Why is Bahrain internationally recognized as a pioneer in the global Islamic banking and finance sector?
Answer and explanation
Correct answer: C. Hosts AAOIFI and issued the first sovereign Islamic Sukuk
- Step 1: Bahrain was the first country to establish a dedicated regulatory framework for Islamic banking and issued the world's first sovereign Sukuk in 2001.
- Step 2: It serves as the international headquarters for the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI).
Answer
Hosts AAOIFI and issued the first sovereign Islamic Sukuk.
Why not the others: 'Discovered the first modern oil field in the Islamic world' is inaccurate (drilling began earlier in Iran/Baku) and unrelated to banking; 'Operates the largest commercial stock exchange by volume' is incorrect (Tadawul is far larger); 'Provides zero-interest personal loans to all visitors' is fictional.
Practise more Oil Refining, Alba Aluminum, Financial Services and Vision 2030.
Free questions with an explanation for every one, and full timed General Knowledge (Bahrain) mock tests.
More Oil Refining, Alba Aluminum, Financial Services and Vision 2030 questions
- What is the name of the long-term national economic roadmap launched in October 2008 to guide Bahrain's diversification from oil dependency?
- What are the three guiding core principles upon which Bahrain Economic Vision 2030 is anchored?
- Which industrial company operates the largest single-site aluminium smelter in the world outside mainland China, located in Askar, Bahrain?
- What is the name of the sovereign wealth fund of the Kingdom of Bahrain, established in 2006 to manage the state's commercial and strategic…
- Which public investment agency, chaired by HRH the Crown Prince, spearheads foreign direct investment (FDI) attraction and business reform i…
- What semi-autonomous semi-governmental organization, established in 2006, provides grants, training, and financing to upskill Bahraini worke…