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Article
Publication date: 30 December 2020

Luthfi Hamidi and Andrew C. Worthington

This paper aims to outline the argument for social outcomes as an objective for Islamic banks and investigate whether social failure exists in Islamic banking in Indonesia…

Abstract

Purpose

This paper aims to outline the argument for social outcomes as an objective for Islamic banks and investigate whether social failure exists in Islamic banking in Indonesia by assessing it against this performance dimension.

Design/methodology/approach

Content analysis of the annual reports of a sample of 12 Islamic commercial banks, seven Islamic banking units, and seven Islamic rural banks operating in Indonesia. The social outcomes to be measured employ the social objectives and disclosure measures from the prevailing literature, combined with the Kinder, Lydenberg, Domini Research and Analytics index of corporate social performance, the United Nations’ 17 Sustainable Development Goals and five Environment Social Governance Scorecards developed by Oikocredit, a global cooperative and social investor group.

Findings

Social failure evident in all Islamic rural banks and half of all Islamic commercial banks, but in only one of the seven Islamic bank units where most banks appear to pursue social outcomes at the accommodative level (accepting and doing all that is required). A social outcome-weighted asset formulation reveals Islamic banking has improved in meeting its social objectives over time, but sometimes at the cost of other objectives relating to the environment and customers.

Research limitations/implications

Single-country context for analysis and limited period of analysis given rapid growth of industry and less stringent reporting requirements in the past.

Practical implications

Islamic banking in Indonesia needs to continue to improve its social outcomes, particularly in relation to the environment and customer benefits.

Social implications

Emphasis on banking supervisory bodies to regulate and provide incentives for the industry to address the social issues upon which consumer support, industry efforts and regulation draws.

Originality/value

Few existing studies investigate the social dimension of Islamic banking, not least in Indonesia. Novel quantitative and qualitative application of content analysis.

Details

Society and Business Review, vol. 16 no. 1
Type: Research Article
ISSN: 1746-5680

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Article
Publication date: 8 December 2017

Nasrin Dastranj, Sepehr Ghazinoory and Amir Abbas Gholami

This research presents a technology roadmap for social banking in Iran. Technology roadmapping is a tool for decisionmakers to identify, assess and choose between…

Abstract

Purpose

This research presents a technology roadmap for social banking in Iran. Technology roadmapping is a tool for decisionmakers to identify, assess and choose between different strategic options to achieve the best technological objectives and help companies and industries to better understand their market and technological choices. As social banking is in its infancy, it could embody different aspects. Therefore, to be successful in field of social banking, banks should define specific capabilities based on their capacities to create their own model. A social banking roadmap provides a comprehensive plan for banks to design products and services based on their capacities and create required programs for their implementation and improvement.

Design/methodology/approach

This paper outlines the steps for creating a technology roadmap to develop social banking services of one of Iran’s private banks. Different methods were used to implement each step mainly based on expert panels and carrying out polling and survey research among banking and IT experts.

Findings

Technology roadmaps pay special attention to the challenges and the level of capabilities (both technical and social) to develop technologies and services specially for developing countries. The level of capabilities and absorptive capacity will determine the direction of technology development. Hence, banks should design their business plan and roadmap based on their background and capabilities, state of market, their status and goals. Policymakers should help increase cooperation, financial transparency, information and payments security via appropriate legislations.

Research limitations/implications

The number of banks that have entered the social banking field is limited, and as a result, activities that have been carried out in this area in the country are limited too. Therefore, there was limited access to information as well as related studies. This research has tried to extract all the contents of the roadmap. Some sub-topics such as technologies have been dealt with to a lesser depth because of the complexity in identifying and assigning each of technologies to the service features. The technology roadmap experiences in the country are limited, and it was not possible to study the existing roadmaps with regard to their confidentiality. Developing a technology roadmap requires using expert panels and conducting multiple workshops with stakeholders from private sectors, universities and industries. In this research, because of low resources, the panels were confronted with limited continuous attendance as well as the accumulation of different stakeholders.

