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Corporate Social Responsibility

Author’s Name
Institutional Affiliation
Course Name
Instructor’s Name
Due Date
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Corporate Social Responsibility
Importance of Embracing CSR
Corporate Social Responsibility (CSR) is an important concept, and companies apply it
to integrate and actively consider social and environmental factors in their daily business
operations. Embracing and applying CSR concepts includes the acknowledgment of the impact
that the company can have on the environment and society.
Companies should embrace CSR for stakeholders' trust and reputation maintenance.
When a company shows commitment to social and environmental responsibility, society
perceives them as trustworthy and ethical. In the long term, the reputation can attract customers,
business partners and create investment opportunities.
CSR also helps companies in risk management. The CSR strategies help companies
mitigate and identify risks that come with social, environmental, and governance issues. The
company can avoid negative impacts such as reputation issues and legal disputes by addressing
these potential drawbacks. Chandler (2022) explains that there is a substantial amount of risk that
companies avoid with the maintenance of a good reputation. In the long term, these benefits give
the company a competitive advantage and improve employee engagement.
Socially Responsible Company
Social responsibility concerning religion involves accommodating and
recognizing the practices, business needs, and the need of stakeholders. It fosters an inclusive
business environment where employees can practice and express their religious beliefs without
judgment or discrimination. Companies can also choose to include religion in their business
operations or adopt strategic methods to various methods to maintain the religion. Corporations
can adopt vast operations and strategic operations to have religion in their approaches to
business.
Companies can choose to accommodate religious practices. The company can
create policies allowing employees to observe the holidays and spiritual practices. Besides,
companies can also seek to implement and foster diversity initiatives that can enable them to
raise awareness of religious diversity (Chandler, 2022). Diversity creates a business environment
that includes respect and understanding.
Religion in a workplace
Discussing religious issues in the workplace can be a complex and sensitive topic.
Religion is a personal matter. Whether it should be addressed in a workplace environment is
based on various determinant factors, such as individual preferences and organizational policies.
One of the major points to consider when discussing religion is respecting privacy. Religion is a
hugely personal matter, and people have the right to keep their beliefs private if they want to do
it that way. Companies need to respect employee privacy and not pressure them or force them to
discuss their personal views at work.
Creating an inclusive environment and accommodating various religious practices is also
important. Employers are legally obligated to accommodate multiple employees irrespective of
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their religious beliefs (Zaman et al., 2022). A company's religious policies should balance
between ensuring that the religious discussion is respectful and respecting the employee's
religious freedom.
Islamic Financial products
As the case discusses Islamic Financial products, it refers to the financial services and
instruments following Islamic principles. Sharia law guides Islamic tenets. The company designs
policies to promote social and ethical financial practices. One of the major features of Islamic
financial products is the avoidance of interest. Islamic products prohibit receiving interest, as
they consider it an exploitation of other people's rights. According to Hui et al. (2019), Islamic
financial products use alternative strategies such as asset-backed transactions and profit sharing.
The Islamic financial product also included adherence to ethical and moral principles. Islamic
finance has a huge consideration of ethical and responsible business practices. Such companies
often avoid any investment in industries that are not compliant with Islamic codes, such as
gambling and alcohol. Based on the details in the Case study, the Islamic financial products and
services mentioned in the case are Sharia Compliant. The products are in line with the ethical
standards outlined above.
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References
Hui, H. W., Manaf, A. W. A., & Shakri, A. K. (2019). Fintech and the transformation of the
Islamic finance regulatory framework in Malaysia. In Emerging Islamic finance law and
practice issues in Malaysia (pp. 211-222). Emerald Publishing Limited.
https://www.emerald.com/insight/content/doi/10.1108/978-1-78973-545-120191018/
full/EthisKapital.com
Chandler, D. (2022). Strategic corporate social responsibility: Sustainable value creation. Sage
Publications. 40-53.
https://books.google.ca/books?
id=obOcDwAAQBAJ&printsec=frontcover#v=onepage&q&f=false
Zaman, R., Jain, T., Samara, G., & Jamali, D. (2022). Corporate governance meets corporate
social responsibility: Mapping the interface. Business & Society, 61(3), 690-752.
https://journals.sagepub.com/doi/pdf/10.1177/0007650320973415