Let's Get It Right! [Q1]

What are the sources of funds for Islamic banks?

• Deposits

• Investment Accounts

• Shareholders’ funds

• All of above

Shariah Committee responsible for...?

• Ensure effective management of SNCs

• Provide objective and sound Shariah decision

• Ensure institutionalisation of a robust Shariah Governance Framework

• Provide operational support

In Deposit Product, Customer acts as a _______ ?

• Depositor

• Investor

• Borrower

• Buyer

What is the most suitable Shariah contract for Islamic deposit?

• Ijarah

• Rahn

• Qard

• Wa'd

All these features of Current account with Qard contract are correct, EXCEPT:

• It is a loan contract between customer/depositor and bank/borrower

• Bank does not guarantee the return of loan principal

• Deposited amount is the loan principal

• Customer can demand the return of the deposited fund/loan amount at any time

These Shariah contracts are suitable for saving accounts, EXCEPT:

• Tawarruq

• Qard

• Commodity Murabahah

• Musyarakah

Which of the following is NOT CORRECT about Term Deposit Accounts?

• It is a deposit product with a fixed term

• A fixed placement period of 1 month up to 60 months

• The bank provides capital guarantee for term deposit products

• Normally attached with a variable profit rate

What kind of information should the customer know in the Pre-Contractual Stage in Term Deposit Product (choose all that applicable)

• Initial and minimum deposit amount to be maintained

• Fees and Charges

• Shariah Concept applicable

• Overview of Product

Which of the following is NOT CORRECT about Tawarruq?

• It is a partnership contract

• Also known as Commodity Murabahah

• Involves three parties in the transaction

• Must have transfer of owenership

Which product is NOT protected by PIDM?

• Current Account

• Savings Account

• Term Deposit

• Investment Account