Practical implications

The research results provided strategies to inform, encourage and finance banks and other businesses to use social networks appropriately and effectively. These strategies can be categorized into the actions banks should take to expand social banking in the country and the actions policymakers should take into account in this regard. They are described as follows. Banks’ strategic actions include: provide training to staff on how employees should interact with customers on social networks encompassing general information and education about services, benefits and how to use social banking services for customers and society; motivate customer participation in social banking networks; convergence and integration of various offline and online channels; focus on core banking to expand competitiveness; pay attention to sustainable and green development in providing social banking services; analysis of the competitive environment in banking and other financial industries; designing a portfolio of social services for customers and allocation of budget and resources for development of social banking services and participation with other institutions and operators in providing financial and non-financial services. Policymakers’ actions include: adopt motivational policies for participation and use of social networks; education and awareness for different stakeholders; review and update the policies and rules of IT and social networks; establish appropriate laws to protect rights of employees and customers; invest in market and university studies on social banking and related services; develop policies for using in-house software and update rules and policies for small- and medium-sized enterprises.

Originality/value

Social banking is in its infancy in Iran and few banks deliver services of social banking in a limited scope. There is no technology roadmap for this purpose in Iran. This research presents a technology roadmap for social banking in Iran (and can be adopted for banks of other developing countries) and gives a comprehensive plan for banks to design products and services based on their capacities and create required programs to implement and improve them. The application of technology roadmapping in the field of social banking is new.

Details

Journal of Science and Technology Policy Management, vol. 9 no. 1
Type: Research Article
ISSN: 2053-4620

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Article
Publication date: 2 August 2013

Rania Kamla and Hussain G. Rammal

This study examines social reporting by Islamic banks with special emphasis on themes related to social justice. By using critical theory and “immanent critique”, the…

Abstract

Purpose

This study examines social reporting by Islamic banks with special emphasis on themes related to social justice. By using critical theory and “immanent critique”, the study attempts to explain and delineate reasons for disclosures and silences in Islamic banks ' annual reports and web sites vis-à-vis social justice.

Design/methodology/approach

The approach taken was a content analysis of annual reports and web sites of 19 Islamic banks.

Findings

Islamic banks ' disclosures emphasise their religious character through claims that they adhere to Sharia ' s teachings. Their disclosures, however, lack specific or detailed information regarding schemes or initiatives vis-à-vis poverty eradication or enhancing social justice.

Research limitations/implications

Limitations associated with content analysis of annual reports and internet web sites apply. This study focuses on Islamic banks ' social roles. Further studies of banks ' social roles in society in general are of interest.

Practical implications

Drawing attention of Islamic banks and other stakeholders to the gap between the rhetorical religious and ethical claims of Islamic banks and their activities (as depicted through their disclosures) opens up the possibility of a positive change in Islamic banks ' actual social roles.

Originality/value

The study fills a gap in both social accounting and Islamic accounting literatures with its emphasis on social justice and poverty eradication. The study contributes to the very scarce literature linking religion (especially Islam), critical theory, social accounting and Islamic accounting. It goes beyond previous research in Islamic accounting literature by exposing contradictions in the Islamic banking industry ' s rhetoric regarding their social role in society.

Details

Accounting, Auditing & Accountability Journal, vol. 26 no. 6
Type: Research Article
ISSN: 0951-3574

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Article
Publication date: 21 November 2018

Pedro Torres, Mário Augusto and Elaine Wallace

This study examines the impact of social media activities on consumers’ willingness to pay a premium price (WTPp) in the banking industry, and investigates the role of…

Abstract

Purpose

This study examines the impact of social media activities on consumers’ willingness to pay a premium price (WTPp) in the banking industry, and investigates the role of consumer-brand identification (CBI) on this relationship. For the first time, the effect of electronic word-of-mouth (eWOM) is considered separately from other social media marketing efforts (SMME).

Design/methodology/approach

Data from a sample of 145 banking customers that follow bank social networks was analysed using structural equation modelling and fuzzy-set qualitative comparative analysis (fsQCA) to test a proposed structural model.

Findings

Findings indicate that the effect of eWOM and SMME on WTPp is fully mediated by CBI. The results uncover a viable path to achieve WTPp in the banking industry, which includes the joint presence of SMME, eWOM and CBI.

Research/limitations implications

The study was conducted on the banking sector of Portugal. It is advocated that further research would investigate the results in other service sectors, across different countries.

Practical implications

Findings highlight the importance of social media marketing in banking. Results reveal opportunities for managers in the banking sector to enhance CBI and ultimately WTPp, through SMME and eWOM.

Originality/value

The study is the first to consider the influence of SMME and eWOM as separate antecedents of WTPp. The findings indicate that the effect of eWOM and SMME on WTPp is fully mediated by CBI. In particular, the results of the fsQCA indicate that the combined presence of SMME, eWOM and CBI, is sufficient to obtain WTPp.

