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Ali has entered into a Mudarabah(Joint Investments) contract with the Bank to start a car dealership. Ali agrees to take 20% of the profit, and the remaining 80% of profit will be shared 50:50 between Ali and the Bank. Ali’s car dealership makes a profit of £2,000. How is this shared?
Mr. Abdullah has identified a potential buyer to sell his car for USD 10,000. The buyer is not yet agreed for the offer;What is the best suited answer at this stage?
Michael agrees to sell Sarah his flat for £100,000 under the condition that she will not be allowed to sell it for less than £200,000 within the next five years. Is this contract valid?
Under the Mudarabah(Investment Account) contract, who is normally liable for material losses which arise other than through negligence or contractual breach?
John promised Jack that he would buy his flat for £120,000 at the end of April 2015 but changed his mind during March 2015. Due to a decline in house prices, Jack can now only sell his flat for £115,000. Which ONE of the following is TRUE?
Under the two-tier Mudarabah(Joint Investment) contract, what does the bank normally do with the money it collects from clients?
For which products or time period is Riba (Interest/ Usury) permitted under Islamic law?
The Shari’ah Supervisory Board (SS of a financial institution is responsible for:
Which of the following is NOT TRUE regarding the Sarf (foreign exchange)?
Which one of the following types of contract is classified as a bilateral contract?
Which one of the following is TRUE?
Within Islamic finance a Wa’d is typically used to provide a level of security, most commonly used in:
Ms. Diana wants to buy iPad, but she feels that taking a loan from a conventional bank will be an ideal choice. Next day she was informed about a new Islamic Bank opened recently in her city. She got the full information about Murabaha (profit disclosed sale) sale.
Now she is trying to figure out Which ONE of the below is NOT a feature of a Murabaha (profit disclosed sale) sale compared to a loan of money?
Which is of the below is one of the type of Wakal
Under a Murabaha agreement set up as an installment credit sale, the buyer failed to make payment until 28 days after the due date, causing the bank to charge an extra USD 200 charge even though its extra costs were only USD 150. The USD 50 excess MUST therefore be:
Which of the following is NOT a major prohibition in Shari’ah?
Following the launch of the Islamic Development Bank, which was the first state tolaunch a modern Islamic commercial bank?
Ali would like to construct a new house and is taking out finance with an Islamic bank. Which ONE of the following contracts is MOST suitable?
Which ONE of the following is NOT TRUE of a Mudarabah(Joint Investments) contract?
In order to regulate this young and fastest growing industry, there are several initiatives have been taken. During the period of development phase of Islamic Finance history, several standard setting bodies and other financial institutions were created. One of the Institutions is IFSB. The Islamic Financial Services Board is:
Muslim jurist have divided Riba (Interest) into which two types?
Which of the following provides the BEST description of a voidable (Fasi contract?
There are two different types of contracts. Compensatory, or bilateral, contracts and non-compensatory, or unilateral, contracts. Which of the following is a non-compensatory contract?
X is offering to sell his car to Y. Which ONE of the following situations does NOT exhibit Gharar?
Arbun transactions in modern Islamic finance can:
Ijtihad, one of the secondary sources of Shari’ah, is associated with interpretation is best described as:
In Shari’ah, wealth creation is:
The conditions of three components need to be satisfied for a valid contract. Which one of the following is not one of these components?
Which of the following conditions has to be met for a sale of foreign exchange to be valid?
John and Sally agree that John will buy Sally’s house for an amount of £300,000. They agree that John will pay Sally the agreed price when he receives a bonus which is higher than £25,000. Although John expects this to happen within two months, this contract is invalid because it is subject to:
Which of the following commodities is NOT considered to be a type of currency?
What is the main reason why many Islamic scholars have problems with the Sharia compliant nature of Tawarruq?
A contract of exchange can take a number of different forms. Which one of the following does not qualify as a contract of exchange?
Bail-ul-inah (back-to-back) sale is;