McqMate
| 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 | |
| 51. |
Kafalah is: |
| A. | a tax |
| B. | debtor |
| C. | surety |
| D. | mediator |
| Answer» C. surety | |
| 52. |
Kharaj is: |
| A. | poll-tax |
| B. | poor-tax |
| C. | land tax |
| D. | spoils of war |
| Answer» C. land tax | |
| 53. |
Maysir is: |
| A. | profit |
| B. | usuary |
| C. | gambling |
| D. | mediation |
| Answer» C. gambling | |
| 54. |
Which among the following is a synonym of Halal : |
| A. | Muamalat |
| B. | Mubah |
| C. | Khayr |
| D. | Jua’ala |
| Answer» B. Mubah | |
| 55. |
Which among the following is not a profit-loss sharing system: |
| A. | mudaraba |
| B. | musharaka |
| C. | murabaha |
| D. | None of the above |
| Answer» D. None of the above | |
| 56. |
The investor in a Mudaraba transaction is: |
| A. | Mudarib |
| B. | Rab al-Mal |
| C. | Muzaraa |
| D. | None of the above |
| Answer» B. Rab al-Mal | |
| 57. |
Murabaha is: |
| A. | Transaction contract |
| B. | Tax |
| C. | Insurance |
| D. | None of the above |
| Answer» A. Transaction contract | |
| 58. |
Which among the following is ombudsman: |
| A. | Mufti |
| B. | Muhtasib |
| C. | Mudarib |
| D. | None of the above |
| Answer» B. Muhtasib | |
| 59. |
The Jurist who could interprets the sources of Islamic law is called: |
| A. | Murabid |
| B. | Mujtahid |
| C. | Faqih |
| D. | Qadi |
| Answer» B. Mujtahid | |
| 60. |
Which among the following is cost-plus financing: |
| A. | Mudatabah |
| B. | Murabaha |
| C. | Musharaka |
| D. | None of the above |
| Answer» B. Murabaha | |
| 61. |
The term refers to public welfare is: |
| A. | Muzaraa |
| B. | Maslahat |
| C. | Mubah |
| D. | Jua’la |
| Answer» B. Maslahat | |
| 62. |
Bargain on the price of goods is called: |
| A. | Musaqat |
| B. | Musawamah |
| C. | Muzaraa |
| D. | None of the above |
| Answer» B. Musawamah | |
| 63. |
The contract in which all the partners contribute capital is called: |
| A. | Mudaraba |
| B. | Musharakah |
| C. | Murabaha |
| D. | Ijara |
| Answer» B. Musharakah | |
| 64. |
A participant in Takaful is called: |
| A. | Mudarib |
| B. | Mufti |
| C. | Mushtarib |
| D. | Mustahab |
| Answer» C. Mushtarib | |
| 65. |
Which among the following is ‘share-cropping’: |
| A. | Maysir |
| B. | Maslahat |
| C. | Mubah |
| D. | Muzara’a |
| Answer» D. Muzara’a | |
| 66. |
Muzara’a is associated with: |
| A. | land |
| B. | trees |
| C. | metal |
| D. | None of the above |
| Answer» A. land | |
| 67. |
Qard means: |
| A. | Asset |
| B. | loan |
| C. | investment |
| D. | capital |
| Answer» B. loan | |
| 68. |
The term refers interest free loan is: |
| A. | Ijara |
| B. | Mubah |
| C. | Qard Hasan |
| D. | Bai Muajjal |
| Answer» C. Qard Hasan | |
| 69. |
Maysir is another word for: |
| A. | Riba |
| B. | Mudarabah |
| C. | Ijara |
| D. | Qimar |
| Answer» D. Qimar | |
| 70. |
Qimar is another word for: |
| A. | Riba |
| B. | Mudarabah |
| C. | Ijarah |
| D. | Maysir |
| Answer» D. Maysir | |
| 71. |
Another name for Mudarabah is: |
| A. | Ijarah |
| B. | Qirad |
| C. | Maysir |
| D. | Qimar |
| Answer» B. Qirad | |
| 72. |
The process of analogical reasoning of Islamic sources is called: |
| A. | Ijma |
| B. | Qiyas |
| C. | Ijtihad |
| D. | Istehson |
| Answer» B. Qiyas | |
| 73. |
The term Rahn refers: |
| A. | interest |
| B. | gambling |
| C. | tax |
| D. | pledge |
| Answer» D. pledge | |
| 74. |
Usury of trade is called : |
| A. | Riba al-Fadl |
| B. | Riba al-Diyun |
| C. | Riba al-Nasiah |
| D. | Ribh |
| Answer» A. Riba al-Fadl | |
| 75. |
The voluntary charity in Islam is termed as: |
| A. | Zakat |
| B. | Sadaqah |
| C. | Jiziya |
| D. | Kheraj |
| Answer» B. Sadaqah | |
| 76. |
The term refers currency exchange is: |
| A. | sawaa |
| B. | khayr |
| C. | sarf |
