Questionnaire to measure the legitimacy of Islamic financial and banking products in the Gulf Cooperation Council countries

1. Questionnaire to measure the legitimacy of Islamic financial and banking products in the Gulf Cooperation Council countries

ICIFA
السلام عليكم ورحمة الله تعالى وبركاته


This questionnaire is one of the indicators used to measure the legitimacy of Islamic financial and banking products in the Gulf Cooperation Council countries.
We would kindly ask you, as one of the Islamic finance makers in the countries of GCC, to choose the most appropriate answer,

May Allah reward you.

Estimated time is 5 minutes
 
 

1. In Islamic banking and financial institutions, receiving an advance amount as a Hamish Jiddiyyah (security deposit) in Murabaha contracts is considered a part of the procedures followed in Islamic banking finance operations. *

 

2. In Islamic financial and banking institutions, during commodity financing operations (cars), selling commodities via Murabaha before owning them is a frequent procedure carried out by most Islamic finance institutions. *

 

3. In Islamic financial and banking institutions, the lack of disclosure of the commodity cost and the details of direct expenses included in the price under Murabaha contracts is frequent *

 

4. In Islamic financial and banking institutions, the price of the commodity sold via Murabaha contracts is linked to the prevailing interest rates in the market and depends mainly on LIBOR Indicators. *

 

5. In Islamic financial and banking institutions, the price of the commodity sold via Murabaha, Ijara or Istisna contracts is linked to time indicators. *

 

6. In Islamic banking and financial institutions, if the bank received a discount from the supplier, it is not obligated to reduce the total price of the commodity sold to the customer through Murabaha. *

 

7. In Islamic financial and banking institutions, the bank may demand an increase in the price after it has been established and the purchase is completed, in the event of a delay in payment, and this increase is placed in the institution's revenue account. *

 

8. In Islamic banking and financial institutions, Murabaha contracts stipulate the obligation of the buyer )customer( to pay an amount or a percentage of the debt to be spent on charitable causes in the event of his delay in paying the installments on their scheduled dates (a vow). *

 

9. In Islamic banking and financial institutions, it is customary for the bank to oblige the customer to pay an excess amount in favor of the bank in case the customer (debtor) procrastinates, and the excess amounts are deposited in the bank's revenue accounts. *

 

10. In Islamic financial institutions, the customer is usually required to provide cheques or promissory notes before the execution of the contract of Murabahah, as a guarantee of the indebtedness that will be created after the execution of the contract. *

 

11. In Islamic financial and banking institutions, usually the bank obtain a mortgage from the client, with a condition that the client should appoint the bank as an agent who can sell the mortgaged asset and repay the debt out of its value without resorting to judiciary. *

 

12. In Islamic banking and financial institutions, adding the costs of commercial insurance (through commercial insurance companies whose activities do not comply with the provisions of Islamic law) to the total cost of goods, benefits and projects financed under Murabaha contracts is considered permissible. *

 

13. In Islamic financial and banking institutions, it is customary to use “Salam in sugar” contracts, and the like, to finance Islamic credit cards. *

 

14. Islamic financial and banking institutions sometimes finance land and real estate through Salam contracts.14. Islamic financial and banking institutions sometimes finance land and real estate through Salam contracts. *

 

15. In Islamic financial and banking institutions, it is customary for banks to appoint the customer as an agent to sell the goods on their behalf in Salam contracts. *

 

16. In Salam financing contracts, through the Islamic banking and financial institutions, it is customary to write the penalty clause upon delay in delivering al-Muslam Fihi (the subject-matter of a Salam contract) *

 

17. In Islamic banking and financial institutions, it is customary in Istisna’ financing contracts that the bank appoint the client as an agent to be in charge of the project, purchase its supplies, and deposit money into his account. *

 

18. In Islamic financial and banking institutions, in Istisna' financing contracts, it is customary that the applicant for Istisna' is the same as the manufacturer. *

 

19. In the Istisna’ financing contract, through the Islamic banking and financial institutions, it is customary to make a link between the Istisna’ contract and the parallel Istisna’ or construction contract. *

 

20. In Islamic financial and banking institutions, the bank may accept the financing of a pre-established Istisna’ contract. *

 

21. In Islamic financial and banking institutions, Murabaha debts are usually rescheduled through Tawarruq. *

 

22. In the Ijarah Muntahia Bittamleek contract, through Islamic financial and banking institutions, the bank transfers the ownership of the asset to the lessee, as soon as all installments are paid without a gift or sale contract. *

 

23. In Islamic banking and financial institutions, the applications of financing goods and services in the countries of the Gulf Cooperation Council comply with the standards of the Accounting and Auditing Organization to a large extent. *

 

24. The applications of Ijara financing contracts, in Islamic financial and banking institutions, are in accordance with the provisions of Islamic Sharia and are not subject to fundamental irregularities. *

 

25. Car financing procedures, in Islamic banking and financial institutions, are applied in an acceptable manner from the Shariah aspect, and provides a service to the community. *

 

26. Financing applications under Istisna contracts, in Islamic financial and banking institutions, comply with the rules and provisions of Islamic Sharia and do not have Sharia violations. *

 

27. In Islamic banking and financial institutions, the issuance of Islamic banking credit cards depends mainly on the Qard Hasan contract. *

 

28. In Islamic banking and financial institutions, the operations of retail financing for personal purposes depend mainly on Tawarruq. *

 

29. Islamic finance contracts are treated as loan contracts, in Islamic financial and banking institutions, and thus interest is accrued when resorting to judiciary. *

 

30. In Islamic banking and financial institutions, the internal Sharia audit is truly independent of the executive management. *

 

31. Fatwa board members, in Islamic banking and financial institutions, have deep knowledge of the violations that occur in the institution. *

 

32. In Islamic banking and financial institutions, members of the Fatwa Board submit a fatwa to structure Islamic Sharia-based financing products as required by the institution's executive management or board members. *

 

33. In Islamic financial and banking institutions, the internal Sharia supervisors are respected. *

 

34. CEO, in the Islamic banking and financial institutions, has practical experience in Islamic finance and investment operations. *

 

35. In Islamic banking and financial institutions, financing and investment products are structured in accordance with AAOIFI standards. *

 

36. In Islamic financial and banking institutions, the employee receives the necessary continuous training to understand the Sharia aspect of financing and investment operations. *

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