
Takaful Framework Quiz
Authored by Azlin Salim
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University
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the purpose of Takaful Governance?
To promote competition among Takaful providers
To provide insurance coverage for non-Muslims
To ensure compliance with Shariah principles and ethical standards in Takaful operations and management.
To maximize profits for shareholders
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Who is responsible for overseeing the Takaful operations and ensuring compliance with Shariah principles?
Shariah Compliance Officer
Takaful Manager
Shariah Supervisory Board
Islamic Finance Authority
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are the key components of Takaful Governance?
Legal compliance, human resources, corporate social responsibility, sustainability, and ethics
Shari'ah compliance, board of directors, risk management, internal controls, transparency, and accountability
Investment management, product development, claims processing, underwriting, and customer retention
Financial reporting, customer service, marketing, technology, innovation, and profitability
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the role of the Shari'a Supervisory Board in Takaful Governance?
The role of the Shari'a Supervisory Board in Takaful Governance is to ensure compliance with Islamic principles and provide guidance and oversight.
The role of the Shari'a Supervisory Board in Takaful Governance is to manage the financial operations of the organization.
The role of the Shari'a Supervisory Board in Takaful Governance is to oversee the marketing and sales activities of the organization.
The role of the Shari'a Supervisory Board in Takaful Governance is to handle customer complaints and disputes.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are the main objectives of Takaful Governance?
To ensure compliance with Shariah principles, protect the interests of participants, promote transparency and accountability, and establish effective risk management and internal control systems.
To maximize profits for shareholders, minimize costs, and increase market share.
To ensure compliance with international accounting standards, protect the interests of shareholders, and establish effective corporate governance practices.
To promote social responsibility, environmental sustainability, and ethical business practices.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the significance of transparency in Takaful Governance?
Transparency in Takaful Governance has no significance.
Transparency in Takaful Governance ensures accountability, trust, and fairness in operations and decision-making processes.
Transparency in Takaful Governance hinders decision-making processes.
Transparency in Takaful Governance leads to increased costs.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are the potential risks associated with Takaful operations?
Interest rate risk, currency risk, and concentration risk.
Underwriting risk, investment risk, operational risk, liquidity risk, and regulatory risk.
Credit risk, market risk, and reputation risk.
Legal risk, compliance risk, and strategic risk.
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