MCQs on Islamic Commercial Law

1. Negotiation of a selling price among two parties exclusive of reference by seller to either
costs or asking price is
a. Ijarah wa iqtna
b. Ijarah
c. Musawamah
d. Musharika

Answer: (c)

2. A type of partnership where one party offer funds while other gives expertise and
management is
a. Murabaha
b. Musharika
c. Ijarah
d. Mudarabah

Answer: (d)

3. Shirkat-ul-wujooh has its origin in Arabic phrase Wajahat meaning
a. Reputation
b. Goodwill
c. Liabilities
d. Assets

Answer: (b)

4. An agreement in which advance fee is made for commodities to be delivered afterwards
on is
a. Murabaha
b. Bai salam
c. Ijarah
d. B& c

Answer: (b)

5. 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
a. Shirkat-ul-aqd
b. Shirkat-ul-ainan
c. Shirkat-ul-dain
d. Shirkat-ul-milk

Answer: (b)

6. Profits shall be divided in ratio mutually settled in the
a. Deed
b. Contract
c. Prescribed
d. All of answers are correct

Answer: (d)

7. Must be sound & mature and be competent of entering into an agreement is
a. Pros of musharika
b. Basic rules and features of musharika
c. Cons of musharika
d. Musharika

Answer: (b)

8. takaful is derived from
a. falah
b. kafala
c. thakflah
d. both b &c

Answer: (b)

9. literally zakath means
a. compulsory
b. payment
c. distribution
d. purity

Answer: (d)

10. saying of the prophet is known as
a. sharia
b. Ljmah
c. Hadith
d. Verens

Answer: (c)

11. IDB was situated in -------------
a. Qatar
b. Kuwait
c. Malaysia
d. Jeddah

Answer: (d)

12. In salam contract the seller is known as
a. Al maslam
b. Al maslam ikihi
c. Rasa –almal
d. Al-mulsam fihi

Answer: (d)

13. A transfer of a defined property without any material consideration is called
a. Hibah
b. Amans
c. Ibra
d. Waqf

Answer: (d)

14. In salam contract price is received as
a. In advance
b. Deferred
c. Lumpsum
d. Installment

Answer: (a)

15. --------- is treated as religious tax
a. Usuary
b. Uijir
c. Zakkath
d. Sadaqa

Answer: (c)

16. IFSB stands for
a. Islamic financial service board
b. International financial service board
c. Islamic financial supervisory board
d. Islamic financial service body

Answer: (a)

17. Trade is ------------ in islam
a. Permified
b. Prohibited
c. Moderately permitted
d. Moderately prohibited

Answer: (a)

18. Riba Al –fadl is also known as ----------------
a. Riba al jahiliah
b. Riba al hadith
c. Riba al nasiah
d. Riba al fasid

Answer: (b)

19. -------------- madhab is the contribution of Abu Abdulla ahammed Bin Idris
a. Hanafi
b. Maliki
c. Shafi
d. Hanbali

Answer: (c)

20. BBA is considered as the ------ mode of finance
a. Manufacturing
b. Agricultural
c. Home finance
d. Lending

Answer: (c)

21. Lease purchase agreement is termed as
a. Ijars
b. Ijara walqtina
c. Ijra walhina
d. Ijara wa ibra

Answer: (b)

22. Bai al dain is treated as ------- in finance
a. Haram
b. Hold
c. Mukruh
d. Ford

Answer: (a)

23. Religious leader in muslim community is known as
a. The mufti
b. The sheikh
c. The imam
d. The muezth

Answer: (c)

24. What is maisir
a. Uncertainty
b. Gambling
c. Interest
d. Loss sharing

Answer: (b)

25. The major goals of Islamic economics is
a. Distributive justice
b. Economic well being
c. Freedom of individual with in the context of welfare
d. All of the above

Answer: (d)

26. What is the Islamic view of the speculator
a. Haram
b. Halam
c. Void
d. Valid

Answer: (a)
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