History of Islamic Finance

What were the major sources for financial needs in Mecca and Madina during 650 AD - 750 AD?

• Interest based loans

• Profit and loss sharing

• Debt financing instruments

• Mudarabah

What financial instruments were used during the period of 750 AD - 1900 AD?

• Sak or Sukuk

• Bai al-wafa

• Bai al-nuqud

• All of the above

What significant event occurred in Egypt in 1903 regarding interest?

• Interest was legalized

• Interest was declared illegal

• Interest-free loans were established

• None of the above

What was the first modern Islamic bank established in Pakistan?

• Mit Ghamr Local Savings Fund

• Dubai Islamic Bank

• Nasir Social Bank

• None of the above

What was established in 2001 to support Islamic finance?

• International Islamic Financial Market

• Islamic International Rating Agencies

• Islamic Development Bank

• Islamic Banking International Holding

What was the first state-sponsored interest-free institution established in Egypt?

• Mit Ghamr Local Savings Fund

• Nasir Social Bank

• Dubai Islamic Bank

• Islamic Investment Company

What was the significant development in the 1980s regarding Islamic banking?

• Constitutional protection in three Muslim countries

• Establishment of the first Islamic bank

• Introduction of interest-based banking

• None of the above

What was the role of the International Monetary Fund (IMF) in the 1980s?

• Initiated research on Islamic finance

• Established Islamic banks

• Promoted interest-based banking

• None of the above

What was the first Islamic bank license granted in Saudi Arabia?

• Al-Rajhi Banking Investment Corporation

• Dubai Islamic Bank

• Islamic Development Bank

• None of the above

What was established in 1978 to carry out research in Islamic economics?

• Centre for Research in Islamic Economics

• Islamic International Rating Agencies

• Islamic Financial Services Board

• None of the above