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The Islamic commercial ethics of integrity, sincerity, righteousness and perfection atwork have their detailed instruction in which of the following?
In order for a contract to be valid, it needs to be conducted between:
Select the most suited right answer from the below statements regarding Mudarabah investment account & fixed deposit in a conventional bank?
In a Wakala agreement, the agent can be either disclosed or undisclosed. In an undisclosed Wakala agreement, the agent:
4X and Y are in a Murabaha contract with X contributing the financing required of $800,000. The UK Financial Services Authority (FS removed the double payment of stamp duty land tax in 2003.
The agreement states that 20% of profits will be added to the deal. So how much should be paid monthly by Y as a Murabaha installment if he/she has taken it for 8 years?
Which of the following is NOT a major prohibition in Shari’ah?
A Hawala contract is best described as a contract for:
Which one of the following best describes a Nafiz (enforceable) contract?
Mr. A invests in a helicopter project with Mr. B (an aircraft engineer). Mr. A did all the feasibility study before he invest with Mr. B who is going to build it.
This unique helicopter has the special ability to move around city as a “car” and also fly as a “helicopter” as well. All the permission was obtained and now they have completed pilot units of the production
Mr. A is worried about devaluation of his currency USD against the Mr. B’s KWD. Who can provide the financial guarantee?
The prohibition of Maysir relates to which of the following areas?
The Islamic Fiqh Academy has defined a number of rules which have to be met for a promise to be binding. Which one of the following is not part of these rules?
Mr. A invested $90,000/- and Mr. B invested $10,000/-. Select the best option for profit and loss sharing ratio for this Musharaka Partnership.
Which of the following is NOT an option of sale in classic Fiqh?
Gharar is defined as unnecessary uncertainty and can occur in four main instances. Which one of the following is not associated with Gharar?
A offers £15,000 for B’s car. B is willing to sell his car, but wants a price of £20,000. A asks B if he can let B know in one week. B agrees to the time limit. The current position is that:
A bilateral promise is best described as:
The prohibition on honesty and fair trade covers:
All of the following are ethical guidelines in business, EXCEPT:
Musharaka and Mudarabah contracts are both:
Waqf can best be described as a trust associated with:
Select the best suited answer
The MAIN objective of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) is to:
Within Islam, microfinance, or the lending of small amounts to micro businesses
The two self-regulatory bodies formed to ensure integrity of the financial system and help protect the interests of customers, are:
The global standard-setting body for the Islamic Capital & Money Market segment of the Islamic Financial Services Industry is the:
The IFSB ‘s main purpose is to promote:
Mr. John has been appointed as new trainee for the first Islamic Bank in Vatican City State. Since he is IFQ qualified professional, one of his colleague brought up the issue of Islamic Commercial Ethics (ICE).
But Mr. John is bit confused one of the following should be most unlikely to be an ICE?
Certain types of client accounts in an Islamic bank are subject to a profit share. This profit share is calculated by first:
What is not a bilateral contract?
In a Contract, if the Element, Conditions, Ability and Authority has been fulfilled, then that contract is known as?
When the relationship under a current account is that of a benevolent loan, this indicates that the:
When applied to investment accounts, the Mudarabah transaction is deemed similar to a conventional savings account and under regulatory regime generally:
In Islamic banking there is no conventional money-lending. The concepts underlying Islamic finance are closer to:
Mr. Abdullah is agreeing with the local Toyota agent to import a brand new car. The price, delivery date & car specification have been agreed but the car is yet to be exported from Japan.Is it allowed?
Which of the following is FALSE with regards to a Commodity Murabaha contract?
With which of the following is a letter of credit most commonly used?
Ali has entered in a Mudarabah contract with the Bank to start a car dealership, with the Bank taking 80% of profit and Ali taking 20%. Ali has managed the car dealership well but it still makes a loss of £2,000. How much is the Bank’s share in the loss?
Within Islamic finance a Wa’d is typically used to provide a level of security, and is most commonly used in:
Islamic financial institutions have an intermediary function in which the relationship with the client is based on a Mudarabah transaction. The return to the depositors is based on the institution’s:
There are two main types of Musharaka transactions that are identified as: