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Islamic Finance Contracts Quiz

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Questions and Answers

What does Wadia'h mean in the context of Islamic finance?

Sharing profit with the bank

Interest-free loans from the bank

Safekeeping or depositing something with someone who is not the owner (correct)

Investing money in a bank

What is the main benefit for customers under the Islamic scheme of savings and current account?

No risk of loss on their deposits

Access to interest income from conventional banks

Interest-free safekeeping services for their money (correct)

Guaranteed high returns on their deposits

What authority does the bank have over customers' deposits under Al Wadia'h?

To charge interest on the deposits

To invest the deposits in risky ventures

To withhold the deposits indefinitely

To use the deposits and guarantee to return them when needed (correct)

What is the customers' alternative to interest income from a conventional bank under Al Wadia'h?

A share of profits earned by the bank Signup and view all the answers

'Discharge the trust to the person who entrusts it to you and do not betray the one who betrays you' - Who is associated with this saying?

'The Prophet Muhammad S.A.W' Signup and view all the answers

Which of the following best describes the typical maturities of Treasury Bills?

Three, six, and twelve months Signup and view all the answers

Why do Treasury Bills carry no default risk?

The government can issue more money to redeem the bills if needed Signup and view all the answers

What is the primary source of yield for investors in Treasury Bills?

Increase in value of the security over time Signup and view all the answers

In a Repurchase Agreement (Repo), who is effectively the lender of funds?

The investor who initially purchases the securities Signup and view all the answers

What characterizes the money market in terms of tenure for transactions?

From overnight to 12 months with most common being three months or less Signup and view all the answers