The Analysis of Islamic Banks Websites and Reports Regarding the Effectiveness of Their Corporate Citizenship and Community Development.
IntroductionThere has been growing interest in community development of the corporations during the past two decades in Bangladesh (Hossain & Yahya, 2017). Business corporations do not operate in a vacuum, but rather through their processes impact the environment that include the corporate stakeholders, community, and other affected actors. Scholars argue that addressing the issues related to community development in Bangladesh affects everyone in some capacity. In spite of the source of the issues or problems arising from corporate exercises related to community development, everyone should take responsibility in some way or another in resolving them as the consequences of these problems affect, either directly or indirectly, everyone. Generally, the community, as a whole, is ethically bound not only to ensure their well-being but also of the future generation. Therefore, the community has the responsibility to ensure that corporate exercises related to community development do take into account the interest of the future generation--that burden of responsibility should also be applied to financial institutions (Helleiner, 2009). Banks, in particular, play a critical role in an economy with their contribution to the well-being of the community and when they fail, their failure have severe repercussion on the community causing much hardship (Cooper et al., 2015; Johnson & Greening, 1999; Roseland, 2000).
Islamic banking, generally, have undertaken community development activities that are of great advantage to the community (Mohammed, 2007). Islamic banks, as corporations are in the position of creating an enriched community with their CCD activities (Bauman & Skitka, 2012; Neron & Norman, 2008; Schur, Kruse, & Blanck, 2005). Their CCD activities have a cascading effect--they have brought awareness of CCD to other organizations within the community who had benefited from these CCD activities. Research indicates that that several banks have incorporated community development in their Key Performance Indicators (KPI). Nevertheless, it must be noted that the community development initiatives by the Islamic banks in Bangladesh are merely voluntary, lacking any legislation in Bangladesh mandating community development by these banks. There are no previous significant findings to establish the extent these KPIs related to CCD activities were achieved. Hence, this study shall ascertain the extent the Islamic Shariah based banks in Bangladesh are involved with CCD activities by analysing their website and annual report content, thereby attempting to draw the CCD status among Islamic banks in Bangladesh.
Corporate Community Development
In recent years, there have been many positive developments concerning issues related to CCD (Banks et al., 2011). A number of premises, and theories have been developed on CCD (Banks, Kuir-Ayius, Kombako, & Sagir, 2013; Hughes, 1988; Winner, 2003). CCD has been generally been defined as a process that increases the selection of choices that creates an environment where persons can implement their full potential to lead creative, and innovative lives (Shaffer, 2006).
Biggs, Phillipson, Money, & Leach, (2006) denoted that community development is a process where persons in a community together with those of governmental authorities develop the financial, communal and cultural situations of communities and societies, which are then integrated into the state of living giving rise to national progress. Sanders, (2008) saw community development as a practice moving from phase to phase; a process of functioning towards a purpose; activities of dealings and as a process of improving people's well-being and principles. This is particularly so true for banks whose involvement in economic and well-being of society is highly significant. To achieve the objective of this study, that is, to examine the commitment of Islamic banks of Bangladesh to CCD, the core standards as identified in ISO CCD (ISO/DIS 26000, 2012) will be used to assess the extent of these commitment.
Accountability (ISO/DIS 26000, 2012)
Accountability gives confidence to the public of those who operate the business as they are held accountable for their actions. It suggests an Islamic bank's culture where accountability is practiced and there is commitment to upholding the laws. Such instances, include effective use of financial, natural and human resources as well as settling of taxes to the government bodies while ensuring fair representation of historically under-represented groups in higher positions in the institute (O'Dwyer & Unerman, 2010).
Transparency (ISO/DIS 26000, 2012)
In regards to the transparency principle, the Islamic banks should be transparent in their judgment and activities that affect the society and the environment (High Commission of Canada & Reed Consulting BD ltd, 2013). Activities should be appropriate and factual, and be offered in a clear and goal oriented manner so as to allow stakeholders to accurately measure the impact that the Islamic bank's decisions and actions have on their particular interests. Transparency is a fundamental standard in the implementation of a CCD plan, however, the major issue in the implementation of this standard is how a transparent strategy ought to be structured in order to improve the CCD behaviour of corporations (Dubbink, Graafland, & Van Liedekerke, 2008).
