WorksheetsAQIF - Fundamental of Shari'ah in Islamic Finance
Total questions: 30
Worksheet time: 15mins
What does the term 'Shariah' literally mean?
The law of the land
The teachings of the Prophet
The path to be followed
The rules of finance
Which of the following is NOT one of the main components of Islam?
Fiqh
Akhlaq
Aqidah
Shariah
What is the primary objective of Islamic finance?
Minimizing risks
Promoting interest-based transactions
Maximizing profits
Wealth creation and transfer
Which of the following best describes 'Ijtihad'?
A process of legal reasoning
A type of financial product
A form of worship
A historical event
What is the relationship between Shariah and Fiqh?
Shariah and Fiqh are the same
Shariah is the body of law, while Fiqh is the understanding of that law
Fiqh is more important than Shariah
Fiqh is a subset of Shariah
Which of the following is a classification of Fiqh?
Fiqh al-Ma’rifah
Fiqh al-Mu’amalah
Fiqh al-Tasfiyah
Fiqh al-Mahabbah
What does 'Maqasid al-Shariah' refer to?
The objectives of Shariah
The sources of Islamic law
The history of Islamic jurisprudence
The principles of finance
Which of the following is NOT a salient feature of Shariah?
Divinely Origin
Universal
Rigid
Moderate
Which of the following is the task of Mujtahid?
Produce rulings based on his understanding and life experinence
Make ruling based on his observations on the environment and world population
Interpret the Quran and Sunnah according to his understanding and god given instinct
Ensure he/she derives the underlying rulings from the Shari'ah primary sources
What is Siyasah Shar'iyyah primarily concerned with?
Promoting foreign investments
Securing benefits for the people
Enforcing strict penalties
Maximizing government profits
Which of the following is NOT a type of Siyasah Shar'iyyah?
Siyasah Fiqhiyyah
Siyasah Iqtisadiyyah
Siyasah Idariyyah
Siyasah Qada'iyyah
What is the main objective of Maqasid Shariah?
To increase government revenue
To enforce legal penalties
To protect the welfare of mankind
To promote economic growth
Which of the following is a prohibited activity in Islamic finance?
Investing in halal businesses
Providing loans without interest
Engaging in gambling
Offering profit-sharing agreements
What does the term 'riba' refer to in Islamic finance?
Asset management
Profit-sharing
Interest or usury
Charitable donations
___________ is the set of rules derived from both the Quran and the authentic traditions (sunnah) of the Prophet Muhammad (saw) and the scholarly opinions (ijtihad) based on Quran and Sunnah.
Fiqh Ibadat
Fiqh Munakahat
Shariah
Aqidah
One of the objectives (maqasid) of the Shariah is the preservation of Wealth (Mal).
True
False
Fiqh contains human involvement which requires juristic interpretation from Islamic Scholars.
True
False
Implies blocking the means to an evil which is likely to materialize if the means towards it is blocked.
Maslahah Mursalah
Istishab
Saad zarai'i
Urf
__________ is the unanimous agreement of the mujtahid of the Muslim community of any period of the following the demise of Prophet Muhammad (s.a.w).
Ijma
IStishab
Istihsan
Istisna
____________ refers to the facts or rules of law, whose existence or non-existence had been proven in the past presumed to remain until it can be proved it no loner exists or has been modified.
Istisna
Istishab
Istihsan
Urf
___________ is the extension of a Shariah ruling from the original case to a new case, because the letter has the effective cause (íllah) as the former.
Ijma
Istishab
Istisna
Qiyas
Urf
What is the right example for Istishab?
The settlement of trade transactions is based on custom currency.
Long absence of someone, it is doubtful whether he is alive or dead. Therefore, all rules must remain in force which in one knew that he was still alive. (until there is a prove that he was dead).
Charging a uniform fee for certain services.
The right of the government to collect taxes from the rich other than zakat.
Technically ‘Urf is defined as a
Facts or rules of law whose existence or non-existence had been proven in the past should be presumed to have still continued as such for lack of establishing any change.
Method by which the means that lead to an evil is prohibited
Common and recurring practices which are acceptable to people of sound nature
Method by which the means that lead to an evil is prohibited
Which of the following is considered a major sin in Islam?
Riba
Charity
Fasting
Prayer
What does the term 'Riba al-Nasi'ah' refer to?
Surplus in goods
Charity
Trade
Interest on loans
Which verse from the Qur'an states that God has permitted trade and forbidden interest?
Surah Al-Hajj
Surah Al-Ma'idah 3
Surah Al-Annfal 33
Surah Al-Baqarah 275
What is an example of Riba in loans?
Paying back the same amount borrowed
Paying back in goods
Paying back more than borrowed
Paying back less than borrowed
Which of the following is NOT one of the items that can incur Riba?
Gold
Clothing
Silver
Wheat
What is the Islamic perspective on hire purchase agreements that involve interest?
Haram
Mustahabb
Permissible
Makruh
What is thevdifference between Shari'ah anf Fiqh?
Shari'ah is a divine law whilst fiqh is lawmaker's decision
Shari'ah is a divine law whilst fiqh is interpretation derived by shcolars
Shari'ah is scholar's understanding shilst fiqh is his personal view
Shari'ah is court's order whilst fiqh is something related to ibadah
