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WorksheetsIslamic Banking Ethics
Total questions: 10
Worksheet time: 5mins
What is the core of Islamic Banking and Finance?
Shari'ah or Islamic Law
The religion of Islam
Morality and Ethics
All of the above are correct answers
Which is the correct definition of ethics?
Ethics are a set of moral principles which determine behavior
Ethics are norms, values and beliefs embedded in social processes which define right and wrong for an individual or a community
Ethics is a branch of philosophy that involves systematizing, defending, and recommending concepts of right and wrong conduct
All of the above answers are correct answers
Which element(s) in Archie Carroll's CSR pyramid are different if based on the Islamic version of CSR?
Economic Responsibility
Social Responsibility
Ethical and Philanthropic Responsibility
Economic and Social Responsibility
Islamic business ethics can be categorized into which type of ethical theory?
Consequentialist Ethics
Non-consequentialist Ethics
Neither
What happened in the Enron scandal?
Culture of deception, self-interest, & lack integrity leading to bankruptcy of Enron and dissolution of Arthur Andersen
Auditor deficiency of Arthur Andersen leading to its bankruptcy
Money-laundering of Enron officials leading to their arrest
None of the above are correct answers
Your colleague goes to work on a Sunday using a Leicester city football kit under his work suit because they had just won the Champions League. This is an example of a lack of:
Professional behaviour
Integrity
Objectivity
Due care
A new joiner in your bank works in a newly established FinTech division despite having no background and experience, but is expected to be a very fast learner. This is a lack of:
Professional behaviour
Professional & technical competence
Objectivity
Integrity
Which of the following is not a source of Islamic Ethics?
Al-Quran
Qiyas
Sad Al Dhariah
Riba & Gharar
The AAOIFI code of ethics is specifically intended for:
Accountants working for Islamic financial institutions
Auditors working for Islamic financial institutions
Employees of Islamic financial institutions
All of the above are correct answers
Why are Islamic business ethics and corporate social responsibility important in Islamic banking operations?
Because they are considered as key foundations and principles for Islamic finance and its philosophy
Because it is a trend that needs to be followed in order to remain relevant and be sustainable
Because it is necessary to do in order to gain profits through a solid foundation of a good corporate image
Because it is the right to do
