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CSR from an Islamic perspective

Alziyadat, N.ORCID: 0000-0003-2950-6155 (2017) CSR from an Islamic perspective. In: 4th International Conference on CSR, Sustainability, Ethics & Governance, 26 - 28 July 2017, Perth, Western Australia

Abstract

CSR appears to have reached a high level of institutionalization, evidenced by a raft of international standards dealing with CSR practices and an increasing number of business organizations implementing them. CSR, however, has emerged due to socio-economic and political economic factors only to be found in democratic and capitalistic systems. The foundational philosophies - mainly ontological worldview and epistemological stance - underlying capitalism has contributed to the evolution of CSR as it is practiced and promoted today: firms addressing economic, social and environmental concerns by way of voluntary forms of stakeholder engagement. As western capitalism is largely premised on the orthodox economic school of thought, CSR can be best understood when the foundational philosophy of capitalism is compared to the foundational philosophies of other heterodox economic schools of thought. The aim of this paper is to provide a perspective of CSR from an Islamic economic view point. To this end, the foundational philosophies of both western capitalism and Islamic economic are compared, followed by an exploration of "what if" scenarios for each of the dimensions of modern CSR were they to be implemented in an Islamic economic environment. This paper employs argument and reasoning as tools for a theoretical deductive approach to argue for or against the different "what if" scenarios, seeking to shed light on the foundational philosophy of capitalism that has shaped modern CSR while also offering an understanding of its merits/demerits from an Islamic mindset.

Item Type: Conference Paper
Murdoch Affiliation: Centre for Responsible Citizenship and Sustainability
Conference Website: http://www.promaco.com.au/events/csr2017/
URI: http://researchrepository.murdoch.edu.au/id/eprint/53298
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