Sustainable Development and Social Responsibility from an Islamic Perspective

Abstract

Businesses aim to generate profits and long term wealth for the owners. However, that does not mean they can do whatever it takes to get the maximum profits. Businesses have other secondary purposes including providing goods and services, creating employment and gain maximum profits for its stakeholders including employees, customers, and the community at large. To examine the problems associated with balancing profit-motivated activities and meeting needs and expectations of stakeholders, the current study aims at explaining the concepts of Corporate Social Responsibility (CSR) and sustainable development from an Islamic perspective. The paper employs a grounded theory approach to phenomenological investigation based upon review of published literature in the field of Corporate Social Responsibility (CSR) and sustainable development from Islamic perspectives. Qur’anic quotes and Ahadith (sayings and practices of Prophet Muhammad PBUH) are heavily used to describe best and explain the concepts. In addition, Muslim scholars and Imams have been consulted on some issues for better definitions of Islamic terms and concepts.