Q1 C: SHARIAH AUDIT AND COMPLIANCE SUBJECT: SHARIAH AUDIT AND COMPLIANCE PLEASE ANSWER ASAP QUESTION ONEABC Islamic Bank ("bank") has given its Islamic corporate financing facility to thefollowing customers and in the periodic Shariah review exercise conducted, it wasdetected that during the credit evaluation stage of customers, no due diligence wasconducted about the business activities of the customer.CustomerCustomer ACustomer BCustomer CMain business activityTobacco productionImporting liquorPig farmingIt was also found that when processing financing disbursement to one corporatecustomer, credit administration unit discovered that commitment fees have beencharged on the customer's unutilized financing amount. The Shariah review teamfound out that errors in the system-setting caused this incident.With reference to the above, answer the following questions:c) Assess two types of consequences that shall be faced by ABC Islamic Bank ifthere is an actual Shariah non-compliance event.

Here discuss about the details of the non compliance event which are incurred with the Islamic bank…

Answered: Q1 C: SHARIAH AUDIT AND COMPLIANCE…

Business

Accounting

Q1 C: SHARIAH AUDIT AND COMPLIANCE SUBJECT: SHARIAH AUDIT AND COMPLIANCE PLEASE ANSWER ASAP

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter10: Long-term Liabilities

Section: Chapter Questions

Problem 10.4DC

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