ETHICAL GAPS AND MARKET VALUE IN THE ISLAMIC BANKS OF BANGLADESH

M. Kabir Hassan, University of New Orleans, USA Mamunur Rashid, National University of Malaysia, Malaysia Md. Yusuf Imran, Shahjalal Islami Bank Limited, Bangladesh Abdullah Ibneyy Shahid, University of Saskatchwan, Canada

Address for Correspondence M. Kabir Hassan Department of Economics and Finance University of New Orleans New Orleans, LA 70148 Phone: 504-280-6163 Email: mhassan@uno.edu Forthcoming in Review of Islamic Economics, Vol. 14, No. 1

ETHICAL GAPS AND MARKET VALUE IN THE ISLAMIC BANKS OF BANGLADESH Abstract This study measures the ethical identity of Islamic banks in Bangladesh over the period 2001 to 2006. An index of ethical identity, following Haniffa and Hudaib (2007), is constructed by drawing information revealed in the annual reports of the banks. The index is composed of the following eight different dimensions: i) mission and vision statement, ii) board of directors and top management, iii) product and services, iv) Zakah, charity and benevolent fund, v) commitment towards employee, vi) commitment towards debtors, vii) commitment towards society, and viii) Shariah Supervisory Board. Then, the study also investigates the relationship between the ethical identity index and market value of these banks. Results show that some of the dimensions of ethical identity are over-communicated and some dimensions of ethical identity are under-communicated in the annual reports. A significantly positive association has been observed between the ethical identity index and market value of banks. The study recommends possible improvements in Islamic banks communication of their ethical identity through annual reports. Keywords: Ethical Identity Index (EII), Islamic Banks, Stakeholders, Bangladesh JEL Classification: C83, G21 and L38

Ethical Gaps and Market Value in the Islamic Banks of Bangladesh SECTION I: INTRODUCTION IN 1960s, corporations found themselves increasingly under scrutiny over unethical business practices. In response, they developed social responsibility programs which usually involved charitable donations and funding local community projects. As Melvin (2005), points out, this practice was not only extemporized but was also uncoordinated across the industries and companies. This marked the genesis of corporate ethical identity. Business ethics have, however, attracted renewed attention due to mega corporate scandals such as Enron, WorldCom, Arthur Andersen, Tyco International, and Adelphia. Other factors such as increased government regulations, amplified scrutiny by the media, and the increasing demand for accountability by stakeholders have forced businesses to develop strategic business ethics policy (Ponemon and Michaelson 2000, Stevens et al 2005, Weaver et al, 1999, Berrone et al., 2005). Berrone et al. (2005) contend that a firms performance is greatly influenced by ethical identity. The ethical identity embodies an image that should be effectively and properly communicated to all stakeholders. Islamic Banking Industry is strictly born on ethical values and principles. Its fundamental rallying point is the unjust and usury interest rate system followed by conventional banking system, (CBS). After much promulgation, Shakeel (2004) provides empirical evidence that Islamic financial system (IFS) is gradually and firmly becoming acceptable beyond political, geographical and religious divide. Since IFS has to be integrated in other systems, there is exigent need for a thoughtful development of new ethical dimension of IFS. This is a more severe challenge for IFS than for CBS. Since IFS ethics are based on commands of Islamic religion, the communication of the ethical guidelines to clients becomes far much more important than adoption of Islamic Ethical Guidelines by Islamic Banks. An ethical identity is achieved not only when the bank adopts and practice the ethical guidelines but also when these guidelines and effectively and properly communicated to the clients for effective conduct of business. In the long run, as Berrone et al (2005) suggests, "revealed ethics by itself (i.e.
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decoupled from ethical initiatives) is not sufficient". This view is supported by Stevens et al (2005) who states that a company that only adopts ethics in a symbolic manner by decoupling ethics from actions, jeopardizes its own future. The main function of a bank is to act as an intermediary between surplus economic units (savers) and deficit economic units (borrowers). Banks lend the deposits it receives and charge borrowers interest. The clients of Islamic banks are more Islamic law-oriented than profitoriented. They will forgo interest income offered by CBS and just deposit their money in banks perceived to be 'Islamic' or 'more Islamic'. In Bangladesh, Islami Bank Bangladesh Limited (IBBL) offers the lowest profit rate on savings deposits among both Islamic and conventional banks yet it receives the highest amount of deposit. This would suggest that corporate image of IBBL as a Shariah-compliant Bank is much stronger than that of the competitors. The main objective of this study is to provide an index which objectively measures the ethical identity of the Islamic banks in Bangladesh. The study also aims to compare how well individual Islamic banks communicate with their stakeholders via published financial statements. Using Haniffa and Hudaib (2007) methodology, we provide the Islamic Banks in Bangladesh with a method of assessing the gap between the ideal and actual ethical identities. We selected the Islamic banks in Bangladesh for two main reasons. First, the reactions of Islamic banks clients in Bangladesh towards Quranic Commands mirror reactions of Islamic banks clients in most other countries. Second, the growth of the Islamic banks in Bangladesh and other countries is strongly positively correlated. SECTION II: LITERATURE REVIEW

