PROSPECTS FOR THE APPLICATION OF THE ISLAMIC BANKING SYSTEM IN THE REPUBLIC OF NORTH MACEDONIA: OPPORTUNITIES AND CHALLENGES

BAFTIRI, Bejtulla and FERATI, Rametulla and MUAREMI, Lindita (2026) PROSPECTS FOR THE APPLICATION OF THE ISLAMIC BANKING SYSTEM IN THE REPUBLIC OF NORTH MACEDONIA: OPPORTUNITIES AND CHALLENGES. In: INTERNATIONAL CONFERENCE “FROM RESEARCH TO APPLICATION”, 18-19 November, 2026.

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Abstract

This paper addresses the prospects for the application of the Islamic banking system in the Republic of North Macedonia (RNM), focusing on its potential to contribute to the diversification of the financial system, as well as the opportunities and challenges associated with the development of this banking model. Islamic banking is based on principles such as the prohibition of interest (riba), risk and profit sharing, linking financing to real economic activity, and compliance with Sharia principles. The aim of the study is to assess citizens’ level of knowledge, attitudes, and willingness to use Islamic banking products and services, as well as to identify the main factors that may influence its application in the RNM. The research is based on theoretical and empirical approaches. Primary data were collected through a structured questionnaire consisting of 18 questions, administered to 150 respondents, while the data were analyzed using descriptive statistics and comparative interpretation. The results show a considerable level of interest in and willingness to use Islamic banking services, while a lack of knowledge, institutional support, and a clear regulatory framework emerge as the main challenges. The findings suggest that the establishment of appropriate legal, institutional, and professional conditions could create opportunities for the development of Islamic banking in the RNM and for expanding the financial alternatives available in the country.

Item Type: Conference or Workshop Item (Paper)
Subjects: H Social Sciences > H Social Sciences (General)
Divisions: Faculty of Law, Arts and Social Sciences > School of Social Sciences
Depositing User: Unnamed user with email zshi@unite.edu.mk
Date Deposited: 11 Nov 2026 10:36
Last Modified: 11 Nov 2026 10:36
URI: http://eprints.unite.edu.mk/id/eprint/2724

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