Abstract
There is a conspicuous lack of research on Corporate Social Responsibility (CSR) practices undertaken in the United Arab Emirates, more so in the banking sector. This paper attempts to fill the gap by examining the government policies drawn up to support enterprises in their CSR efforts. The paper aims to examine the nature and practices of CSR undertaken by the banking sectors in the UAE. UAE's desire to go beyond being a tourist destination to an international business hub and financial market has resulted in their desire to set up CSR activities. In the UAE the banking sectors are the first to have adopted social responsibility and worked to advance it. Banks like Mashreq, ADCB, and Emirates NBD have actively involved themselves in CSR projects. For this study, ten UAE banks (Islamic and Non-Islamic banks) have been chosen based on purposive sampling to ensure the selected banks are currently or in the recent past involved themselves in CSR projects.
Highlights
In the era of liberalization and globalization, corporate social responsibility (CSR) has become a familiar concept whereby corporate sector companies consider the interests of society by taking responsibility for the impact of their activities
This paper aims to examine the practices of CSR undertaken by the banking sector in the United Arab Emirates (UAE)
While a time was not set for the study, CSR-related information was collected from banks only if they have indicated being involved in CSR in the period between 2017-2020, on their official website
Summary
In the era of liberalization and globalization, corporate social responsibility (CSR) has become a familiar concept whereby corporate sector companies consider the interests of society by taking responsibility for the impact of their activities. The last few decades have seen an increased awareness about the social responsibility of corporates the world over. The social responsibility of corporates has become a subject of public debates forcing the board rooms of corporations around the world to take notice (Safwat, 2015). A few decades ago, CSR was synonymous with just philanthropy. As people are getting increasingly conscious about the environment and demanding ethical business practices, it is expected that business organizations become concerned about their responsibilities towards their stakeholders, customers, and the society around them (Visser et al, 2008)
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