25 Questions
What is the guideline for charging expenses in Islamic banks?
Direct expenses are charged to the respective pool, while indirect expenses are borne by the bank as Mudarib.
What is the purpose of the investment ratio mentioned in the text?
The text does not mention anything about an investment ratio.
What is the main focus of the text?
The deposit management guidelines in Islamic banks.
Who bears the indirect expenses in Islamic banks?
The bank as Mudarib.
What is the relationship between the bank and the depositors in an Islamic banking system?
The bank is the agent (Mudarib) and the depositors are the investors (Rabb al-Mal).
Which type of entities can use the Istisna feature?
Small, medium, commercial enterprises & corporate entities
What is the main purpose of the Istisna feature?
To enable the manufacturing of custom-made products
What is the primary target market for the Istisna feature?
Small, medium, commercial enterprises & corporate entities
Which of the following is NOT a characteristic of the Istisna feature?
It can only be used by non-profit organizations
What is the primary function of the Istisna feature?
To facilitate the manufacturing of custom-made products
Which of the following losses are not charged to the pool?
Losses due to misconduct by IBI
What conditions must be met for losses on financings and investments to be charged to the pool?
None of the above conditions are mentioned
If IBI breaches a contract, can the resulting losses be charged to the pool?
No, the text explicitly states that such losses cannot be charged
What is the purpose of the statement provided in the text?
To define the types of losses that cannot be charged to the pool
Which of the following entities is mentioned in the text?
Both (a) and (b)
By when should the system limitations, if any, be addressed according to the instructions?
Within one year of issuance of the instructions
What is the deadline for dealing with system limitations in relation to the issuance of these instructions?
Within one year of the issuance of the instructions
When should system limitations, if any, be resolved based on the provided instructions?
Within one year of issuing the instructions
What is the required timeframe for handling system limitations as per the given instructions?
Within one year of issuance of these particular instructions
What is the maximum period allowed for dealing with system limitations as per these instructions?
One year after issuing these specific instructions
What is the primary responsibility of the Shariah Compliance Department according to the given text?
To verify the distribution of profit and loss to depositors before disbursement
Which department or unit is responsible for conducting a post-disbursement audit on a quarterly basis?
The internal Shariah Audit Unit
What is the frequency of the post-disbursement audit conducted by the internal Shariah Audit Unit?
Quarterly
Which of the following statements is NOT true based on the given information?
The Shariah Compliance Department is also responsible for conducting post-disbursement audits.
Based on the information provided, what can be inferred about the relationship between the Shariah Compliance Department and the internal Shariah Audit Unit?
They have separate and distinct responsibilities related to Shariah compliance.
Test your knowledge of the clause stating that losses on financings and investments caused by misconduct, negligence, or breach of contract by IBI will not be charged to the pool.
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