2. A type of partnership where one party offer funds while other gives expertise and
management is
Correct : D. mudarabah
3. Word Musharika is originated from the
Correct : B. arabic word
4. Which is liability side financing out of these means
Correct : D. b & c
5. Expression Finance Certificates & Certificate of Investment in Musharika is
Correct : D. assets side financing
6. What is asset side financing out of these means
Correct : B. import financing
7. Giving share of investor to customer on lease is the
Correct : B. basis of diminishing musharika
8. An agreement in which advance fee is made for commodities to be delivered afterwards
on is
Correct : D. b& c
9. Word Musharika is originated from Arabic word Sharikah meaning
Correct : B. ijarah
10. A most ordinary kind of Shirkat-ul-Aqd where equality in capital, management or
liability might be identical in one case but not in all respect meaning either profit is equal but not labour or vice versa is
Correct : B. shirkat-ul-ainan
11. Working capital financing in Musharika is
Correct : B. asset side financing
12. Where everyone partner contribute some capital into a commercial venture is
Correct : C. a & b
13. Investments given by all partners/shareholders known to as
Correct : A. partners
14. Mutually or equally using an asset by taking twists under conditions where partners or
joint vendors are on superior stipulations is
Correct : A. musharikaintifa
15. Sharikah is chief term than
Correct : C. musharika
16. Factually it means a credit sale is
Correct : A. baimuajjal
17. An investor and his customer contribute either in shared possession of an assets or
equipment, or in a combined commercial venture is
Correct : A. diminishing musharika
18. The term Shirrkah – al- aqd in Islamic commercial law refers to a partnership or joint
venture formed by………
Correct : C. contract
19. The Islamic financial system prohibits transactions featuring
Correct : A. extreme uncertainties resulting from speculation and gambling
20. Are Islamic banking products for Muslims only
Correct : B. no
21. Tameen is another name for
Correct : A. takaful (islamic insurance)
22. Amanah in Islamic banking refers to
Correct : A. a deposit held in trust which creates various fiduciary duties.
23. The Arabic term Haq means
Correct : A. legal rights
24. The Shari'ah is set of rules or law governing
Correct : C. economic, social, political and cultural aspects of islam societies.
25. Wakalah is used by Islamic banks mostly for
Correct : C. fund management
26. The term Arbun refers to
Correct : A. down payment
27. Banking may broadly be described as the business of providing
Correct : B. financial services
28. Which of the following is a type of investing instrument?
Correct : A. musharakah
29. The term Aqd in Islamic commercial law refers to
Correct : B. a contract
30. Takaful, a form of Islamic insurance, refer to a scheme for
Correct : D. mutual assistance and shared responsibility
31. The Arabic term Ayn refers to
Correct : C. a tangible (physical asset)
32. What does the abbreviation IFSB stands for
Correct : C. islamic financial services board
33. Shariah provides a network of ethical and moral rules of behaviour for
Correct : C. all participants in market
34. Religious supervisory board of Islamic banks plays an important role in
Correct : C. introduction of new product and services that comply with islamic princples.
35. The term Riba literally means
Correct : B. any excess
36. The term Hawalah refers to a contract of
Correct : C. assignment of debt
37. Deposits placed with banks practically take the form of
Correct : D. loans from depositors to the bank
38. The Islamic financial system is founded on
Correct : B. absolute prohibition of the payment or receipt of any predetermined, guaranteed rate of return
39. Ijarah literally means
Correct : D. to give something on rent
40. The termWaqf refers to
Correct : D. charitable foundation or trust
41. The Arabic term Kafil means
Correct : C. a person providing surety
42. What does the abbreviation IFI stand for in Islamic banking?
Correct : D. islamic financial institution
43. Islamic corporate governance promotes
Correct : B. ethical and moral behaviour
44. The term Dhaman in Islamic commercial law refers to
Correct : C. the taking on of a liability or responsibility of another person
45. The Arabic term Qimah implies
Correct : D. sale of the real value of goods
46. The term Hiba refers to a contract of
Correct : B. gift
47. Under a Salam contract goods are
Correct : C. purchased for delivery in future
48. The term Kafalah in islamic commercial law refers to
Correct : B. guarantee
49. Islamic financial system seeks to
Correct : D. enhance equality and fairness in financial dealings for the good of society as whole