Islamic Financial System

The basic framework for Islamic financial system is a set of rules and law collectively known as

• Daaliyah

• Shari'ah

• Takaful

• Hadith

AAOIFI Statement of Financial Accounting (SFA) No. 1, lists the main category(ies) of users of external

financial reports for Islamic banks as:

• equity holders

• current and saving account holders

• regulatory agencies

• all of the above

The Islamic financial system works on the basis of

• sharing return

• sharing risk

• sharing risk and return

• predetermined risk and return

Maysir is:

• profit

• usuary

• gambling

• mediation

How many times the word ‘riba’ appeared in Quran:

• eight

• ten

• fifteen

• eleven

AAOIFI was established on:

• 1990

• 1991

• 1992

• 1993

Earliest Islamic bank in Malaysia was established in

• 1980

• 1973

• 1963

• 1983

A pioneering attempt In Shariah compliant investment banking was undertaken 1963 in

• Saudi Arabia

• Oman

• Egypt

• Qatar

Prevention of a risk free return and authorization of trading are enshrined in verse

• 2:278 of Holy Quran

• 2:276 of Holy Quran

• 2:275 of Holy Quran

• 2:273 of Holy Quran

The first private commercial Islamic bank established in 1975 is:

• Mit Ghamr Bank

• Dubai Islamic Bank

• Islamic Development Bank

• Faisal Islamic Bank