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WorksheetsFiqh Muamalat II
Total questions: 68
Worksheet time: 34mins
What is the literal meaning of Al-Wakalah?
Delegation, commision, preservation
Cooperation, agency, investment
Agreement, contract, dissolution
Protection, delegation, nullification
According to Al-Shafi'iyyah, which of the following is a requirement for Al-Wakalah?
The principal must have legal capacity
Both parties must be living
The agent must not charge a fee
The subject matter must be a financial transaction
Which of the following rulings makes Al-Wakalah mandatory (wajib)?
Helping others perform permissible acts
Assisting with obligatory deeds
Assisting with reprehensible deeds
Avoiding contractual breaches
Which type of Wakalah involves unrestricted authority?
Wakalah Mutlaqah
Wakalah Khassah
Wakalah Muqayyadah
Wakalah Bi Al-Istithmar
Al-Wakalah is considered haram if it involves helping others carry out prohibited deeds.
True
False
A principal can terminate a Wakalah contract at any time without reason.
True
False
The Quran supports the concept of Al-Wakalah as shown in verse like Al-Kahf (18:19).
True
False
An agent can always delegate their tasks to a third party without the principal's approval.
True
False
What is the literal meaning of Al-Kafalah?
Guarantee, security, warranty, bail
Contract, agreement, delegation
Charity, assistance, aid
Protection, preservation, obigation
Which of the following describes the technical meaning of Al-Kafalah?
A contract to ensure the delivery of a subject matter
A promise to conjoin the liability of another party
A charitable contract involving commitment or liability
All of those three
What is the primary Shariah ruling of Al-Kafalah?
It is prohibited due to uncertainty
It is permissible as an act of charity
It is mandatory for all Muslims
It requires a fee to be charged upfront
Which of the following is NOT a type of Al-Kafalah?
Kafalah bi al-nafs
Kafalah bi al-mal
Kafalah bi al-taqwa
Daman al-suq
The guarantor in Al-Kafalah is called Al-Makful 'Anhu.
True
False
Charging a fee for Al-Kafalah is always impermissible under Shariah.
True
False
Al-Kafalah can terminate if the guarantor and beneficiary mutually agree to end it.
True
False
In a Kafalah bi al-mal, the guarantor guarantees to bring the guaranteed person to the beneficiary.
True
False
What does the term Al-Hawalah literally mean?
Transfer or shift
Guarantee or warranty
Preservation or safekeeping
Delegation or agency
What is a key condition for the existence of an Al-Hawalah contract?
A fee must be charged upfront
Debt contract must precede the Hawalah contract
It must be used for money transfer money only
All parties must reside in the same city
Which of the following is NOT a recognized effect of Al-Hawalah?
Transfer of debt liability from one party to another
Release of the principal debtor from obligations
Creation of two new debts
Establishment of a right for the creditor to claim from the transferee
What type of Al-Hawalah specifies the loan being transferred?
Hawalah Mutlaqah
Hawalah Muqayyadah
Suftajah
Hawalah Bi Al-Mal
Al-Hawalah refers to the transfer of both debt and money.
True
False
The Prophet Muhammad (pbuh) emphasized the permissibility of Al-Hawalah in the Hadith regarding debt payment.
True
False
Al-Hawalah creates a new debt relationship between the creditor and the transferee.
True
False
Al-Hawalah can exist without any pre-existing debt obligations.
True
False
What does the term "Al-Rahn" literally mean?
Trust
Covenant, promise, collateral
Trade, transaction
Loan
Which of the following is NOT a primary feature of the Al-Rahnu system?
Security for a debt
Provision for collateral
Trading of pledged item
Ensuring repayment of the debt
Which group of Islamic scholars allows the utilization or al-marhun (pledged property) by the pledgor without the pledgee's permission, provided its value does not decrease?
Al-Jumhur
Al-Hanabilah
Al-Shafi'iyyah
Al-Hanafiyah
The Al-Rahnu contract is a primary contract and does not require a debt contract to exist.
True
False
According to Jumhur scholars, maintenance costs for Al-Rahnu should be borne by the pledgor.
True
False
What is the literal meaning of Ibra?
Collateral
Release or waiver
Debt settlement
Set-off
In Islamic finance, Ibra' is typically apllied________.
To impose additional charges on a delayed settlement.
To allow early settlement rebates on sale-based financing.
To replace a conventional debt agreement.
To increase the financing term.
Ibra' is a mandatory condition in all Islamic financial contracts.
True
False
The inclusion of an Ibra' clause in contracts ensures fair treatment and prevents disputes between financial institutions and customers.
True
False
Muqassah refers to debt settlemet by a _______ transaction or set-off.
Contra
Contract
Solid
Right
In a Muqassah arrangement, there is a(n) ________ settlement of debts between two parties.
