Describe about the Islamic Financial Organisation?.
This research is based on the importance of IFO and CSR towards the Charitable value. Islamic financial organization’s main source of income is providing financial services. Islamic financial organisation support a hundred of organisations. Islamic financial organisation donated charitable fund towards the education of children. Islamic financial organisation also donated towards the education of girls of the Nation.
This assignment is a work on the Corporate Social Responsibility of an Islamic Financial Organisations in Bangladesh. Corporate Social responsibility and the Islamic financial Organisations need to be seen as a benefit and not the cost of an economy. There is an effort of the Islam towards the brotherhood which shows that it is necessary to give importance to the community to some extent.
Thus, it is the responsibility of the Islamic Financial Organisations to create a linkage between the Charity Organisation of Islam and the business organisation. This research is based on the study of CSR and Islamic financial Organisations in order to promote the charitable value.
The common problems faced by the IFO and the CSR are to meet the charitable value. It should contribute towards the charity by maintaining the business values. Various questions are asked to find out the solution of the problems.
CSR has grown over the last 25 years. This has resulted into the contribution towards the charity by most of the business organisations. Strategic charity has been adopted by many business organisations. All the three factors are considered such as the contribution of funds towards the charitable purpose, meeting the bottom line of a firm and political legitimacy need to be enhanced. Strategic charity helps the firm to contribute towards the charity, while the financial bottom line is being served. (Hemphill 1999, p.57) . It is necessary to study the CSR is order to optimize the charitable value. The following are some of the basic questions that are asked-
Whether there is existence of Islamic Financial Organisations business case for CSR? Whether the corporation is engaged in the charitable activities? The Strategy that can be used for the Islamic Financial Organisations and CSR, the manner in which the corporation is contributing towards the charitable value?
The research is based on the literature view, methodology of business as well as the charity. Special focus is given to the Islamic charity and the Islamic financial organisation. There has been increase in the awareness as well as the investment from the people which has resulted into the growth of Islamic banking and the financial system. It earns profit like other business firms. The banking activities of the Islamic Financial Organisations is based on the Shariah principle. This principle requires that the Islamic Financial Organisations should operate in conformance with the commitment of social responsibility.
The following is the literature review of the research-
According to Davis and Blomstrom defines CSR as the internal corporate decision maker obligation to improve the welfare of the society along with their interest. The corporation need not have to balance the gained benefits with the cost that is incurred in order to gain those benefits. Corporate social responsibility simply means that the corporation need to be accountable towards the environment and the people. Charity ensures the business to help the community. To increase the profit is the social responsibility of a business. It also helps the stockholder to prevent themselves from disposing the fund. Stockholder, employees and the corporation should make contribution towards the charity. Legislation is required to comply with the social responsibilities. Cost is involved for the implementation of this legislation. (Mohieldin et al., 2011)
There is reduction of social responsibility towards the legal obligation. CSR and the IFO are the benefit and not the cost for the business organisation. There is a dynamic way given by the Islamic financial ethics to the charity works. There is an integration of the society and the individual. The problems are defined based on the scope and scale horizon. Charity of Islam is appreciated by the mankind. (Visser, n.d.)
Islamic Financial Organisation need to face various global challenges with regards to poverty alleviation, climate change, etc. Some social initiative was started by the Islamic Financial Organisation. Thus, it is necessary to create corporate awareness among the society and to make them social responsible. Thus, Development of Corporate Security is very much important in the modern society. CSR has resulted into the emergence of Corporate community investment. Charity include the assistance given to the art, education, health, culture and civic etc. Strategic charity contribute to the programmes that are directly or indirectly associated with the business. Strategic Charity is the sponsorship that is done jointly with one or more corporations. It is necessary to grow the awareness and the demand for investment is made as per the Islamic principles. It has catalyst the Islamic financial and banking institution as the growing institution. (Visser, n.d.)There is increase in the investors both muslim and non muslim who are making investment in the new products. Islamic financial Institution is earning profits from the various activities carried out by it. Various questions are asked such as, The manner in which the corporation engage in the charity? What is the business case of Islamic financial Organisation with that of CSR? What strategy need to be adopted by the Islamic Financial Organisation towards the CSR and how it is contributed towards the value of charity?
The following are some of the methods adopted for carrying out the research.
There are four layered pyramid model which is also called as pyramid of responsibilities. They are economic, ethical , legal and philanthropic. The responsibility should be considered as a whole. In case of economic responsibilities, it will include decision with regards to sale. Legal responsibility include the obedience of law by the Islamic financial organisation. Ethical responsibility include leadership and operate above the standards. Philanthropic responsibility include the responsibility towards the community and engagement of volunteerism.
Research design shall consist of the questions that are required to be asked to the employees of the company. This will help to find out the employees responsible towards the organisation.
