Corporate Social Responsibility of Islamic Banks: Malaysian ...

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IRC-2015 Istanbul-Turkey.

Corporate social responsibility of Islamic banks: Malaysian practitioners perspective Wan Noor Hazlina Wan Jusoh a, Uzaimah Ibrahim b a

Academy of Contemporary Islamic Studies, Universiti Teknologi MARA (Terengganu), 23000 Dungun, Terengganu, Malaysia. E-mail: [email protected] b Ahmad Ibrahim Kulliyyah of Law, International Islamic University Malaysia, 53100 Gombak, Selangor, Malaysia. E-mail:[email protected]

Abstract Corporate social responsibility (CSR) is becoming central from year to year to the corporate world regardless of business sector due to many reasons. In this regard, financial institutions also has been in the limelight lately. As part of business entities and simultaneously guided by Shari’ah principles, Islamic banks face even more expectations in performing CSR as Islamic financial institutions. On top of that, although Malaysia is at the vanguard in the development of Islamic finance especially in Islamic banking industry, there is no special CSR framework has been devised to guide Islamic banks on CSR implementations. Therefore, the objective of this paper is to investigate the Malaysian practitioners’ general perspective on CSR of Islamic banks. Thirty-four practitioners from all 16 Islamic banks in Malaysia have responded on the interview questions designed for this purpose. It was found that the majority of the research participants viewed positively that Islamic banks should have a special CSR framework.

Keywords: Corporate social responsibility, Islamic banks, Malaysia, practitioners

1. Introduction Be responsible in all aspects of corporate operations, through various market competitors, being a market leader and maintaining corporate reputation with high level of customer satisfaction for long-term existence of the firm is the most important part of business strategic planning. Many scholars have proposed that high degrees of corporate performance can be obtained by considering corporate social responsibility (CSR) as a critical part of all top management responsibilities (Hanzaee & Sadeghian, 2014). In fact, CSR has become a well-established concept in the financial services industry, when financial institutions are coming round to the idea that there is more to invest than just to check the figures (Scholtens, 2009). As part of business entities and concurrently guided by Shari’ah principles, Islamic banks face even more expectations in performing CSR as Islamic financial institutions (IFIs). In Malaysia, although it is one of the leading global hub for Islamic finance including for Islamic banking, there is no special CSR framework has been devised to guide Islamic banks on CSR implementations thus far. As a result, not all Islamic banks disclose their CSR activities. This scenario may give unhealthy implication to Islamic banks’ corporate image, since their conventional counterparts are seen to be more prominent in initiating CSR programmes and disclosing their CSR activities. Therefore, in this paper, the Malaysian practitioners’ general perspective on CSR of Islamic banks was investigated.