Implicit
Impact
Effect
Right
Voluntary set-off (Muqassah al-ittifaqiyyah) requires consent from both parties.
True
False
Islamic law allows Muqassah even if it involves debts with different values and characteristics.
True
False
What does "Wa'ad" literally mean in Arabic?
Contract
Exchange
Promise
Charity
According to Shariah, Wa'ad is generally classified as :
Binding in all situations
Non-binding unless specified
Equivalent to a formal contract
Always unenforceable
A Wa'ad is enforceable if it leads to a financial loss for the promisee due to reliance on the promise.
True
False
Wa'ad is always considered a bilateral obligation.
True
False
Mu'awadah refers to a mutual _______ of benefits or obligations between two parties.
exchange
transfer
agreement
In Islamic finance, Mu'awadah transactions must comply with ________ principles, such as prohibition of riba and gharar.
conventional
shariah
Which of the following is an example of a Mu'awadah transaction?
Loan (Qardh)
Sale (Bay')
Donation (Hibah)
Promise (Wa'ad)
What is a key condition for the validity of Mu'awadah in Islamic finance ?
Consent of one party is sufficient.
Both parties must agree and the exchange must be free from gharar and riba.
It can involve prohibited items if agreed upon.
It does not require mutual consent.
Mu'awadah allows for an unequal exchange of value between parties if agreed.
True
False
The principles of Mu'awadah apply to sales, leases and partnerships in Islamic finance.
True
False
What does hamish al-jiddiyah literally translate to?
The main line of seriousness
The edge of conflict
A form of charity
The sideline of seriousness
What is the technical definition of hamish al-jiddiyah?
Loan collateral
Gift offering
Down payment
Security deposit
What happens if the promisor defaults in a deal with hamish al-jiddiyah?
No action is taken
The actual loss is covered by hamish al-jiddiyah
The financier pays a penalty
The promisor losses the commodity
What is the purpose of the hamish al jiddiyah in financial transactions?
To conduct speculative trading
To serve as a donation
To serve as a trust for preservation
To earn interest
In which financing model is hamish al jiddiyah usually applied?
Murabahah
Ijarah
Wakalah
Mudarabah
Under what conditions can a financier utilizthe hamish al jiddiyah funds?
If authorized by the client for investment
Whenever needed for operations
For personal expenses
To settle debts
What is urbun in relation to hamish al jiddiyah?
A type of currency
An interest-free loan
A deposit for rental agreements
A form of earnest money
What should compensation for loss include in the case of hamish al jiddiyah?
Commissions and fees
Opportunity cost
The difference between the cost and sale price
Total selling price
What is the role of the financier regarding hamish al jiddiyah?
They can invest freely
They can loan it out
They can use it for any transaction
They must preserve the funds
Which authority approved the application of hamish al jiddiyah with wa'ad and tawarruq?
Shariah Advisory Council (SAC) of Bank Negara Malaysia (BNM)
Islamic Financial Services Board
Bank Negara Malaysia
World Bank
What does a customer promise when engaging with IFIs regarding hamish al jiddiyah?
To buy a commodity
To sell a commodity
To invest in stocks
To open a savings account
What type of loss is covered by hamish al jiddiyah?
Actual loss incurred by the financier
Projected loss
Inflation adjustment
Opportunity cost
What is one key restriction on the financier regarding hamish al jiddiyah?
They must immediately return it
They can spend it freely
They cannot utilize the money without permission
They must invest it all
In what context is hamish al jiddiyah applied to mitigate financial risk?
Foreign currency options
Personal loans
Stock market investments
Real estate imvestments
Which contract assures through the security deposit (hamish al jiddiyah)?
Istisna' contract
Murabahah
Ijarah
Mudarabah
What differentiates hamish al jiddiyah from urbun?
Urbun is an interest-bearing deposit
Urbun specifically denotes earnest money
Hamish has no connection to earnest money
Bth terms are identical
How is the loss determined for compensation under hamish al jiddiyah?
By customer feedback
By estimated market value
Based on the cost and sale price of the item
Subjectively by the financier
What must a customer do on the agreed date in the tawarruq mechanics involving hamish al jiddiyah?
Convert currency
Return the hamish al jiddiyah
Pay the principal amount
Carry out the buying and selling of the commodity
What kind of costs should not be included in the compensation determined for the financier?
Opportunity cost
Transaction costs
Storage fees
Legal fees
What is the nature of hamish al jiddiyah funds at the start of a contract?
They are an investment
They are a gift from the promisor
They are a loan to the financier
They are a trust for safekeeping
What is the relationship between hamish al jiddiyah and financial trust?
It establishes a trust relationship
It creates a loan with interest
It ends the contract immediately
It nullifies the transaction
