IBF4083 CONTRACT IN ISLAMIC FINANCE

Following are pillars (rukun) of Islamic contract, EXCEPT

• Subject matter

• Parties of contract

• Sighah

• Aqad

Contract can be best defined as following, EXCEPT

• Legally binding obligation, which has consequence for its object and subject matter

• Bilateral Agreement that is executed between two or more parties

• Connection between offer and acceptance in a lawful manner

• Agreement between two parties without binding by law

The pillars of contract include which of the following statement?

I. The expression of offer and acceptance, to indicate the consent (agree) and intention to contract

II. Witness to the sale of contract

III.The contracting parties with capacity to contract

IV.The subject matter of contract on which the contract is affected

• II only

• III and IV only

• I, III, and IV only

• All of the above

Which of the following elements could render (give) to a contract null and void (batil)?

I. Element of riba

II. Element of gharar

III.Element of maysir

IV.Objective of the contract contradicts a general shariah ruling

• IV only

• I and II only

• I, II, and III only

• All of the above

Which of the following statement(s) is/ are CORRECT which regard to the principle of mutual consent in a contract?

I. Both parties must agree on the same subject matter of contract

II. Any contract entered into without the consent of one of the parties is not valid

III.Consent given due to deceit (cheat) is not valid

IV.A contract on illegal subject matter according to shariah is valid as long as both parties mutually agreed

• IV only

• I and II only

• I, II, and III

• All of the above

The following are partnership contracts, EXCEPT

• Murabahah

• Mudarabah

• Muzaraah

• Musharakah

Which of the following contracts are charitable contracts?

• Kafalah and arrahnu

• Hibah and wadiah

• Qard al hassan and wa’d

• Wakalah and wadiah

Which of the following contracts are security contracts?

• Kafalah and arrahnu

• Hibah and wadiah

• Qard al hassan and wa’d

• Wakalah and wadiah

Below are supporting contracts, EXCEPT

• Wa’d

• Ibra’

• Ta’widh

• Muqassah

__________ is a sale contract where the seller must disclose the profit margin of the subject matter to the customer.

• Murabahah

• Mudarabah

• Ijarah

• Hiwalah