It consists of the questionnaire method adopted. IFO and CSR is beneficial to the company and is not the cost of the company.
According to the research conducted by Hassan (2004), Seventy nine percent of the employees were of the beliefs that they will not work for the organisation, in which value they do not believe. 99 percent of the employees will care towards their organisation, if their organisation is acting responsibly.
About 84 percent of the Islamic Financial Organisations are aware of their social commitment. About forty eight Islamic financial organisations of the nineteen countries responded to the twenty questionnaires. About 28 percent were the issues associated with the community. About 14 percent of the respondents were responsible for the Islamic ethical issues. And 6 percent were concerned about the sustainable development.
Data is collected by distributing the questionnaire among the employees in order to express their opinions.
Method is used to study the design of CSR of a business organisation. It is also a study of optimization of the charity value of Islamic financial organisation.
It helps to contribute towards the charitable value. Helps the business to grow and earn more profits. It also helps to find out the opinions of the employees towards the organisation.
The challenges faced by the chosen methods are, the method need to be acceptable by all. The employees should be willing to give their opinion.
What CSR does your company have?-
Islamic financial organisation CSR programs and initiatives can be found on the sub site Islamic financial organisation green.
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Relations with the employees |
About 51% of the workers are working and enjoying to work with Islamic financial organisation. |
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Consumption of energy |
50% of the energy is consumed, it contained 35% of the renewable energy and 75% of the non renewable energy. |
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Emission of carbon |
Due to its operation in cloud, a carbon neutral is built. |
IFO also finance to the small and medium enterprises. Lending arrangements are made to influence the management. Infirmities need to accompanied with the supporting companies. Financial services in a special environment. Corporation and companies are brought together with unique assets by IFO. Non monetary assistance are provided to them which will be less costly. Corporation makes commitment of long term to the community which helps them to operate with the charity that is local in nature. By tying the business strategy with the corporate charity will help in the improvement of the social values. There will be flow of resources that are charitable in order to fulfill the CSR. This will help in the development corporate partnership to apply the assets and expertise so as to achieve the social objectives.
Leadership, social awareness is some of the important qualities that the Organisation should possess.
Thus, the company needs to develop go green concept to be environmental friendly.
Islamic financial organisation and corporate social responsible go in one way of development. Thus, Corporate Social responsibility is more important for the growth of the company.
Islamic financial organisation has also obtained the green certification building. Islamic financial organisation also encourages the regional programs in the markets it operates. Islamic financial organisation invested about 3.6 million towards the advertisement services for advertising the earthquake relief effort. Criticisms are given in the Islamic financial organisation report. It also consist of SWOT Analysis, Porter’s five forces, etc.
As far as the corporate social responsibility is considered, Islamic financial organisation is the best example. Islamic financial organisation green is used to utilize the resources more efficiently. Proper steps are undertaken to reduce the expenditure of Islamic financial organisation. Thus, the savings made can be directed in some other areas. Islamic financial organisation is benefited due to Islamic financial organisation green. Recycling, energy saving lights will help to reduce the cost of Islamic financial organisation.
Data is analysed based on the opinion received from the employees. This opinions can be positive as well as negative.
The following are the indicators-
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Price factor of a product |
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Quality of the customer service |
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Human rights |
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Working environment of the Islamic |
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Reputation of the Islamic |
There is considerable influence of the IFO on the economic activity from the individual till the directors of the large company. Being the stakeholder, Islamic Financial Organisations is the most powerful but is ignored from the point of view of CSR. There is rare use of IFO for the CSR matters to their clients. CSR is not different form the business run by muslims, according to IFO. It is necessary to point out where the corporate clients are motivated with respect to CSR.
IFO has its influence on the economic activity. They are the most powerful.
Islamic financial organisation deletes the cookies that are used to track the visitors. Privacy questions are raised by the Islamic financial organisation earth. Couple were sued in the year 2008 on the ground that the online photos of the house violates the privacy.
The objectives are set. The time for the accomplishment of the objectives is minimum five years as it is the part of a long term, so as to enhance both the Islamic financial organisation and the corporate social responsibility.
Reference-
Ghosh, B. (n.d.). The global economic crisis and the future of migration.
Gundogdu, A. (2012). Developing Islamic finance opportunities for trade financing. Durham University.
Mohieldin, M., Rostom, A., Mohieldin, M., Iqbal, Z. and Fu, X. (2011). The Role of Islamic Finance in Enhancing Financial Inclusion in Organization of Islamic Cooperation (OIC) Countries. Washington, D.C.: The World Bank.
Scholte, J. (2011). Building global democracy?. Cambridge, UK: Cambridge University Press.
Visser, W. (n.d.). The A to Z of corporate social responsibility.
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