BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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current accounts
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saving account
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account receivables
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investment account
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Detailed explanation-1: -Islamic banks operate through current account, savings account and investment account. So account receivable is not a source of fund for Islamic banks.
Detailed explanation-2: -There are basically two principal sources of funds, namely work capital of shareholders and customer deposits. A separate accounting system is adopted for a dual window banking operation, which separates all Islamic bank funds from conventional banking and to avoid the arrival of funds.
Detailed explanation-3: -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-4: -Generally the Islamic banks have three kinds of deposit products for account holders: current, savings and investment.