BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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National Advisory Council
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Islamic Banking Division
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Interest free banking scheme
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Financial sector masterplan
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Detailed explanation-1: -The Shariah Advisory Council of Bank Negara Malaysia (SAC) was established in May 1997 as the highest Shariah authority for Islamic financial institutions in Malaysia.
Detailed explanation-2: -As the reference body and advisor to Bank Negara Malaysia on Shariah matters, the SAC is also responsible for validating all Islamic banking and takaful products to ensure their compatibility with the Shariah principles.
Detailed explanation-3: -Its scope of jurisdiction is to advise the Commission on all matters related to the comprehensive development of the Islamic capital market and to function as a reference centre for all Islamic capital market issues.
Detailed explanation-4: -The Shariah Advisory Council is made up of experts from various fields with the goal of ensuring companies applying meet the criteria for Shariah Compliance Approval. The council is most active in China and in Hong Kong with the cited goal of increasing Islamic banking and financial interests.