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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 .

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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