“…Barney (1991), Balabanis et al (1998) and Jones (1995) document that corporate relations with stakeholders based on honesty, mutual trust and cooperation have greater probability to lead to competitive advantages which in turn can lead to enhance financial performance. Several researchers have provided empirical evidence that CSR could be a source of competitive advantage (Porter and Kramer, 2006;Inoue and Lee, 2011) and that CSR activities positively affect various aspects of firm performance within various sectors of economic activity (industrial, financial firms, services firms, etc) like firm reputation (Brammer and Millington, 2005), consumer satisfaction (Luo and Bhattacharya, 2006), employee commitment (Peterson, 2004;Plewa and Quester, 2011), cost of capital (Cheng et al, 2006), improved profitability and stock market performance (Kim and Kim, 2014;Elliott et al, 2014;Hillman and Keim, 2001;McGuire et al, 1988;Nelling and Webb, 2009;Hamil and Morrow, 2011). Also a recent study by Mallin et al (2014) indicated that CSR activities in Islamic banks adhere to the stakeholder theory which suggests a positive association between CSR and financial performance.…”