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Socially responsible investment: insights from Shari'a departments in Islamic financial institutions

机译:对社会负责的投资:伊斯兰金融机构的伊斯兰教教义部门的见解

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摘要

Islamic financial institutions (IFIs) are emerging as prominent players in the financial world and are increasingly known for their conservative socially responsible investment (SRI). Being the Shari'a regulators and monitors of IFIs, the Shari'a departments are expected to implement the Islamic perspective of SRI -drawn from Shari'a principles - in their respective institutions. The purpose of this paper is to develop an SRI framework applicable to IFIs and other Shari'a compliant entities and assess its applicability within Shari'a departments of two Islamic banks. This paper involves cross-case analysis based on interviews with Shari'a department officials in two settings differentiated by their respective independence. The proposed framework consists of required, expected and desired SRI aspects as applicable to IFIs. The findings reveal that the required aspects are uniformly observed by the two cases. There are, however, variations when it comes to observing the expected and desired ethical SRI aspects that may be driven by the independence of the Shari'a boards. This inconsistency and non-adherence of expected and desired aspects may lead to reputational risks in the long run.
机译:伊斯兰金融机构(IFI)逐渐成为金融界的佼佼者,并因其保守的对社会负责的投资(SRI)而闻名。作为伊斯兰教法的监管者和国际金融机构的监督者,伊斯兰教法部门有望在其各自机构中实施伊斯兰教义的伊斯兰教义观点(从伊斯兰教义中汲取灵感)。本文的目的是开发适用于IFI和其他符合伊斯兰教法的实体的SRI框架,并评估其在两家伊斯兰银行的伊斯兰教法部门中的适用性。本文涉及跨案例分析,该案例基于对伊斯兰教法部门官员的采访(在两种情况下以各自的独立性为基础)。提议的框架包括适用于IFI的必需,预期和期望的SRI方面。调查结果表明,这两种情况均统一遵守了要求的方面。但是,在遵守伊斯兰教义委员会独立性的驱动下,遵守预期和期望的道德SRI方面会有所不同。从长远来看,预期和期望方面的不一致和不一致可能导致声誉风险。

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  • 来源
    《Business Ethics》 |2014年第2期|218-233|共16页
  • 作者单位

    Department of Banking and Finance, Institute of Management Sciences, Peshawar, Pakistan;

    Suliman S. Olayan School of Business, American University of Beirut, Lebanon;

    School of Management, University of Southampton, UK;

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