Ethical behaviour (ISO/DIS 26000, 2012)
Ethical behaviour requires an organization to behave ethically at all time. Hence Islamic banks' behaviour must be based on the values of honesty, sincerity, equity and integrity. The dealing of all stakeholders should be geared to the eventual purpose of an ethical organization (Fassin, 2005). The business organization's end objective is either to avoid legal consequences of its measures or to persuade the stakeholders that the corporation does have their best interests at heart and seeks to serve their interests rather than their own (Joyner & Payne, 2002). In so far as the Islamic banking ethical culture is concerned, it should align with the core values of community. These values involve a concern for people, natures and the environment and an obligation to address the impact of its activities and assessments on stakeholders' interests.
Environment (ISO/DIS 26000, 2012)
Since the 1960s, human activity has changed ecosystems more rapidly and extensively than in any comparable period in history. Hence, environmental responsible practices are generally seen as part of CCD practices in the Islamic banking sector of Bangladesh. In recent years, Islamic banks of Bangladesh have undertaken remarkable steps in several sectors, including resource saving, financing green initiatives, valuing and protecting biodiversity, protecting and restoring ecosystem services, using land and natural resource sustainably, and, advancing environmentally sound urban and rural development. However, only 11 percent of these banks have separate funds to support such environmental activities (Khan, Islam, & Ahmed, 2010).
Fair operating practices (ISO/DIS 26000, 2012)
Fair operating practice matters arise in the areas of anti-corruption, responsible attachment in the public sphere, fair competition, socially accountable behaviour, relations with other organizations and admiration for property rights. In respect to Islamic banks, fair operating practices concerns with ethical conducts between banks, and between these banks and government agencies, as well as between banks and their partners, customers, competitors, and the associations of which they are members of. The CCD activities by the Islamic banks incorporate fair operating practices in several areas: employee management relations, customer -customer relations, environmental practice, community and social attachment, and transparency in commerce activity (Mijatovic & Stokic, 2010).
Human rights (ISO/DIS 26000, 2012)
According to the High Commission of Canada & Reed Consulting BD ltd, (2013) "Human rights" refers to polite treatment of all individuals, in spite of any of their individual characteristics, just because they are human beings". As such, Islamic bank should respect human rights and recognize both their importance and their universality. In Bangladesh, Islamic banks undoubtedly promote human rights, especially in their social investment initiatives in education, healthcare, empowerment, and poverty alleviation as these activities forms the basis of fundamental rights of an individual.
Development of community and safety (ISO/DIS 26000, 2012)
Development of community and safety is a very significant issue in global era. Competitive and diverse enterprises and co-operatives are crucial in creating wealth in any community. Islamic banks can help to generate an environment in which entrepreneurship can flourish, bringing lasting benefits to communities. Islamic banks can contribute positively to wealth and earnings creation through entrepreneurship agendas, development of local suppliers, and employment of community members, as well as through wider efforts to strengthen economic resources and social relations that facilitate economic and social welfare or generate community benefits.
CCD in Islamic banks in Bangladesh
The notion of CCD has advanced during the last two decades. Initially, the big organizations were the advocates and implementers of CCD. However, as the scope of definition widened, the small and medium corporations got involved with CCD. The rising importance of CCD is motivated by stakeholders, think tanks, investors, managers, beneficiaries, and even workers. Thus, corporations are being monitored based on their responsible manner of involvement in CCD activities, which is demonstrated in their transparent and accountable conducts. In the study 'CCD and its role in Community Development', (Ismail, 2009; Ismail, Alias, & Rasdi, 2015) maintained that the fundamental principle of social responsibility is the community convention between all the stakeholders to community, which is necessary obligation of social culture. According to them, community development is not restricted to the existing members of the community, but should also be extended to its prospective members, as well as to situations that would have relevance to the members of community, both present and in the prospect. The character of CCD in community development used in their paper is rather straightforward, that is, the benefits received by the society as a result of community assurance of organizations to the overall society and community structure. The general functions of CCD in community development are considered as follows:
* To share the adverse consequences of outcomes of organizational decisions. This is related to encouraging more ethical dealing practices.