Corporate Ethical Identity, its formation and its effect: Markwick & Fill (1997) define corporate identity as the articulation of what the organization is, what it does and how it does it, and its linked to the way an organization goes about its business and the strategies it adopts. According to Balmer (1998) and Scott and Lane
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(2000), corporate identity deals with the essence of the firm and its enduring characteristics: its philosophy, values, history, strategy, business scope, and communication while Fombrun, (1996) contends that the way a firm manages the stakeholder claims contributes to shaping its identity since its values, actions, and stance differentiate it from other firms. Ferrell (2000) argues that whether a specific behavior is right or wrong, ethical or unethical, is often determined by stakeholders, such as investors, customers, interest groups, employees, the legal system, and the community. Studies by Logsdon and Yuthas, (1997), Mitchell et al., (1997), and Wood (1991) conclude that the ethical stance of a firm is premised on the expectation of society with which the firm interacts. Stevens et al. (2005) found evidence that financial executives are more likely to integrate their firms ethics code into their strategic decisions if they perceived the pressure from market stakeholders. Fombrun and Foss (2004) and Fritz et al. (1999) define Corporate Ethical Identity as the posture a firm takes with respect to the ethical demands and claims of all its stakeholders. It refers to the goals, values, practices, processes, and actions a firm takes and through which stakeholders consider the firm as ethical. Berrone et al. (2005) identifies two different dimensions of corporate ethics- Corporate Revealed Ethics (CRE) which deals with the communication through the corporate statement, and Corporate Applied Ethics (CAE) which deals with actual practice. According to Jones, (1995) and Jones and Wicks, (1999), proactive ethical initiatives positively influence financial performance through creation of intangible assets such as good reputation, trust, and commitment which drive the long-term success of the business. This subsequently improves the firms ability to attract resources, enhance performance, and build competitive advantages while satisfying its stakeholders needs (Fombrun et al., 2000). Stakeholders Satisfaction mediates the relationship between Corporate Ethical Identity and the firms financial performance. Ethical identity benefits the firm in various ways. First, Cragg (2002), intimates that the disclosure of ethical values and objectives in corporate statements and goals enhances the appeal of the firms shares to the ethical and socially responsible investors. Second, it provides a clear
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informational signal about the stance and beliefs of the firm, mitigating uncertainty about longterm risks and actions. Third, Sethi, (2005) argues that ethical disclosure attends the investors need for ethical and social information while Hummels and Timme (2004), say that it provides a road map for better long-term investment decisions. Forth, Fombrun, (1996), Fombrun and Foss, (2004) and Hillman and Keim, (2001) explain that it is a valuable tool for creating reputational capital in form of good corporate image and enhanced reputation, which affords the firm a competitive advantage. Fifth, a clear statement of what the firm stands for can elicit trust and commitment between shareholders and top managements, reducing opportunistic behaviors and transactional costs (Hosmer, 1994). Last, Orlitzky et al (2003) and Waddock and Graves, (1997) notes that investor may interpret an ethical statement as a positive signal regarding the resources of the firm. Only companies with sufficient resources can embark in ethical enterprises. Therefore, ethical identity has an important informational value and investors are expected to incorporate ethical information on their assessment of the firms value. Balmer and Soenen (1999) identify four distinctive features of corporate identity namely actual, communicated, ideal and desired. Gray and Balmer, (1998 defines actual identity as the business strategy, values and philosophy, corporate culture and structure) while communicated identity is closely linked to image and reputation, which in turn leads to the realization of desired (what corporate management wants it to be) and ideal identities (what stakeholders see as optimal). Since, there exists an explicit covenant or a promise (Johansson and Hirano, 1999; Mitchell, 1999) between an organization and its key stakeholders, corporate identity must be managed so as to ensure alignment among the four identities. This entails communicating and behaving in a manner that leaves a pleasant impression with key stakeholders (Cornellisson and Elving, 2003).

Ethics in Islam Ethical values are ingrained in Islamic teachings (Anas and Mounira, 2009); however, they are not properly communicated through appropriate media to the stakeholders (Wilson, 2002), which will facilitate them taking accurate decision. Ethics in Islam can be defined as the
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set of values and principles guided by Islamic Shariah accepted by any person, a group or an enterprise (Farook and Lanis, 2005). But due to the cultural diversity of enterprises evolving Islamic framework, it has been very difficult to measure the exact ethical identity of Islamic banks (Beekun and Badawi, 2005). In addition to that, Islamic banks are reluctant to share the ethical identities explicitly, since they believe in correcting operational deficiencies more with the fiqh scholars and shariah advisors, rather than being corrected by the market (Wilson, 2002). However, customer concentration has become a demanding issue among Islamic banks due to competition. Therefore, there has been an increasing interest to monitor the ethical underpinning of Islamic banks globally. Beekun and Badawi (2005) explores four reasons for understanding Islamic ethics. First, global investment by Islamic countries has increased exponentially. Second, countries like Egypt, Malaysia, Sudan, Iran, Algeria and Indonesia are moving towards a greater Islamic Trading Block like the European Union. Third, Muslim population globally own a lion share of energy (crude oil). Finally, globalization has stressed for greater diversity in terms of social values and religion, which has attracted the largest quantity of investors for last few decades. As a result of the religious and moral awareness, a large quantity of investors is seeking investment that is ethically suitable. Islamic banks are providing this unique opportunity through justice, partnership and trust. Islamic shariah prohibits interest, investment and financing of businesses engaged with production of harmful products, prohibits any contract that includes uncertainty about the product or has taken extensive risk in the process and does not support any business largely against the environmental and social welfare (Anas and Mounira, 2009). This clearly states that Islamic finance does not tell anyone to do business for free (Anas and Mounira, 2009), however, it practices business activity morally and ethically. Ethical identity in Islam can be explained from a net fair value method by comparing the haram (prohibitions) and the halal (permissible) issues. Islamic shariah explains the haram and halal very clearly. An Islamic bank as a business entity should operate optimally with Shariah guidelines. Islam considers all work to be part of the worship of Allah (Beekun and Badawi, 2005; Anas and Mounira, 2009), therefore, the acts and principles of Islamic banks also should
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be directed towards religious beliefs in their everyday financial dealings. Banks are accountable to stakeholders. For Islamic banks the intangible stakeholder, compliance to shariah, is the ultimate monitor. Freeman (2001, p. 59) defines stakeholder as any party who benefit from or are harmed by, and whose rights are violated or respected by, corporate action. Stakeholders of Islamic banks are expected to be regulated and controlled by the norms of Shairah. Islamic banks individually and the Islamic system centrally establish the shairah supervisory board (SSB) that attaches the legitimate explanations to activities of Islamic banks whether they ethical or not. Criteria for ethical identity in Islam have been frequently discussed in literature. Among many, Wilson (2002) describes five major area of general ethical concern: human rights, armaments, trade and social involvement, environmental impact and animal welfare. However, his study concludes that Islamic banks are deficient in translating religious justice into economic justice, are less involved in fair trading, falls short of proper communication with its clients about its aims and objectives. On the contrary, Beekun and Badawi (2005) explain three major criteria of relevance to Islamic ethical system: Justice and balance, trust, and benevolence. Justice in the Holy Quran is explained by a combination of adl and qist, where adl is the balance and qist means share or proportion. Islam enforces a balance of these two in any social and financial agreement/ contract. The Holy Quran has expressed the importance of the balanced and fair in different verses (see Quran 2:279; Quran 49:9). The Holy Quran (see Quran 74:38) has also urged on the importance of trusteeship: Every soul will be (held) in pledge for its deeds. So, Islamic banks have responsibilities towards the betterment of the employees, shareholders, customers and the system as a whole. The last criterion of Islamic ethics by Beekun and Badawi (2005) is benevolence (Ihsaan) or kindness to others. According to the Holy Quran (16:90), Lo! God enjoins justice and kindness. Islamic banks have the tradition of keeping fund for benevolent purposes, which also represents the inner intention of the banks towards social and economic development of the underprivileged and destitute (Siddiqui, 1997; Al-Qurtubi, 1966 10.165).

