Pretest Fundamentals of Islamic Banking

Islam is a spiritual religion. Thus, Finance has no place in Islamic system and Muslim are encouraged to stay poor.

• true

• false

Agency (Wakala) is a Unilateral contract

• true

• false

Islamic Fiqh Academy has nothing to do with Islamic Finance.

• True

• False

The five Necessities which are preserved and protected as the main role of Islamic Shari’a, is considered luxurious.

• True

• False

SSB provides determinative guidance (Standards) on Islamic Law related to Finance.

• True

• False

All transactions are permissible except those which include Riba and Gharar

• True

• False

Islamic system balances the Islamic Society through Zakah principles.

• True

• False

Commodity Riba limited to 6 kinds in prophet period..

• True

• False

Any educated person could practice Ijtihad (diligent judgment) as it required reasoning and logic.

• True

• False

Combination of Money exchange & money transfer is prohibited.

• True

• False