Wan Noor Hazlina Wan Jusoh & Uzaimah Ibrahim

The structure of this paper is as follows: Section 2 reviews of previous studies, Section 3 explains on research methodology. Section 4 offers the analysis and discussion on the general perspective of Malaysian practitioners on CSR of Islamic banks. Section 5 concludes the paper. 2. Literature Review It is important to recognize that all types of business apply CSR initiatives to further their relationships with their customers, their employees, and their community at large (McAlister et al., 2005). Islamic banks are not excluded in this case, as they are also business entities. Therefore, a significant number of studies on CSR of Islamic banks can be discovered in the past literature. This can be seen in Dusuki (2008), Dusuki and Dar (2005), Dusuki and Dar (2007). Other research done on this subject are done by Farook (2007), Hassan and Salma (2009), Aribi (2009), Yusuf and Bahari (2011), and Adnan (2012). It is evident from these studies that CSR is not alien to Islamic banking and should be seen as a benefit rather than a cost, which can be used as a strategic tool to enhance the reputation of Islamic banks, and simultaneously prove to be profitable for the institutions in the long-run. As far as the CSR framework for Islamic banks is concerned, there are few efforts done by researchers. In this regard, Dusuki (2011) attempts to produce a CSR framework for Islamic finance using the pyramid of maslahah. Whereas Rashid et al. (2013) develop a CSR framework based on two layers of CSR involvement in Islamic banks i.e. commitment towards Allah (s.w.t.) and commitment towards other stakeholders. These two frameworks can be used as a guideline in managing ethical conflicts. Besides all the studies above, there are also researches focussing on CSRD of Islamic banks which is part of CSR initiatives. Among them are studies done by Abdul Rahman, Md. Hashim and Abu Bakar (2010), Hassan and Harahap (2010), Aribi and Gao (2010), Arshad, Othman and Othman (2012), Masruki, Ibrahim and Azizan (2010), and Marsidi and Abdul Rahman (2012). The themes of CSR of these studies were derived either from Accounting, Auditing, and Governance Standards for Islamic Financial Institutions (AAOIFI Standards), Bursa Malaysia, Malaysian Accounting Standard Board (MASB), Islamic Financial Services Board (IFSB), Bank Negara Malaysia (BNM), or prior studies, or a combination of few of the above sources. The variety of sources used in determining CSR themes imply that there is no standard and comprehensive CSR guideline especially for Islamic banks which needs to be worked on. The review of literature on CSR of Islamic banks further revealed that although CSR is significant to Islamic banks, there is no standard and comprehensive CSR framework has been developed for Islamic banks best practices. Although there are many present practices in Islamic banks that are in line with notions of CSR in Islam, these seem to be merely ad-hoc and driven more by Shari‘ah legal requirements rather than by a higher-order understanding based on fundamental religious texts concerning social responsibility (Mohammed, 2007). In addition, there is no legal requirement and clear guidance on the CSR information imposed on Islamic banks (Aribi, 2009). Even reports of Islamic banks also show that selected Islamic banks are too customer centric and efficiency driven, but, that efficiency is targeted at the cost of sacrificing Shari‘ah norms (Rashid et al., 2013). Undeniably, despite the fact that Islamic banks are governed in accordance with Shari’ah law, many of the banks are still using the conventional frameworks of CSR, which are based on western cultures, values, beliefs and perspectives (Hamdan, 2014) which sometimes are not really proper for Islamic banks application. Furthermore, it is widely cited that IFIs which are also including Islamic banks generally execute a part of their social responsibilities only and are widely accused to have generally ensured their operational status by avoiding negative actions or impermissible activities, but minimally and variedly performing recommended activities (Farook, 2007). It seems that most of Islamic banks focusing more on religious and philanthropic activities and almost ignoring other CSR practices such as concern with social exclusion and human rights, environmental concerns and human resource development which bring to the imbalance of CSR applications. It is believed that all the above CSR imbalance symptoms are experienced by Islamic banks because of nonexistence of standard and comprehensive CSR framework. Consequently, it opens to various interpretations which sometimes are not accurate. Probably, that is why there are so many “versions” of CSR practices in Islamic banks especially in Malaysia since there is no standard framework in CSR practices. Although there is CSR framework for Malaysian public listed companies provided by Bursa Malaysia (2012), it is very general and not an Islamically driven even depends on how the individual company interprets it. As such, it is recommended that regulatory 2

Corporate social responsibility of Islamic banks:Malaysian practitioners perspective

authorities standardize the concepts of social responsibility for IFIs especially Islamic banks based on Shari‘ah principles.

3. Research Methodology This study is a qualitative research. Due to the objective of this paper is to investigate the general perspective of Malaysian practitioners on CSR of Islamic banks, this study employed semi-structured face-to-face interview, which contained both qualitative and quantitative data. Semi-structured interview1 technique is chosen for this research because it allows the researcher enough flexibility to re-word the questions to fit into the interview (Denscombe, 2010). Other advantages of doing semi-structured interview are questions may be reordered during the interview and the interviewer may add or delete probes to interview between subsequent subjects (Berg, 2007). These enable the interviewer to capture unexpected issues and information (Barbour & Schostak, 2005). Besides interview, observation and document review were also employed to support the data given by the research participants whenever necessary. Furthermore, the data from both observation and document review can be used for qualitative research (Flick, 2006). This data triangulation method was employed in order to enhance the rigorousness and robustness of the study.22 In this study, all 16 Islamic banks in Malaysia has been selected. The 16 Islamic banks are Affin Islamic Bank Berhad, Al Rajhi Banking and Investment Corporation (Malaysia) Berhad, Alliance Islamic Bank Berhad, AmIslamic Bank Berhad, Asian Finance Bank Berhad, Bank Islam Malaysia Berhad, Bank Muamalat Malaysia Berhad, CIMB Islamic Bank Berhad, HSBC Amanah Malaysia Berhad, Hong Leong Islamic Bank Berhad, Kuwai Finance House (Malaysia) Berhad, Maybank Islamic Berhad, OCBC Al-Amin Bank Berhad, Public Islamic Bank Berhad, RHB Islamic Bank Berhad, and Standard Chartered Saadiq Berhad. Thus, the data in this study were collected from the whole population of Islamic banks without using the sampling technique. The method used in this study can be considered as “census” where all of the cases in a population have been surveyed (Walliman, 2006). It has been done in order to enhance the generalizability of the findings. Moreover, all the 16 Islamic banks have fulfilled the most essential criteria of studied organizations i.e. relevant to the research problem and could be accessed by the researcher (Rubin & Rubin, 2012). There were three groups of personnels selected as research participants in this study i.e. Chief Executive Officer (CEO)/Managing Director (MD), Head of Shari‘ah (HOS), and Head of Corporate Communications (HCC). Since CSR involves all kind of activities, programmes or initiatives of Islamic banks, the selection of CEO/MD as research participants is significant, as they normally know everything from top to bottom of their institutions. Whereas, the selection of HOS was done based on their essential role in ensuring all activities within their institutions is Shari‘ah-compliant. The selection of HCC on the other hand was made because there are the one who are directly involved in performing CSR activities or programmes of their organizations. 4. Results and Discussion The total of research participants in this study is 34. The research participants comprised of six Chief Executive Officers/Managing Directors, 14 Heads of Shari’ah, six Heads of Corporate Communications, and eight from other

