Corporate social responsibility within the banking sector in Kuwait

Abstract

Corporate Social responsibility (CSR) has become a management field because of its influence on organisations. However, CSR practices in banks in Kuwait are not known and there is also no consensus on whether the financial crisis has resulted in reduction in CSR activities or not. This study, therefore, focuses on gaining a better understanding of how corporate social responsibility works in practice in the Kuwaiti banks using a qualitative approach in which data were collected through interviews. The study revealed that the financial crisis did not adversely influence CSR practices in banks in Kuwait. Several CSR activities being implemented by the banks in Kuwait were identified leading to a conceptualisation of a CSR framework. It is recommended that CSR should be integrated into every part of the bank and aligned with the vision and values of the bank. Furthermore, CSR budgets should not be compromised during crisis, but instead banks should be more strategic by focusing on the selection of projects, and using new tools for assessment to better measure project impacts.