This square is framed by Ferhadija St. (north), Zelenih Beretkih St. (south), Muhameda Kantardžića St. (west), as well as the Economics Faculty building and the Congregational Church of the Holy Mother (east).

After the church was built in 1874, the square was called Crkveni Trg. When the first horse-drawn tram came into use on January 1, 1885, and the main railway station and customs office were both located here, its names were: Glavni Trg, Carinski Trg, Trg Gradskih Željeznica….

The customs office, railway station and tracks were removed before the onset of WWII, and the space became a square, so from 1937 to 1941 it was called Trg Kralja Petra I Oslobodioca, after the Serbian king of the Karađorđević dynasty.

From 1941 to 1946, it was called Trg Stjepana Tomaševića, after the last Bosnian king; it was renamed Trg Slobode on April 6, 1946 and then Trg Oslobođenja on June 8, 1948.

The square’s current name has been in use since October 19, 2005, in honor of Sarajevo’s liberation in WWII and Alija Izetbegović, the first president of an independent BiH.