Although business objectives and moral-social objectives maybe separate from each other (Usmani, 2002), there has been a number of studies examining the tendency of ethical-social role of Islamic banks played into business transactions (Metwally, 1992; Aggarwal and Youssef, 2000; Maali et al. 2003). Still, Islamic banks have been found to be less inclined to social causes, which raise questions about their ethical underpinning. Such lapse of ethical practices among Islamic banks necessitates a better understanding and examination of values and ethical identity of Islamic banks.

Islamic Banks in Bangladesh: According to Khan et al. (2008) Islamic banking in Bangladesh started in 1983 with the opening of Islamic Bank Bangladesh Limited (IBBL). As of 2007, there were 6 Islamic banks. Ahmed et al (2006) and Ahmad and Hassan (2007) state that Islamic banks in Bangladesh has performed better than conventional banks in loan recovery and other financial measures. As a result, a few domestic and international conventional commercial banks started offering various financial products/services in accordance with Islamic principles (Hassan, 1999). Most research in Islamic banking has focused on comparative financial performance of banks and legal issues (Ahmad and Hassan, 2007; Ahmed et al., 2006; Hassan, 1999; Sarkar, 1999). No extensive studies were conducted on ethical identity of Islamic banks in Bangladesh before. The studies conducted include performance analysis, status of Islamic financial services, theoretical framework of Islamic principles, exploration of regulation supporting Islamic banks in Bangladesh and so forth. Since Bangladesh is emerging as a supermarket for Islamic financial services, the absence in literature on ethical identity of Islamic banks warrants studies in ethical identity.

Ideal ethical identity of Islamic banks: Haniffa and Hudaib (2007) identify five distinctive features that differentiate IFS form CBS: (a) underlying philosophy and values; (b) provision of interest-free products and services; (c) restriction to Islamically acceptable deals; (d) focus on developmental and social goals; and
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(e) subjection to additional reviews by the Shariah Supervisory Board (SSB). Ideally, Islamic banks should show these five aspects of traits, drawn from both Shariah and business ethics, in their economic and social activities. SECTION III: METHODOLOGY To analyze presentation of ethical activities of Islamic Banks in Bangladesh and to categorize them into eight different dimensions, we use published financial statements and annual reports of five out six Islamic banks. The sixth bank, ICB Islamic Bank is excluded because it started its operation only in 2008. The five banks are Islamic Bank Bangladesh Limited (IBBL), Al Arafa Islami Bank (AAIB), Social Investment Bank Limited (SOIBL), Shahjalal Islamic Bank Limited (SHIBL) and Export-Import Bank Bangladesh Limited (EXIM). A total of 22 annual reports are analyzed, broken down as follows; for IBBL, SOIBL and AAIB, six years (2001 to 2006) annual reports each, EXIM bank, three years (2003 to 2006) annual reports and for SOIBL, one year (2006) annual report. We synchronized information contained in the annual reports and analyzed ethical standards into eight different dimensions as suggested by Haniffa and Hudaib (2007). Figure 1 provides details of the eight dimensions with their operational statements. The annual reports are carefully analyzed by identifying specific statements describing each dimensions of ethical standard. Specific variables/statements in the annual report are marked with tick () while unavailable variables/statements are marked with a cross () mark (see Table 1 to 8). The page number in the annual report is shown below each tick and cross. The ticks and crosses were subsequently replaced with 1 and 0 logically to represent presence and the absences of items in the annual reports. The next step was to calculate the Ethical Identity Index (EII) for the selected banks across dimensions and years.

EII jt =

x
i =1

i jt

. .(1)

Where EIIjt = Ethical Identity Index for dimension j and period t. Xijt = Variable X from 1 up to n for dimension j and time t. N = No of variables/statements
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Comparison of average EII for different dimensions conveys vital economic implications. To relate the index with market performance of the banks, we performe correlation and regression analysis. Ethical Identity Index (EII) for 22 different periods for five different banks was taken as the independent variables and share price (MPS) of respective banks was taken as independent variable. Since EII is generated at the end of each year but publication of annual reports is done by 30th June of the following year, we use the share price of the following year for this analysis. For example, EII of 2001 corresponds to share price of year 2002 when annual statements were officially published.

