Social responsibility of Islamic banks in developing countries: empirical evidence from Egypt

This study explores Islamic banks’ role in Social Responsibility (SR) in developing countries by focusing on the Faisal Islamic Bank of Egypt (FIBE) as a case study. The paper provides a brief overview of the concept, dimensions, and areas of SR, nature of Islamic banks, the concept of Corporate Social Responsibility (CSR) in Islamic banks, also outlines how the Islamic banks support the social enterprises with some examples of such enterprises that supported by FIBE. The analysis shows that Islamic banks in general and FIBE, in particular, play an effective role in SR and enhance the development of social enterprises. The study concluded that FIBE has allocated huge funds for SR through participating in several social initiatives and activities, besides Qard-Hasan for needy citizens and its Zakat Fund.