Islamic finance Part 2

Islamic finance Part 2

University

25 Qs

quiz-placeholder

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Islamic finance Part 2

Islamic finance Part 2

Assessment

Quiz

Business

University

Easy

Created by

Miza Akhmadullaeva

Used 10+ times

FREE Resource

25 questions

Show all answers

1.

OPEN ENDED QUESTION

3 mins • 5 pts

What is an Islamic letter of credit?

Evaluate responses using AI:

OFF

Answer explanation

An Islamic letter of credit is a document issued by a bank that guarantees payment to a seller on behalf of a buyer in a Shariah-compliant manner.

2.

OPEN ENDED QUESTION

3 mins • 5 pts

What is an Islamic trust receipt?

Evaluate responses using AI:

OFF

Answer explanation

An Islamic trust receipt is a financing arrangement where a bank purchases goods on behalf of a buyer and holds the goods as a trustee until the buyer repays the bank.

3.

OPEN ENDED QUESTION

3 mins • 5 pts

What are Islamic accepted bills?

Evaluate responses using AI:

OFF

Answer explanation

Islamic accepted bills are short-term financial instruments issued by a seller that represent an obligation to pay a specified amount on a future date.

4.

OPEN ENDED QUESTION

3 mins • 5 pts

What is an Islamic bank guarantee?

Evaluate responses using AI:

OFF

Answer explanation

An Islamic bank guarantee is a commitment made by a bank to guarantee payment or performance obligations of one party to another in compliance with Shariah principles.

5.

OPEN ENDED QUESTION

3 mins • 5 pts

What is an Islamic shipping guarantee?

Evaluate responses using AI:

OFF

Answer explanation

An Islamic shipping guarantee is a form of guarantee provided by a bank to ensure that goods are delivered as per the agreed terms and conditions in a Shariah-compliant manner.

6.

OPEN ENDED QUESTION

3 mins • 1 pt

Which Islamic trade financing facility provides a guarantee of payment to a seller?

Evaluate responses using AI:

OFF

Answer explanation

Islamic bank guarantee.

7.

OPEN ENDED QUESTION

3 mins • 1 pt

Which Islamic trade financing facility involves the bank purchasing goods on behalf of a buyer?

Evaluate responses using AI:

OFF

Answer explanation

Islamic trust receipt.

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