UBM588 - Quiz Chapter 8 (A) KBA2433C

____ is the Islamic alternative to conventional Insurance.

• Riba

• Al-'Aqd

• Takaful

Uncertainty in the contract of Insurance. This is about prohibited elements in Islamic law named ____.

• Al-Maisir

• Riba

• Al-Gharar

'The takaful operator is acting as the agent on behalf of the participants to manage the risk fund contributed by the participants.'

These statement & diagram is about -

• Mudharabah Model

• Wakalah Model

• Waqf Model

'Brotherhood or mutual assistance. Cooperation for common good.'

This is about -

• Piety (Taqwa)

• Ta’awun

• Tabarru’

'The takaful operator initiated the waqf fund by contributing the initial sum into the fund, and participants make donations to help the less fortunate members of the community.'

This statement is about -

• Mudharabah Model

• Wakalah Model

• Waqf Model

Gambling as the consequence of the presence of uncertainty. This is about prohibited elements in Islamic finance named ____.

• Al-Maisir

• Al-Gharar

• Riba

The Islamic Financial Services Act 2013 contains a provision that requires all takaful operators to establish a ____.

• Shariah Supervisory Council

• Shariah Subordinate Court

• Shariah Governance Framework

'Al-Mudharabah or trustee profit sharing is defined as a contract agreemrnt between a rabbul-mal (capital provider) with the takaful operator, known as mudarib (fund manager).'

This statement is about -

• Mudharabah Model

• Wakalah Model

• Waqf Model

Takaful is a noun stemming from Arabic verb “____”, meaning to protect or to guarantee.

• kufala

• kafala

• kafalu

____ means a connection of words of one party (ijab) to the words of the other party (qabul), which constitutes legal implications on the subject matter.

• Al-'Aqd

• Al-Gharar

• Al-Maisir