Hypothesis and Regression Model To investigate the association between Ethical Identity Index and market price per share (one year deferred), we have hypothesized: Ho = EII and MPS are uncorrelated. H1 = EII and MPS are correlated. To analyze the impact of Ethical Identity Index on MPS with one year lag, the following single equation regression model is run: MPS t +1 = 0 + 1 (EII t ) + et ..(2)

FIGURE 1: Dimensions of Ethical Identity Dimension Statement 1 Commitments to operate within Shariah principles/ideals Commitments to provide returns within Shariah principles/ideals 01: Mission and Vision Dimension 05: Commitment towards Employee 1 Employees welfare Training and development (especially 2 on Shariah awareness), amount spent on training, provision of special training
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or recruitment schemes Commitments to engage in investment 3 activities principles Commitments to engage in financing 4 activities principles Commitments to fulfill contractual 5 Relationships with various stakeholders via contract (uqud) statements 6 Current and future directions in serving the needs of Muslim communities that comply with Shariah 4 Reward to Employees that comply with Shariah 3 Equal opportunity

7 Statements of appreciation to stakeholders Dimension 02: Board of Directors and Top Management 1 2 Names and Positions of board members and top management Pictures of Board Members and Top Management Profile 3 of board as members indicators and of top their management and Shariah 4 Balanced Board 5 No Role Duality 6 Having an Audit Committee 7 Limited Multiple Directorships and Shareholdings
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Dimension 06: Commitment towards Debtors 1 Debt policy and type of debt 2 Amount of debts written off

knowledge of and competence in banking

Dimension 03: Products and Services 1 Details of investment activities If new products have been introduced, whether they have been approved by the 2 SSB (ex-ante) as well as an explanation of the basis of the Shariah concept legitimizing the new product 3 Any involvement in non-permissible

Dimension 07: Commitment towards Customers 1 Having a female branch

2 Creating job opportunities

Supporting organizations that benefit 3 society and participating in Government social activities 4 Sponsoring Islamic educational and social events 08: Shariah Supervisory

activities

Dimension

04:

Zakah,

Charity

and

Dimension Board

Benevolent Funds 1 Which party is liable for zakah If the bank is liable, whether zakah has been paid, the sources of zakah funds, the uses of the zakah funds, any balance of 2 zakah not distributed and the reason for it, and attestation from the SSB that they have been properly computed and that the sources and uses of the funds are legitimate based on Gods rules The amount and the sources and uses of 3 Charity Funds, separate from the zakah funds 4 The amount and the sources and uses of benevolent funds

1 Names of SSB members

2 Pictures of SSB members

3 Remuneration of SSB members

4 Number of meetings held

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Whether there are defects in the The banks policies in providing such funds 5 and how non-repayment of such funds will be dealt with products offered and if there are, what 5 are their recommendations to rectify the defects and the actions taken by management 6 Basis of examination of the documents 7 Attestation that profits and gained lawfully

8 Signatures of all members Source: Hudaib and Haniffa (2007)

SECTION IV: ANALYSIS OF FINDINGS

Mission and Vision Statement Most Islamic banks in Bangladesh lack a lucid mission and vision statement. The principle requirement of being an Islamic bank, i.e. commitment to work strictly under Shariah principle is completely missing in the annual report of EXIM, SHIBL and SOIBL. The fundamental principles of commitment to engagement in Shariah compliant investment in future, fulfillment of contractual relationship and service to Muslim community were missing points for all the sampled banks. There is need for new guidelines to direct Board of directors (BOD) and top management to include such statements in published annual reports. Table 10 shows that AAIB and IBBL have the highest score in clarifying mission and vision statement.

Board of Directors and Top Management In this regard, annual reports should document the profile, background, knowledge and competencies, biography and photographs of BOD and top management. Most of the banks did not publish the photographs of their BOD while any published photographs were not clearly visible. No profile analysis was documented. All the banks have audit committee. However, there was nothing written about the board being balanced, role of conflict, and multiple
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directorships. SHIBL scored highest in providing information on BOD and Top management. The longest established banks, IBBL and AAIB scored poorly in this category as table 10 shows.

Product and Services All the banks provided detailed information on products and services but information relating to approval of products by Shariah supervisory board was missing. Being partly honest, most of the banks have declared their involvement in non-permissible activities in the eye of Shariah. Table 10 shows that IBBL, SOIBL and AAIB have scored higher than others.

Zakah, Charity and Benevolent Fund IBBL, EXIM and SOIBL in their annual reports of year 2006 provide clear details on who is liable for Zakah, the sources of Zakah fund and process of calculating zakah among other details. Table 10 shows that all the banks have separated the charity fund from Zakah fund. The only bank that clearly explain Zakah related-ethical issues is Islami Bank Bangladesh Limited (score 0.90 out of 1.0). All other banks either provided inadequate and vague information or information is simply missing.

Commitment towards Employee All the Islamic banks have ensured their commitment towards employees through employee welfare, training and development. However, employees were not given equal opportunities for the betterment of their career, and employee reward system is yet to be finalized with all the Islamic banks in the country. EXIM bank scored the highest in this category (Mean EII score of 0.75 out of 1.0). (See table 10)

Commitment towards Debtors All banks provided detailed information each year on debtors ranging from types of debt, debt policy to amounts of debt written off. All banks scored 100%. Table 10 provides summary details.

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Commitment towards Society Banking is the first choice for most job-seekers in Bangladesh and banks have fulfilled their commitments towards society in this regard. However, none of the Islamic banks have started a branch to serve female only clients, a move which would help to foster religious spirit of female customers in Islamic banking. Most of the banks are, directly or indirectly, heavily investing in social activities such as education and cultural. This category has been the most competitive. IBBL scored highest with an average EII score of 0.75 out of 1.0. Table 10 shows the summary results.

Shariah Supervisory Board (SSB) Shariah board members continuously visit Islamic banks. However, their individual photographs and remuneration of the SSB members were missing for all the banks. AAIB, IBBL and SOIBL have disclosed the recommendations of SSB relating to defects of product and the extent to which the products are not shariah-compliant. Table 10 show that all banks provided detailed information on number of meetings held during the year and attestation of profit and documents (whether lawful or unlawful). However, only AAIB provided the details of basis of examining the documents. IBBL and SHIBL updated these details in 2006. AAIB scored the highest (0.52 out of 1.0) in this category.

