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The resolution of Islamic Fiqh Academy is considered one of the main sources of Al Sharī'ah (Islamic law) that constitute the basis of Islamic banking and financeTrue Any form of banking and financial institution that is consistent with the principles of the Sharī'ah can be referred to as Islamic bank or financial institutionTrue There are basically two types of riba—riba al-nasi'ah, which is the interest on lent money, and riba al-fadl, the exchange of superior goods with more inferior ones.True The form of riba prohibited in the Qur'an is riba al-fadl, the exchange of superior goods with more inferior ones.False While riba al-nasi'ah relates to trade, riba al-fadl relates to loans.False Within the modern context, the interest element in banking and finance is replaced with profitsharing through certain Islamic financial products such as mudarabah and musharakahTrue Any form of interest-free banking based on ethical ideals of financial transactions will be recognized as Sharī'ah -compliant.True The existing mediums of exchange (currencies) during the advent of Islam in the Arab region were the dinar (Gold) and dirham (Silver)True