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WorksheetsQuiz for Essential of Islamic Banking and Finance
Total questions: 10
Worksheet time: 5mins
Which of the following is the highest authority in making the final decision on matters related to the Shariah?
Shariah Review
Shariah Risk
Shariah Audit
Shariah Committee
Which of the following terms is NOT prohibited in Islamic Banking?
Loan
Insurance
Will
Financing
Which of the following are pillars of Aqad?
i. Seller and Buyer
ii. Offer and Acceptance
iii. Availability of profitable asset
iv. Subject Matter or Underlying asset
i and iii only
i, ii and iv
i, ii and iii
All of the above
The Islamic Banking principles do not allow the following, EXCEPT;
Interest (Riba')
Uncertainties (Gharar)
Gambling (Maysir)
Profit Sharing
Essential elements of a valid contract are the following, EXCEPT;
Expression of offer (ijab) and acceptance (qabul)
Contracting parties must be a Muslim
Mutual consent of the contracting parties
Existence of the subject matter
Dato' Chong is the Chief Executive Officer of Magnum Berhad. He went to MIB Larkin Perdana and he wanted to open an Islamic savings account. Can MIB proceed with the opening account?
Yes, every individual can open an Islamic deposit account, regardless of the company he works for.
No, as a CEO of a company listed in the Negative List, he is not allowed to open the account.
Under Shariah contract of Commodity Murabahah for Islamic Current Account and Savings Account (CASA), products benefits can be communicated, and rate of returns can be published via M2u and board rate.
True
False
Where does the buy and sell of the commodity trading perform under Commodity Murabahah contract?
Bursa Suq Al-Sila
S & P 500 Stock Market
Crude Palm Oil Distributor
Resin Plastic Manufacturer
Under Mudarabah contract, any profit generated from the investment will be shared between both, capital provider (customer) and entrepreneur (Bank) according to _________________ .
Dividend
Profit Sharing Ratio (PSR)
The bank only
KLIBOR
Mr. Azmi has booked a terrace house in Sepang, and he was not sure whether to apply for home financing or a mortgage loan. As a banker, how do you convince Mr. Azmi to choose Islamic home financing?
i. Granting of rebate for early settlement
ii. No compounding of LPC and other charges
iii. Protection of ceiling rate upon the fluctuation of Standardised Base Rate (SBR)
iv. No early settlement fee / No lock-in period penalty
i, ii
ii, iii
ii, iii, iv
All of the above
