Due to high demand of Shariah Compliant banking system, two financial institution have been establish in 1963.

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

A	Mit-Ghamr Bank
B	Tabung Haji
C	Islamic Development Bank
D	Dubai Islamic Bank

Explanation:

Detailed explanation-1: -Islamic banks rely on the following sources of funds: Capital & Equity; Transaction deposits that are risk free and yield no return; and. Investment deposits that carry the risks of capital loss for the promise of variable returns.

Detailed explanation-2: -Shariah strictly prohibits any form of speculation or gambling, which is referred to as maisir. Shariah also prohibits taking interest on loans. In addition, any investments involving items or substances that are prohibited in the Quran-including alcohol, gambling, and pork-are also prohibited.

Detailed explanation-3: -IFSA 2013 repealed existing banking regulations on Islamic banking and finance and it also revised the accounting standards under which Islamic financial institutions prepare their accounts. Some of the main changes are as follows: Product Disclosure Sheet (PDS) Principal Guaranteed and Profit Smoothing Practices.

Detailed explanation-4: -Islamic banking in Malaysia began in September 1963 when Perbadanan Wang Simpanan Bakal-Bakal Haji (PWSBH) was established.

There is 1 question to complete.