Mcqsmind

21

What is the main source of income for Islamic banks?

A. Trade and investment profit B. Interest C. Gambling D. Speculation

22

What does 'Bai' refer to in Islamic law?

A. Sale or trade contract B. Donation C. Renting D. Loan agreement

23

Which of the following activities is prohibited in Shariah-compliant investment?

A. Alcohol production B. Agriculture C. Technology D. Education

24

What does 'Istisna’' mean in Islamic finance?

A. Manufacturing contract with deferred delivery B. Loan with interest C. Charity fund D. Insurance policy

25

What is 'Salam' in Islamic banking?

A. Advance payment for goods delivered later B. Deferred payment sale C. Rental agreement D. Profit-sharing scheme

26

Which Islamic principle promotes risk-sharing in business?

A. Mudarabah and Musharakah B. Murabahah and Ijara C. Riba and Gharar D. Qard Hasan and Zakat

27

What is the main Shariah concern with conventional insurance?

A. Elements of Gharar and Riba B. Lack of professionalism C. Absence of charity D. High premiums

28

What is the objective of 'Zakat' in Islamic economics?

A. Wealth redistribution and purification B. Bank profit maximization C. Tax collection D. Insurance

29

What is the Arabic term for speculation or gambling?

A. Maisir B. Murabahah C. Tawarruq D. Ijara

30

What type of transaction does Islamic banking avoid?

A. Unethical, interest-based, and speculative B. Trade and leasing C. Equity financing D. Asset-backed sales

31

Which organization provides global Shariah standards for Islamic finance?

A. AAOIFI (Accounting and Auditing Organization for Islamic Financial Institutions) B. World Bank C. IMF D. WTO

32

Which principle allows deferred payment sale in Islamic banking?

A. Bai’ Bithaman Ajil B. Ijara C. Qard Hasan D. Tawarruq

33

What is the role of 'Wakalah' in Islamic banking?

A. Agency contract where one acts on behalf of another B. Lease agreement C. Speculative trade D. Debt collection

34

Which of the following represents a charitable trust in Islam?

A. Waqf B. Riba C. Maisir D. Ijara

35

What ensures the legitimacy of profit in Islamic finance?

A. Risk-taking and asset involvement B. Fixed guaranteed returns C. Interest-based lending D. Speculative trading

36

Which contract allows deferred delivery but advance payment?

A. Salam B. Murabahah C. Ijara D. Istisna

37

What is the meaning of 'Halal profit'?

A. Earnings obtained lawfully under Shariah B. Government-subsidized profit C. Any profit from business D. Profit from gambling

38

Which Islamic contract is used in home financing?

A. Murabahah or Ijara wa Iqtina B. Qard Hasan C. Salam D. Istisna

39

What is 'Arbun' in Islamic finance?

A. Earnest money or down payment in sale B. Interest payment C. Insurance fund D. Loan repayment

40

What is the Shariah view on speculation?

A. Prohibited as it involves uncertainty and gambling B. Encouraged for quick profits C. Permitted for fun D. A form of Zakat