A Socially Responsible Islamic Finance by Umar F. Moghul

Author:Umar F. Moghul
Language: eng
Format: epub
Publisher: Springer International Publishing, Cham

347.Literature exists studying annual reports in the Muslim world, those of Islamic institutions as well as their social accounting practices. The Shari’ah advisory report on most occasions provides a very brief and general statement about compliance with responsibility type criteria. Most such statements focus on riba and zakat, both of which properly fulfilled should be viewed as components of an Islamic social responsibility. Statements will also mention the avoidance of matters such as alcohol, tobacco, and gambling as activities that are harmful to society. But on such a project or projects that affirmatively benefit the public interest, there is very little information given. Only two of the banks explored mentioned one or two projects that satisfy such socially driven criteria. One bank, for instance, focuses on its participation in an infrastructure to support water sewage, irrigation, and energy needs. Kamla and Rammal, “Social Reporting,” 12.

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