Quiz on Islamic Banking and Finance

What is the primary principle underlying the Islamic Banking System (IBS)?

• Islamic or Syariah rules

• Interest-based transactions

• Conventional banking practices

• Government regulations

When was the first Islamic bank, Bank Islam Malaysia Berhad (BIMB), established?

• 1981

• 1997

• 1983

• 1990

What is Sukuk commonly referred to as?

• Islamic loans

• Islamic equity funds

• Islamic bonds

• Islamic insurance

Which of the following is NOT one of the three popular Sukuk contracts?

• Sukuk Al Ijara

• Sukuk Al Musharaka

• Sukuk Al Murabaha

• Sukuk Al Takaful

What significant event occurred in 1963 in the context of Islamic banking?

• Introduction of Sukuk

• First Islamic bank in Malaysia

• Establishment of Mit Ghamr Saving Bank

• Establishment of the Islamic Development Bank

What does the term 'riba' refer to in Islamic finance?

• Profit-sharing

• Interest

• Investment

• Loan

Which country established the first Islamic bank in Europe?

• Luxembourg

• Malaysia

• Switzerland

• Egypt

What was the main objective of the Malaysia International Islamic Financial Centre (MIFC)?

• To promote conventional banking

• To regulate interest rates

• To establish a monopoly in Islamic banking

• To make Malaysia a hub for international Islamic finance

Which era of Islamic banking began with the birth of Islam?

• Post-Islamic Era

• Early Era

• Middle Era

• Modern Era

What is the role of the National Shariah Advisory Council on Islamic Banking and Takaful (NSAC)?

• To regulate interest rates

• To oversee conventional banks

• To provide guidance on Shariah compliance

• To establish new banking laws