Ethical Identity Index (EII) Table 1 (Appendix 1) shows that there has been tremendous growth in ethical standards in all the eight dimensions. EIIs show that AAIB started from 0.46 out of 1.0 in 2001 and ends at 0.54 in 2006, EXIM Bank started at 0.42 in 2004 and ends at 0.56 in 2006. SHIBL started at 0.47 in 2006 (below industry average of 0.51). IBBL started at 0.60 in 2001 and ends at 0.67 in 2006 while SOIBL started at 0.30 in 2001 and ends at 0.54 in 2006. Years 2004 to 2006 are taken as benchmark; out of four banks (except SHIBL) SOIBL experienced the highest growth of index (from 0.39 in 2004 to 0.54 in 2006). The two oldest banks, AAIB and IBBL, registered minimal improvements in EII. AAIBs EII remained constant at 0.54 between 2004 and 2006. IBBLs EII improved marginally from 0.66 in 2004 to 0.67 in 2006. EXIM recorded the most impressive improvement from EII of 0.42 in 2004 to 0.56 in 2006. The industry EII average (Table 10)
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shows that banks are more committed to new product development, marketing of new product, commitment towards employee, society and debtors. Concerted effort need to be mounted to improve market oriented vision and mission, education of board of management (BOD) and top management, Zakah and charity management and relationship with SSB.

Relationship between EII and Market Price per Share Figure 2 shows the correlation and regression results. EII and MPS have a relatively strong correlation (0.548). The regression model had F value of 8.6021, 1, which is statistically significant at 5% significance level. These results, however, should be accepted with caution due to small sample size. Nevertheless, we are sure of significant impact of EII on market values of Islamic banks. Further research in this field with larger sample size in future is needed. FIGURE 2: Correlation Coefficient and Regression Output Correlation Coefficient EII 1 0.548 0.30 0.27 ANOVA df Regression Residual Total 1 20 21 Coefficients Intercept X Variable 1 -2313.67 9075.10 Significance F 18227944.53 1.8E+07 8.60828 0.008206209 42349784.99 2117489 60577729.53 SS MS F Standard Error 1613.21 3093.09 t Stat -1.43 2.93 P-value 0.17 0.01 Lower 95% -5678.78 2623.02 Upper 95% 1051.43 15527.18 MPS 1

EII MPS
P<0.01

Regression Statistics R Square Adjusted R Square

Dependent Variable: Market Price per Share (1 year Deferred) Independent Variable: Ethical Identity Index

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SECTION V: SUMMARY AND CONCLUSIONS All the stakeholders of Islamic banks have the right to know the exact ethical standing of the banks, which can be measured through ethical identity index. Ethical values add value to the firm and the society. Legal guidelines are not enough towards building business ethics. Corporate governance, Shariah governance and other risk management principles available in market place are indispensable in perpetuating ethical standards and values. Ethical identity should be properly and effectively communicated to all stakeholders in annual reports and in line with the eight ethical dimensions. The following ethical statements need detailed inclusion in annual reports in future for effective communication between stakeholders and the banks. The banks mission and vision and commitment to compliance with Shariah principles should be cogently and coherently stated. The disclosure about Board of Directors and Top Management can be enhanced by providing more details on of board members and management profile, role of conflict and multiple directorships The approval of the products and services by the SSB and correspondence between the bank and SSB are yet to be clearly documented in the annual reports. Two banks have laid examples of communicating their dealings with Zakat Fund. Others may follow suit to improve their disclosures about Zakat Fund. There is need for a standardized format in presentation of annual reports which make it easier to carry out comparative and time series analysis and facilitate effective communication to all stakeholders. There was an ostensible hyperbole about Islamic banks commitment towards society, employees, debtors, which obviously proves their dedication towards market economy. Marketing of Islamic financial services is well documented and continuously updated in the financial statements. However, issues regarding Zakah payment, involvement in non-permissible activities and the distinct role of Shariah Council beg more attention. Introduction of female braches, satisfactory employee career progression, and introduction of Ethical Jurisdiction would improve business ethics in Islamic banks. The BOD and top management and all stakeholders of Islamic banks should develop ethical standards, their investments should be more attentive in
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ensuring ethical judgment process. The government should also formulate and implement ethical standards and principles similar to those initiated by Principles of Ethical Operation for Islamic banks. As noted by Haniffa and Hudaib, (2007) information technology (IT) has an important role in establishment of strong Ethical Identity. IT can be used for advertising banks products and services, and annual reports can be published online. Banks can also host Citizen Charter (ECC) on their websites. A high EII will improve banks market standing, foster the long-run survival of the bank, attract new investors/depositors, enhance systematic efficiency in banking sector and guide regulators and managers to design ethical standards. The rapid expansion of Islamic banking may require Bangladesh Bank (central bank of Bangladesh) and Securities and Exchange Commission (SEC) to establish additional compliance relating to Ideal Ethical Standard. AAOIFI through Standards and

