Investment & Financing Losses Clause Quiz
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Questions and Answers

What is the guideline for charging expenses in Islamic banks?

  • Indirect expenses are charged to the respective pool, while direct expenses are borne by the bank as Mudarib.
  • All expenses are charged to the respective pool.
  • Direct expenses are charged to the respective pool, while indirect expenses are borne by the bank as Mudarib. (correct)
  • All expenses are borne by the bank as Mudarib.

    • What is the purpose of the investment ratio mentioned in the text?

  • It is used to set the deposit management guidelines in Islamic banks.
  • It is used to calculate the bank's return on investment.
  • The text does not mention anything about an investment ratio. (correct)
  • It is used to determine the profit distribution between the bank and the depositors.

    • What is the main focus of the text?

  • The deposit management guidelines in Islamic banks. (correct)
  • The establishment cost of Islamic banks.
  • The investment strategy of Islamic banks.
  • The profit distribution between Islamic banks and depositors.

    • Who bears the indirect expenses in Islamic banks?

    <p>The bank as Mudarib.</p> Signup and view all the answers

    What is the relationship between the bank and the depositors in an Islamic banking system?

    <p>The bank is the agent (Mudarib) and the depositors are the investors (Rabb al-Mal).</p> Signup and view all the answers

    Which type of entities can use the Istisna feature?

    <p>Small, medium, commercial enterprises &amp; corporate entities</p> Signup and view all the answers

    What is the main purpose of the Istisna feature?

    <p>To enable the manufacturing of custom-made products</p> Signup and view all the answers

    What is the primary target market for the Istisna feature?

    <p>Small, medium, commercial enterprises &amp; corporate entities</p> Signup and view all the answers

    Which of the following is NOT a characteristic of the Istisna feature?

    <p>It can only be used by non-profit organizations</p> Signup and view all the answers

    What is the primary function of the Istisna feature?

    <p>To facilitate the manufacturing of custom-made products</p> Signup and view all the answers

    Which of the following losses are not charged to the pool?

    <p>Losses due to misconduct by IBI</p> Signup and view all the answers

    What conditions must be met for losses on financings and investments to be charged to the pool?

    <p>None of the above conditions are mentioned</p> Signup and view all the answers

    If IBI breaches a contract, can the resulting losses be charged to the pool?

    <p>No, the text explicitly states that such losses cannot be charged</p> Signup and view all the answers

    What is the purpose of the statement provided in the text?

    <p>To define the types of losses that cannot be charged to the pool</p> Signup and view all the answers

    Which of the following entities is mentioned in the text?

    <p>Both (a) and (b)</p> Signup and view all the answers

    By when should the system limitations, if any, be addressed according to the instructions?

    <p>Within one year of issuance of the instructions</p> Signup and view all the answers

    What is the deadline for dealing with system limitations in relation to the issuance of these instructions?

    <p>Within one year of the issuance of the instructions</p> Signup and view all the answers

    When should system limitations, if any, be resolved based on the provided instructions?

    <p>Within one year of issuing the instructions</p> Signup and view all the answers

    What is the required timeframe for handling system limitations as per the given instructions?

    <p>Within one year of issuance of these particular instructions</p> Signup and view all the answers

    What is the maximum period allowed for dealing with system limitations as per these instructions?

    <p>One year after issuing these specific instructions</p> Signup and view all the answers

    What is the primary responsibility of the Shariah Compliance Department according to the given text?

    <p>To verify the distribution of profit and loss to depositors before disbursement</p> Signup and view all the answers

    Which department or unit is responsible for conducting a post-disbursement audit on a quarterly basis?

    <p>The internal Shariah Audit Unit</p> Signup and view all the answers

    What is the frequency of the post-disbursement audit conducted by the internal Shariah Audit Unit?

    <p>Quarterly</p> Signup and view all the answers

    Which of the following statements is NOT true based on the given information?

    <p>The Shariah Compliance Department is also responsible for conducting post-disbursement audits.</p> Signup and view all the answers

    Based on the information provided, what can be inferred about the relationship between the Shariah Compliance Department and the internal Shariah Audit Unit?

    <p>They have separate and distinct responsibilities related to Shariah compliance.</p> Signup and view all the answers

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