Year
2020
Country
Qatar
Language
English
Abstract
| This study sheds light on the definition of circular economy and the societal responsibility of Islamic banks in enhancing and implementing Circular economy programs through adopting actions which are in line with the Islamic law or driven by incentives of achieving rewards or quitting vilified business. The study concluded that the driven forces towards societal responsibility are societal behavior, societal result and the causal relationship between them. The study argues that social responsibility differs from shariah responsibilities and legal responsibilities. The legal basis of societal responsibilities is embodied in the mandoub, the makrouh and mubah of the defining laws of Sharia. The applications of societal responsibility are manifested in voluntary applications that are based on reducing the costs of production, advertising and aim to score the highest ranks in the social responsibility organisations. Not to mention the applications driven by incentives provided by the state to encourage banks to embrace circular economy programs by offering them moral privileges such as tax exemptions، contracting priority in public projects and granting certificates of gratitude and appreciation. The study urged countries, international organizations and civil society organizations to host conferences and seminars to facilitate further discussions, researches and studies of social responsibility related matters to develop mechanism which facilitate the of linkage of Islamic banks to the circular economy in a manner that allows to unlock and taking advantage of the capabilities of Islamic banks in this regard. The study also emphasiz the need to establish specialized Islamic organizations to set standards, indicators and classifications for the social responsibility of Islamic institutions, especially in the field of circular economy. Finally, the study recommended that the Auditing and Accounting Authority for Islamic Financial Institutions (IOFI) adopt a special standard for the Islamic financial institutions to accredit the official Community Mechanism in the framework of the circular economy. |
English
City
CIS minaretein
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CIS Program Old
CIS publications
No
CIS Thesis
No