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This set of Islamic Banking Products Multiple Choice Questions & Answers (MCQs) focuses on Islamic Banking Products Set 1
Q1 | Sukuk is Arabic name stand for
- financial liabilities
- financial certificates
- financial assets
- financial loans
Q2 | A type of partnership where one party offer funds while other gives expertise andmanagement is
- murabaha
- musharika
- ijarah
- mudarabah
Q3 | Word Musharika is originated from the
- latin word
- arabic word
- persian word
- french word
Q4 | Which is liability side financing out of these means
- large enterprise financing
- t-bills and federal investment bonds / debenture
- inter- bank lending / borrowing
- b & c
Q5 | Expression Finance Certificates & Certificate of Investment in Musharika is
- liability side financing
- liability
- assets
- assets side financing
Q6 | What is asset side financing out of these means
- large enterprise financing
- import financing
- letter of credit with margin (for musharika)
- all of answers are correct
Q7 | Giving share of investor to customer on lease is the
- basis of musharika
- basis of diminishing musharika
- basis of ijarah
- basis of hibah
Q8 | An agreement in which advance fee is made for commodities to be delivered afterwardson is
- murabaha
- baisalam
- ijarah
- b& c
Q9 | Word Musharika is originated from Arabic word Sharikah meaning
- friends
- ijarah
- lessor
- partnership
Q10 | A most ordinary kind of Shirkat-ul-Aqd where equality in capital, management orliability might be identical in one case but not in all respect meaning either profit is equal but not labour or vice versa is
- shirkat-ul-aqd
- shirkat-ul-ainan
- shirkat-ul-dain
- shirkat-ul-milk
Q11 | Working capital financing in Musharika is
- liability side financing
- asset side financing
- assets
- liabilities
Q12 | Where everyone partner contribute some capital into a commercial venture is
- partnership in capital
- shirkat-ul-amwal
- a & b
- shirkat-ul-abdan
Q13 | Investments given by all partners/shareholders known to as
- partners
- ijarah
- murabah
- takaful
Q14 | Mutually or equally using an asset by taking twists under conditions where partners orjoint vendors are on superior stipulations is
- musharikaintifa
- musharika
- ijarah
- hibah
Q15 | Sharikah is chief term than
- ijarah
- murabaha
- musharika
- shirkat-ul-ainan
Q16 | Factually it means a credit sale is
- baimuajjal
- mudarabah
- ijarah
- murabaha
Q17 | An investor and his customer contribute either in shared possession of an assets orequipment, or in a combined commercial venture is
- diminishing musharika
- musharika
- ijarah
- salam
Q18 | The term Shirrkah – al- aqd in Islamic commercial law refers to a partnership or jointventure formed by………
- payment of a fixed price
- safe keeping
- contract
- ruling by the shariah scholars
Q19 | The Islamic financial system prohibits transactions featuring
- extreme uncertainties resulting from speculation and gambling
- sharing of profit and risk of loss
- partnership agreements
- trading for profit
Q20 | Are Islamic banking products for Muslims only
- for muslims and and those non-muslims who are allowed by sharri'ah scholars.
- no
- yes
- for muslims and those who convert to muslims
Q21 | Tameen is another name for
- takaful (islamic insurance)
- faqir (a poor person)
- shirkah (partnership)
- tatfif (fraud)
Q22 | Amanah in Islamic banking refers to
- a deposit held in trust which creates various fiduciary duties.
- an expert who is consulted for advice on islamic law.
- an interest-free loan.
- a loan that does not have to be repaid
Q23 | The Arabic term Haq means
- legal rights
- credit proposal
- taking full responsibility
- kind of sale
Q24 | The Shari'ah is set of rules or law governing
- spending on objects which have been explicitly prohibited.
- the quantity and quality of a good for sale
- economic, social, political and cultural aspects of islam societies.
- principles of partnership
Q25 | Wakalah is used by Islamic banks mostly for
- consumer loans
- sales through documents
- fund management
- guaranteeing payments