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PUBLISHED : Monday, 23 June, 2008, 12:00am
UPDATED : Monday, 23 June, 2008, 12:00am
 

Choose the correct answer

1 Islamic banks get their profit from:

a) fees

b) interest

c) petrol

2 Interest was also forbidden during medieval times in Christian Europe:

a) true

b) false

3 A mark-up is:

a) the difference between fixed costs and variable costs

b) the difference between the sales price of an item and the cost of producing it

c) the price on the label and the price you get after negotiating

4 Sukuk is a Persian word similar to:

a) souk (market)

b) sack (bag)

c) cheque

5 Islamic bank assets are close to:

a) US$300 million

b) US$500 billion

c) US$800 billion

6 Leasing is similar to:

a) selling

b) renting

c) borrowing

Here are a few activities you can research on this week's topic:

1 Find out which banks offer Islamic banking (clue: there are about 250 Islamic banks around the world, and many major international banks have a sharia compliant branch).

2 Research the world's main financial centres, besides Hong Kong. What are their relative size and growth?

3 Inquire about the Islamic stock market. What is a 'sharia-compliant' stock? Where are these Islamic stocks traded?

Answers

1. a, 2. a, 3. b, 4. c , 5. c, 6. b

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