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True or False Questions

Indicate T for True and F for False.

1. The contract of ijarah is widely used in sales of commodity.

2. In the Islamic Interbank Money Market, the investee bank could be either a conventional bank or an Islamic bank.

3. When the tawarruk contract was initially introduced in Islamic banks in Malaysia the commodities were traded in the London metal exchange.

4. The wadiah al amanah is a form of safe keeping contract where the return of the goods entrusted to the custodians are guaranteed.

5. The Islamic Banking Act 1983 was the first Islamic banking law in the world which and contain substantive laws defining Islamic banking business.
6. When the Islamic banks customers defaulted in their repayments, the Islamic banks will institute legal actions in the Shariah court.

7. Ijtihad is one of the main secondary sources of the Shariah where decisions are based on majority of the jurists.

8. Riba is strictly prohibited in the Islamic transactions while minor form of gharar are tolerated.

9. In the musharakah mutanaqisah house financing, the bank share in the asset would be passed on to the customers through the contract of ijarah.

10. Under the murabahah sales the goods are sold at cost only which have to be make known to the buyer.

11. In the Islamic REIT, the Real estate investment trust company will buy land and construct building to be leased to businesses.

12. The Bank Muamalat Malaysia is an example of a standalone bank where it is not a subsidiary of a conventional bank.

13. The murabaha sale which is a form of forward sale, is widely adopted IN trade financing contract in Islamic banks in Malaysia.

14. Unlike the conventional banks, Islamic banks in Malaysia recognize the age where an individual is eligible to contract is below the age of 18 years in accordance with the Islamic tenet.

15. The requirement to obtain an Islamic banking license is the setting up of a Shariah body within the bank.