{"id":13594,"date":"2020-05-20T10:00:16","date_gmt":"2020-05-20T07:00:16","guid":{"rendered":"https:\/\/modecon.mnau.edu.ua\/?p=13594"},"modified":"2020-05-20T11:47:49","modified_gmt":"2020-05-20T08:47:49","slug":"attributes-of-corporate-social-responsibility","status":"publish","type":"post","link":"https:\/\/modecon.mnau.edu.ua\/en\/attributes-of-corporate-social-responsibility\/","title":{"rendered":"Kharchuk, V., Ugolkova, O. & Kholostenko, A. Attributes of Corporate social responsibility in the Islamic banking: financial services"},"content":{"rendered":"

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JEL Classification<\/strong>: \u041013; \u041542; \u042053; \u040631; \u041c14
\n<\/span><\/td>\n		DOI<\/b>: https:\/\/doi.org\/10.31521\/modecon.V20(2020)-44<\/a><\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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Kharchuk\u00a0Viktoriya<\/strong>, PhD (Economics), Associate professor, Associate Professor of Management and International Business Department, Lviv Polytechnic National University, Lviv, Ukraine<\/p>\n

ORCID ID<\/strong>: 0000-0003-4354-9549<\/a>
\ne-mail<\/strong>: Viktoriia.Y.Kharchuk@lpnu.ua<\/a><\/p>\n

Ugolkova\u00a0Olena<\/strong>, PhD (Economics), Assistant professor of Management and International Business Department, Lviv Polytechnic National University, Lviv, Ukraine<\/p>\n

ORCID ID<\/strong>: 0000-0003-0290-9130<\/a>
\ne-mail<\/strong>: olenasidorska@gmail.com<\/a><\/p>\n

Kholostenko\u00a0Anastasiia<\/strong>, master student specialty \u00abManagement of customs activity\u00bb, Department of Foreign Trade and Customs, Institute of Economics and Management, Lviv Polytechnic National University, Lviv, Ukraine<\/p>\n

ORCID ID<\/strong>: 0000-0003-2911-176X<\/a>
\ne-mail<\/strong>: kholostenko.nastya@gmail.com<\/a><\/p>\n

 <\/p>\n

Attributes of Corporate Social Responsibility in the Islamic Banking: Financial Services<\/h2>\n

 <\/p>\n

Abstract. Introduction<\/strong>. The nature and features of corporate social responsibility differ significantly between countries. Undoubtedly, the national culture of each country influences the existing approaches to understanding the system of corporate social responsibility. The following models of national corporate social responsibility are considered by the geographical principle: American-Canadian, European, Japanese-Chinese (Asian), Islamic. Many scientists have been researching the notion and characteristics of corporate social responsibility in Europe and America countries for decades, but there is a small number of scientific publications to identify the features and main elements of social responsibility in the countries of the Islamic world.<\/p>\n

Purpose<\/strong>. The article aimed to explore the basic principles of corporate social responsibility in Islamic countries using the example of Islamic banks.<\/p>\n

Results<\/strong>. The main principles of social responsibility exploitation by commercial banks of Islamic countries are investigated. Among them, the principle of the absence of percent-based operations (riba) is interesting. In Islam, it is unacceptable to charge for the use of borrowed funds. Instead, in the Western world, such transactions are one of the most important activities for banking institutions. Authors identify practices that might be considered as CSR tools, which appear within conducting financial operations. Besides, conclusions regarding the perception of social responsibility initiatives in Islamic countries are offered. Finally, the main peculiarities of alleged CSR practices, which arise as a part of Islamic religion, are highlighted.<\/p>\n

Conclusions<\/strong>. Globalization is increasingly affecting business practices as a whole and corporate social responsibility in particular. Such processes lead to the combination and integration of Western (North American and European) and Eastern (Asian and Islamic) principles and features of business ethics. In Islamic countries, all economic activities must comply with the laws of Koran. The findings of the article will be of interest for both researchers and practitioners in expanding our understanding of CSR initiatives affected by specific cultural domain. At the same time, question raised by this study will contribute to scientific discussion regarding possible CSR development under globalization perspective.<\/p>\n

Keywords<\/strong>: corporate social responsibility; Islamic banking; financial services; riba; gharar; haram; zakat.<\/p>\n

