INTERNATIONAL. Two leading Islamic finance industry service providers, DinarStandard and Dar Al Istithmar, today announced that they have begun gathering data for a first-of-its-kind corporate social responsibility (CSR) survey of Islamic finance Institutions.

The objective of the survey is to benchmark Islamic finance Institutions on their social responsibility efforts.  The output will be an Islamic Finance CSR Trends Report to be released publicly on 31 August 2009.  Each institution submitting the survey will also receive a confidential benchmark report that will highlight their performance compared to their peers in aggregate. 

Major CSR accomplishments of the Industry will also be recognized by the introduction of Maqasid Al-Shari’a CSR Awards.

 “As the Islamic Finance industry transitions to a CSR-oriented approach, tools such as ours will become increasingly important,” said Sayd Farook, Senior Consultant at Dar Al-Istithmar.

 It’s ironic that an industry, whose fundamentals are in social responsibility, does not have any gauge to benchmark this important aspect.  We hope this Survey will contribute to support the CSR efforts of IF institutions and further highlight the Industry’s relevance in a time of global economic crisis,” says Rafi-uddin Shikoh, Managing Director of Dinar Standard.

The surveys structure is based on the recently released CSR standards by the Accounting and Auditing Organisation for Islamic Financial Institution (AAOIFI), the international standard-setting organisation for Islamic finance.  AAOIFI is also an Official Supporter of the Survey.

Questionnaires are currently being sent to several hundred executives of Islamic financial institutions.  Institutions are invited to complete the survey online as well. Deadline for survey completion is 21 July 2009. 

The survey and background information can be accessed online at www.dinarstandard.com/maqasid

Note: DinarStandard is a growth strategy and market intelligence consultancy focused on OIC (Organization of the Islamic Conference) markets, uniquely leveraging original market and consumer insights that enable clients to expand into new markets, innovate, and develop marketing strategies that cultivate profitable business relationships.

Dar Al Istithmar (DI), a global Shari’a advisory firm, offers a unique combination of Islamic financial expertise and research capabilities to lead the development of innovative Islamic financial products, harnessing the strength of its experienced Islamic financial consultants and its Shari’a supervisory board consisting of world renowned Shari’a scholars. DI been awarded the “Best Islamic Assurance and Advisory Services” in 2006 and the “Best Islamic Advisory House” in 2007 by Euromoney.

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

• Top news
• Business News
• Company News