| D. | None of the above |
| Answer» C. sarf | |
| 77. |
The term refers to partnership is: |
| A. | Ijarah |
| B. | Mubaa’ |
| C. | Istisnaa |
| D. | Shirkah |
| Answer» D. Shirkah | |
| 78. |
Suftajah was a type of banking instrument used by: |
| A. | Prophet Muhammed |
| B. | Umayyads |
| C. | Abbasids |
| D. | Ottomans |
| Answer» C. Abbasids | |
| 79. |
Suftajah, the banking instrument used for: |
| A. | collect taxes |
| B. | disburse government dues |
| C. | transfer funds |
| D. | All of the above |
| Answer» D. All of the above | |
| 80. |
Which among the following is a financial certificate backed by assets: |
| A. | Ijarah |
| B. | Qard Hasan |
| C. | Istisnaa |
| D. | Sukuk |
| Answer» D. Sukuk | |
| 81. |
Which among the following does not comes under charity: |
| A. | zakat |
| B. | sadaqah |
| C. | tabarru |
| D. | sarf |
| Answer» D. sarf | |
| 82. |
Which among the following represents insurance: |
| A. | Takaful |
| B. | Tam’in |
| C. | All of the above |
| D. | None of the above |
| Answer» C. All of the above | |
| 83. |
The Quranic principle of mutual assistance is termed as: |
| A. | Tabarru |
| B. | Khayr |
| C. | Ta’wuni |
| D. | None of the above |
| Answer» C. Ta’wuni | |
| 84. |
Tawakkul means: |
| A. | A sale by advance payment |
| B. | restrictions |
| C. | trust in God |
| D. | risk sharing |
| Answer» C. trust in God | |
| 85. |
Which among the following is ‘reverse Muraqaba’: |
| A. | Ijara |
| B. | Tawarruq |
| C. | Sarf |
| D. | Istisnaa |
| Answer» B. Tawarruq | |
| 86. |
The financial charge for using services is called: |
| A. | Tijarah |
| B. | Ukhuwah |
| C. | Shirkah |
| D. | Ujrah |
| Answer» D. Ujrah | |
| 87. |
The word wide community of Muslims is termed as: |
| A. | Ummah |
| B. | Umrah |
| C. | Moors |
| D. | None of the above |
| Answer» A. Ummah | |
| 88. |
Ushr is similar with: |
| A. | Riba |
| B. | Zakat |
| C. | Takaful |
| D. | None of the above |
| Answer» B. Zakat | |
| 89. |
A portion of agricultural produce payable by a Muslim is called: |
| A. | Zakat |
| B. | Tawarruq |
| C. | Urf |
| D. | Ushr |
| Answer» D. Ushr | |
| 90. |
Islamic legal theory is termed as: |
| A. | Shariat |
| B. | Qiyas |
| C. | Usul al-Fiqh |
| D. | None of the above |
| Answer» C. Usul al-Fiqh | |
| 91. |
Which among the following denotes promise: |
| A. | Wa’ad |
| B. | Tijarah |
| C. | Urf |
| D. | Ushr |
| Answer» A. Wa’ad | |
| 92. |
Which among the following refers ‘deposited propety’: |
| A. | istisnaa |
| B. | wadiah |
| C. | tabarru |
| D. | sawaa |
| Answer» B. wadiah | |
| 93. |
Which among the following denotes ‘obligatory’: |
| A. | Wali |
| B. | Halal |
| C. | Musaqat |
| D. | Wajib |
| Answer» D. Wajib | |
| 94. |
Which among the following is a contract of agency: |
| A. | Muzarra |
| B. | Mubah |
| C. | Wakalah |
| D. | Tawarruq |
| Answer» C. Wakalah | |
| 95. |
The agent in a Wakala contract is called as: |
| A. | Wadain |
| B. | Wakil |
| C. | Wakala Khass |
| D. | None of the above |
| Answer» B. Wakil | |
| 96. |
Which among the following is a charitable trust: |
| A. | Waqf |
| B. | Wakala |
| C. | Tijarah |
| D. | Ijara |
| Answer» A. Waqf | |
| 97. |
Wasiyyat means: |
| A. | trust |
| B. | guarantee |
| C. | will |
| D. | welfare |
| Answer» C. will | |
| 98. |
The promise which does not create contractual rights and obligations is called: |
| A. | wasiyyat |
| B. | wadah |
| C. | urf |
| D. | sarf |
| Answer» B. wadah | |
| 99. |
The third pillar of Islam is: |
| A. | Salat |
| B. | Zakat |
| C. | Fasting |
| D. | Hajj |
| Answer» B. Zakat | |
| 100. |
Zakat can be levied on: |
| A. | cash |
| B. | cattle |
| C. | agricultural produce |
| D. | All of the above |
| Answer» D. All of the above | |
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