Islamic Accounting Standards Quiz
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Questions and Answers

What type of deposit in Islamic banking involves no rate of return?

  • Saving Accounts
  • Profit and loss sharing deposits (Mudharaba)
  • Current Accounts (correct)
  • Qard Hasan (Liability)

    • In Islamic investment accounts, what happens if there is a loss from Shari’ah compliant financing and projects?

  • It is borne solely by the investors (IAHs). (correct)
  • It is shared equally between the bank and the investors.
  • It is compensated by the IFI.
  • It is borne solely by the bank.

    • What type of investment account in Islamic banking involves funds provided by Rab al-maal being mixed with the bank's own funds for investment?

  • Restricted Investment Account
  • Saving Accounts
  • Current Accounts
  • Unrestricted Investment Account (correct)

    • In Islamic banking, what is the purpose of Qard Hasan (Liability) accounts?

    <p>To provide interest-free loans for those in need.</p> Signup and view all the answers

    What happens to the profit earned from Shari’ah compliant financing and projects in Islamic investment accounts?

    <p>It is distributed between the IFI and the investors as per a pre-agreed ratio.</p> Signup and view all the answers

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