Ethical Consumerism in Financial Institutions

Abstract

There has been a rise in the concept of ethical consumerism in various sectors of the economy. This chapter examines ethical consumerism in the Bahrain banking sector by analyzing customer surveys and annual reports from seven commercial banks. The findings show limited evidence of ethical consumerism in supply and demand. This chapter also documents challenges faced by banks and customers in ethical, social, and environmental decision making and operations. Finally, the results enhance the understanding of ethical consumerism in financial institutions.

effect of corporate branding, islamic corporate social responsibility (ICSR), ethics programs, on customer loyalty through corporate reputation and spiritual experience

“…Al Nasser & Muhammed (2013), found that Islamic bank customers were not completely satisfied with Islamic products even though more branches were opened by conventional banks operating in accordance with Islamic sharia principles. Abdulla (2020), also write "evidence on current practice by Islamic banks around the world indicates that the majority of financing operations are not based on equity. In contrast, Islamic banks have consistently favored the use of debt-based financing models".…”

“…These banks imitate some of the worst banking practices of conventional financial institutions and do not serve the purposes of Islamic banking and finance" (Zaman, 2018). Abdulla (2020), write "evidence on current practice by Islamic banks around the world indicates that the majority of financing operations are not based on equity. In contrast, Islamic banks consistently prefer the use of debt-based financing models.…”