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Assignment # 1

Section A: Multiple Choice Questions

(Maximum Marks: 50)

1. Which one of the following is NOT the type of Commitment; a) Waadah b) Muwa.dah c) Wadiah d) Aqd 2. Waadah refers to which type of undertaking; a) Bilateral b) Unilateral c) Universal d) Multilateral 3. Exchange of thing of value with another thing of value is called; a) Contract b) Sale c) Ijarah d) Subject Matter 4. The Transaction in which cost and profit are known is referred as; a) Musharakah b) Murabaha c) Ijarah d) Salam 5. Salam is specially allowed for a) Textile b) Machinery c) Agriculture d) Common Commodities

Institute of Islamic Banking and Finance

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Assignment # 1

6. The price has to be paid in full in advance in; a) Istisna b) Salam c) Istijrar d) Ijarah 7. The Contract of exchange of money for money is known as; a) Bai Dayn b) Bai Urbun c) Bai Surf d) Bai Istisna 8. The sale of a priced commodity for another priced commodity is referred as; a) Bay b) Barter c) Sarf d) Sale 9. In order to eliminate the element of uncertainty in the Takaful contract, which one of the following concept is incorporated; a) Taawun b) Tabarru c) Tawakul d) Tameen 10. A contract between the owner of funds and the Bank for safe keeping purposes is referred as; a) Muawaada b) Wadiya c) Waqf d) Wasf 11. The transfer of the debt from the transferor to the payer is known as; a) Wakala b) Kafala c) Hawala d) MusawamahInstitute of Islamic Banking and Finance http://www.learnislamicfinance.com

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12. Hiba is; a) Compensatory contract b) Non compensatory contract c) Bilateral contract d) Multilateral Contract 13. Bai Makrooh is valid but not liked due to certain conditions except; a) Sale after Juma Azan b) Sale after hoarding c) Sale before Salaat d) Intervention of third party. 14. In Bai Baatil certain conditions must be met except; a) Variable b) Executable c) Valuable d) Usable 15. Which of the following is not the element of Bai Sahih; a) Saman b) Mubee c) Mutaaquadeen d) Rahn 16. Termination of Mudarabah comes into existence when a) Tenor matures b) Mudarib gives notice c) Rab ul maal terminates the services of mudarib d) Profit sharing is not determined at the time of contract 17. Under Islamic jurisprudence, _________means a join enterprise formed for conducting some business; a) Murabaha b) Musawama c) Mudaraba d) MusharakaInstitute of Islamic Banking and Finance http://www.learnislamicfinance.com

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18. Ownership automatically comes into operation in which mode? a) Shirkat-Ul Aqd b) Shirkat-Ul Amal c) Shirkat-Ul Milk d) Shirkat-Ul Amwal 19. The type of partnership based on good will is referred as a) Shirkat-Ul Aqd b) Shirkat-Ul Amal c) Shirkat-Ul Milk d) Shirkat-Ul Wujooh 20. The word Musharakah is extracted from? a) Shariah b) Shaikh c) Shirkah d) Satan 21. Normal sale is also called a) Murabaha b) Mushawama c) Musharakah d) Musha 22. In Murabaha Muajjal, what are referred? a) Price & Commodity b) Price & Place c) Price & Credit d) Price & Payment 23. What should be in ownership of the seller at the time of sale? a) Price b) Possession c) Subject matter d) Place

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24. The term Kafeel in Mudarabah refers to a) Price b) Guarantor c) Subject Matter d) Possession 25. If the ratio is not determined in Musharakah before the contract, it becomes a) Invalid b) Valid c) Fasid d) Non existent 26. In case of dispute in Musharakah for liquidation of assets, distribution of assets will be a) Required b) Mandatory c) Preferred d) Depends on partners 27. A promises to sell his car to B within the next 3 months for GBP 50,00; this is a? a) Wadiah b) Muahida c) Aqd d) Wada 28. How many types of Aqd are there? a) 4 b) 2 c) 3 d) 1 29. The deposit placed on the basis of trust is called; a) Qard b) Akala c) Kafala d) Amanah

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30. The contract of guarantee, collateral or security is referred as a) Daman b) Saman c) Qard d) Amanah 31. Which one of the following comes into existence as a result of any other contract or transaction? a) Daman b) Qard c) Dayn d) Bay 32. Agreement by which a debtor is freed from a debt by another becoming responsible for it is referred as ; a) Kafala b) Hawala c) Hiba d) Ijab 33. A manufacturer or builder agrees to produce or build a well-described good or building at a given price on a given date in the future can be termed as; a) Istajrar b) Salam c) Ijarah d) Istisna 34. Price of the commodity to be traded is bargained between seller and the purchaser without any reference to the price paid or cost incurred by the former is referred as; a) Musharakha b) Murabaha c) Mushawama d) Mudarabah

