Takaful Framework Quiz

Takaful Framework Quiz

University

10 Qs

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Takaful Framework Quiz

Takaful Framework Quiz

Assessment

Quiz

Other

University

Easy

Created by

Azlin Salim

Used 3+ times

FREE Resource

10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the purpose of Takaful Governance?

To promote competition among Takaful providers

To provide insurance coverage for non-Muslims

To ensure compliance with Shariah principles and ethical standards in Takaful operations and management.

To maximize profits for shareholders

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Who is responsible for overseeing the Takaful operations and ensuring compliance with Shariah principles?

Shariah Compliance Officer

Takaful Manager

Shariah Supervisory Board

Islamic Finance Authority

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the key components of Takaful Governance?

Legal compliance, human resources, corporate social responsibility, sustainability, and ethics

Shari'ah compliance, board of directors, risk management, internal controls, transparency, and accountability

Investment management, product development, claims processing, underwriting, and customer retention

Financial reporting, customer service, marketing, technology, innovation, and profitability

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the role of the Shari'a Supervisory Board in Takaful Governance?

The role of the Shari'a Supervisory Board in Takaful Governance is to ensure compliance with Islamic principles and provide guidance and oversight.

The role of the Shari'a Supervisory Board in Takaful Governance is to manage the financial operations of the organization.

The role of the Shari'a Supervisory Board in Takaful Governance is to oversee the marketing and sales activities of the organization.

The role of the Shari'a Supervisory Board in Takaful Governance is to handle customer complaints and disputes.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the main objectives of Takaful Governance?

To ensure compliance with Shariah principles, protect the interests of participants, promote transparency and accountability, and establish effective risk management and internal control systems.

To maximize profits for shareholders, minimize costs, and increase market share.

To ensure compliance with international accounting standards, protect the interests of shareholders, and establish effective corporate governance practices.

To promote social responsibility, environmental sustainability, and ethical business practices.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the significance of transparency in Takaful Governance?

Transparency in Takaful Governance has no significance.

Transparency in Takaful Governance ensures accountability, trust, and fairness in operations and decision-making processes.

Transparency in Takaful Governance hinders decision-making processes.

Transparency in Takaful Governance leads to increased costs.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the potential risks associated with Takaful operations?

Interest rate risk, currency risk, and concentration risk.

Underwriting risk, investment risk, operational risk, liquidity risk, and regulatory risk.

Credit risk, market risk, and reputation risk.

Legal risk, compliance risk, and strategic risk.

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