Corporate Social Responsibility and Islami Bank Bangladesh Limited

Corporate Social Responsibility and Islami Bank Bangladesh Limited

INTRODUCTION

Corporate Social Responsibility (CSR, also called corporate conscience, corporate citizenship, social performance, or sustainable responsible business/ Responsible Business) refers to the concept that “an enterprise is accountable for its impact on all relevant stakeholders. It is the continuing commitment by business to behave fairly and responsibly and contribute to economic development while improving the quality of life of the work force and their families as well as the local community and society at large”. CSR is not about philanthropy or charitable work. It is about how companies take responsibility for their actions in the world at large.

What is Bai-Istijrar? How to investment made under Bai-Istijrar mode?

BAI-ISTIJRAR:

MEANING AND DEFINITION     

Meaning

 The term "Bai-Istijrar" has been derived from Arabic words بيع and جر (Bai and Zarra). The word بيع means to purchase and to sell and the word جر means to hoist, to lift up, pick up, bring up. "Istijrar" (استجرار) means to purchase goods from time to time in different quantities. In Islamic jurisprudence ‘Istijrar’ is an agreement where a buyer purchases something under a single agreement in different instalments. However, no offer and acceptance or bargain is required each time. The deal will be considered as a single agreement where all terms and conditions are finalized.

 Definition

"Bai-Istijrar" is called such a buying and selling where a person keeps  on taking delivery of required commodities part by part from time to time from a supplier and no offer(Ijaab) & acceptance (Qubul) and bargaining between them  is taken place each time of making and taking delivery.

TYPES OF ISTIZRAR:

Concept of Banks and Banking Systems

 

Financial institution

A financial institution is an institution that provides financial services for its clients or members. Financial institutions provide service as intermediaries of financial markets. They are responsible for transferring funds from investors to companies in need of those funds. Financial institutions facilitate the flow of money through the economy. To do so, savings are brought to provide funds for loans.

What is AAOIFI?

AAOIFI:

AAOIFI- stands for Accounting and Auditing Organisation for Islamic Financial Institutions is an independent international industry producing standards applicable for Islamic financial institutions. This is a Bahrain-based organization.

So far following standards have been developed by AAOIFI.

Standards producing by AAOIFI:

What is Islami Bank mCash?

What is Islami Bank mCash?

Islami Bank mCash is the Mobile Financial Services of Islami Bank Bangladesh Limited where customers of all mobile companies can take 24 hour mobile banking services from anywhere of the country.

Advantages of Islami Bank mCash:

Vision of IBBL

Vision of IBBL:

To always strive to achieve superior financial performance, be considered a leading Islamic Bank by reputation and performance. To establish and maintain the modern banking techniques,

Mission of IBBL

Mission of IBBL:

To establish Islamic banking through the introduction of a welfare oriented banking system and also ensure equity and justice in the field of all economic activities, achieve

Defination of Islamic Banking

As per OIC
Islamic Banking is a financial Institution whose statutes, rules and procedures expressly state its commitment to the principles of Islamic Shariah and to the banning of receipt and payment of interest on any of its operations.

Objectives of Islami banking

Objectives of Islami Banking:

1.  Providing banking services of the highest standards according to Islamic Shari'ah without dealing in Riba by using the state of the art technology in computer, telecommunication and information system.

Difference between Profit and Interest

Difference between Profit and Interest:

1. When money is charged, its imposed positive and define result is Interest.
When money is used in trading, its uncertain result is profit.