foundation in islamic finance quiz 1

What is Shariah

• the divine laws, values and commandments and the way of life that have been conveyed through divine revelation.

• knowledge and understanding

• reservation of a property preventing another from benefiting from it and permitting its owner to dispose of it in any manner he likes

One of the core aims or objectives (maqasid) of the Shariah is the preservation of Wealth (Maal).

• True

• False

Fiqh contains human involvement which requires juristic interpretation from Scholars.

• True

• False

Subject matter in a contract can not be anything that is not tangible. (Eg: usufruct (benefit from someone else's property) which is commonly found in a lease agreements)

• True

• False

Offer and acceptance are non-essential attributes of the contract and if they are missing then the contract can not be described as Void (batil)

• True

• False

According to shari'ah, anything that has economic value is considered wealth.

• True

• False

The flesh of a dead animal is not considered a property of value to a Muslim

• True

• False

Qiyas is always built on the following 4 pillars EXCEPT

• Asl

• Fari’

• Sahih

• illah

A method of exercising personal opinion in order to avoid any rigidity and unfairness that might result from the literal enforcement of the existing law.

• Istihsan

• Istishab

• Maslahah Mursalah

• urf

Implies blocking the means to an evil which is likely to materialise if the means towards it is blocked.

• Saad Zarai'i

• Istishab

• Istihsan

• Urf