* Fortify the ties between the organizations and community. By doing so, the organizations and community would work in peace and harmony.
* Encourage employee ownership in an organization that would lead to the development of the organization as an important financial asset in the community.
* Corporate Social Responsibility (CSR) facilitates the defending of the environment. CSR activities gives advantage to society and community in protecting the latter's privileges towards obtaining a healthy environment.
* Social Responsibility provides for human right business sustainability. The United Nations has initiated the "Global Compact"--an idea to encourage global corporations to follow the general norms in relation to safety of human rights
* To secure connection between an organization and community is another feature of CSR's role in community development as it creates sustainability in the long run.
* Community development agenda can be seen as assistance to alleviate poverty.
* Sustainable Business Practices (SBP) symbolizes a continuing commitment by organizations to improving the quality of life of the community and society at large.
* The enhancement of community through the design of employment prospects and fair operating practices.
In the context of Islamic banks in Bangladesh, previous study explains that banking sector can be reckoned as an "important environmental forces" (Azim, Ahmed, Netto, & Netto, 2011). As argued by Azlan Amran, (2013) empowerment is a practice whereby the person or the community must organize and exercise their rights. The society, in which effective corporate development is to be practised, , should be a matured, and have the necessary , skills and be capable of arguing their rights under definite situations and dealings. Consequently, it is incidental that Islamic banks in Bangladesh should be liable toward community and their stakeholders. Stakeholders offer corporations with a collection of assets such as resources, clients, workforce, materials and legitimacy (Deegan, 2002). They also give the "license to operate" to the corporations in back for the condition of community satisfaction, or legitimate, performances (Cooper et al., 2015; Suchman, 1995). To support this community convention which allocate corporation to maintain functions (Deegan, 2002), they have to be communally responsible. This can be a fundamental ground why researchers would expect Islamic banks in Bangladesh to be involved in CCD. This fundamental expectation is further entrenched,as examined by Abbasi, Moezzi, & Eyvazi, (2012), since on the whole, corporations as an organism leads the societyin fulfilling the common desires of both the corporation and the society, and hence itbecomes the focal point for continuing excellent innovation or provision of support to the society.
There are a number of researches on the topic of sustainability in community development by banking and financial institutes (Ben Bernanke, Andrews, Weech, Seidman, & Cohen, 2009). A recent study by Banks et al., (2016) finds that CCD, that is, those business activities performed with the intent to advantage communitiesdo affect the communities positively. As such, Islamic banks in Bangladesh, established on Islamic Shariah principles, fundamentally at the core are already imbued with characteristics in defending the interest of its community and employees as well as shielding the humanity and the surroundings from any destruction out of any of its activities, are way ahead of corporations not founded in Shariah principles (Kamrujjaman & Uddin, 2015).
Yuserrie & Haron, (2009) insisted that "difficult and ineffective governance, usual penalizing boundaries, and the lack of a joint vision at financial institutions often obstruct Islamic banks' advancement toward leading the developing country to a more sustainable and attractive expectations". In another significant study, Aribi & Gao, (2010) investigated the issue of community development in Gulf region by examining the website content of the Islamic Financial Institutes (IFIs). The authors showed IFIs linked themes and report, as well as Shariah management board information, the "Zakah", and charitable trust donation. Kamrujjaman & Uddin,(2015) also discovered that rules of Islam pertaining to peace and respect for human life were utilized to improve the financial system and the environment. In any event, among the Islamic banks in Bangladesh, what was problematic was that all the Islamic banks in Bangladesh had their own written social responsibility policy, which collectively were not consistent, hence minimising the impact of the social responsibility. In the following segment, the methodology applied in this study will be briefly outlined.
