MCQs on Islamic Commercial Banking - 4

1. Tameen is another name for

a. Takaful (Islamic insurance) 
b. Faqir (a poor person)
c. Shirkah (partnership) 
d. Tatfif (fraud)

Answer (a)

2. Amanah in Islamic banking refers to

a. A deposit held in trust which creates various fiduciary duties.
b. An expert who is consulted for advice on Islamic law.
c. An interest-free loan.
d. A loan that does not have to be repaid

Answer (a)

3. The Arabic term Haq means

a. Legal rights 
b. Credit proposal
c. Taking full responsibility 
d. Kind of sale

Answer (a)

4. The Shari'ah is set of rules or law governing

a. Spending on objects which have been explicitly prohibited.
b. The quantity and quality of a good for sale
c. Economic, social, political and cultural aspects of Islam societies.
d. Principles of partnership

Answer (c)

5. The Arabic term Qimah implies

a. Duties of a man to god 
b. A particular situation
c. Sharing certain risk 
d. Sale of the real value of goods

Answer (d)

6. The term Hiba refers to a contract of

a. Money payment 
b. Gift
c. Investment 
d. deposit

Answer (b)

7. Under a Salam contract goods are

a. Not delivered until payment is made 
b. Taxed before delivery
c. Purchased for delivery in future 
d. Delivered for payment later

Answer (c)

8. The term Kafalah in islamic commercial law refers to

a. Finance 
b. Guarantee
c. Purchase 
d. Bargain

Answer (b)

9. Islamic financial system seeks to

a. Encourage wasteful expenditure
b. Administer land revenue
c. Postpone debt repayment
d. Enhance equality and fairness in financial dealings for the good of society as whole

Answer (d)

10. Maqsid, an Islamic term, refers to

a. Land and possessions 
b. Objectives of Shari'ah.
c. Terms of a valid sale contract 
d. A contract of sale which is binding

Answer (b)
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