14 + Islamic Financial System Questions and Answers

14 + Islamic Financial System Questions and Answers

Questions

1. The basic framework for Islamic financial system is a set of rules and law collectively known as
A Shari’ah B Takaful
C Daaliyah D Hadith

2. How many times the word ‘riba’ appeared in Quran:
A eleven B eight
C fifteen D ten

3. AAOIFI was established on:
A 1991 B 1990
C 1992 D 1993

4. Countries below are adopting the AAOIFI except for
A Malaysia B Sudan
C Qatar D Bahrain

5. The Islamic financial system works on the basis of
A sharing return B predetermined risk and return
C sharing risk and return D sharing risk

6. AAOIFI Statement of Financial Accounting (SFA) No. 1, lists the main category(ies) of users of external
financial reports for Islamic banks as:
A current and saving account holders B equity holders
C regulatory agencies D all of the above

7. Earliest Islamic bank in Malaysia was established in
A 1980 B 1983
C 1973 D 1963

8. The authority for the ascertainment of Shariah law for the purpose of Islamic financial business in Bank Negara Malaysia is known as:
A Shariah Regulatory Agency B Shariah Committee
C Shariah Advisory Council D Shariah Ruler

9. Prevention of a risk free return and authorization of trading are enshrined in verse
A 2:275 of Holy Quran B 2:276 of Holy Quran
C 2:278 of Holy Quran D 2:273 of Holy Quran

10. Maysir is:
A profit B usuary
C gambling D mediation

11. Islamic banks in Malaysia adopt which accounting standard?
A MFRS B IFRS
C AAOIFI D MASB

12. This ________ governs the Islamic financial institutions in Malaysia
A Islamic Financial Service Act 2013 B Banking and Financial Institution Act 1989
C Takaful Act 1984 D Islamic Banking Act 1983

13. How many full-fledged Islamic banks located in Malaysia
A 4 B 3
C 5 D 2

14. A pioneering attempt In Shariah compliant investment banking was undertaken 1963 in
A Oman B Qatar
C Saudi Arabia D Egypt

15. The first private commercial Islamic bank established in 1975 is:
A Faisal Islamic Bank B Mit Ghamr Bank
C Islamic Development Bank D Dubai Islamic Bank

Answer Key

1. a 2. b 3. a 4. a
5. c 6. d 7. b 8. c
9. a 10. c 11. a 12. a
13. b 14. d 15. d

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