Methodology
The study is entirely based on secondary data analysis. In order to analyze the research variables of the present study, an extensive amount of literature had been reviewed and discussed. A systematic search had been adopted by using the topic and keywords e.g. 'Community Development'; 'Islamic Bank'; 'Islamic banking', websites, annual reports. Searches for peer reviewed articles were conducted in ERIC (EBSCO or CSA) and Google Scholar. As in previous studies e.g. Azim et al., (2011) and Kamrujjaman & Uddin, (2015), content analysis methodology was used to analyze the websites and annual reports of the Islamic banks in Bangladesh objectively and systematically. Content analysis is a method of categorizing the content of a written section into different categories against a set of criteria (Adams, 1996).This method has been used in previous studies and is deemed an appropriate method for analysis of qualitative data (Abraham & Cox, 2007; Adapa, 2013). We analyzed our data by using content analysis (Abdul Hamid & Atan, 2011; Azim et al., 2011). One of the most appropriate tools and techniques to analyze contents of a website is content investigation as applied by many studies. Thecontent analysis utilizes a three-step process. First, an appropriate document is chosen. For this study: director's reports, chairperson's reports, divide sections of annual reports and divide sustainability reports, were selected. The second phase is to calculate the unit for determining the content. Different scholars use different units of determination. The third stage in content analysis involves recognizing themes or categories that is classified as against a set of criteria. A perfect example of websites analysis is by Bar-Ilan and Groisman, (2003). The scholars used recent Hebrew literature on the web and applicability of this method. In addition, content analysis was utilized in a study about websites of the Fortune 100 companies. Content analysis was stated as an excellent approach for analyzing the websites in various issues such as descriptions, areas of attainment and indication of the mission and vision of these Fortune 100 companies (Perry & Bodkin, 2000). Further research had been conducted using content analysis on ethical reports of Turkish organizations that highlights on the justifiability of this method for estimated ethical perceptions of the organizations such as vision, mission, moral ethics and other related matters (Halici & Kucukaslan, 2005). In view of the relevance of content analysis as revealed in these researches (Chatov, 1980; Mathews, 2001), it is justifiable that content analysis has the potential to analyze community communication and community reporting related to CCD.. Since 1970s, literature reveals that studies related to corporate community treatment within the social and environmental context had used content analysis methods to analyse companies' annual report and social responsibility statement (Hackston & Milne, 1996; Milne & Adler, 1999).
In general, content analysis is argued to be a "characteristic approach to investigation" which gets to measure the content of a manuscript in "a methodical and replicable approach". This research studied the content of the Islamic banks in Bangladesh websites to analyze various matters related to community development and community exposure and tried to categorize and equate it with CCD core areas. In the last stage, all materials connected to the websites and the annual reports of the Islamic banks in Bangladesh (including news, mission and vision, CCD web pages, etc.) and not merely front-page content were reviewed. Supported on the guiding principle presented in the outline of ISO 26000 (ISO/DIS 26000, 2012), seven CCD mainstay segments were selected and used. These areas included: accountability, transparency, ethical behaviour, fair operating practices, human rights, development of community and safety and environment.
Findings and discussion
The findings of this research illustrate that, though to various extents, Islamic banks in Bangladesh have all engaged in community development sincerely and declare this in their websites and annual reports. However, there are variations in their treatment and the fields covered. The results show that most of the Islamic banks in Bangladesh declare involvement in accountability, transparency, ethical behaviour, fair operating practices, human rights, development of community and safety and environment in their annual reports and websites. Table 1 abridge the study findings. As abridged in the table, all the eight Islamic banks cover the area of accountability and human rights in their annual reports and websites. In provisions of human rights and labor practices, all the banks provide sufficient resources on community benefits, compensation, and awareness development. They also consider the aspects of variety. Some Islamic banks have even moved additional by indicating the significance of a healthy work environment / life stability for their employees.
