In an era of terrorism and turbulence in global markets the greater the level of shared risk and transparency, the greater the likelihood financial institutions will be more resilient in the face of greater challenges of operation. This is a critical point that must be kept in mind in the context of the IFI CSR Maturity Model, as globalization forces a higher level of inter-process and cross-functional coordination throughout a value chain. The IFI CSR Maturity Model also brings up the critical point of the best defense against uncertainty is a strong offense that seeks higher levels of performance through greater synchronization of both financial services value chain data and greater levels of cross-financial services provider coordination.
IFI CSR Maturity Model Assumptions
The following are the key assumptions regarding the definition of the IFI CSR Maturity Model:
1. The end result for lenders and financial institutions are pursuing higher levels of maturity on the model's layers translates into greater levels of agility and synchronization with customer demands as well. It could be said that the greater the level of Orchestrating a lending organization can do with its financial partners, the higher the level of market agility in will have in responding to its customers. .
2. The greater the level of systems and processes integration across lenders and between Islamic banks and their intermediaries, the greater the level of collaboration and orchestration. Inherent in the migration of lenders from the Anticipating level of this model to Collaborating and Orchestrating is the corresponding maturity in the shared approaches to managing risk -- namely the adoption of a shared ethical foundation. This is a critical point to keep in mind when evaluating the IFI CSR Maturity Model, that the development of entirely new levels of risk sharing through a common ethical foundational bond is critical to seeing this model as actionable.
In summary, the aims and objectives of this research study are to quantify the long-term effects of CSR programs specifically in the areas of intercommunity maturity and measuring the combined contributory effects of CST and microfinance initiatives to new venture growth. Comparing the relative growth an maturity of these two initiatives over time will in turn serve as the theoretical foundation of the Proposed IFR CSR Maturity Model.
The Rationale for the Research
The factors that support this specific logic and rationale center on the paradigm of Islamic banking as being egalitarian and more focused on the ethics of financing new venture growth vs. treating the actual financing transaction as a means to generate profits (Choudhury, Hussain, et.al). Quantifying the long-term effects of investment in the form of IFI-based CSR, microfinancing and microlending as defined by the contractual agreements made (Siddiqui, 681, 682) is the basis of defining sampling frame. In conjunction with this approach to constructing the research there is also the available of social disclosures by IFIs as well (Abdeldayem, 351, 351). The long-term effects of microlending and microfinance (Hasan, et.al) are also included in the proposed research to measure their combined effects with CSR programs on the extent to which new ventures integrate themselves into their communities. This will be measured through an analysis of supply chains, partner agreements and the reliance on CSR initiatives as a means to create entirely new means of production and service. In summary, the rationale is to first isolate the effectiveness or return on investment in CSR programs by IFI, and then measure their combined effects on new venture growth in conjunction with microfinancing and microlending.
Literature Review
In assessing if CSR programs actually deliver value the precepts of Islamic banking must first be assessed, in addition to an analysis of the effects of additional strategies including microfinancing and microlending as well. The underlying concepts of CSR programs being to altruistically benefit a surrounding community to an IFI have not specifically been measured relative to their contribution to new venture growth. Rather, the enriching of a given community is seen as consistent with the majority of theories of how the Network Effect influences the spread of goodwill that is seen to emanate from effectively planned CSR and microfinancing programs (Dusuki, et.al). Further research by Dusuki in his paper Does Corporate Social Responsibility Pay off? An Empirical Examination of Stakeholder Perspectives indicates that respondents see the IFIs as being the primary providers of CSR program over time, even over and above those offered by municipalities. Taking into the account that Dusuki completed this study in Malaysia and given their high level of socialization of medicine and social programs, this is surprising....
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