A study on the corporate social responsibility of Islamic financial institutions: learning from the experiences of socially responsible financial institutions in the UK

The study seeks to assess the Corporate Social Performance (CSP) of a sample of forty six IFIs, and finds that most of the IFIs were observed to be focused on meeting their legal, economic and Shari'ah responsibilities as well as their goals for profit maximization. The ethical worldview of the socially responsible financial institutions (SRFIs)in the West is guided by socially determined secular humanistic values, as opposed to religious ones. The CSR practices of twelve British SRFIs have been critically analyzed through content analysis of their published and electronic materials and were found to constitute an integral, explicit and strategic decision of management, with appropriate management system in place and, in some cases, with indicators developed to assess CSR performance against planned targets. The study appreciates the lessons that can be learned from the rise of these SRFIs.