Top 50+ Solved Islamic Banking Products MCQ Questions Answer
Q. The Arabic term Ayn refers to
a. time of possession
b. fixation of cost
c. a tangible (physical asset)
d. conditions
Q. What does the abbreviation IFSB stands for
a. islamic finance supervision and banking
b. islamic financial supervisory board
c. islamic financial services board
d. islamic financial services bank
Q. Shariah provides a network of ethical and moral rules of behaviour for
a. potential buyers
b. travelling merchants
c. all participants in market
d. muslims only
Q. Religious supervisory board of Islamic banks plays an important role in
a. determination of the ratio of profit-sharing according to islamic principles.
b. raising capital for the banks according to islamic principles.
c. introduction of new product and services that comply with islamic princples.
d. mobilisation of funds according to islamic principles
Q. The term Hawalah refers to a contract of
a. profit loss sharing
b. repayment of loans
c. assignment of debt
d. profit sharing
Q. Deposits placed with banks practically take the form of
a. donations from depositors to the bank
b. a sale contracts with the bank
c. authority to the bank to lent monies
d. loans from depositors to the bank
Q. The Islamic financial system is founded on
a. cancellation, revocation of debt
b. absolute prohibition of the payment or receipt of any predetermined, guaranteed rate of return
c. imposition of an obligatory tax on earnings
d. land and property tax levied by the state
Q. Ijarah literally means
a. price of goods
b. type of transaction
c. risk or loss or fraud
d. to give something on rent
Q. The termWaqf refers to
a. bill of exchange
b. what is due to the state treasury
c. promissory note
d. charitable foundation or trust
Q. The Arabic term Kafil means
a. a person taking possession of goods
b. a person taking delivery of goods
c. a person providing surety
d. a person withholding delivery of goods
Q. What does the abbreviation IFI stand for in Islamic banking?
a. islamic forum for intermediation
b. islamic finance industry
c. islamic financial instrument
d. islamic financial institution
Q. Islamic corporate governance promotes
a. currency reserves
b. ethical and moral behaviour
c. debt whose repayment is postponed
d. specialised large-scale commercial institutions
Q. The term Dhaman in Islamic commercial law refers to
a. islamic banking operations
b. several types of islamic financial transactions
c. the taking on of a liability or responsibility of another person
d. commercial activities of islamic banks
Q. 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