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Jones, T. M.: 1995, 'Instrumental Stakeholder Theory: A Synthesis of Ethics and Economics', Academy of Management Review 20(2), 404-437 Jones, T. M., A. C. Wicks: 1999, 'Convergent Stakeholder Theory', Academy of Management Review 24(2), 206-221 Khan, M.S.N., M. K. Hassan, and A. I. Shahid: 2008, Banking behavior of Islamic Bank Customers in Bangladesh, Journal of Islamic Economics, Banking and Finance, (Forthcoming). Logsdon, J. M., K. Yuthas: 1997, 'Corporate Social Performance, Stakeholder Orientation, and Organizational Moral Development', Journal of Business Ethics 16, 12131226 Maali, B., Casson, P. and Napier, C. 2003, Social Reporting by Islamic Banks, Discussion Papers in Accounting and Finance, University of Southampton. Markwick, N., C. Fill: 1997, 'Towards a Framework for Managing Corporate Identity', European Journal of Marketing 31(5/6), 396 - 409 Metwally, S. 1992, The Aggregate Balance Sheet and the Results of Transactions and Financial Indicators for Islamic Banks and Financial Institutions, Journal of Islamic Banking and Finance, pp. 7-61. Melvin, H. (2005), A report on Business Ethics, Available at ww2.it.nuigalway.ie/ staff/ h_melvin/ prof_skill/L1_handout.pdf Mitchell, R. K., B. R. Agle, D. J. Wood: 1997, 'Toward a Theory of Stakeholder Identification and Salience: Defining the Principle of Who and What Really Counts', Academy of Management Review 22(4), 853-886

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Orlitzky, M., F. L. Schmidt, S. L. Rynes: 2003, 'Corporate Social and Financial Performance: A Meta-Analysis', Organization Studies 24(3), 403441 Ponemon, L., C. Michaelson: 2000, 'Ethics at the Core', Perspectives -

PricewaterhouseCoopers(2), 4-9 Sarkar, A. A.: 1999, 'Islamic Banking in Bangladesh: Performance, Problems and Prospects', International Journal of Islamic Financial Services, 1(3). Scott, S. G., V. R. Lane: 2000, 'A Stakeholder approach to organizational identity', Academy of Management Review 25(1), 43-62 Sethi, S. P.: 2005, 'Investing in Socially Responsible Companies is a Must for Public Pension Funds Because there is No Better Alternative', Journal of Business Ethics 56(2), 99-129 Shakeel A.: 2004, Islamic Banking And Finance in The Contemporary World: Dissertation, www.biharanjuman.org/Dissertation_XLRI-Islamic_Finance_Shakeel_Ahmad.doc Siddiqui, A. 1997, 'Ethics in Islam: Key Concepts and Contemporary ChaUenges', Journal of Moral Education, 26(4). Stevens, J. M., H. K. Steensma, D. A. Harrison, P. L. Cochran: 2005, 'Symbolic or Substantive Document? The Influence of Ethics Codes on Financial Executives' Decisions', Strategic Management Journal 26, 181-195 Usmani, M.T. 2002, An introduction to Islamic finance Arab and Islamic Law Series, Kluwer Law International, Amsterdam. Waddock, S. A., S. B. Graves: 1997, 'The Corporate Social Performance-Financial Performance Link', Strategic Management Journal 18(4), 303-319
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Wilson, R. 2002, Parallels Between Islamic and Ethical Banking, Centre for Middle Eastern and Islamic Studies, University of Durham, UK Weaver, G. R., L. K. Trevio, P. L. Cochran: 1999, 'Integrated and Decoupled Corporate Social Performance: Management Commitments, External Pressures, and Corporate Ethics Practices', Academy of Management Journal 42(5), 539-552 Wood, D. J.: 1991, 'Corporate Social Performance Revisited', Academy of Management Review 16(4), 691-718

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APPENDIX 1 Table 1: Ethical Identity Index (EII) and Stock Prices (MPS) Bank AAIB AAIB AAIB AAIB AAIB AAIB EXIM EXIM EXIM SHIBL IBBL IBBL IBBL IBBL IBBL IBBL SOIBL SOIBL SOIBL SOIBL SOIBL SOIBL Time/ Year 2001 2002 2003 2004 2005 2006 2004 2005 2006 2006 2001 2002 2003 2004 2005 2006 2001 2002 2003 2004 2005 2006 Time Index 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 EII t=0 0.460 0.460 0.550 0.540 0.570 0.540 0.420 0.480 0.560 0.470 0.600 0.630 0.620 0.660 0.620 0.670 0.300 0.370 0.390 0.390 0.420 0.540 MPS t+1 1659 1897 3061 2234 2685 440 511 337 391 366 2591 4104 5113 4544 3688 6630 2427 2808 1952 1559 1782 507

26

27

Table 2 to 10: Ethical Identity - Eight Dimensions (1= 2001 through 6=2006 and respectively)
2.0 Mission and Vision Statement 1 P.11 P.12 P.11 2 P.12 P.12 P.12 AAIB 3 4 P.21 P.22 P.21 P.16 P.16 P.16 5 P.24 P.25 P.24 6 P.23 P.23 P.23 4 EXIM 5 6 SHIBL 6 1 P.4 + 14 P.14 P.14 2 P.16 P.16 P.16 IBBL 3 4 P.4 P.18 + 17 P.17 P.18 P.17 P.18 5 P.6 + 20 P.20 P.20 6 P.33 P.33 P.33 1 2 3 SOIBL 4 5 6

Commitments to operate within Shariah principles/ideals Commitments to provide returns within Shariah principles/ideals Commitments to engage in investment activities that comply with Shariah principles Commitments to engage in financing activities that comply with Shariah principles Commitments to fulfill contractual relationships with various stakeholders via contract (uqud) statements Current and future directions in serving the needs of Muslim communities Statements of appreciation to stakeholders

P.28 P.4+ 40

P.20

P.20

P.39

P.24

P.37

P.36

P.22

P.38

P.16

P.28

P.35

P.35

P.39

P.41

P.81

P.20

P.21

P.28

P.25

P.27

P.31

Table 3.0 Board of Directors and Top Management 1 Names and Positions of board members and top management P. 08 2 P. 5 + 07 AAIB 3 4 P.11 +13 P.7 +9 5 P. 8 +10 6 P. 8 +10 4 P. 03 07 EXIM 5 P. 3 +5 +8 6 P. 05 + 10 SHIBL 6 P. 08 + 11 P. 09 IBBL 1 P. 6 + 08 2 P. 6 +8 3 P. 06 + 08 4 P.6 +8 5 P. 08 + 10 6 P. 08 + 10 11 1 P. 3 +7 P. 4 6 2 P. 3 + 07 P. 4 6 3 P. 4 +9 P. 5 7 SOIBL 4 P. 4 +9 P. 5 7 5 P. 04 + 09 P. 5 7 6 P. 4 +8 +10 P. 5 7

