic BanksAbstract
With increased media attention, pressure from non-governmental organizations, and rapid global information sharing, there is a surging demand from communities, consumers, governments, and other parties for corporations to perform sustainable business practices. The concern over corporate social responsibility (CSR) is also significant to Islamic banks. In fact, the majority of Islamic banks worldwide are sensitive to CSR, and this is parallel with the goal of their establishment as institutions with moral and profit making motives. However, as business entities established within the ambit of Shari’ah, there is no specific CSR standard, guideline, or framework for Islamic banks’ application especially in Malaysia thus far. Thus, the purpose of this study is to review standards, frameworks, guidelines and initiatives relating to CSR. It is found that although there are standard, framework, guidelines and initiatives locally and globally with regards to CSR, none of them is Islamically Shari’ah driven and as a result unable to guide Islamic banks comprehensively.
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