SYNTHESISING A CORPORATE PARADOX, PROFIT MAXIMISATION VERSUS SOCIAL RESPONSIBILITY : BASED ON THE QURAN
MetadataShow full item record
The paper aims to synthesis a conflicting business parados of profit mazimization versus corporate social responsibility (CSR). After examining the heated arguments of the two sides of the paradox and the prescriptions of the Quran, discussion on synthesis ensued. The crux of the matter is to support or not to support CSR. The Qur'anic Firman can be used to synthesise the paradox. It has categorically requires mankind as vicegerents on earth to do justice ro undertake Distributive Justice. This was stipulated over a thousand years ago. Where as CSR is a new phenomenon of less than 100 years ago . Without taking sides, it can be synthesised that organizations are supposed to undertake CSR as an islamised corporate duty. It can be done using many approaches, such as creating broad guidelines for countries to adopt as done by WTO recently or undertaking a win-win planned marketing approach or better still using the legalistic government support. Sooner or later CSR will have to be legalised to the chagrin of porfit maximisers. The Qur'anic Firman is actually a shotcut guide to societal equilibrium and happines yet mankind has to wait until the eventual legalisation of CSR.