LAWS AND REGULATIONS OF ISLAMIC BANKING SYSTEM

1. 1. What is the primary source of Shariah law ?

• Sunnah

• Ijma'

• Qur'an

• Qiyas

2. 2. What does the word "Shariah" mean ?

• Law of punishment

• Path or way

• Justice

• Wisdom

3. 3. Which source explains how to perform actions mentioned in the Qur'an ?

• Qiyas

• Ijma'

• Istihsan

• Sunnah

4. 4. What is Qiyas used for ?

• Agreeing on laws

• Recording Hadith

• Making rules by comparing similar situations

• Creating new religious texts

5. 5. What is the role of the Shariah Advisory Council (SAC) in Islamic finance ?

• Approves loans

• Issues Shariah rulings

• Audits banks

• Sells products

66. 6. Which part ensures daily Shariah compliance in Islamic banks ?

• Shariah Principles

• Board of Directors

• Shariah Review & Audit

• Central Bank

7. 7. The Shariah Governance Framework is a guideline that Islamic banks

8. can choose to follow if they want to .

• True
• False

8. 8. Who is responsible for approving and advising Islamic banks on

9. the Shariah compliance of their products before

10. they are launched ?

• Shariah Committee

• Central Bank

• Internal Audit Team

• Board of Directors

9. 9. What was the main purpose of the Islamic Banking Act 1983 ?

• To regulate insurance

  companies in

  Malaysia

• To allow banks

  to charge interest

  legally

• To establish

  and regulate Islamic

  Banking based on

  Shariah Principles

• To replace all

  conventional banking

  systems

10. 10. Which was the first bank established under

11. the Islamic Banking Act 1983 ?

• Maybank Islamic

• Bank Rakyat

• Bank Muamalat

• Bank Islam

  Malaysia Berhad