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AAOIFI Shari’ah Standard No. 14 “Documentary Credit” . Dr. Ahmad Asad
Quiz by Ahmad Asad
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Q 1) Which of the following is a classification of documentary credit?
Q 2) Standard No.14, documentary credit is applicable on?
Q 3) Under the stage of _______ credit: The beneficiary produces the documents stipulated in the Letter of credit to the bank, if they are alright the banks accepts them, executes the credit and delivers the documents to the buyer. If not so, the bank reserves the rights to accept, reject or seek amendments in the document.
Q 4) A _______ credit is the one which can be cancelled or amended without the knowledge of beneficiary
Q 5) Which of the following is a form of documentary credit?
Q 6) It is permissible for the Institution to negotiate, for less than nominal value, documents payable on sight or bills of exchange?
Q 7) It is not permissible for the Institution to negotiate, for less than nominal value, documents payable on sight or bills of exchange:
Q 8) The bank is indebted to pay the value of the credit to the beneficiary when the latter presents the documents
Q 9) An Irrevocable Credit is the one, which can be cancelled or amended without the knowledge of the beneficiary.
Q 10) The bank is not indebted to pay the value of the credit to the beneficiary when the latter presents the document, unless stipulated otherwise in the contract.