Institutions for islamic finance and banking

The Accounting & Auditing Organization for Islamic Financial Institutions (AAOIFI) was established & issued the first accounting auditing, governance & shariah standards in 1990.

• True

• False

Which of the following have not been issued in AAOIFI.

• Sharia standards

• Accounting standards

• Auditing standards

• Halal standards

What is the main aim of Islamic Financial Services Board (IFSB)?

• To support development of the industry as well as the stability and resilience of the Islamic financial system and also the sound growth

• To develop accounting,auditing, governance, ethics, and sharia standard for islamic financial institution

• Developing the Islamic financial services industry and promoting industry in various fields

Which of the following are an IFSB function?

• Guiding policy and regulations

• cooperation and collaboration

• Capacity building and technical assistance

• Conduct constructive interreligious and intercultural dialogue

Is Majma Fiqh Islami (MFI) also known as The International Islamic Fiqh Academy (IIFA)?

• No

• Yes

Where is the Majma Fiqh Islami (MFI) headquarters?

• Jeddah, Saudi Arabia.

• Riyadh, Saudi Arabia

• Cairo, Egypt

• Kuwait

What is the primary objective of CIBAFI?

• Represent the interests

• Develop industry standards and best practices

• Foster collaboration and knowledge-sharing

• Promote awareness and understanding of Islamic finance

General Council for Islamic Banks and Financial Institutions primary location is in Bahrain.

• True

• False

What are the roles of IIFM?

• Develops best practices at a worldwide level and achives Shari'ah harmonisation to play its part in the unification of the market.

• Concentrating on standardising Islamic financial products and contracts.

• Helps to provide consistency and alignment across jurisdictions by bringing national regulatory frameworks into line with international best practices.

• Framework for secondary market selling documentations, products and Islamic instruments, including Sukuk.

When IIFM was founded?

• 2011

• 2021

• 2001

• 1991