While Crafting Its Guidelines, IFSB Considered Every Technique or Mechanism

question 116

True/False

While crafting its guidelines, IFSB considered every technique or mechanism that originates from the conventional banking industry to be non-Sharī'ah compliant.

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Definitions:

Paper Currency

Legal tender issued by a government or central bank in the form of paper notes.

Negotiable Instrument

A signed document promising a sum of payment to a specified person or the assignee which is transferable by endorsement.

Sum Certain

A specific, agreed-upon amount of money owed under a contract that is not subject to change.

Unconditional Promise

A commitment or guarantee that is not subject to any conditions or contingencies.