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WorksheetsShariah Non-compliance Risk
Total questions: 7
Worksheet time: 4mins
Which of the following product use Murabahah as underlying Shariah Contract?
Trust Receipt-i
Bank Guarantee
Invoice Financing-i
Local Bill Purchase-i
Which of the following is inherent SNC risk for Tawarruq?
Incomplete info in Murabahah Contract Note
The sequence of e-cert is inaccurate
The agent retains any portion of the gains without the concent of the principal
None of the above
BU has submitted wrong financing amount for Commodity Murabahah Trading which has led to under-traded for Commodity Murabahah Amount. The identified causal factor for above scenario is "system".
True
False
From whom should advice and consultation be sought when highlighting any possible Shariah issue?
Islamic Product and Business Development
Shariah Risk
Shariah Advisory
Product Owner
Operational Risk Management
Shariah Risk as second line of defence is responsible to :
Identify and manage Shariah Non-Compliance risks as well as for the result of taking those risks
Implement Shariah risk related policies, guidelines and procedures
Independently assess on the compliance and effectiveness of Shariah Risk management, control and governance processes
None of the above
"Inadequate and ineffective communication on the processes and procedures to the relevant stakeholders."
This inherent Shariah Non-Compliance risk can be identified in :
Sales and marketing
Legal Documentation
Product Development
All of the above
Following inherent Shariah Non-Compliance (SNC) risks are the key inherent SNC risk for :
Involvement of Riba' (Interest was charged/received in the exchange)
Transaction completed not accordance to the spot basis (e.g T+2)
Exchanged of same type of currency denomination not equal.
Murabahah
Bai' Al-Sarf
Bi' Ad Dayn
Ijarah
