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This paper aims to investigate the effects of eliminating Riba in foreign currency transactions. Riba or interest arises when foreign currencies are bought and sold at different rates. From the Islamic perspective, the difference between the buying and selling rates of foreign exchange will constitute Riba. Also, this paper examines the effects of eliminating such Riba on major macroeconomic variables.

This study is based on the hadith which imply that if buying and selling rates of currencies or foreign exchanges are same, i.e. if one sells BD1 = Dh10 and Dh10 = BD1 on spot, there will be no Riba. This can be guaranteed if the Islamic banking system introduces the technology, often known as FinTech interest-free foreign exchange bank machines (IFfexBM), which will automatically dispense BD10 for Dh100 and vice-versa, both locally and globally, and it will have tremendous positive effects in the economy. Furthermore, the effects of introducing FinTech for eliminating Riba will be analyzed on economic and international trade activities by using aggregate expenditure (AE) and aggregate output model within the tenets of Islamic principles.

If Islamic banks (IBs) can introduce FinTech global network system where any client can buy or sell foreign currency at the same rate without any markup, it will increase the market share for IBs by increasing the number of customers and number of branches, and it will increase the inflow of funds and volumes of transactions, especially in international trade, global financial transactions and cross-border shopping. Such an increase in transactions will increase AE and AE will continuously shift up. Such an upward shift will have positive effects on equilibrium output, employment and prosperity.

This is, perhaps, one of the latest attempts to eliminate Riba from foreign exchange transactions by introducing FinTech IFfexBM in each and every locality. Such elimination of Riba will not only reduce the cost of cross-border transactions but it will also reduce cost in international trade and financial transactions among nations, and therefore, it will have expansionary effects on equilibrium output, employment and global prosperity.

The purpose of this paper is to set out the role of banking in a binary and Islamic economy.

By comparison, the paper shows that the main requirements for such an economy, although superficially similar, differ from the realities of “free market” finance capitalism. The paper goes on to explain how, in a binary and Islamic economy, commercial banks would be the means by which interest‐free loans, coming from the central bank and ummah and directed at various forms of productive capacity, would be introduced.

There is no difficulty in using the banking system to introduce the binary and Islamic economy. However, a paradigm issue is involved.

The central bank‐issued interest‐free loans implemented through the commercial banking system loans serve the ends of both binary and Islamic economics in that they enhance the real economy and forward social and economic justice.

The paper shows how use of these loans is a new concept with a power to change the whole of the economy and society in a beneficial way.

In recent years financial institutions, marketing researchers and public policy makers have recognised that behavioural analysis is vital for understanding bank customers. Most studies so far have focused on understanding the behaviour of customers of commercial banks in developed economies. Very little research has been undertaken concerning bank customers′ attitudes and behavioural characteristics in developing countries. The purpose of this study is to understand customers′ attitudes, beliefs and perceptions about the services offered by conventional and Islamic banks in Jordan. The information presented here will provide Jordanian bank executives and public policy makers, and other developing country executives, with insights into the kind of services bank customers find most appropriate to their banking needs.

Purpose – This paper aims to analyze the nature, mechanisms, conventional and modern instruments, dynamics, and the future possibilities of the contemporary phenomenon of financial globalization from the point of view of identifying and addressing the corresponding real politico‐economic challenges confronted by the contemporary Islamic world. In this context, the paper focuses on the institutional responses of the contemporary Islamic world to the challenges of financial globalization. Design/methodology/approach – The approach of the paper is to develop a theoretical treatise on its subject, in the light of research work of Ali Khan who points to the imperative of an Islamic institutional response to financial globalization, by treating the institution of Islamic banking as the concrete proxy of the Islamic financial institution, and to highlight the actual and prospective responses of the Islamic financial institutions to the challenges of financial globalization. Findings – Financial globalization is an evolving reality. Because of its atheistic, materialistic, undemocratic, non‐universal and interest‐based world view and character, financial globalization has been posing a serious challenge to the contemporary Islamic countries’ agenda of economically empowering and developing themselves through the integration of their economies along the universal Islamic lines exhibited in the form of one Islamic Ummah. Research limitations/implications – Research limitations are embodied in the overwhelming problem of finding the latest comprehensive set of data in the context of the relevant Islamic economic variables. Practical implications – The interest‐based Bretton Woods institutions and the conventional‐cum‐new instruments as well as the interest‐based mechanism of financial globalization are determined to be Islamically useless and irrelevant for the Islamic countries. Therefore, the Islamic countries are left with only the financial instruments of Islamic interest‐free foreign direct investment/workers’ remittances/equities along with the several additional Islamic instruments of financial globalization which have the potential of ensuring the Islamic countries’ development according to the Islamic ideals without compromising the sovereignty and integrity of the Islamic Ummah. Originality/value – The paper presents an objective Islamic critique of the capitalist financial globalizations as well as documenting a progressive institutional‐cum‐development policy response to the challenges of financial globalization from the point of view of ensuring the development and empowerment of both the Islamic Ummah and the whole of humanity in the Islamic universal frameworks.

The attitudes of bank customers towards Islamic banks are discussed, together with the perceived unique characteristics of Islamic banks by their customers, and the importance of selected patronage factors in choosing conventional and Islamic banks. It is concluded that in considering motives responsible for selecting Islamic banks as depository institutions, religious motives did not stand out as being the only significant ones; bank customers are profit motivated; the evidence generated in the study did not find an important consideration of the new branches′ role in increasing the utilisation of services provided by Islamic banks; peer group influence plays an important role in selecting Islamic banks as depository institutions; and there is a high degree of awareness on the part of bank customers of the advantage of the profit‐loss‐sharing modes of investment and of the economic and social development role of the Islamic banking system.

Knight's Industrial Law Reports goes into a new style and format as Managerial Law This issue of KILR is restyled Managerial Law and it now appears on a continuous updating basis rather than as a monthly routine affair.

This book is a policy proposal aimed at the democratic left. It is concerned with gradual but radical reform of the socio‐economic system. An integrated policy of industrial and economic democracy, which centres around the establishment of a new sector of employee‐controlled enterprises, is presented. The proposal would retain the mix‐ed economy, but transform it into a much better “mixture”, with increased employee‐power in all sectors. While there is much of enduring value in our liberal western way of life, gross inequalities of wealth and power persist in our society.