Evaluating the corporate social performance of Islamic financial institutions: an empirical study

What is it about?

The study seeks to assess the practice of corporate social responsibility (CSR) of institutions offering Islamic financial services (IIFS). It thus evaluates the Corporate Social Performance (CSP) of a sample of 46 IIFS, located worldwide, which have responded to a questionnaire survey and whose CSR practices have been further verified by content analysis.

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Why is it important?

Recent debates on the evolution of the practice of Islamic finance highlighted the profit and economic efficiency motives of IIFS rather than their concern for socio-economic equity and welfare. A divergence between the economics literature on Islamic finance and the course taken by the practical field of Islamic banking and finance has been argued to be arising over the years. An assessment of this contention motivates this study.