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Social Responsibility and Islamic Financial Institutions –The role of Central Bank of Malaysia.

Social Responsibility and Islamic Financial Institutions –The role of Central Bank of Malaysia. Syed Abdul Hamid al-Junid Head, Economic and Governance Department 31/3/2008. Relevant Issues. Nature and evolution of C.S.R. Criteria for evaluation C.S.R. initiatives

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Social Responsibility and Islamic Financial Institutions –The role of Central Bank of Malaysia.

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  1. Social Responsibility and IslamicFinancial Institutions –The role of Central Bank of Malaysia. Syed Abdul Hamid al-Junid Head, Economic and Governance Department 31/3/2008

  2. Relevant Issues • Nature and evolution of C.S.R. • Criteria for evaluation C.S.R. initiatives • Overlap between Social-Spiritual and Market realms • Values in tensions • Revisiting ethics, governance and social responsibility

  3. Developing a Framework of C.S.R. • Dimensions of C.S.R. • Driving forces to C.S.R. • Relationship between C.S.R. cosmetics and C.S.R. strategies • Developing sustainable development framework

  4. Promoting C.S.R • Societal vision and goals • Societal governance structure • Market value depends on values • Laws and regulations • Standards and best practices • Individual and collective ethics • From compliance to culture

  5. Implementing C.S.R. • Role of Government, Central Banks, Securities Commissions and relevant authorities in: • Promoting disclosure and stakeholder interests. • Establishing efficient and competitive markets. • Promoting C.S.R. as part of governance.

  6. Islamic Perspective to C.S.R. • Issues and opinions – convergence and divergence. • Voluntary sector and social objectives • Challenge of multiple objectives • C.S.R. efforts vs C.S.R. outcomes. • Reactive vs strategic C.S.R, aping the west instead of enhancing existing Islamic institutions.

  7. Promoting C.S.R. for IFIs • Shariah compliance as C.S.R. criterion. • Instituting shariah compliance. • Ethical Investments. • Promoting Investment account holders. • Ethics with efficiency

  8. Bank Negara – C.S.R as part of Governance • Balancing regulatory discipline, market discipline and self discipline. • Eliminating information asymmetry. • Managing shariah risk and reputational risk • Importance of disclosure and corporate reporting. • Recognizes different capacities for governance and C.S.R. • Promoting education in Islamic Finance.

  9. Education and Human Capital in Islamic Finance • International center for Education in Islamic Finance (INCEIF) • Role of INCEIF in developing holistic training of professionals. • Role of Associate of Chartered Islamic Finance Professionals. • International center for leadership in Islamic Finance (ICLIF)

  10. Instituting Integrity and Ethics • Understanding Islamic worldview and leadership. • Internalizing values of honesty, transparency and accountability. • Ability to recognize, anticipate and handle ethical problems. • Professional and contextual competencies, eg cash waqf, zakah. • Developing statistical database. • Quality consciousness, monitoring and measuring improvements.

  11. Q & A

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