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FIN624 Islamic Mode of Financing Quiz 4 Spring 2014

Which of the following best describes the term Riba?

Select correct option:

 Surplus value with counterpart not sure

 Surplus value without counterpart

 Capital gains

 None of the given options

Which one is considered the most ideal alternative for the interest based financing

Musharaka

 Ijarah (Leasing)

 Murabaha not sure

 Salam

Which one is the basic principle of Islamic Banking?

 Select correct option:

  Sharing of profit only

 Sharing of profit and loss with the prohibition of riba   not sure

 Gains from renting of money

None of the given options

The first modern experiment with Islamic banking was undertaken in __________

 Select correct option:

  Malaysia

 Syria

Individual interest is NOT more important than combined interest in in which of the following system?

Select correct option:

 Capitalist

 Islamic

 Socialist

 None of the given options

Which economic system can truly solve the economic problem of the society?

 Select correct option:

 Capitalist

 Islamic

 Socialist

 None of the given options

 From the Islamic point of view the people who have right to wealth are of __________kinds.

Select correct option:

 Two

 Three

 Four

 Five

Which of the following describes the term “Mudharabah”?

Select correct option:

 Profit sharing

 Cost plus not sure

 Leasing

 Safekeeping

 In the case of______________ the traditional method of musharakah or mudarabah can be easily adopted.

Select correct option:

 Project financing

 Financing of the working capital

 Financing of a single transaction

 Project financing and Financing of a single transaction

Factor that cuase diffrence betweem the factors of production of Islam and Capitalism is:

Select correct option:

 Capital

 Labour

 Land

 Organization

Any exertion on the part of man is known as ___________

Select correct option:

 Capital

 Land

 Labour

 Entrepreneur

If a person sells a commodity for a lump sum price without any reference to the cost___________

Select correct option:

  In this case, the sale is called “Musawamah”.  Not sure

 In this case, the sale is called Murabaha

 In this case, the sale is called Salam

 In this case, the sale is called Bai Aina

Islam accepts all factors of production of capitalist economic system except:

Land

 Entrepreneur

The Dubai Islamic Bank was established in _____________

Select correct option:

1965

 1975

 1985

 1995

An investor / financier must share the loss incurred by the business _____________

Select correct option:

 To the extent of his financing

 2/3 of his financing

 1/3 of his financing

 None of the given options

Wealth under the__________system is distributed only in the form of wages.

Select correct option:

 Islam

 Capitalism

 Socialism

 None of the above

If the Mudarabah agreement becomes Fasid due to any reason, the Mudarib’s status will be like an:

Employee

 Agent

 Wakeel

 Partner

Which one is the object of the Islamic system of the distribution of wealth?

 

Enabling every one to get what is rightfully due to him

 Concentration of wealth in few hands

 Creation of monopolies

 None of the given options

 “Shirkah” means “Sharing” and in the terminology of Islamic Fiqh, it has been divided into ___________ kinds

 Two

 Three

 Four

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