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18.4.10

What Does Islam Say About Corporate Social Responsibility (CSR)?

What Does Islam Say About Corporate Social Responsibility (CSR)?
Asyraf Wajdi Dusuki
Assistant Professor, Department of Economics
Kulliyyah of Economics and Management Sciences, IIUM
May 2008

"The escalating social and economic problems brought about by globalization have raised new questions as well as expectations about governance, ethical and social responsibilities. Consequently Corporate Social Responsibility (CSR) has emerged and developed rapidly as a field of study. Many Western theoreticians attempt to provide theoretical, moral and ethical groundings for CSR initiatives. Nevertheless such endeavors have received wide criticisms for problems relating to justification, conceptual clarity and possible inconsistency. The endeavors also fail to give adequate ethical guidance to business executives who must decide which courses to pursue and how much commitment to give. The main objective of this paper is to study the concept of CSR, which has gained popularity and wide acceptance amongst Western business community today from an Islamic perspective. This paper provides discussion on the Islamic alternative views on the various theories underpinning the construct of CSR. This view, which prevailed within the ambit of Shari’ah, is very influential in dominating the thinking and behaviour of approximately 1.6 billion Muslims across the globe."

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