Pictures of Board Members and Top Management Profile of board members and top management as indicators of their knowledge of and competence in banking and Shariah

28


Aspects of good corporate governance: Balanced Board No Role Duality Having an Audit Committee Limited Multiple Directorships and Shareholdings Table 4.0 Product and Services 1 P. 15 16 + 29 31 2 P. 14 15 + 31 AAIB 3 4 P. P. 55 40 59 5 P.29 30 + 54 56 6 P. 52 4 P. 37 39 EXIM 5 P. 63 68 6 P. 64 69 SHIBL 6 P. 49 51 1 P. 17 20 + 39 2 P. 48 IBBL 3 4 P. 20 P. 24 54 + 48 50 5 P. 23 31 + 58 60 6 P. 99 101 1 P. 28 29 2 P.29 - 31 SOIBL 3 4 P. P. 43 39 46 43 5 P. 44 47 6 P.44 P. 70 P. 54 P. 66 P. 69 P. 55 P. 06 + 82 P. 83 P. 10 P. 28 + 46 P. 50 P. 52 P. 93 P. 41 P. 59 P. 65 P. 59

Details of investment activities

If new products have been introduced, whether they have been approved by the SSB (exante) as well as an explanation of the basis of the Shariah concept legitimizing the new product Any involvement in nonpermissible activities

P. 22

P. 26

P. 41

P. 26

P. 37

P. 38

P. 30

P. 36

P. 36

P. 40

P. 42

P. 82

P. 20

P. 29

P. 26

P. 28

P. 37

Table 5.0 Zakah, Charity and Benevolent loans 1 2 AAIB 3 4 5 6 4 EXIM 5 6 P. 38 SHIBL 6 IBBL 1 P. 38 2 P. 45 3 P. 44 4 P. 49 5 P. 51 6 P. 91 1 2 3 SOIBL 4 5 6 P. 68+ 42+ 48

Which party is liable for zakah

29

If the bank is liable, whether zakah has been paid, the sources of zakah funds, the uses of the zakah funds, any balance of zakah not distributed and the reason for it, and attestation from the SSB that they have been properly computed and that the sources and uses of the funds are legitimate based on Gods rules The amount and the sources and uses of Charity Funds, separate from the zakah funds The amount and the sources and uses of benevolent funds

P. 38 + 43 P. 30 P. 20 P. 36 P. 36 P. 23 P. 42 P. 42 P.34 +65 P.13 +21 P. 36 P. 37 P. 27

P. 38 + 46 P. 27 P. 26 + 46

P. 45 +50 +54 P. 33 P.45 +51

P. 44 + 56 P. 32 P. 30 + 45 +56

P. 49 +58 +64 P. 31 P.35 +49 +59

P. 51 + 68 P. 39 P. 38 + 51 + 68

P. 82 +103 +108 P.65 - 68 P. 92 P. 20

P. 68+ 42+ 48 P.15 +28

The banks policies in providing such funds and how nonrepayment of such funds will be dealt with Table 6.0 Commitment Towards Employee

P. 45

P.35 +49 +59

P. 92

AAIB 1 Employees welfare 2 3 P. 33 P.32 +66 4 P. 23 P. 22 5 P. 33 P.34 +62 6 P. 32 P. 33 4

EXIM 5 P. 52 P.35 + 80 P.35 6 P. 37 P.36 + 37 P.36

SHIBL 6 P. 25 P. 26 + 58 1 P. 26 P.26 + 46 2 P. 31 3

IBBL 4 P. 34 P.34 +64 5 P. 38 6 P. 61 P. 59 + 108 1 2 3

SOIBL 4 5 6

P. 29 P. 28 + 56

Training and development (especially on Shariah awareness), amount spent on training, provision of special training or recruitment schemes Equal opportunity Reward to Employees

P. 18 + 36

P. 18 + 37

P.21 +53 P.12

P. 22 + 54

P. 22 + 61

P. 25 P.25

P.30

P. 37

30


P.37 Table 7.0 Commitment Towards Debtors 1 Debt policy and type of debt 2 P. 33 P. 33 AAIB 3 4 P. 6162 P. 61 62 P. 45 P. 45 5 P. 58 P. 58 6 P. 58 P. 58 4 P. 20 21 + 46 P. 46 EXIM 5 P. 30 32, 71 P. 71 6 P. 70 72 P. 70 72 SHIBL 6 IBBL 1 P. 4142 P. 4142 2 P. 49 P. 49 3 4 P. 57 P. 57 5 P. 23, 62 63 P. 23, 62 63 6 1 P. 31 P. 31 2 P. 33 34 P. 33 34 3 SOIBL 4 P. 45 46 P. 45 46 5 P. 49 50 P. 49 50 6 P. 66 68 P. 66 68

P. 32

P. 53

P. 51

P. 41

P. 48 50 P. 48 50

Amount of debts written off P. 32

P. 53

P. 51

P. 41

EII Table 8.0 Commitment Towards Society AAIB 1 P.19 2 P. 19 3 P.31 4 P. 22 5 P.33 6 P. 32 4 P. 21 P. 22 P. 22 EXIM 5 P.35 P.17 + 37 P.17 + 37 6 P. 36 P. 38 P. 38 P.27 P. 27 P.27 SHIBL 6 P. 25 1 P.25 2 P. 30 P. 33 P. 33 3 P.29 IBBL 4 P. 33 P. 35 36 P. 35 36 5 P.37 6 P. 58 P. 6568 P. 65 - 68 1 P.16 2 P. 17 P. 20 3 P.24 SOIBL 4 P. 22 P. 54 5 P.22 6 P.11 P. 28 P. 28

