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2017, vol. 19, iss. 1, pp. 35-51
The sources of resilience of Islamic banks to the global financial crisis
aOutsource Insurance Professionals, Beograd
bVisoka škola Dositej, Beograd
Advancing public policy in Serbia as a function of improving citizen's social safety and attaining sustainable economic growth (MESTD - 47004)

The aim of the research is to point to a far greater resilience of Islamic banks to negative effects of the global financial crisis comparing to the conventional banks, as well as to discover the mechanisms that prevent or reduce the negative effects of the crisis. The comparative effects of the global financial crisis on conventional and Islamic banks are given in the first chapter. All causes of financial crisis, listed in the key current research of prominent experts in this field, were analyzed in the second chapter, including indebtedness, speculative activity, interest and fictive money, financial panic. Islamic 'alternatives' for each of them were marked as a source of resilience of Islamic banks in the third chapter. These are: prohibition of speculative activities and excessive risks, prohibition of interest and few of Islamic financing models. Key words: conventional banking, Islamic banking, financial crisis, fictive money.
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article language: English
document type: Original Scientific Paper
DOI: 10.5937/EkoPog1701035C
published in SCIndeks: 31/12/2019

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