Abstract
The corporate social responsibility (CSR) and environmental, social and governance (ESG) issue has drawn global interest in financial markets. Many theoretical studies argue that Islamic principles connote the CSR and ESG principles as they emphasise socio-economic justice and prohibit the abuse of property. Therefore, the current study aims to empirically examine the impact of Islamic values on banks’ ESG. This study finds that Islamic values and principles play a crucial role in the increase of banks’ ESG performance. In particular, Islamic economy, law and governance, and human and political rights values significantly affect the environmental and social aspects of banks ESG. Secondly, Islamic banks’ ESG performance is more affected by Islamic values.
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