Having a female branch Creating job opportunities

Supporting organizations that benefit society and participating in Government social activities

P.31 P.31

P.39 P.39

P.61

Sponsoring Islamic educational and social events EII P.20

P. 20

P.36 + 37

P. 23

P.36

P.34

P.19

P.27

31

32

Table 9.0 Shariah Supervisory Board (SSB) AAIB 1 Names of SSB members Pictures of SSB members Remuneration of SSB members Number of meetings held P. 07 P.19 2 P. 06 P. 20 3 P. 12 P.23 4 P. 08 P. 16 5 P. 09 P.25 6 P. 09 P. 24 4 P. 06 EXIM 5 P. 07 P.28 + 39 6 P. 09 P. 31 SHIBL 6 P. 10 P. 18 1 P. 07 P.30 2 P. 07 P. 17 3 P. 07 P.17 IBBL 4 P. 07 P. 19 5 P. 09 P. 20 6 P. 09 P. 36 1 P. 07 2 P. 07 3 P. 08 P.29 SOIBL 4 P. 08 5 P. 08 P.28 6 P. 09 P. 37

Whether there are defects in the products offered and if there are, what are their recommendations to rectify the defects and the actions taken by management

P. 26 P. 23 P.23 P.41 P. 16 P. 16

P. 36 P.39 P. 43 P. 18 P. 32 34 P.30 P.36

P. 40 P. 40 41 P.42

P. 82 P. 36 P. 82 - 83 P.29 P.28

P.26 P.26 P.39

P. 25 P. 25 P. 24 25

P. 37 P. 37

Basis of examination of the documents

Attestation that profits and gained lawfully Signatures of all members

P.23

33

Table 10: Ethical Identity Index (EII)

AAIB 2001 2002 2003 2004 2005 2006 2004 Year Mission and Vision Statements Yearly Average Ranking (based on Yearly Avg) BOD and Top Management Yearly Average Ranking (based on Yearly Avg) Product and Services Yearly Average Ranking (based on Yearly Avg) Zakat, Charity & Benevolent Loan Yearly Average Ranking (based on Yearly Avg) Commitment towards Employee Yearly Average Ranking (based on Yearly Avg) Commitment towards Debtors Yearly Average Ranking (based on Yearly Avg) Commitment towards Society Yearly Average Ranking (based on Yearly Avg) Shariah Supervisory Board (SSB) 0.50 0.50 0.67 0.67 0.14 0.14 EXIM 2005 2006 SHIB L 2006 2001 2002 IBBL 2003 2004 2005 2006 2001 2002 SOIBL 2003 2004 2005 2006 0.14 0.43 0.67 0.60 0.50 1.00 0.50 0.50 EII

0.57

0.57

0.57

0.57

0.57

0.57

0.14

0.14 0.14 [3]

0.14

0.29 0.29 [2]

0.5 7

0.5 7

0.5 7

0.57 [1] 0.29 0.29 0.29 0.29 0.29

0.5 7 0.57 [1]

0.5 7

0.57

0.14

0.14

0.14

0.14

0.14

0.38 0.34

0.14 [3] 0.2 9 0.29 0.33 0.33 0.43 0.43 0.43

0.29 0.29 [3]

0.29

0.43 0.43 [1]

0.1 4

0.1 4

0.2 9

0.24 [4] 0.67 0.67 0.67 0.67 0.33

0.2 9 0.24 [4]

0.30 0.32

0.40 [2] 0.6 7 0.67 0.33 0.67 0.67 0.67 0.67

0.33 0.33 [3]

0.33

0.33 0.33 [3]

0.6 7

0.6 7

0.6 7

0.67 [1] 0.20 0.20 0.40 0.20 0.40 0.20 0.20

0.6 7 0.67 [1]

0.59 0.52

0.61 [2] 0.8 0 1.00 0.00 0.20 0.00 0.00 0.00

0.20 0.33 [2]

0.60

0.20 0.20 [4]

0.8 0

1.0 0

0.8 0

0.27 [3] 0.25 0.25 0.50 0.50 0.50 0.50 0.50

1.0 0 0.90 [1]

0.41 0.37

0.13 [5] 0.5 0 0.50 0.00 0.00 0.00 0.25 0.25

0.75 0.75 [1]

1.00

0.50 0.50 [2]

0.5 0

0.5 0

0.5 0

0.42 [3] 1.00 1.00 1.00 1.00 1.00 1.00 1.00

0.5 0 0.50 [2]

0.42 0.47

0.17 [4] 1.0 0 1.00 1.00 1.00 1.00 1.00 1.00

1.00 1.00 [1]

1.00

1.00 1.00 [1]

1.0 0

1.0 0

1.0 0

1.00 [1] 0.50 0.50 0.50 0.50 0.75

1.0 0 1.00 [1]

1.00 1.00

1.00 [1] 0.7 5 0.75 0.50 0.50 0.50 0.50 0.50

0.75 0.75 [1]

0.75

0.50 0.50 [2]

0.7 5

0.7 5

0.7 5

0.50 [2] 0.38 0.38 0.50 0.63 0.63 0.63 0.13

0.7 5 0.75 [1]

0.60 0.60

0.50 [2]

0.38

0.38

0.50

0.3 8

0.3 8

0.3 8

0.5 0

0.3 8

0.63

0.13

0.13

0.38

0.13

0.38

0.40

34


Yearly Average Ranking (based on Yearly Avg) Yearly Average (Individual) 0.46 0.46 0.52 [1] 0.55 0.54 0.57 0.54 0.42 0.29 [3] 0.48 0.56 0.50 [1] 0.47 0.6 0 0.6 3 0.6 2 0.44 [2] 0.6 6 0.6 2 0.67 0.30 0.37 0.39 0.27 [4] 0.39 0.42 0.54 0.51 0.40

35

36