QUIZ IBF4073 ISLAMIC FINANCIAL PLANNING

Following are types of risk management

I. Risk avoidance

II. Risk retention

III. Risk sharing

IV. Risk transfer

• I and II only

• I, II and III

• I, II and IV

• All the above

The risk is shared among all the takaful participants is the best to define

• Risk sharing

• Risk management

• Risk transfer

• Risk retention

The following are the conditions for zakat on saving, EXCEPT

• Hawl is one year

• Based on the beginning balance

• Nisab 85 gram gold

• Zakat rate 2.5%

The following are types of personal relief for resident individuals in tax calculation.

I. Purchase of books

II. Takaful/insurance payment for medical benefits

III. Medical expenses for parents

IV. Amount deposited in unit trust

• II and III

• II, III, and IV

• I, II, and III

• All the above

Which of the following is NOT an objective of tax planning?

• To minimize income

• To reduce tax payable

• To minimize tax litigation

• To maximize relief

Which of the following obligations are required to be settled prior to the distribution of estate?

I. Burial/ Funeral expenses

II. Settlement of debts

III. Execution of Wasiyyah

IV. Distribution of Estate under Faraid

• I and II

• I, II, and III

• II and III

• All the above

Following are instruments used in Islamic estate planning, EXCEPT

• Will

• Sedeqah

• Matrimonial asset

• Hibah

Which of the following statement is TRUE about wasiyyah?

• Wasiyyah cannot exceed 1/3 over the total estate.

• It is effective anytime as long as the owner agrees.

• There is no need for consent of the legal heirs in a case of exceeding amount of the whole estate.

• Wasiyyah should be made in favour of entitled legal heirs

Two kinds of waqf has been determined which are

• Individual waqf and group waqf

• Family waqf and welfare waqf

• Perpetuity waqf and permanence waqf

• Cash waqf and building waqf

Which of the following is a definition of nomination?

• Appointment of a person to administer the deceased's estate, including the manner in which the estate to be distributed.

• Appointment of a person for the purpose of taking care and administering the assets of the settler.

• It is the jointly-acquired property of the husband and wife.

• An individual gives direction to the person holding the relevant funds on his behalf, to pay the funds upon death of the nominator.