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200+ Islamic Economics and Finance Solved MCQs

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

1.

Abu Yousuf decorated the court of.

A. Umayyads
B. Abbasids
C. Fatimids
D. Seljukes
Answer» B. Abbasids
2.

The term Laissez-faire was first coined by.

A. Adam Smith
B. Francois Quesnay
C. Vincent de Gournay
D. Thomas Malthus
Answer» B. Francois Quesnay
3.

Riba is:

A. Ownership of wealth
B. Halal interest
C. Islamic Insurance
D. Interest
Answer» D. Interest
4.

Who among the following is not associated with the economic implication of Islam?

A. Ibn Khaldun
B. Al Ghazzali
C. Mawardi
D. None of the above
Answer» D. None of the above
5.

Which among the following is not a fundamental prohibition in Islam.

A. Riba
B. Maysir
C. Talaq
D. Gharar
Answer» C. Talaq
6.

The full- fledged Islamic Economic system was first established by.

A. Prophet Muhammad
B. Umar
C. Abu Yousuf
D. Muawiyah
Answer» B. Umar
7.

Which among the following is a form of Murabaha.

A. Ijara
B. Sukuk
C. Musawamah
D. Wadiyah
Answer» C. Musawamah
8.

Haraam means:

A. Permissible
B. Forbidden
C. Not encouraged
D. Compulsory
Answer» B. Forbidden
9.

Advance payment in Islamic Economics is termed as.

A. Salam
B. Ushr
C. Istisnah
D. Ijarah
Answer» A. Salam
10.

Which among the following are the main pillars of Islamic society?

A. Social Cohesion
B. Co-Operation
C. Self Sufficiency
D. All the above
Answer» D. All the above
11.

Mixed economy means an economy where:

A. both agriculture and industry are equally promoted by the state
B. there is co-existence of public sector along with private sector
C. there is importance of small scale industries along with heavy industries
D. economy is controlled by military as well as civilian rulers
Answer» B. there is co-existence of public sector along with private sector
12.

Demand for a commodity refers to:

A. Need for the commodity
B. Desire for the commodity
C. Quantity demanded of that commodity
D. Amount of the commodity demanded at a particular price and at a particular time
Answer» D. Amount of the commodity demanded at a particular price and at a particular time
13.

Banking or banking action that is consistent with main beliefs of Shariah and its realistic application from beginning to end improvement of Islamic economics is:

A. Islamic Banking
B. development Bank
C. conventional banking
D. b& c
Answer» A. Islamic Banking
14.

Sukuk is an Arabic name stand for:

A. financial liabilities
B. financial certificates
C. financial assets
D. financial loans
Answer» B. financial certificates
15.

A type of partnership where one party offer funds while other gives expertise and management is

A. murabaha
B. musharika
C. ijarah
D. mudarabah
Answer» D. mudarabah
16.

Shirkat-ul-wujooh has its origin in Arabic word:

A. wajahat
B. wajahee
C. waujooh
D. wajhee
Answer» A. wajahat
17.

Word Musharika is originated from the:

A. Latin word
B. Arabic word
C. Persian word
D. French word
Answer» B. Arabic word
18.

Shirkat-ul-wujooh has its origin in Arabic phrase Wajahat meaning:

A. reputation
B. goodwill
C. liabilities
D. assets
Answer» B. goodwill
19.

The Shariah compliant investments banking was undertaken in Egypt on:

A. 1955
B. 1958
C. 1963
D. 1968
Answer» C. 1963
20.

Giving share of investor to customer on lease is the:

A. basis of musharika
B. basis of ijarah
C. basis of diminishing musharika
D. basis of hibah
Answer» C. basis of diminishing musharika
21.

Taa’wan refers:

A. social welfare
B. mutual cooperation
C. individual rights
D. personal property
Answer» B. mutual cooperation
22.

Iqtisaduna was written by:

A. Mohammad Baqir al-Sadr
B. Taqiuddin al-Nabhani
C. Mahmud Taleqani
D. None of the above
Answer» A. Mohammad Baqir al-Sadr
23.

