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Certified Islamic Banking Professional – CIBP Jobs Interview Question and Answers in Karachi, Pakistan, Dubai

 Digital Marketing Interview Q&A

When it is all about your career opportunities in the banking sector, there are many people like freshers, and experienced professionals across the globe prefer to become a banker.  Getting a job in the banking sector is not that easy, it requires right academic qualifications, aptitude, sincerity, responsibility and dedication, and as well experience if you are not applying for the entry-level position.  A job in banking services acquires many bank interview questions and answers to clear the interview panel.

Top 21 Banking Interview Questions and Answers are:

Question 1: Brief me about yourself?

Answer: It is the first fundamental question that every interviewer asks a candidate to start the conversation and know about the person. So, always be positive and introduce yourself starting with your name, qualification and all the other required information that is important for an interviewer to know.  Just complete it within 2 minutes so that it should not be extended as a boring conversation.

Question 2:  Why do you want to join the banking sector?

Answer:  In this question, be logical and answer it by telling why banking sectors have influenced people with all the facts and figures, ready as to why the banking sector is the fastest-growing sector. Do not start by telling that you want to have a stable career or some personal view.  Just make it well versed which can form a correct opinion of your answer.

Question 3: What are the types of accounts in a bank?

Answer:  Be straight forward and start your answer by telling the information which can match the question asked by an Interviewer.  The types of accounts in banks are:

  • Checking Account:  You can access the account as saving account but, unlike saving account, you cannot earn interest on this account. The benefit of opening a checking account in a bank is there is no limit for withdrawal.
  • Money Market Account:  This account gives both the benefit of savings account and checking accounts.  You can withdraw the amount and yet you can earn higher interest on it.  This type of account can be opened with a minimum balance.
  • Certificate of Deposit Account (CD):  By the opening of such account you have to deposit your money for the fixed period like five years or seven years, and you will earn the interest on it. The rate of interest will be decided by the bank, and you cannot withdraw the funds until the fixed period expires.
  • Saving Account:  You can save your money in such account and also earn interest on it.  The number of withdrawal is limited and need to maintain the minimum amount balance in the account to remain active.

Question 4: What are the necessary documents a person requires to open an account in a bank?

Answer: As per the RBI advised banks to follow the Know Your Customer (KYC) guidelines where the bank obtains some personal information of the account holder.  The primary document that is needed to open an account are photographs, proof of identity proof like Aadhar card or Pan Card etc., and address proof as well.

Question 5:  What are the types of Commercial Banks?

Answer: The types of Commercial Banks are:

  • Retail or Consuming Bank: – It is small to the midsize branch that directly deals with consumer’s transaction rather than corporate or other banks.
  • Corporate or business banking: – Corporate banking deals with cash management, underwriting, financing and issuing of stocks and bonds.
  • Non- traditional Options: – There are many non-banks entities that offer financial services like that of the bank. The entities include credit card companies, credit card report agencies and credit card issuers.
  • Securities and Investment Banking: – Investment banking manages portfolios of financial assets, commodity and currency, corporate finance, fixed income, debt and equity writing etc.

Question 6:  What is the annual percentage rate (APR)?

Answer:  APR is known as the Annual percentage rate. It is a charge or interest that the bank imposes on their customers for using their services like loans, credit cards etc.  The interest is calculated annually.

Question 7:  What is Amortization and negative amortization?

Answer:  Amortization refers to the repayment of the loan by instalment to cover principal amount with interest whereas, negative amortization is when the repayment of the loan is less than the loans accumulated interest, then negative amortization takes places.

Question 8:  What is the debt to income ratio?

Answer:  Debt to income ratio is calculated by dividing a loan applicant’s total debt payment by his gross income.

Question 9: What is loan grading?

Answer:  Loan grading is the classification of the loan based on various risks and parameters like repayment risk, borrowers credit history etc.  The system places a loan on one to six categories, based on the stability and risk associated with the loan.

Question 10: What do you mean by Co-Maker?

Answer:  A person who signs a note to guarantee the payment of the loan on behalf of the main loan applicant’s is known as Co-maker or signer.

Question 11: What is the line of credit?

Answer:  Line of credit is an agreement between the bank and a borrower, to provide a certain amount of loans on borrower’s demand. The borrower can withdraw the amount at any moment and pay the interest only on the amount withdraw.

Question 12:  How banks earn a profit?

Answer:  The bank earns profit in various ways:

  • Accepting deposit
  • Banking Value chain
  • Interest spread
  • Providing funds to borrowers on interest
  • Additional charges on services like checking account maintenance, online bill payment etc. 

Question 13: What is the payroll card?

Answer:  Payroll cards are types of smart cards issued by banks to facilitate salary payments between employer and employees.  Through payroll card, the employer can load salary payments onto an employee’s smart card, and employee can withdraw the salary even though if he or she doesn’t have an account in the bank.

Question 14: What is the card-based payment?

Answer:  There are two types of card payments:

  • Credit Card Payment
  • Debit Card Payment

Question 15:  What is a Payday loan?

Answer: A Payday loan refers to a small amount and a short term loan available at the high-interest rate.

Question 16: What is a charge off?

Answer: Charge off is a declaration by a lender to a borrower for non- payment of the remaining amount when borrower badly falls into debt. The unpaid amount is settled as a bad debt.

Question 17: How do you stay on top of new trends in the financial services industry?

The interviewer would like to know that your passion for financial services goes beyond your work hours. Do you keep on top of industry news and trends on your off time? Assure the interviewer that you are well immersed in the industry.

Question 18: What effect does zakat alms have on social welfare of the community?

payment that a free and rational Muslim who owns a certain amount of wealth has to observe. Its importance in Islam is manifested by the numerous pairings of its obligation to that of prayer (salah) in the Quran. Among the fundamentals of Islam, it has the most direct economic implications on Muslims for it involves the distribution of wealth from the affluent in society to those in need.

Question 19: Where to find Islamic bank’s profit and loss sharing rate?

I am looking to analyse the determinants of Islamic Bank’s market share, but I need to find the Islamic bank’s profit and loss sharing rate. Previous papers on this topic used the profit-sharing rate as an independent, but I cannot find any data on this for my own research.

Question 20: What is Credit risk and Market Risk in Islamic banking context and which is higher?

We have been taught that IB has relatively high market risk than conventional banks, but less Credit risk than conventional banks too.

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