Current account holders with an Islamic bank do not receive interest on the amounts in their accounts however; they do receive 'Hiba'.Hiba is:
A) A regular payment based upon a percentage of the balance on the account
B) A pre-arranged percentage share of the profits made by the bank on the current account
C) A gift given at the banks discretion
D) A pre-arranged percentage of the profits on the investments made by the bank
Correct Answer:
Verified
Q4: Mudarabah accounts are:
A)A profit sharing contract where
Q5: Since the 1970's the Islamic banking industry
Q6: In 2010 global assets held under Islamic
Q7: Usury,or the charging of interest is prohibited
Q8: A Mudarabah contract differs from a Musharakah
Q10: Which of the following statements is not
Q11: Islamic financial companies are reluctant to invest
Q12: Riba is a fundamental doctrine of Islamic
Q13: Which of the following is not true
Q14: What is 'zakat'?
A)An insurance premium charged for
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