Islamic business development and social responsibility in Bosnia & Herzegovina

• Main Author: Omercic, Jasmin
• Format: Article
• Language: English
• Published: Islamic Finance News 2023
• Subjects: BPH Islamic Economics; BPK Islamic law. Shari'ah. Fiqh
• Online Access: http://irep.iium.edu.my/109141/1/109141_Islamic%20business%20development.pdf; http://irep.iium.edu.my/109141/; https://www.islamicfinancenews.com/islamic-business-development-and-social-responsibility-in-bosnia-herzegovina.html

Although a small Balkan nation of a few million inhabitants, Bosnia and Herzegovina (B&H) positions itself as an Islamic banking and finance hub. Its Bosna Bank International (BBI), the only bank operating according to Shariah principles, has truly grasped the attention of esteemed finance players in the UAE, Saudi Arabia, the UK, the EU and others. The bank is uniquely positioned due to increasing public–private partnership initiatives, nearshoring strategies, industry– education nexus strengthening and systematization of activities to degrees unattainable and not fostered by other banks in the country. BBI’s resilience during the COVID-19 pandemic and performance in post-pandemic times with total assets of US$823.6 million in the middle of 2021, down from US$856.3 million, indicate resilience, trust and above-reasonable management considering the country’s climate. Nevertheless, even EU countries like neighboring Croatia, Germany or Italy face daunting times.