The need for social responsibility among businesses is not a new concept. The name may be different, but the underlying meaning of corporate social responsibility (CSR) was present in almost all ages. Ancient Chinese, Egyptian, and Sumerian writings often delineated rules for commerce to facilitate trade and ensure that the wider public’s interests were considered and their well beings are ensured. Public concern about the interaction among business, stakeholders, society and larger environment has grown in proportion to the growth of corporate activity. The concept of CSR emerged in the 1950s and gradually developed over the last five decades.
CSR Centre (2012) suggests that CSR is still emerging as a way of doing business in Bangladesh. CSR practices in Bangladesh are still in infancy. Many companies still view CSR as philanthropy. Others are investing in the community in sustainable ways but view it as natural extension of the traditional practice of giving back to local communities rather than new way of doing business. Companies are beginning to integrate responsible business practices into their core operations and strategies, focusing on sustainable projects and measuring performance against the triple bottom line “people, profit and planet”. The government of Bangladesh is going to undertake an initiative to promote CSR practices.
Rahman (2013) also defends that corporate social responsibility (CSR) has been gaining grounds during last few years in our country and today it is undoubtedly seen as an integral part of doing business globally. The banking sector has already emerged as the most important player in practicing CSR in the country. CSR practices by them not only improve their own standards but also revolutionize the socially responsible actions of other business. There were no precise policies on CSR policies in Bangladesh prior to 2008. In 2008, Bangladesh Bank (BB) took initiatives for formalizing CSR in the banking sector of Bangladesh and issued a detailed directive titled “Mainstreaming corporate social responsibility (CSR) in banks and financial institutions in Bangladesh”.
Common CSR practices in Bangladesh by different Organization are centered on mainly poverty alleviation, healthcare, education, charity activities, cultural enrichment, youth development, women empowerment, patronizing sports and music etc.
