Purpose – The purpose of this paper is to set out the role of banking in a binary and Islamic economy. Design/methodology/approach – By comparison, the paper shows that the main requirements for such an economy, although superficially similar, differ from the realities of “free market”...

Purpose – The purpose of this paper is to set out the role of banking in a binary and Islamic economy. Design/methodology/approach – By comparison, the paper shows that the main requirements for such an economy, although superficially similar, differ from the realities of “free market”...

The present options for an economy all have serious weaknesses and, in any case, the way forward for Islam must be completely distinctive. Fortunately, Islamic opposition to riba enables a distinctive new way which addresses the real economy, furthers justice and ends foreign financial...