MCQs on Islamic Financial Institutions - 3

1. _____ is not a major component of the Islamic banking and finance industry.

a. Islamic banking 
b. conventional insurance
c. Islamic capital markets 
d. Islamic non-bank financial institutions

Answer (b)

2. Examples of Islamic non-bank financial institutions include:

a. Islamic leasing and factoring companies 
b. Islamic microfinance institutions
c. waqf management institutions 
d. all of the above

Answer (d)

3. All financing in Islamic banking and finance can be conveniently classified under:

a. sharing modes 
b. sale modes
c. leasing modes 
d. any of the above modes

Answer (d)

4. Combination of capital is not compulsory is

a. basic rules of capital in musharika 
b. basic rules of capital in ijarah
c. basic rules of capital 
d.basic rules of capital in lease

Answer (a)

5. Phrase that is not related to books of Fiqh is

a. shirkah 
b. ijarah
c. musharika 
d. sharing

Answer (c)

6. An Ordinance was propagates to permit establishment of

a. mudaraba companies 
b. musharika companies
c. murabah companies 
d. all of answers are correct

Answer (a)

7. Qur'an forbids

a. gambling 
b. interest sharing
c. gharar 
d. all of answers are correct

Answer (d)

8. A pioneering attempt, in Shariah compliant investments banking was undertaken in 1963 in

a. Oman 
b. Saudia Arabia
c. Egypt 
d. Pakistan

Answer (c)

9. Giving share of investor to customer on lease is the

a. basis of musharika 
b. basis of diminishing musharika
c. basis of ijarah 
d. basis of hibah

Answer (b)

10. The term IDB stands for

a. Islamic Development Bond. 
b. Islamic Development Bank.
c. Islamic Derivatives Business. 
d. Islamic Document Bureau

Answer (b)



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