Practice question
Under RA 11439, what is an Islamic banking unit?
- A private religious court
- Only a bank’s advertising slogan
- A company with no banking function
- A division, department, office or branch of a conventional bank conducting Shari’ah-compliant business
- Only a foreign embassy
Legal references
- RA 11439 (2019), Sections 2-4, expanded Islamic banking framework: https://lawphil.net/statutes/repacts/ra2019/ra_11439_2019.html
Answer this question in flashcards to review your response and continue practicing.