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“Semi-structured interview” which is also known as semi-standardized interview refers to one that contains structured and unstructured sections with standardized and open-ended questions (Walliman, 2006). 2 “Triangulation” which is also known as “multiple methods” means gathering and analysing data from more than one source to gain a fuller perspective on the investigated situation. Triangulation is one of the most popular validation strategies and able to enhance the rigourousness of findings as it converge upon a particular finding by using different sorts of data and data-gathering strategies. Each set of data or each strategic finding on its own might not be strong enough to support the finding. However, when these different “strands” are taken together, there is stronger evidence for the finding (see Lacey & Luff, 2001; Daymon & Holloway, 2002; Silverman, 2005; Shank, 2006; Creswell, 2007; Richards, 2005; Flick, 2006). 3


positions.3 All research participants were from central region, i.e. Kuala Lumpur because all headquarters of Islamic banks are located in this region. Overall, good responses were received from the research participants. There are four questions asked in order to obtain general perception of Islamic banks’ practitioners: a) b) c) d)

What is your understanding about CSR? In your opinion, what are the reasons that move your institution to adopt CSR practices? What do you think about having a special CSR framework for Islamic banks? Does your institution have any guidelines and policy on CSR?

The first question is a multiple-choice question with four options i.e. totally recommended, totally obligatory, a combination of obligatory and recommended programmes, and others. This question attempts to seek research participants’ opinions on CSR in terms of corporate obligation. This multiple-choice question aimed at directing the participants to the intended answers and avoiding them from giving irrelevant feedback. It is interesting to note that majority which is 58.8% of research participants viewed that CSR is a combination of obligatory and recommended programmes (Figure 1). The result seems that majority of research participants agree with suggestion that Islamic banks must comply with some mandatory guidelines that are fundamental to their existence as Islamic banks (mandatory), while it is recommended that they undertake voluntary activities if it is within their capacity (Farook, 2007). This result also is consistent with the CSR classification in AAOIFI Standards (2010) that categorized CSR applications into obligatory and recommended programmes.

Figure 1. Understanding on CSR The second question is a question that measures the research participants’ perception of how important are certain reasons towards their institutions in adopting CSR practices. In this question, they need to rate the reasons on a scale from 1 to 5 (1 = least important, 5 = very important). There are given 11 motives to rate i.e. promotes long-

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Although originally there were only three targeted group of participants for this research i.e. Chief Executive Officers, Heads of Shari‘ah, and Heads of Corporate Communications, due to the targeted participants’ time constraints or there is no targeted position in certain Islamic banks, they have directed somebody else with the same credibility to entertain the interview. These research participants have been grouped under “Others” category. 4


term profits, top management awareness, ethical motivation of top management, promote corporate image, accountability, pressure from the public, indirect pressure from the government, genuine philanthropy, tax deduction, legal requirements, and greater employee satisfaction. This question was formulated in order to investigate the relative importance of reasons of adopting CSR among Islamic banks in Malaysia. The total score given by all research participants for each motive shown in the following Pareto chart 4 (Figure 2):

Figure 2. Reasons of adopting CSR practices Pareto chart is used for many reasons (see Brassard & Ritter, 1994). However, in this study, the Pareto was employed to display the relative importance of causes in a simple and quickly interpreted visual format. Based on the Pareto chart above, it clearly depicts that the first eight reasons, which accounted for 88.7% significantly influence the Islamic banks in Malaysia in performing CSR. The reasons are “promote corporate image”, “top management awareness”, “ethical motivation of top management”, “genuine philanthropy”, “accountability”, “greater employee satisfaction”, “promotes long-term profits”, and “tax deduction”. The remaining three reasons i.e “legal requirements”, “pressure from the public” and “indirect pressure from the government” accounted for 11.3% frequency of occurrences and are reported as not significant reasons. The above result could be interpreted that strategic (promote corporate image, greater employee satisfaction, promotes long-term profits, and tax deduction) and moral motives (top management awareness, ethical motivation of top management, genuine philanthropy, and accountability) do influence management’s involvement

