BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The Developing Years:1991 to 1994
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The Take off Years:1995 to 2000
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The Monopolistic Years:1983 to 1990
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The Financial Liberalization Years:2000 to present
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Detailed explanation-1: -While the initiation of modern Islamic Banking dates back to 1963, the present-day practice debuted in 1975, when banks were established and mandated to operate in adherence to Shari’a rules and principles. Ever since, Islamic Banking has been one of the fastest growing sectors in the global banking industry.
Detailed explanation-2: -The Mit-Ghamr Savings Bank, established in 1963 in Egypt, is commonly referred to as the first example of Islamic banking in the modern world. When Mit-Ghamr loaned money to businesses, it did so based on a profit-sharing model.
Detailed explanation-3: -So AIFICIL is touted as India’s first commercial Islamic banking institution, and is getting set to open branches in Hyderabad, Madras and Calicut as the first steps in reaching for a national network.
Detailed explanation-4: -Islamic banking refers to a system of banking that complies with Islamic law also known as Shariah law. The underlying principles that govern Islamic banking are mutual risk and profit sharing between parties, the assurance of fairness for all and that transactions are based on an underlying business activity or asset.