Obstacles Facing Islamic Banks in Implementing Social Responsibility from the Perspective of the Central Bank of Libya

(A Field Study of the Central Bank of Libya in Tripoli)

Abstract

The study aimed to identify the obstacles to the application of social responsibility in Islamic banks from the point of view of the Central Bank of Libya, as a bank of banks, as well as a supervisory body for commercial and Islamic banks. It also aimed to identify the extent of these banks’ response to the application of social responsibility, by analyzing the relationship between the variables of the study.

The study reached a set of results, the most important of which are: Islamic banks’ interest in social responsibility is a duty imposed by the provisions and principles of Islamic Sharia, as there are many obstacles and challenges that prevent Islamic banks from implementing social responsibility, such as the absence of a role in awareness and training on the application of social responsibility, as well as scarcity of resources.  The costs of evaluation and supervision are considered high, and the study recommended the importance of training and raising the efficiency of employees in banks to provide services related to social responsibility, creating special departments for these services within the bank, and seeking the assistance of regional and international organizations in the field of implementing social responsibility.