Islamsko bankarstvo – uloga i značaj financijskih instrumenata
Islamic Banking Industry – Role and Importance of Financial Instruments

Summary/Abstract: The bankruptcy of the US bank Lehman Brothers marked the formal beginning of an economic crisis which caused dramatic changes in many countries and their economies. Not even the strongest economies managed to ward off the crisis; however, those nations that based their economic and financial sector on Islamic financial principles and banking largely avoided it. This paper states the main reasons of the global economic crisis listing its causes and effects brought on by inefficiency of the existing banking system. Basic Islamic banking principles as well as the role and importance of its financial instruments are explained. Risk sharing and prohibition of interest represent the basic principles of Islamic banking while its financial instruments enable efficient connection between financial transactions and real economy. Islamic financial instruments that proved to be the most resilient to financial crisis are analysed in detail and presented in this paper. Moreover, the paper analyses and highlights the relationship between traditional and Islamic banking, principles on which they are based as well as the relationship between their most important financial instruments.

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