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35. Excess compensation without due consideration is called; a) Riba b) Labour c) Salam d) Istisna 36. Which one of the following is NOT the part of Riba Al-fadl; a) Date b) Silver c) Vegetable d) Wheat 37. Sale in which Cost is not known is called; a) Murabah b) Muajjal c) Muqayada d) Musawamah 38. The kind of sale in which payment is spot while the delivery of the good is deferred is called; a) Istisna b) Salam c) Istijrar d) Ijarah 39. Which one of the Following is NOT the element of Valid Sale; a) Price b) Delivery c) Variety d) Contracting Parties 40. Anything that is in the possession of the person, who is not the owner of it, is called; a) Amanah b) Amin c) Amal d) Al-Wadiah

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41. An agreement effected by mutual understanding is called; a) Aql b) Ardh c) Asl d) Contract 42. Partnership by Joint Ownership is referred as; a) Sirkat-ul-Milk b) Shirkat-ul-Aqd c) Shiekat-ul-Wujooh d) Shirkat-ul-Ain 43. Partnership in Capital is referred as; a) Shirkat-ul-Wujooh b) Shirkat-ul-Amal c) Shirkat-ul-Amwal d) Shirkat-Al-Mufawada 44. In Mudarabah, Mudarib is known as a) Investor b) Working Partner c) Agent d) Trustee 45. Which one of the Following is NOT the role of mudarib; a) Wakeel b) Trustee c) Agent d) Investor 46. The subject on which transaction is based, is always a thing which needs to be manufactured is called; a) Istisna b) Istijrar c) Ijarah d) MurabahInstitute of Islamic Banking and Finance http://www.learnislamicfinance.com

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47. The purchase of goods from time to time is referred as ; a) Istisna b) Istijrar c) Salam d) Murabah 48. Effort of the Jurist to derive the Law on as issue on the basis of evidence found in the sources, is called a) Ijmah b) Hukum c) Ijtihad d) Iqala 49. 66% of all the transactions in the Islamic Banks are executed through a) Musharakah b) Mudarabah c) Murabaha d) Ijarah 50. Each partner has the right to terminate the _____________ at any time after giving prior notice. a) Murabaha b) Dimishing Musharaka c) Musharaka d) Ijarah

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Section B: True or False1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23.

(Maximum Marks: 50)

If there is mutual consent between two parties, they are permitted, under Islamic Shariah, to enter into any transaction among themselves. Deposit side of an Islamic bank can be structured on the basis of Shirkat-ul-Aqd. Islamic Shariah does not permit one to do a sale transaction contingent on a future date. Sale/Purchase of every kind of goods is allowed, as Trade is not prohibited. Any excess or fixed compensation in a sale transaction is Riba In Musharakah, the share of loss in always equal to the profit ratio A condition, which is not against the contract, is a valid condition. The Capital in a Musharakah can be in liquid form. Every loan that draws profit is one of the forms of Riba. A Contract cannot be executed through spoken words. Sale must be non-contingent is one of the conditions of Contract The traditional and contemporary Muslim scholars are unanimous on the point that bai-aldain with discount is not allowed in Shariah. The prohibition of bai-al-dain is not logical consequence of the prohibition of riba. Hawala is legitimate and independent contract made of courtesy and is also a contract of sale. Hawala is binding contract; therefore it is not subject to unilateral termination. In a pledge, Ownership remains with the pledgee, but the pledger has the exclusive possession of property until the advance is repaid in full. In Istisna. Price must not be fixed, but need not to be paid in advance. Time of delivery is an essential part of the Salam. The Contract in Salam can be cancelled unilaterally. All premium holders in Takaful will not participate in pofit and loss. Hawala benefits the debitor and gives relief to the creditor. Riba al Quran is also known as Riba al Fadl. There are 5 sources of Shariah, and 3 categories of Shariah.

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24. 25. 26. 27. 28. 29. 30. 31. 32. 33. 34. 35. 36. 37. 38. 39. 40. 41. 42. 43. 44. 45. 46. 47. 48.

Categories of Shariah are Ilm-ul-Aqaid, Fiqh & Ilm-al-Hadith. Ijma supersedes Ijtihad in Shariah. There are 3 FOP (Factor of production) in Socialism. Islamic Economic system is value neutral Making money out of money is contrary to Islamic Law. There are 3 basic elements in a valid sale.