“Pareto chart” which is also known as “Pareto diagram” or “Pareto analysis” refers to a chart that ranks the data classifications in the descending order from the highest frequency of occurrences to the lowest frequency of occurrences. The total frequency is equated to 100 per cent. In this way the chart visually depicts which situations are more significant (Karuppusami & Gandhinathan, 2006). 5 4


in CSR efforts (see Graafland & Van de Ven, 2006). On the other hand, coercion motives (legal requirements, pressure from the public, and indirect pressure from the government) do not really influence the institutions in the case of Islamic banks in Malaysia. It is not a surprising result since there is no special CSR framework for Islamic banks thus far that could give direct pressure to them legally. Whereas the lack of public pressure motive could be explained through the nature of banking business which functions as financial intermediary that does not involve directly with environmental issues like industrial firms (Darus et al., 2013). Although the above result indirectly show that generally Islamic banks in Malaysia have a necessary awareness on CSR, it does not mean that they have done enough CSR and in a good manner. Based on observation and document review conducted on the Malaysian Islamic banks corporate social responsibility disclosure (CSRD) in their websites and annual reports, many of Islamic banks CSR activities have been dominated by their groups which are mainly conventional banks. In fact, for many of foreign Islamic banks, the focus of their CSRD is more on the CSR activities implemented by the banks’ original country and ignoring CSR activities that have and should be done by their subsidiaries in Malaysia. Thus, this situation implies that a special CSR framework is still needed to systematically guide Islamic banks in Malaysia on obligatory CSR programmes and move forward in Islamic CSR strategic planning. The third question seeks to inquire research participant’s opinion about having a special CSR framework for Islamic banks. This is important in order to see the extent of how significant is the CSR framework to Islamic banks from the practitioners’ view whether they agree or not on having a special CSR framework. On top of that, research participants were asked to elaborate on the reason/s of their answers. It is significant to highlight that majority of the research participants which is 76.5% viewed that Islamic banks should have a special CSR framework based on various reasons (Figure 3). Obviously, this finding indicates the need of CSR framework for Islamic banks significantly.

Figure 3. Opinions on having special CSR framework 6


The last question was formulated to inquire information regarding the existence of CSR guideline or policy in each of Islamic banks. It was found that 82.4% of research participants admitted that their institutions have some sort of guideline or policy on CSR (Figure 4). This is not a surprise finding since all local Islamic banks in Malaysia are subsidiaries of Public Listed Companies (PLCs). As subsidiaries of PLCs, they are also bound to the Bursa Malaysia Listing Requirements that requires them to disclose their CSR activities (Bursa Malaysia, 2014). However, based on conversation with the research participants, only standalone Islamic banks that really have their own CSR guideline or policy, but for Islamic subsidiaries, their CSR activities are actually guided by the bank’s Group and they just follow it even it is not Islamically driven. This happens to Islamic subsidiaries because there is no special CSR framework for Islamic banks up till now. This justification indirectly strengthens the earlier findings in the second question on why Islamic banks feel lack of pressure in doing CSR legally.

Figure 4. Having guideline or policy on CSR Following the main question, there is a sub-question asked in order to identify the basis of the CSR guideline or policy used. It can be seen from the data in Figure 5 that generally Islamic banks in Malaysia can be divided into three main groups in terms of CSR basis. There are Islamic banks that employ “Bursa Malaysia CSR Framework” only, “Bursa Malaysia CSR Framework and the institution’s own framework”, and “institution’s own framework” which represent 32.4%, 32.4% and 17.6% respectively. The various basis of CSR used implies the critical need for Islamic banks to have a special CSR framework since many of the banks are still using the conventional frameworks of CSR, which are based on western cultures, values, beliefs, and perspectives (Hamdan, 2014).

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Figure 5. Basis of CSR Guideline or Policy

5. Conclusion Based on the analysis conducted on the interview responses, evidently, the mainstream of Malaysian practitioners agreed that CSR is a combination of obligatory and recommended programmes. Even though there was a necessary awareness signal on CSR among the Islamic banks, they still need a special CSR framework to guide them Islamically and correctly. This is proven when a big number of research participants responded positively that Islamic banks should have a special CSR framework. The various basis of CSR adopted by Islamic banks in planning and strategizing their CSR activities and initiatives implies the essential need for Islamic banks to have a special CSR framework that able to steer them systematically and perfectly. In conclusion, majority of Malaysian practitioners are waiting for the special CSR framework for the Islamic banks best practices. Thus, a standard and comprehensive CSR framework which is based on Shari’ah principles is really significant for the growth of Islamic banks and the interests of their stakeholders.

Acknowledgements The authors would like to express their gratitude to the Ministry of Education, Malaysia and Universiti Teknologi MARA for funding and facilitating this research project. 8


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