Content analysis of Islamic banks report and websites shows that 75% bank of them managed to show ethical behaviour in their practices. This area of CCD seems (moral obligations) to necessitate the banks to show its good manners and respect to its stakeholders. In provisions of transparency and environment, 63% the studied Islamic banks are somehow involved in preserving transparency and environment through various activities and initiatives. In some situations, these Islamic banks have developed specific community development activities to tackle the transparency and environment issues as well. For the community development issue related to fair operating practices, this study show that the type of community development activities remain unclear--only 38% Islamic banks do this actively. In terms of development of community and safety practices of Islamic bank's ethical dealings with other community contribution and improvement, 63% of these organizations directly take responsibility in making contribution in the community and promoting community development in relations with other corporations.
Overall, the research shows that all of the studied Islamic banks are involved in CCD issues to a confident stage and disclose this through their bank reports and website content, particular pages designed for media, annual reports, etc. In the user concern category, in the context of Islamic bank the researchers considered community beneficiaries' issues and investigated the websites for contents giving social responsibility activities information for beneficiaries who were desired to get engaged in the banks. The research shows that all Islamic banks provide adequate information on different aspects of pursuing community development from social responsibilities practices procedure to community development effort, as well as accessible economic resources for community development.
From the above table accountability (A), transparency (T), ethical behavior (EB), fair operating practices (FOP), human rights (HR), development of community and safety (DCS) and environment (E). IBBL is Islami Bank Bangladesh Limited 1983 Listed 1985; ICBIBL is ICB Islamic Bank Limited 1987 Listed 1990; AAIBL is Al-Arafah Islami Bank Limited 1995 Listed 1998; SIBL is Social Islami Bank Limited 1995 Listed 2000; EXIM is Export Import Bank of Bangladesh Limited 1999 Listed 2004; FSIB is First Security Islami Bank Ltd. 1999 Listed 2008; SJIBL is Shahjalal Islami Bank Limited (SJIBL) 2001 Listed 2007 and UBL is Union Bank Limited (UBL) 2013 under reviewed of listed.
Finally, two of the studied banks (one from AAIBL and one from UBL) do not directly report involvement in community on their website. The rest, nevertheless, report this contribution through different activities such as providing donation for community development, providing sponsor and maintain and care for reasonable accommodation for low and middle-income peoples, etc. Islamic banks in Bangladesh generally follow the practice CCD activities unlike as those CCD activites practiced by corporate world. Rather, the Islamic banks seems to exercise a modified CCD practices according to their own individual standards, and hence establishing their own individual CCD metrics.
For example, in terms of human rights practices, Islamic banks have adapted the metrics to outfit their desires by taking into deliberation the character of their process and employees. Providing adequate information on employment opportunities and advantages, skilled development for community people, etc. is a general practice involving all banks'. Further, examination raises the question: What is the reason behind such community development practices of the Islamic banks? One may argue that the complete justification for a bank is to serve community through funding. Therefore, CCD is redundant in that way. As the issue, corporations might practice CCD in order to formulate a better representation in the community and legitimize their performance. In the case of Islamic banks, however, legitimization does not build intelligence while banks are mostly carried by external stakeholders such as governance structure, people, and think-tanks, as long as they do not execute anything beside the standards of the community. Could the reason for the Islamic banks to practicing CCD is to enhance their image?
While this is reasonable, the authors do believe that there is an underlying reason that is beyond community relations. As Banks et al., (2016) discuss in present study, "conceptualization of corporate community development at the beginning of the present era, the concept of CCD is achieving growing momentum, continuing from its opening focus on the shallow considerations of 'relation between corporate and community' and 'window open for concept' to a severe and critical attentiveness on corporate intentional direction". In other words, now corporations infrequently practice CCD presently as show-off, but rather merge in as part of their intentional trend. To authenticate this in the context of Islamic banks, the researcher studied the mission announcement and vision of the case Islamic banks and entertainingly, most of the studied banks show their fervour and objective for sustainability and solving problems of Bangladesh during their mission statements, values and other contents statement on their annual reports and websites. For example, an Islamic bank in Bangladesh has a definite organization of sustainability where they mitigated issues such as accountability as well as transparency and sustainability.
