Day 2 Islamic Finance - 1 Quiz

Which of the following is not one of the categories of the Halal Islamic economy streams?

• Islamic Finance

• Halal Tourism

• Halal Pharmaceutical

• Islamic Governance

One of the unique functions of the Islamic financial system is:

• Savings function

• Liquidity function

• Spiritual function

• Socio-economic justice

An additional element that is added in an Islamic financial institutions balance sheet is:

• Equity of Investment Account Holders

• Accounts Receivables

• Shariah Compliant Assets

• Liability

Which of the below are secondary sources of Shari'ah in Islamic finance?

• AlQuran

• Sunnah

• Qiyas

• Local laws

As an Islamic financial institution we need to ensure that we don't overly indulge our customers with loan based products such as personal loans or credit cards. This is a manifestation of which objective of Shari'ah?

• To educate

• To achieve social welfare

• Justice

• None of the above are the correct answer

Avoidance of Riba, Gharar and other negative elements of transactions in Islamic finance are considered as:

• An obligation or fard

• Recommendation of sunnah/mandoob

• Permissible or mubah

• dis-recommendation or makrooh

What is the bridge between Shari'ah and Fiqh?

• Usul Al Fiqh

• Islamic finance

• The Quran

• Ijtihad

What may be the negative consequences of having Shari'ah scholars sit in too many boards of Islamic financial institutions?

• Sharing of knowledge of certain structures of products

• Sharing of experience of different systems in different countries or regions

• Over burdening scholars which leads to lack of optimum performance

• All of the options are negative consequences