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WorksheetsISLAMIC FINANCE
Total questions: 10
Worksheet time: 8mins
What is the meaning of Riba
Uncertainty
Gambling
Ownership
Exploitation
The chapters of the Qur’an are known as
surrah
sunnah
shariah
sufis
WHAT CORE PRINCIPLES OF THE ISLAMIC ECONOMIC SYSTEM
THE CONCEPT OF BARAKAH
JUSTICE IN EXCHANGE
EQUALITY OF LIBERTY
THE FREEDOM OF CONTRACT AND OBLIGATION
WHAT ARE PROHIBITION OF SHARIAH
ZAKAT
RIBA
LOANS
INTEREST RATE
WHAT ARE REASON PROHIBITIONS OF RIBA
It results a negative economic growth
It increased human personality
It implies proper appropriation of other people’s property
WHICH IS THE TRUE PRINCIPLE OF AQAD
TRUSTWORTHY
RISK SHARING
ACTIONS COULD BE TAKEN ONLY AFTER ADEQUATE COMPENSATION WAS PAID TO THE OWNER
AGENTS OF CONTRACTS
WEALTH MUST BE EARNED THROUGH
RIBA
BENEFICIAL
BARAKAH
WHAT IS PURPOSE OF BARAKAH
To clear any misunderstanding or ambiguity about the responsibilities of the parties to the contract
To ensure that all parties to the contract have full knowledge of what they are committing to and what their respective responsibilities would be.
To determine whether or not an individual within the system will find it utility-maximizing to follow the behavior rules prescribed by the system.
To cover spiritual and temporal or temporary and eternal interests.
WHAT IS COMPONENT OF ECONOMIC JUSTICE IN AN ISLAMIC SOCIETY
Competition and cooperation must be utilized in probity and piety rather than in evil and enmity
The concomitant private property obligations from the point of view of justice, are designed to give effect to the interdependence of the members of the community
The right of the collectivity to the property is protected by the Shariah
Equality of liberty and opportunity for all members of the society with respect to utilization of natural resources
WHY PEOPLE PAY/RECEIVE INTEREST
Because they are wealthy
A guarantee of same satisfaction or utility in future
Obligations
Shariah