Aaqilah refers:

A. Inherent one
B. compensation
C. reward
D. mutual help
Answer» D. mutual help
24.

Which among the following deals with justice and fairness:

A. Adl
B. Ajr
C. Ahad
D. None of the above
Answer» A. Adl
25.

A payment or compensation such as commission, fees or wages charged for services is called:

A. Ajr
B. Adl
C. Ahad
D. Taa’wan
Answer» A. Ajr
26.

Daman means:

A. Interest
B. liability
C. reward
D. compensation
Answer» B. liability
27.

Amil is:

A. manager
B. worker
C. leader
D. none of the above
Answer» B. worker
28.

Aqd is:

A. compensation
B. contract
C. profit
D. loss
Answer» B. contract
29.

Which among the following is a loan contract:

A. Muawadah
B. ijarah
C. Qard
D. None of the above
Answer» C. Qard
30.

The non refundable down payment or deposit paid by a buyer for the right to purchase in future is called:

A. Aql
B. Arbun
C. Ariya
D. Taa’wan
Answer» B. Arbun
31.

Banking an object for cash then selling it to the same party for higher price is:

A. Bai al-Arbun
B. Bai al-Amanat
C. Bai al-Inhah
D. Bai Salam
Answer» C. Bai al-Inhah
32.

The Islamic term for Barter is:

A. Khiyar
B. Mutlaq
C. Muqayaza
D. Inhah
Answer» C. Muqayaza
33.

Which among the following is a credit sale:

A. Boatil
B. Bai Muajjal
C. Istisna
D. None of the above
Answer» B. Bai Muajjal
34.

Gharar means:

A. interest
B. profit
C. loss
D. risk
Answer» D. risk
35.

Bait ul Mal is:

A. personal belonging
B. public treasury
C. auction
D. None of the above
Answer» B. public treasury
36.

Invalid sale or contract is termed as:

A. Muajjal
B. Boatil
C. Khiyar
D. Ajil
Answer» B. Boatil
37.

Bai Muajjal is associated with:

A. credit sale
B. defered payment contract
C. lumpsum
D. All of the above
Answer» D. All of the above
38.

Sale of debt is termed as:

A. Bai Wafa
B. Bai Muajjal
C. Bay al-Dayn
D. None of the above
Answer» C. Bay al-Dayn
39.

In Islamic finance, Daman refers to:

A. assets
B. security
C. profit
D. interest
Answer» B. security
40.

The Islamic term for insurance is:

A. Falah
B. Fadl
C. Boatil
D. Takaful
Answer» D. Takaful
41.

Which among the following refers ‘religious decree’:

A. Fasid
B. Fatwa
C. Waqf
D. Fiqh
Answer» B. Fatwa
42.

Ijarah is:

A. Bill of exchange
B. leasing
C. debt
D. none of the above
Answer» B. leasing
43.

Sukuk is:

A. leasing
B. debt
C. bond
D. None of the above
Answer» C. bond
44.

Which among the following denotes Islamic Bond:

A. Ijarah
B. Sukuk
C. Fasid
D. Tamleek
Answer» B. Sukuk
45.

Which among the following is the source of Islamic economic theory:

A. Qiyas
B. Ijma
C. Ijtihad
D. All of the above
Answer» D. All of the above
46.

Ijma is:

A. private judgement
B. imitation
C. analogy
D. consensus
Answer» D. consensus
47.

Which among the following is performed by jurists:

A. Ijma
B. Ijtihad
C. Fatwa
D. All of the above
Answer» D. All of the above
48.

Which among the following is forward sale:

A. Istislah
B. Sukuk
C. Istisna’a
D. None of the above
Answer» C. Istisna’a
49.

Which among the following is not a tax:

A. Jiziya
B. Kharaj
C. Zakat
D. Sadaqah
Answer» D. Sadaqah
50.

Which among the following is service fee:

A. Istisna’a
B. Jua’lah
C. Ijara
D. None of the above
Answer» B. Jua’lah

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