THE DISCLOSURE OF CORPORATE SOCIAL RESPONSIBILITY (CSR), BASED ON THE MAQASID AL-SHARIAH IN MALAYSIA AND MENA REGION

Islamic Banking works in an economy and achieving the ideal position of Shariah financial institution requires continuous improvement and indicators. The right values and environment of a bank that is operating based on Shariah are important to ensure that the delivery services could be executed in the best manner possible. Islamic Bank therefore should embed with social and the charity work network for the purpose of its corporate social responsibility to the community. The fundamental issue which is due to the lack of focus on prioritising the social objective of Islamic organisations based on Shariah leads to the inadequacy of conventional CSR theories to underpin CSR practices of Islamic organisations. The existing concept of CSR is grounded on western perspectives, and it will be a great implication to delve into CSR within the Islamic perspectives. Therefore, the objective of this study to examine the extent of CSR based on Maqasid Al Shariah in terms of four dimensions of the Islamic Banks sector between Malaysia and the MENA region for the period of 2013 to 2018. This study employed a content analysis method to collect quantitative data on CSR based on Maqasid Al-Shariah in the Bank Islam annual report and stand-alone sustainability report. The content analysis was carried out to achieve this objective. The investigation on the content is based on CSR reporting in their annual report and stand-alone sustainability report according to what has been provided by the banks. The results of the analyses provide significant insight into the amount and nature of CSR among Islamic Banks across sectors. Generally, the CSR activities cover all organization activities related to the organization and its various stakeholder. Finally, through mean score ranking for CSRD items shows that there was a mixed ranking for CSR based on Maqasid Al-Shariah dimension and element in Malaysia and MENA region.