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Islamic finance_Basic principles

Total questions: 37

Worksheet time: 23mins

Name
Class
Date
1.

Which product means "to advance"

a)

Mudaraba

b)

Murabaha

c)

Salam

d)

Istisna'

2.

Find the asset-based financial instruments:

a)

Salam, Murabaha, Istisna', Ijarah

b)

Musharakah and Murabaha

c)

Salam, Murabaha, Mudaraba, Istisna'

d)

Salam, Mudaraba, Istisna'

3.

“Those who eat Riba (usury) will not stand (on the Day of Resurrection) except like the standing of a person beaten by Shaitan (Satan) leading him to insanity. That is because they say: "Trading is only like Riba (usury)," whereas Allah has permitted trading and forbidden Riba (usury)…”


Find name of Surah and number of Ayat

a)

Qur’an, Al Fatiha: 2

b)

Qur’an, Al Baqarah: 285

c)

Qur’an, Al Baqarah: 275

d)

Qur’an, Al Moida: 275

4.

________ is a contract whereby the purchaser pays the price in advance and the delivery of subject matter is postponed to a specified time in future.

a)

Istisna'

b)

Salam

c)

Ijarah

d)

Qard ul-hassan

5.

Maisir is...

a)

Speculation

b)

Gambling

c)

Uncertainty

d)

Interest rate

6.

What is a monopoly in Islamic finance?

a)

Riba

b)

Gambling

c)

Ihtikar

d)

Gharar

7.

What is uncertainty in Islamic finance?

a)

Gharar

b)

Maisir

c)

Riba

d)

Usury

8.

Find the definition of Riba

a)

a game of chance.

b)

a charge for the use of another’s money. It also includes unequal exchanges.

c)

encompass uncertainty, risk, hazard, and deceit.

d)

production harmful product

9.

In which economic system, the property is controlled only by the government?

a)

Islamic economy

b)

Capitalism

c)

Socialism

d)

No right answer

10.

In which economic system price is identified by supply and demand?

a)

Capitalism and Socialism

b)

Islamic economy and capitalism

c)

Capitalism only

d)

Islamic economy only

11.

Misliy and Qiyamiy are the types of....

a)

Riba

b)

Islamic financial contracts

c)

Commodity

d)

Secondary sources

12.

Types of Riba are ...

a)

Misliy and Qiyamiy

b)

Offer and acceptance

c)

Riba al-Nasiya and Riba al-Fadl

d)

Ixtiyoriy and g'oyriixtiyoriy

13.

Vadia is ...

a)

An alternative to traditional banking deposit

b)

Credit

c)

Prohibition in Shariah law

d)

Types of maysir

14.

Misliy goods means....

a)

which goods that can be measured in kilograms, liters, and meters, and grains or pieces do not differ in value.

b)

Goods whose grains differ in value are called qiyamiy.

c)

Halal goods

d)

Unpermissible goods

15.

Qiyamiy goods are...

a)

whose grains differ in value are

b)

measured in kilograms, liters, and meters, and grains or pieces do not differ in value.

c)

can be through the voluntary possession of the property

16.

Salam is...

a)

Partnership agreements

b)

Trade-based Agreements

c)

Commission payment agreements

d)

Loan agreement

17.

Murabaha is...

a)

Partnership agreements

b)

Trade-based Agreements

c)

Commission payment agreements

d)

Loan agreement

18.

Which agreements/ contacts are loan agreements

a)

Mudaraba, Musharakah, ijara

b)

Murabaha, Salam, Istisna'

c)

Qard al-hassan

d)

Ijarah, Vakalah

19.

What is "mabe' "?

a)

Price of the goods

b)

Contracting parts

c)

Trading goods

d)

Offer

20.

What is iyjab and qabul?

a)

One of the Key element of the contracts

b)

Acceptance

c)

Commodity

d)

Price

21.

(a)   goods, which can be measured in kilograms, liters, and meters, and grains or pieces do not differ in value.

22.

(a)   is a type of transaction, where we are transferring subject matter permanently and definitely for consideration

23.

Which are the types of a sale?

a)

Lease and loan

b)

Salomat bay, botil bay

c)

Spot transaction and Deferred sale

24.

"General partnership whereby two or more parties into a contract to exploit their labour and capital jointly and to share the profits and losses of the partnership. "

This statement describe about ....

a)

Mudaraba

b)

Murobaha

c)

Musharaka

d)

Ijara

25.

Partnership is...

a)

Shirkah

b)

Wakalah

c)

Lease

d)

Ijarah

26.

Riba which is related to the exchange of certain type of goods/commodities that involve different counter value and or deferred delivery is:

a)

Riba Al Fadl

b)

Riba Al Nasi'ah

27.

A customer only uses the asset during a temporary time.

It happens in a ...

a)

Loan

b)

Sale

c)

Lease

28.

Find non-profit-loss sharing products

a)

Mudaraba, Murabaha, Ijara

b)

Musharaka, Salam, Istisna'

c)

Murabaha, Salam, Istisna'

29.

Find participatory financial products in Islamic finance?

a)

Murabaha, ,musharaka

b)

Mudaraba, Musharaka

c)

Salam and Istisna'

30.

(a)   means leasing of property under permissible benefit in the form of a usufruct for a specified permissible consideration

31.

If a seller agrees with his purchaser to provide him a specific commodity on a certain profit added to his cost, it is called a____________ transaction

a)

Murabaha

b)

Mudaraba

c)

Musharaka

d)

Ijara

32.

The (a)   is the legal owner of the asset or property in ijara contract

33.

The (a)   gets the right to use an asset for a specific period and makes periodic payments (In ijarah contract)

34.

Who is Mudarib?

a)

Investor

b)

Entrepreneur

c)

Supplier

d)

Employeer

35.

In the Mudaraba contract, the pre-agreed profit sharing ratio is 40/60. Find loss sharing

a)

40/60

b)

100/ 0

c)

50/50

36.

In the Musharaka contract, A partner's capital is $40.000, B partner's capital is $60.000. The pre-agreed ratio 50/50. If the outcome is -$10.000, calculate Loss sharing of partners

a)

-$4000/ -$6000

b)

$5000 / $5000

c)

-$5000/5000

37.

In the Musharaka contract, A partner's capital is $40.000, B partner's capital is $60.000. The pre-agreed ratio 50/50. If the outcome is $10.000, calculate the profit-sharing of partners

a)

$4000/ $6000

b)

$5000/ $5000

c)

$0 /$10.000