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100+ Islamic Economics and Banking Solved MCQs

These multiple-choice questions (MCQs) are designed to enhance your knowledge and understanding in the following areas: Islamic History .

51.

I D B was established in the year ………………………………….

A. 1948
B. 1984
C. 1958
D. 1999
Answer» A. 1948
52.

…………………………………… is the Islamic term of interest.

A. Riba
B. Rizala
C. Rabb
D. Raihan
Answer» A. Riba
53.

In Islamic banking system the term for insurance is:

A. Takaful
B. Gharar
C. Sukuk
D. Salath
Answer» A. Takaful
54.

“Kitab-al-Kharaj” is written by:

A. Abu Hanifa
B. Abu Yusuf
C. Imam Malik
D. Imam Shafi
Answer» B. Abu Yusuf
55.

The “The Theory of Value” is propounded by:

A. Karal Max
B. Alfred Marhshal
C. Hegal
D. Ibn Kahldun
Answer» D. Ibn Kahldun
56.

The number of heirs of Zakat is………………………………………

A. 8
B. 6
C. 9
D. 7
Answer» A. 8
57.

Which is the third source of Islamic Jurisprudence?

A. Quran
B. Ijma
C. Hadith
D. Qiyas
Answer» B. Ijma
58.

The abbreviation of IDB.

A. Islamic Development Bank
B. Iran Development Board
C. Indian Development Bank
D. Islamic Development Board
Answer» A. Islamic Development Bank
59.

Islamic banking activity that is consistent with the principles of …………………

A. Sharia
B. Constitution
C. Jurisprudence
D. Opinions
Answer» A. Sharia
60.

What is fiqh.

A. Jurisprudence
B. Shirk
C. Tawheed
D. Tasawuff
Answer» A. Jurisprudence
61.

Which one is the compulsory economic duty of the wealthy Muslims?

A. Zakat
B. Prayer
C. Sadqa
D. Hajj
Answer» A. Zakat
62.

Abu Yusuf was the author of.

A. Kithab-al-Kharaj
B. Kithab-al-Hind
C. Kithab-al-Khaz
D. Kithab-al-Radd
Answer» A. Kithab-al-Kharaj
63.

Traditions of Prophet Muhammad are known in Arabic by term.

A. Quran
B. Fiqh
C. Sunnah
D. Khalima
Answer» C. Sunnah
64.

Zakat share on gold and silver is.

A. 1
B. 2.5
C. 1.5
D. 2
Answer» B. 2.5
65.

Riba is translated into English as.

A. Profit
B. Debt
C. Interest
D. Loan
Answer» C. Interest
66.

Hujathul Baligha was written by.

A. Imam Shafi
B. Abu Yusuf
C. Shaik Sirhindi
D. Shah Waliullah
Answer» D. Shah Waliullah
67.

Profit-loss sharing financing is known in Islamic concept by the term.

A. Riba
B. Mudharabah
C. Zakat
D. Saddaka
Answer» B. Mudharabah
68.

Fakkir and Miskin are entitled to get a share of -------- tax.

A. Jaziya
B. Saddaka
C. Zakat
D. Kharaj
Answer» C. Zakat
69.

The third pillar of Islam is.

A. Hajj
B. Prayer
C. Zakat
D. fasting
Answer» C. Zakat
70.

Al-Barakka and Interest Free a Financial Enterprise was initiated for the first time India in the state of-----.

A. Jammu & Kashmir
B. U P
C. Bihar
D. Kerala
Answer» D. Kerala
71.

People known as the bankers of the world.

A. Bankers
B. Lombards
C. Clergy
D. Brokers
Answer» D. Brokers
72.

Author of ‘Economic Development in the Islamic Framework’.

A. Asghar Ali Engineer
B. Ahammed Khurshid
C. Dr. Thomas Isaac
D. Althaf Hussain
Answer» A. Asghar Ali Engineer
73.

Author of ‘Economic problems of man and its Islamic solution’.

A. Rashid Riddhah
B. Moududi
C. Abdul Khadir Jilaani
D. Hassan al Banna
Answer» B. Moududi
74.

Author of ‘Economics and Islam’.

A. Mahmudullah Shirassi
B. Abdul Kalam Azad
C. Muslehuddin Muhammad
D. A.P. Ibrahim Kunju
Answer» C. Muslehuddin Muhammad
75.

