FIN546 QUIZ FOR SULAM

What are the elements of a valid contract?

• i. Offer & Acceptance

• ii. Principle of justice

• iii. Subject matter of contract

• iv. Transparency

What is the meaning of Maysir in Islamic Finance?

• Interest

• Uncertainty

• Gambling

• Legality

Mudharabah Al-Mutlaqah is also known as restricted contract.

• True

• False

What is Riba’?

• Gambling

• Gift or Donation

• Interest

• Profit of the company

Hibah is a type of gift or donation.

• True

• False

How many types of Gharar?

• One

• Three

• Five

• Two

Parties that involve in Mudharabah is seller and buyer.

• True

• False

Ijarah is meant by leasing, true of false?

• True

• False

All of these are prohibited elements in Islamic Finance, EXCEPT:

• Wadiah

• Riba’

• Gharar & Maysir

• All of the above

What are the similarities between Islamic Bank and Conventional Bank?

• Business Objectives

• Products offered

• Services offered

• All of the above