Social Responsibility in Management A Comparative Analysis of Western CSR Models and Islamic Zakāh and Waqf Systems

In any business management, there comes a need to executive social responsibility because of the social and economic problems faced by the society the business activities are conducted. Unfortunately, there are still very few studies that have tried to integrate theories of Western Corporate Social Responsibility (CSR) and the Islamic social finance mechanisms. This paper therefore seeks to investigate how CSR theories can work together with Islamic instruments such as Zakāh, Waqf, Sadaqah, Qard Hasan and microfinance to develop Islamic countries economically. In order to achieve this, a comprehensive examination of the practices of organizations in Malaysia, Pakistan, UAE, Turkey, and Indonesia has been carried out through in-depth case studies and action research. A combination of semi-structured interviews was conducted subsequently with selected ۲۶ stakeholders, including corporate managers, Zakāh/Waqf administrators and local community members, complemented by a survey of ۱۱۲ stakeholders across these countries examining the operational aspects, how different stakeholders perceive the programs and impacts of the socio-economic development. The study further established that while Western CSR pertains to the act of a company undertaking certain activities on its behalf that are not required by law, Islamic instruments serve as religious means of attaining the economic and social welfare for the community. A novel stakeholder-Maqāṣid al-Sharīʿah based framework is developed to more efficiently place finances in specific areas such as poverty reduction, education, and access to finance. In comparison with the unitary form, the deployment of this framework yields improved effectiveness and satisfaction among all participants, as this framework can be implemented across the board, especially in developing countries. The literature on management therefore closes the gap further by revisiting these two principles and the practical solutions available to the managers and politicians who are interested in sustainable development. Its advantages also goes on how it cut through various Islamic finance in different countries which allows for better amenalisation of results values to contemporary management practices and future social responsibility studies.

کلیدواژه ها:

Corporate Social Responsibility ، Zakāh ، Waqf ، Sadaqah ، Qard Al-Hasan ، Socio-Economic Development