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Which of the following is the principal guideline to be followed in Islamic Banking?

Which of the following is the principal guideline to be followed in Islamic Banking? Correct Answer Shariah law

Islamic banking or Islamic finance or sharia - compliant finance[1] is banking or financing activity that complies with sharia (Islamic law) and its practical application through the development of Islamic economics. Some of the modes of Islamic banking/finance include Mudarabah (profit - sharing and loss - bearing), Wadiah (safekeeping), Musharaka (joint venture), Murabahah (cost - plus), and Ijara (leasing).

Related Questions

Which of the statement on Islamic banking is incorrect? (A) Islamic banking is only for Muslims.(B) Islamic banking activity do not allow paying and receiving of interest. (C) Islamic banking promotes the principle of profit sharing between banking institution and depositor.
How does shadow banking differ from commercial banking?
1. While commercial banks are tightly regulated, shadow banking is not well regulated.
2. Shadow banking cannot create money.
3. While liabilities of commercial banks are insured, shadow banking liabilities are not insured.
4. While commercial banks access to central bank liquidity in the times of distress, shadow banking does not have such resource.
Select the correct answer:
Defining green banking is relatively easy. It means promoting environment -friendly practices and reducing your carbon footprint from your banking activities. This comes in many forms : using online banking instead of branch banking; paying bills online, opening up CDs (certificates of deposit) and money market accounts at online banks instead of large multi-branch banks. A green bank takes the biggest steps to support local green initiatives. Any combination of the above personal banking practices can help the environment. In this respect, online banks and smaller community banks have better track records than larger banks .However, these larger banks may be induced to go green . According to the passage, larger, multi -branch banks .
The question given below consists of a statement, followed by three arguments numbered I, II and III. You have to decide which of the arguments is/are ‘strong’ arguments and which is/are ‘weak’ arguments and accordingly choose your answer from the alternatives given below each question. Statement: A shortage of bank branches and ATMs across India’s hinterland is holding back Prime Minister Narendra Modi’s financial inclusion efforts and risks angering rural voters ahead of elections next year. After taking office in 2014, Modi set an ambitious target to open a bank account for every household to ensure welfare funds flow directly to India’s poor, while improving access to credit and insurance programs. He pushed policies that helped bring 310 million people into the formal banking system in just four years, according to the World Bank. Based on the arguments stated below and he information stated above, which of the following arguments state the reason for the problem, ‘But many of India’s villages still lack bank branches or ATMs to help service new customers, while the pace of building new financial infrastructure has actually slowed’.  Arguments: I. Because Modi’s government effectively forced poor citizens into the banking system by linking some welfare benefits to bank accounts, villagers have ended up stuck in long queues and struggling with ATMs that often run out of cash or break down.  II. With an election due next year, the mismatch between the government’s policies and the rural banking system is generating frustration among a key slice of India’s electorate. III. The banking system struggled to keep up, while some gains proved temporary. Nearly half of Indian bank accounts were inactive in 2017, meaning they weren’t used at all in the previous 12 months
In the question below, a passage is given followed by three courses of actions numbered I, II and III. On the basis of the information given, you have to assume everything in the statement to be true, and then decide which of the following suggested courses of actions logically follow(s) for pursuing. Passage: India has witnessed a rising trend in online banking frauds. Both the absolute number of frauds and the cumulative amount involved have been steadily increasing despite repeated awareness campaigns undertaken by banks and the RBI over the years through social media, SMS and E-mails. This poses a serious challenge to the safety of the digital ecosystem and thus the digital economy concept. Courses of action:  I. The government must set up an Insurance agency to reimburse the amount lost on online frauds. All online banking customers must be asked to pay a premium for the same. II. RBI must come up with a comprehensive mechanism for Banks to evaluate the Online Banking Knowledge of the customer before giving them such products. III. RBI must make it easier to report online frauds and more customers must be encouraged to file complaints on Online Banking frauds.
In the following sentence the word principal' occurs three times "The principal (1) aim of the principal (2) of the college was to help build new roads to link the area's principal (3)schools" Indicate the use(s) in which the meaning of the word “Principal is ‘chief or main',
Directions : In each of the following questions a statement is given, followed by two conclusions. Give answer :

Statement : "Banking services are fine tuned to meet growing business needs," - An advertisement.

Assumptions :
I. Banking is a part of business activity.
II. Industrialists prefer better banking services.
Which bank announced the launch of Chat Banking services for customers via WhatsApp, marking a global first in the Islamic banking sector?
Which of the following statements are true? (i) The principal focus of a converging lens is real. (ii) The principal focus of a diverging lens is virtual. (iii) The principal focus of a lens is always along the principal axis.
Given below are four statements- (p) The second principal focus of a lens is the position of the object, real or virtual whose image is at infinity. (q) The second principal focus of a lens is the position of the image, real or virtual whose object is at infinity. (r) The first principal focus of a lens is the position of the object, real or virtual whose image is at infinity. (s) The first principal focus of a lens is the position of the image, real or virtual whose object is at infinity.  Examine the above statements and find which among then are correct.