15 Questions
What is the fundamental principle of participation banking?
Prohibition of interest
What are the types of businesses considered haram in participation banking?
Alcohol, gambling, and pork-related businesses
What is the legal framework for participation banking derived from?
Quran and the Hadith
What financial component is replaced in participation banking?
Interest
What is another term for participation banking?
Islamic banking
What are the key principles of Shariah that participation banking is based on?
The key principles of Shariah that participation banking is based on include the prohibition of interest and the avoidance of investments in businesses considered haram.
How does participation banking differ from conventional banking in terms of interest?
Participation banking prohibits interest, whereas conventional banking incorporates interest into many financial products.
What are some examples of businesses considered haram in participation banking?
Businesses related to alcohol, gambling, and pork are considered haram in participation banking.
How is the legal framework for participation banking derived?
The legal framework for participation banking is derived from the Quran and the Hadith, which form the basis of Shariah.
What is the primary objective of offering financial services and products in participation banking?
The primary objective of offering financial services and products in participation banking is to ensure compliance with Islamic ethical and legal principles.
What are the foundational principles of participation banking based on?
The principles of Shariah, derived from the Quran and the Hadith.
How does participation banking differ from conventional banking in terms of interest?
Participation banking prohibits interest, while conventional banking incorporates interest into financial products.
What types of businesses are considered haram in participation banking?
Businesses related to alcohol, gambling, and pork.
What is the main objective of participation banking with regard to financial services and products?
To offer services and products that are compliant with Islamic ethical and legal principles.
What is the legal framework that participation banking operates in accordance with?
Islamic law, or Shariah.
Test your knowledge of participation banking with this quiz! Learn about the principles of Islamic law and Shariah that guide participation banking, as well as the financial services and products offered.
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