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Competition on ISLAMIC FINANCE

Total questions: 30

Worksheet time: 15mins

Name
Class
Date
1.

How many basic rules does have the SALE?

a)

3

b)

4

c)

5

d)

6

2.

Which example is appropriate to the following rule:


The subject of sale must be existing at the time of sale.

a)

Anvar sells to Bobur a car which is presently owned by Sanjar, but Anvar is hopeful that he will buy it from Sanjar and shall deliver it to Bobur subsequently.

b)

Anvar sells the unborn calf of his cow to Bobur

c)

Anvar has purchased a car from Bobur. Bobur has not yet delivered it to Anvar or to his agent.

3.

Which example is appropriate to the following rule:


The subject of sale must be in the physical or constructive possession of the seller when he sells it to another person.

a)

Anvar sells to Bobur a car which is presently owned by Sanjar, but Anvar is hopeful that he will buy it from Sanjar and shall deliver it to Bobur subsequently.

b)

Anvar sells the unborn calf of his cow to Bobur

c)

Anvar has purchased a car from Bobur. Bobur has not yet delivered it to Anvar or to his agent.

4.

Which example is appropriate to the following rule:


The subject of sale must be in the ownership of the seller at the time of sale.

a)

Anvar has purchased a car from Bobur. Bobur has not yet delivered it to Anvar or to his agent.

b)

Anvar sells the unborn calf of his cow to Bobur

c)

Anvar sells to Bobur a car which is presently owned by Sanjar, but Anvar is hopeful that he will buy it from Sanjar and shall deliver it to Bobur subsequently.

5.

Which products are sale-based in Islamic finance?

a)

Mudaraba, Murabaha and Musharaka

b)

Murabaha, qard ul-hassan and Salam

c)

Ijarah, Salam, Murabaha, Istisna

d)

Mudaraba and Musharaka

6.

Which products are participatory financial instruments in Islamic finance?

a)

Salam and Istisna

b)

Murabaha, Ijara, Mudaraba

c)

Qard ul hassan and Murabaha

d)

Mudaraba and Mushoraka

7.

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

a)

Istisna

b)

Salam

c)

Ijarah

d)

Murabaha

8.

In which contract, whereby the price can be paid in Installment and the delivery of the subject matter must be given hand to hand?

a)

Istisna

b)

Salam

c)

Ijarah

d)

Murabaha

9.

In which sale contract, the purchaser makes a contract in order to construct or manufacture something at a specific price, specific time period, and specific requirements?

a)

Istisna

b)

Salam

c)

Ijarah

d)

Murabaha

10.

_____________________is anything that is used or consumed in the tradition (urf) and has its intrinsic value.

a)

Saman

b)

Goods or commodity

c)

Mabe

11.

Which type of goods can be measured in kilograms, liters, and meters, and grains or pieces do not differ in value?

a)

Misliy

b)

Qiyamiy

c)

Ixtiyoriy

d)

Ribaviy

12.

Goods whose grains differ in value are called ___________.

a)

Misliy

b)

Qiyamiy

c)

Ixtiyoriy

d)

Ribaviy

13.

Find ways to own property?

a)

Misliy and Qiyamiy

b)

Ixtiyoriy (optional) and g'oyri ixtiyoriy

c)

Purchasing and finding

14.

________ is a financial institution licensed to receive deposits and make loans.

a)

An investment fund

b)

A bank

c)

An insurance company

d)

An entreprises

15.

Find Commission payment agreements in Islamic banks?

a)

Ijarah and Murabaha

b)

Salam and Istisna

c)

Kafala and Vakala

d)

Mudaraba and Mushoraka

16.

In ______ ownership is immediately transferred from A to B.

a)

a loan

b)

a sale

c)

a lease

17.

The ______ is immediately exchanging his goods specified known amount of money

a)

seller

b)

buyer

c)

agent

d)

customer

18.

In a ______, the customer only uses the asset during a temporary time.

a)

loan

b)

lease

c)

sale

d)

spot transaction

19.

_______ as a concept where you give money, or something is a temporary type of transfer for free of any charge.

a)

A sale

b)

A lease

c)

A loan

20.

_____ is charitable. It is a temporary transfer and it should not return the profit.

a)

loan

b)

lease

c)

sale

d)

spot transaction

21.

Find PLS model of financing?

a)

Murabaha, ijarah

b)

Salam and Istisna

c)

Mudaraba and Musharaka

d)

Mudaraba and Murabaha

22.

_____________ is a special kind of partnership where one partner gives money to another for investing it in a commercial enterprise.

a)

Musharaka

b)

Murabaha

c)

Mudaraba

d)

Ijarah

23.

_____________ is a word of Arabic origin which literally means sharing. In the context of business and trade it means a joint enterprise in which all the partners share the profit or loss of the joint venture.

a)

Musharaka

b)

Murabaha

c)

Mudaraba

d)

Ijarah

24.

“_________” refers to a particular kind of sale.

If a seller agrees with his purchaser to provide him a specific commodity on a certain profit added to his cost

a)

Ijarah

b)

Murabaha

c)

Mushoraka

d)

Mudaraba

25.

__________is the legal owner of the asset or property

a)

The lessor

b)

The lessee

c)

The producer

d)

A customer

26.

_______ gets the right to use an asset for a specific period and makes periodic payments

a)

The lessor

b)

The lessee

c)

The producer

d)

A customer

27.

In which type of Insurance is a contract between

the insurance company and the policy

holder, where the insurance company

agrees to compensate for certain losses of

the policyholder for a premium?

a)

Traditional Insurance

b)

Takaful

c)

Wakala model of takaful

28.

Which Islamic financial product means "guaranteeing each other"?

a)

Musharaka

b)

Mudaraba

c)

Sukuk

d)

Takaful

29.

The participation into a Takaful fund must be_______________ in order to help those faced with difficulties.

a)

paid money

b)

performed with the highest sincerity

c)

returned money

30.

Find equity-type structures of the SUKUK

a)

Murabaha. Istisna and salam

b)

Ijarah

c)

Wakala, Mudaraba and musharakah