ISLAMIC FINANCIAL INSTITUTION

What is the product which currently offered by the Islamic bank that using leasing contract?

• Ar Rahn

• Al Wadiah

• Al Bay' Bithamin Ajil

• Al Ijarah Thumma Al Bai'

What is the meaning of al-luqatah?

• Property had been left out since the era of Jahiliyyah

• Property with the unknown owner

• Property donated by a person for welfare purpose

• Property derives from wars and inheritance properties

What is meaning of tabbaru’ in takaful?

• The insurer needs to compensate a certain amount of money to the insured.

• An insurance contract is a contract of exchange there exists compensation awarded with the premium payment at the same time

• A contract where the results are not known or hidden, or one of the two possibilities where the frequent occurrence is the one that is more feared

• A form of sincere donation that is given by one party with the intention of helping others to bear monetary losses and misfortunes that may entail

The following are Islamic concepts used for ar-Rahn EXCEPT

• al-ujrah

• musyarakah

• qardhulhasan

• wadiah yad-amanah

The following are eligible to receive zakat in Malaysia EXCEPT

• single mother who worked

• low income people below the poverty line

• people who have no or disabled and prevented from working

• orphans and have not attained the age of 18 years and no income

What are the concepts used in the contract of takaful?

• Mudarabah and musyarakah

• Murabahah and musyarakah

• Musyarakah and wakalah

• Mudarabah and wakalah

General sources of Baitulmal Malaysia are

• al-luqatah, waqf , nazar, kafarah payment and wassiyah

• al-luqatah, waqf , al-fay’, kafarah payment and wassiyah

• kharaj, jizyah, waqf , nazar, kafarah payment and wassiyah

• ushur, al-fay’, waqf , nazar, kafarah payment and wassiyah

The function of ar-rahn is to

• give loan and the mortgagor required to pay the debt together with the interest

• provide loans to people that the shortage of funds and intended to get maximum profit

• enable people pledge their property and sell it if they cannot afford to pay the debt and all money will be taken by the mortgagee

• secures the jewellery and would be auctioned off if mortgagor cannot pay the debt, if there is any balance will be refunded

What is the benefit of family takaful plan?

• Provide financial protection if you are diagnosed with a critical illness.

• Cover the vehicle against loss or damage as well as third party legal liabilities.

• Protect for losses to property such as buildings, contents, machinery as well as stock.

• Protect the home from loss or damage caused by any of the fire or earthquake.

The following are principle of takaful EXCEPT

• mutual protect any inconvenience

• mutual cooperate or assist

• mutual guarantee the profit

• mutual protect any inconvenience