PRAVNI IZAZOVI KOD OSNIVANJA ISLAMSKIH BANAKA U SRBIJI
LEGAL CHALLENGES AT ESTABLISHING ISLAMIC BANKS IN SERBIA

Summary/Abstract: Islamic banking represents a new banking concept, which works without interest. After the global financial crisis in 2007, interest for Islamic banking has been growing, because Islamic banks have coped better with the crisis, as they do not use speculative financial instruments, such as derivatives. Due to growing interest for Islamic banking, in this paper we want to analyse whether the concept of Islamic banking can be applied in Serbia, taking into account the existing legal framework. Here, first of all, we want to analyse whether Islamic banks may exist under the Law on Banks of the Republic of Serbia, as well as other regulations of the National Bank of Serbia. We also want to make proposals to adapt the legal framework for the establishment of Islamic banks in Serbia. With the establishment of Islamic banks, foreign direct investment would increase in Serbia, which would boost the competitiveness of the domestic economy.

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