Quiz on Islamic Finance and Shariah Law

Nora was studying various terms in her Islamic studies class when she came across the term 'Shari'ah'. Curious about its meaning, she asked her teacher what it literally means.

• A historical document

• A set of financial regulations

• A type of banking system

• The way to a watering place

During a discussion in class, Noah asked his classmates about the different types of Ahkam in Shari'ah. He wanted to know which of the following is NOT one of the five types of Ahkam.

• Fard

• Mubah

• Zakat

• Sunnah

During a discussion in class, Mason asked his peers about the primary source of law in Islamic finance. Grace suggested one option, while Evelyn mentioned another. What is NOT the primary source of law in Islamic finance?

• Hadith

• Istisna

• Ijma'

• Qiyas

Maya is studying the Islamic Financial Services Act (IFSA) 2013 in her finance class. What does this act aim to promote?

• Conventional banking practices

• Financial stability and Shari'ah compliance

• Interest-based financial systems

• Global financial markets stability

In a discussion about Islamic jurisprudence, Aria asked her classmates which of the following is a qualification of a Mujtahid?

• Knowledge of economics

• Knowledge of Hadith

• Experience in banking

• Ability to speak multiple languages

During a discussion in class, Aria, Anika, and Maya were trying to understand the principles of Islamic law. Anika asked, 'What is the meaning of 'Ijma' in Islamic law?'

• Public interest

• Personal opinion

• Analogy

• Consensus of jurists

During a discussion in class, Lily asked her classmates about the act that was repealed by the enactment of IFSA. Can you help her find the correct answer?

• Islamic Banking Act 1983

• Banking and Financial Institutions Act 1989

• Insurance Act 1996

• Payment Systems Act 2003

Ethan is studying Islamic jurisprudence and comes across the term 'Qiyas'. He wonders what it refers to in this context.

• Tradition

• Public interest

• Analogy

• Consensus

During a study group, Samuel, Michael, and Evelyn were discussing the sources of law in Islamic finance. Samuel asked, "Which of the following is a secondary source of law in Islamic finance?"

• Quran

• Hadith

• Ijtihaad

• Ijma'

Mia is studying Islamic finance and comes across the IFSA 2013. What is the main focus of the IFSA 2013?

• To eliminate Islamic finance

• To promote interest-based loans

• To enhance Shari'ah compliance and governance

• To regulate conventional banks