Adopting Corporate Social Responsibility in Maqasid Shari’ah: PETRONAS Initiatives

Abstract

This paper aims to evaluate the significant contributions PETRONAS has put towards improving the living of respective stakeholders through a series of Corporate Social Responsibilities (CSR) by adopting the approach of Maqasid Shari’ah – Islamic legal doctrine that promote the welfare of people by protecting the following categories: faith (hifz ad-din), property (hifz al-mal), soul and intellect (hifz al-‘aql), life (hifz an-nafs), and offspring (hifz an-nasb). Corporate Social Responsibility (CSR) has been an uncompromised avenue among industry key players to provide necessities for the involved society members. This paper disclosed a continuous execution of CSR by PETRONAS based on the audited and reported information of the respective entity as well as other relevant references. In this context, PETRONAS has been working very closely towards achieving the four dimensions of corporate responsibilities, namely; Continued Value Creation, Safeguard the Environment, Positive Social Impact, and Responsible Governance. Hence, this paper attempts to comprehend the relationship among these four dimensions and its entrenchment with the approach of Maqasid Shari’ah. This paper concludes that PETRONAS is one of the organizational businesses which its practice is congruent to the concept of Maqasid Shari’ah and also satisfy the definition of CSR in communicating with respective stakeholders in the time of necessity.