ISLAMIC DEPOSIT

 

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ISLAMIC DEPOSIT

Question 1
For any Islamic contract deposit, banks CAN offer any inducement in the form of gifts or promotional items such as free umbrella with Bank's logo to attract new depositors.
A
True
B
False

Question 2
The followings explain how banks facilitate international trading EXCEPT:
A
Convert and trade foreign currencies
B
Invest money with the companies
C
Finance trade between companies and customers located in different countries
D
Simplify the process of corporate finance through its overseas branches

Question 3
Importer sells goods to buyer in other countries
A
TRUE
B
FALSE

Question 4
The function of letter of credit:
A
A letter offering loan for importer.
B
As a guarantee that importer will receive delivery from exporter
C
A letter which requires the importer to make immediate payment
D
As a guarantee that the exporter will receive full payment from the importer.

Question 5
In the letter of credit, who is the issuer of the LC?
A
Importer
B
Exporter
C
Importer's bank
D
Exporter's bank

Question 6
Identify the type of Islamic letter of credit (LC): "Importer is required to deposit a portion of the price with the bank"
A
Wakalah LC
B
Murabahah LC
C
Musyarakah LC

Question 7
Identify the type of Islamic LC: "Bank makes profit from the mark up price of the goods"
A
Wakalah LC
B
Murabahah LC
C
Musyarakah LC

Question 8
Identify the type of Islamic LC:"Bank makes full payment using importer's money"
A
Wakalah LC
B
Murabahah LC
C
Musyarakah LC

Question 9
Which of the following is CORRECT about factoring?
A
Factoring company provides loan to the customer.
B
Factoring enables company to get immediate cash through the sales of invoice
C
Islamic factoring is based on the concept of Bay' Al - Inah
D
The debtor must pay the debt to the seller on the due date

Question 10
Islamic Acceptance Bill Import is based on the concept of:
A
Bay' Ad - Dayn
B
Musyarakah
C
Murabahah
D
Ijarah
There are 10 questions to complete.

 

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