30 Questions
What approach to corporate governance did the country adopt?
Comply or explain approach
Why do traditional financial institutions often deny access to low-income individuals?
Because of the perceived risk or relatively low balances
What is a common characteristic of the income flows of the poor?
Low, irregular, and unpredictable
What is one way that low-income individuals often source pecuniary or in-kind support?
From family, friends, or remittances
What is the relationship between microfinancing and economic growth according to SainzFernandez's 2018 study?
High economic growth has a positive influence on the microfinance sector
What is the primary focus of microfinance institutions?
Providing financial services to low-income individuals
What is a characteristic of microcredit?
It does not require collateral
Who is the proponent of microcredit?
Muhammad Yunus
What is the purpose of microcredit?
To provide financial assistance to the poor
What is a common feature of ROSCAs?
They are informal financial institutions
Why are interest rates on microcredits relatively high?
Because of the risk of non-repayment
What is the goal of microcredit organizations?
To provide loans to those who can afford to repay
What is the term used in India to refer to ROSCAs?
Chit fund
How does an Auction ROSCA differ from a Random ROSCA?
In an Auction ROSCA, the one who bids the highest gets the pooled amount first.
What is the primary influence on financial inclusions in Islamic banking countries?
Macroeconomic factors
What is the foundation of the Islamic finance model?
The Koran and the Sunna
What is the name of the ROSCA in the Philippines?
Paluwagan
What is the primary goal of a well-functioning Islamic financial system?
To promote economic growth
What is the primary objective of financial systems?
To transform short-term liabilities into long-term assets
What is a key role of finance in achieving sustainability?
To rebuild and adapt the financial system to specifics of sustainable development
What is the relationship between financial development and income inequality according to Thang et al (2019)?
Income inequality rises at the early stage of financial development and falls after a certain level is achieved
What is the significance of finance in economic growth and development?
It is an efficient mechanism for sustainable economic growth and development
What is one of the roles of finance according to the text?
To screen and monitor investments
What is described as one-dimensional?
Modern financial systems
What is the Islamic finance model bound by?
Conventional body of rules and regulations, as well as historical, social and economic context
In the Gulf Cooperating Countries (GCC), what is the relationship between adopting Islamic finance and economic growth?
Direct relationship
What is the role of Islamic banks in addressing financial crises?
They reduce the severity of the crisis
What is the main contribution of the Philippines to Islamic finance?
Its Halal industry
What is the result of having knowledge of the Halal concept on one's agreement with the active role of Islamic finance?
More agreement
What is the ultimate goal of fostering synergy between Islamic finance and the development of Halal tourist products?
To contribute to economic growth and development
This quiz covers the fundamentals of finance within economics, exploring the allocation and deployment of economic resources in uncertain environments. It delves into the role of financial systems in transforming short-term liabilities into long-term assets and the importance of mathematical and computational tools in finance.
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