Details

Journal of Services Marketing, vol. 32 no. 7
Type: Research Article
ISSN: 0887-6045

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Article
Publication date: 16 October 2009

Pascal Glémain

The first French context of microfinance dates from the 1980's. As a matter of fact, the “grameen bank” model was imported at this time to France by M. Nowak, through her…

Abstract

Purpose

The first French context of microfinance dates from the 1980's. As a matter of fact, the “grameen bank” model was imported at this time to France by M. Nowak, through her Association for an individual right to undertake: “Association pour le Droit à l'Initiative Economique” (ADIE). But today the domestic landscape of solidarity‐based finance counts plenty of “new” actors, such as: CIGALES, la NEF among others, not to forget intermediated social finance firms: Cooperative banks and public banks with social objectives like the Crédits Municipaux. The purpose of this paper is to show how solidarity‐based finance actors try to supply banking products and services to those who are excluded from access to the banking system and to test the hypothesis of an alternative financial system that is “socially responsible” in articulation with public and private sectors.

Design/methodology/approach

A typology of social banking actors is proposed. The nature of responsibility of each actor of this other kind of finance is described.

Findings

Social and solidarity‐based economy needs to be recognized by contemporary economics. Solidarity‐based finance shows us that another sustainable development model is possible.

Originality/value

This paper provides incentive to other social economists to continue this work in cooperation.

Details

International Journal of Social Economics, vol. 36 no. 12
Type: Research Article
ISSN: 0306-8293

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Article
Publication date: 23 November 2012

Ismail Cebeci

The purpose of this paper is to analyse the extent of the contribution of the current Islamic financial system to society in terms of social responsibility (SR) required…

Abstract

Purpose

The purpose of this paper is to analyse the extent of the contribution of the current Islamic financial system to society in terms of social responsibility (SR) required by the concept of social maslahah.

Design/methodology/approach

The paper adopts a critical analytic approach in considering the reasons of the failure of the social dimension of Islamic financial intermediation based on real figures of selected Islamic banks.

Findings

Concepts of SR and corporate social responsibility (CSR) are not enough to describe Islamic Banks' responsibilities. Also, this failure cannot be understood only with reference to the “external environment”, i.e. competition‐driven, capitalistic market conditions; but it is also closely related to the transformation of Islamic finance into an almost exclusively murabaha‐based Islamic banking, which promotes more individual maslahah than social maslahah. Compared to the murabaha, other product structures such as mudaraba and musharaka seem to be better instruments for expanding welfare and alleviating poverty.

Practical implications

There is a close relationship between Islamic banking contracts and social contribution of Islamic banks. This paper provides some practical solutions in this context. Also, empirical evidence derived from several conventional and Islamic banks supports these arguments.

Originality/value

This paper is the first to analyse the reasons for the social failure of Islamic Banks and to recommend substantial solutions in this scope and also offers practical help to practitioners of Islamic banking on the issue of social contribution of the Islamic banking business.

Details

Accounting Research Journal, vol. 25 no. 3
Type: Research Article
ISSN: 1030-9616

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Article
Publication date: 14 June 2011

Francesc Relaño

The aim of this paper is to show that there are other options for a firm (or a bank) than just following the mainstream logic of maximizing financial profits. This is the

Abstract

Purpose

The aim of this paper is to show that there are other options for a firm (or a bank) than just following the mainstream logic of maximizing financial profits. This is the case of the so‐called “social banks”, which appeared in the mid‐1980s. Unlike the “financial green‐washing” of traditional banks, social banks have shown in their everyday practice that a bank can still be a competitive institution whilst committing wholeheartedly to the concept of sustainable development.

Design/methodology/approach

The analysis compares social banks to traditional universal banks at two levels: analysis of what they say, namely by looking at their annual report; and analysis of what they do, namely by looking at their activities as reflected in their balance sheet.

Findings

Concerning traditional banks, there is a major gap between what they say and what they do, whereas social banks are much more consistent in this regard. This is simply because social banks have put in place a different organization and different management structures and, overall, because they apply a different business model.

Originality/value

All banks are not the same. Beyond the “declarative ethics”, the methodology used in this paper helps to make the difference among them by using concrete evidence for measuring their “social added value”.

