Corporate Social Responsibility in Service Sector: A Study at the Al-Arafah Islami Bank Limited

Abstract

The importance of banks in the development of the overall economy of a country cannot be described in short. Satisfactory banking service is a mixture of all general banking actions done by a bank. In Bangladesh, Banking section plays an important role to the economy and Al-Arafah Islami Bank Limited is one of the commercial bank which support to the customer. In this report, I have tried to display the CSR activities of Al-Arafah Islami Bank Limited and tried to discover some areas that require further attention for improvement.

According to UNIDO Corporate Social Responsibility (CSR) is a management concept whereby companies integrate social and environmental concerns in their business operations and interactions with their stakeholders. CSR is generally understood as being the way through which a company achieves a balance of economic, environmental, and social imperatives while at the same time addressing the expectations of shareholders and stakeholders.

In this report, the CSR activities of Al-Arafah Islami Bank Limited are evaluated from the categorical points of CSR including economic responsibilities, ethical responsibility, environmental responsibility, and philanthropic responsibility. Based on the evaluation several points have been identified and suggestions are provided for better performance in the field of corporate social responsibility by the Al-Arafah Islami Bank Limited.