Author of ‘Muhamman Theories of Finance’.

A. Montgomery Watt
B. Karen Armstrong
C. Nicholas P Agrudes
D. Sayyid Ahmad Khan
Answer» B. Karen Armstrong
76.

Author of ‘Islamic Finance: Principles and Practice’.

A. Amina Wudood
B. Haris Muhammad
C. Hans Visser
D. Montgomery Watt
Answer» B. Haris Muhammad
77.

Kharaj is a tax on ---.

A. Water
B. Gold
C. Land
D. Industries
Answer» C. Land
78.

The tax collected instead of military service from the people of the book is.

A. Zakat
B. Ganimath
C. Saddaka
D. Jazya
Answer» D. Jazya
79.

The first Arab coin was minted by which Caliph.

A. Muawiya
B. Umar II
C. Haroon Al Rashid
D. Abdul Malik
Answer» D. Abdul Malik
80.

The Public share of Ganimath is.

A. 1/2 %
B. 1/4 %
C. 1/5 %
D. 1 %
Answer» B. 1/4 %
81.

Which is the primary source of Islam?

A. Hadith
B. Quran
C. Shariath
D. Ijamah
Answer» B. Quran
82.

The voluntary alms in Islam are called.

A. Zakat
B. Jazya
C. Saddaka
D. Ganimath
Answer» C. Saddaka
83.

The compulsory alms in Islam is called.

A. Kharaj
B. Jazya
C. Saddaka
D. Zakat
Answer» D. Zakat
84.

The legal system in Islam is called.

A. Monarchy
B. Shariath
C. Constitutional
D. Hierarchy
Answer» B. Shariath
85.

Faraidh is the laws related to.

A. Islamic Inheritance
B. Islamic literature
C. Neighbour relation
D. Relation between husband & wife
Answer» A. Islamic Inheritance
86.

Ghanimah is the wealth called in.

A. Land
B. War
C. Water
D. Agriculture
Answer» B. War
87.

The PLS financing in Islam is called.

A. Murhabah
B. Mudarabah
C. Ushr
D. Riba
Answer» A. Murhabah
88.

What is the word meaning of Fiqh.

A. Islamic Jurisprudence
B. Penal code
C. Uniform Civil code
D. The God
Answer» A. Islamic Jurisprudence
89.

‘Islamic Economics and Finance’ is a book written by.

A. Muhammad Akram Khan
B. Sayed Ahmad Khan
C. Abul Kalam Azad
D. Azgar Ali Engineer
Answer» A. Muhammad Akram Khan
90.

Public treasury in Islam is known as.

A. Diwan i Bandagan
B. Mudarabah
C. Baith ul Mal
D. Amanath
Answer» C. Baith ul Mal
91.

Arab coinage was started by.

A. Prophet Muhammad
B. Caliph Abdul Malik
C. Umar II
D. Walid I
Answer» C. Umar II
92.

The percentage of Zakat on money is.

A. 2 `
B. 2.5
C. 3
D. 1.5
Answer» B. 2.5
93.

What is word meaning of ‘Falah’

A. Prosperity or victory
B. Development
C. Economics
D. Finance
Answer» A. Prosperity or victory
94.

Ordinary share of inheritance for female in Islam is------ share of a male.

A. 1/3
B. 1/2
C. 1/4
D. 1/5
Answer» A. 1/3
95.

The name given by the system of exchange of goods for goods.

A. Barter
B. Speculation
C. Share marketing
D. VAT
Answer» A. Barter
96.

The basis of conventional banking system.

A. Deposit
B. Profit
C. Interest
D. Loan
Answer» C. Interest
97.

The Arab term used to denote the’ Sustainer’ of the entire universe.

A. Rasak
B. Rasiq
C. Rafeedah
D. Rashid
Answer» A. Rasak
98.

The owner of the earth according to Quran.

A. God
B. Muhammad
C. Caliph
D. Malak
Answer» A. God
99.

To whom the ownership of the Kharaj land belongs under Islamic Government.

A. Muhammad
B. Malak
C. God
D. Caliph
Answer» C. God
100.

The condition of the lack of the basic needs of life.

A. Faqir
B. Inamath
C. Amanath
D. Ganimath
Answer» A. Faqir

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