Details

Corporate Governance: The international journal of business in society, vol. 11 no. 3
Type: Research Article
ISSN: 1472-0701

Keywords

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Article
Publication date: 6 February 2020

Ahmed Suhail Ajina, Sanjit Roy, Bang Nguyen, Arnold Japutra and Ali Homaid Al-Hajla

This study aims to investigate employees’ perceptions of socially responsible financial services brands in Saudi Arabia. The study also identifies the motives and…

Abstract

Purpose

This study aims to investigate employees’ perceptions of socially responsible financial services brands in Saudi Arabia. The study also identifies the motives and challenges for Islamic banks for higher involvement in social responsibility initiatives to enhance their brand values.

Design/methodology/approach

An inductive approach was used in this study to identify the motives and challenges related to corporate social responsibility (CSR) activities. The research design uses a qualitative approach where in-depth interviews were carried out among the employees in the financial services sector in Saudi Arabia.

Findings

Findings provide insights about how CSR initiatives for financial services brands in a developing and Islamic country are perceived. Results show that the focus of CSR activities is on the attribute of CSR, the magnitude of CSR and attitude towards CSR. Results show two main motives to engage in CSR activities, which are instrumental and ethical motives. The main challenges are related to the government, business, charitable organisations and customers and society.

Practical implications

Implications exist for how CSR is perceived in a new context and in the financial services industry. Understanding the current perception of CSR from a financial service brand perspective helps policymakers to develop appropriate platforms for financial service providers to become more socially involved.

Originality/value

The major contribution of this study lies in investigating the CSR perception among the key stakeholder (i.e. the employees) from a brand management perspective in the Saudi Arabian financial services sector. Further, this study shows the main motives and challenges, which local financial service brands face to become socially responsible. The categories of attributes, magnitude and attitudes can be used to enhance brand value in one of the economically advanced countries in the Arabic world, Saudi Arabia. In the first category “attribute”, the perception of socially responsible banks are highlighted, while the elements of CSR, including its dimensions, are emphasised in the second category “magnitude”. The third category “attitude” shows two themes, including stakeholders’ issues and business-related issues.

Details

Qualitative Market Research: An International Journal, vol. 23 no. 4
Type: Research Article
ISSN: 1352-2752

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Article
Publication date: 21 June 2013

Sarah Tsitsi Chikandiwa, Eleftherios Contogiannis and Edgar Jembere

The purpose of this paper is to examine social media adoption models and social media implementation models being used by South African banks when adopting social media…

Abstract

Purpose

The purpose of this paper is to examine social media adoption models and social media implementation models being used by South African banks when adopting social media marketing. Challenges and opportunities faced are addressed in the paper.

Design/methodology/approach

In‐depth interviews were conducted with key informants, which were comprised of five South African social media experts and 28 managements within the banking sector.

Findings

Social media is still at its infancy level in South Africa. The ACCESS model and the OASIS model are the most commonly used implementation models in South African banks. Further to that, findings indicate that Facebook and Twitter are the main tools used by banks and they are used for reactive customer service and advertising. Legal and regulatory issues were identified as obstacles to the adoption of social media. All respondents agreed on the need to integrate social media with traditional media. This might be because South African customers are consumers of both the new and traditional media.

Research limitations/implications

The research was limited to South African banks and focused on Facebook, Twitter, MXit, YouTube and Blogs.

Originality/value

The research adds theoretical knowledge on social media adoption models, thus giving a foundation on how other industries can effectively implement social media marketing.

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Article
Publication date: 1 July 2006

Manuel Castelo Branco and Lúcia Lima Rodrigues

The purpose of this paper is to ascertain whether Portuguese banks use their web sites as a medium to disclose social responsibility information and identify what types of…

Abstract

Purpose

The purpose of this paper is to ascertain whether Portuguese banks use their web sites as a medium to disclose social responsibility information and identify what types of this kind of information they disclose, and compare such disclosure with similar disclosure in annual reports.

Design/methodology/approach

Examines social responsibility information disclosure on the internet by Portuguese banks in 2004 and compares the internet and 2003 annual reports as disclosure media using content analysis.

Findings

Banks with a higher visibility among consumers seem to exhibit greater concern to improve the corporate image through social responsibility information disclosure. Results thus suggest that legitimacy theory may be an explanation of social responsibility disclosure by Portuguese banks.

Research limitations/implications

The sample is small, although it is constituted by all the relevant Portuguese banks.

Originality/value

Contributes to the scarce literature on social responsibility disclosure by financial institutions. A proxy for public visibility of banks which has not been previously used is proposed in this study.

Details

Corporate Communications: An International Journal, vol. 11 no. 3
Type: Research Article
ISSN: 1356-3289

Keywords

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