References:<\/strong><\/p>\n

    \n
  1. Skye, What Is Corporate Social Responsibility? Retrieved from: https:\/\/www.businessnewsdaily.com\/4679-corporate-social-responsibility.html [in English]<\/li>\n
  2. Jawed Akhar Mohammed (2007). Corporate social responsibility in Islam. New Zealand Faculty of Business. P. 249<\/li>\n
  3. Sharia Law. Retrieved from: https:\/\/www.billionbibles.org\/sharia\/sharia-law.html [in English]<\/li>\n
  4. Bowen, R. (1953). Social Responsibilities of the Businessman. Haper & Row. N.Y. P. 284.<\/li>\n
  5. Davis, (1975). Business and Society: Environment and Responsibility. McGraw-Hill. N.Y. P. 23.<\/li>\n
  6. Meskon,, Aljbert, M. & Khedoury, F. (1997) Osnovy menedzhmenta. [Fundamentals of management]. Moskva: Delo [in Russian]<\/li>\n
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  8. Carroll, B. (1979). A three-dimensional conceptual model of corporate performance. Academy of Management Review. Vol. 4(4). \u0420. 500.<\/li>\n
  9. Klevecj, (2018). The peculiarities of modern models of social business responsibility. Ukravlinnja socialjno-ekonomichnym rozvytkom v umovakh ghlobalizaciji<\/em> ,<\/em>46\u201348 [in Ukrainian]<\/li>\n
  10. Kuznetsov, V. (2018) The banks of development: international experience of legal regulation. Moskva. Yustitsinform [in Russian]<\/li>\n
  11. Okhrimenko, O. & Ivanova, T. V. (2015) Social responsibility. Nacionaljnyj tekhnichnyj universytet Ukrajiny \u00abKyjivsjkyj politekhnichnyj instytut\u00bb,<\/em> 180 [in Ukrainian]<\/li>\n
  12. Batorshyna, F. (2019) Islamic banking: global trends and competitive advantages. Nacionaljnyj visnyk Uzhghorodsjkogho nacionaljnogho universytetu<\/em>, 23, 10\u201315 [in Ukrainian]<\/li>\n
  13. NBK Capital. Retrieved from: URL: https:\/\/www.nbk.com [in English]<\/li>\n
  14. Dubai Islamic Bank. Retrieved from: https:\/\/www.dib.ae [in English]<\/li>\n
  15. Al Rayan Bank PLC. Retrieved from: https:\/\/www.alrayanbank.co.uk [in English]<\/li>\n
  16. Pereklad smysliv ukrajinsjkoju movoju (2019) [Quran. The translation of meanings] Dukhovne upravlinnja musuljman Ukrajiny<\/em> (Electronic journal). Retrieved from: https:\/\/umma.in.ua\/ua\/node\/1750 [in Ukrainian]<\/li>\n
  17. Kuran, (2004). Islam and Mamon. Princeton: Princetom university Press. \u0420. 214.<\/li>\n
  18. The AAOIFI Shari\u2019ah Standard No. 57 on Gold and its Trading Control. Retrieved from: http:\/\/aaoifi.com [in English]<\/li>\n<\/ol>\n

    [\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]Received:<\/strong> 15 April 2020<\/p>\n

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    Kharchuk, V., Ugolkova, O. & Kholostenko, A. (2020). Attributes of Corporate social responsibility in the Islamic banking: financial services. Modern Economics<\/em>, 20(2020), 286-290. DOI: https:\/\/doi.org\/10.31521\/modecon.V20(2020)-44.<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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    [vc_row][vc_column][vc_column_text] JEL Classification: \u041013; \u041542; \u042053; \u040631; \u041c14 DOI: https:\/\/doi.org\/10.31521\/modecon.V20(2020)-44 [\/vc_column_text][vc_column_text] Kharchuk\u00a0Viktoriya, PhD (Economics), Associate professor, Associate Professor of Management and International Business Department, Lviv Polytechnic National University, Lviv, Ukraine ORCID ID: 0000-0003-4354-9549 e-mail: Viktoriia.Y.Kharchuk@lpnu.ua Ugolkova\u00a0Olena, PhD (Economics), Assistant professor of Management and International Business Department, Lviv Polytechnic National University, Lviv, Ukraine ORCID ID: 0000-0003-0290-9130
    Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":13475,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[130],"tags":[131],"class_list":["post-13594","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-20-2020","tag-20-2020"],"_links":{"self":[{"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/posts\/13594"}],"collection":[{"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/comments?post=13594"}],"version-history":[{"count":0,"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/posts\/13594\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/media\/13475"}],"wp:attachment":[{"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/media?parent=13594"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/categories?post=13594"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/tags?post=13594"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}