Thus this research concludes that the role Islamic banks in Bangladesh's the community is developing. They are no longer now organizations of financial and economic development, which grants community service in a variety of issues, but relatively they are turning into organizations of financial and economic development which guide responsible community development, human skills improvement, generate charity and donation to solve the uncertain issues and problems and distribute the facilities so that it can advantage the community. Ng'eni & Bukwimba, (2015) noted that society is very significant in the effectiveness of the organizations and thus organizations should support its welfare. Briefly, based on that statements, whether the corporation's CCD influence completely the community's development and develop peoples' well-being is indisputable reality. By replacing the term organizations to company, and in view of the main objective of Islamic banks, it is reasonable for banks to practice CSR. Hence in outlook, this study might guess new community development behaviours by Islamic banks in Bangladesh. After all, the findings of this study shows the Islamic banks in Bangladesh are mainly on the true way for their community development and the concerns that they cover competitive advantage with the core CCD issues established in the ISO 26000.
Conclusion and Limitations
The study shows that Islamic banks in Bangladesh are, in some ways are engaged in community development and sustainability and do publicize their CCD activities in their annual reports and their websites. These practices form a core stucture for community relations in communicating and making joint appreciative, overseeing possible inconsistency (Sanders, 2008) and to achieve legitimacy (Deegan, 2002). This behaviour can be utilized by encouraging and providing a policy of best practices for fewer standard organizations. However, it is constantly supportive for other banks, particularly the ones in community service oriented institutes, to have several best customs as their standard and acclimatize and adapt that to their functioning and community context. As such, banks in Bangladesh can place the Islamic banks in Bangladesh as their standard not only in financial earning areas, but also in issues of community and social sustainable development.
A limitation of this research is lack of considering the usefulness of community tradition of banks. Though this study investigates Islamic banks community development activities based on their annual reports and website contents, the insights of their stakeholders concerning these community development activities are not considered. This is significant, because it the activities might not convene the stakeholders' prospects or even create a negative notion that the banks is doing this only for the sake of encourage itself rather than as a assurance toward community. Present studies show that the outcome of CCD activities on estimates of the organization may be temperate by other aspects (Dev, James, & Sen, 2002; Luo & Bhattacharya, 2006; Sen, 2001). Future researches can find out the result of this practice on stakeholders' view and faithfulness on the banks. This research is limited to investigation of CCD activities among Islamic banks in Bangladesh without any interest to the character of banks as being conventional and other specialized banks. It is an issue of enquiry whether there are variations in community development behaviour of conventional and other specialized banks and which ones are mainly apprehensive about their community development disclosure.
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Md Shamim Hossain (*)
Graduate School of Business, Universiti Sains Malaysia, 11800, Pulau Pinang, Malaysia
Email: [email protected]
Sofri B Yahya
Graduate School of Business, Universiti Sains Malaysia, 11800, Pulau Pinang, Malaysia
(*) Corresponding author
Table I: Islamic banks in Bangladesh and participation of CCD activities
Banks Establish Corporate Community Development activities in
Bangladesh
A T EB FOP HR DCS
IBBL 1983 [check] [check] [check] [check] [check] [check]
ICBIBL 1987 [check] [check] [check] [check]
AAIBL 1995 [check] [check] [check] [check]
SIBL 1995 [check] [check] [check] [check]
EXIM 1999 [check] [check] [check] [check] [check]
FSIB 1999 [check] [check] [check] [check] [check]
SJIBL 2001 [check] [check] [check] [check] [check]
UBL 2013 [check] [check]
Total=8 Average CCD activities of Islamic banks in Bangladesh
Banks
Result
E
IBBL [check] 100%
ICBIBL [check] 63%
AAIBL 50%
SIBL 50%
EXIM [check] 75%
FSIB [check] 88%
SJIBL [check] 75%
UBL 38%
Total=8 67%
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| Author: | Hossain, Md Shamim; Yahya, Sofri B. |
|---|---|
| Publication: | Global Business and Management Research: An International Journal |
| Geographic Code: | 9BANG |
| Date: | Oct 15, 2017 |
| Words: | 5630 |
| Previous Article: | Employee Perceptions of Talent Management Effectiveness on Retention. |
| Next Article: | An Empirical Study on Acceptance of Telecare Health Services in Malaysia. |
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