BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Below are institutions follow Financial Services Act 2013 EXCEPT
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commercial banks, investment banks, insurers (collectively known as “licensed persons");
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Islamic bank, takaful operators, operator of payment systems
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commercial banks, investment banks, insurers (collectively known as “licensed persons"); operator of designated payment systems
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Explanation:
Detailed explanation-1: -The Financial Services Act (FSA) and the Islamic Financial Services Act (IFSA) came into force on 30 June 2013, replacing the repealed Payment System Act 2003 (PSA).
Detailed explanation-2: -According to the Islamic Law, the collection and payment of interest by investors and lenders is prohibited. Islamic banks operate through current account, savings account and investment account. So account receivable is not a source of fund for Islamic banks.
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