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What does Islam say about corporate social responsibility?
There are so many different understandings of rule of law and amongst them how to navigate? Same thing applies for CSR? Relationship between rule of law and CSR?
Corporate Social Responsibility In Islam
Length: 2 pages (693 Words)
CSR in Islam
The emergence of CSR constantly evolves and is involved by various circumstances. The increased interest in the principle of CSR is partly due to increased discontent among the business community on the self-seeking, self-indulgence pervasive in the western economic global view. Globalization has brought with it escalating social and economic strife. New questions and expectations on governance spur the need for CSR incorporation into all spheres of economic activity. Various theories exist in a bid at validating the existence of CSR. The classical view of CSR is famously fronted by Milton Friedman, where he states that the sole corporate social responsibility of business is to maximize profits for its shareholders. This theory underpins the neoclassical economics present today, which have evidently failed in protecting the environment through which business takes place (Dusuki, 10).