McqMate
| 101. |
The general calculation of Zakat on the possession of a Muslim is: |
| A. | 1.5% |
| B. | 2.5% |
| C. | 2.75% |
| D. | 2.85% |
| Answer» B. 2.5% | |
| 102. |
The minimum amount that a Muslim is obliged to pay as Zakat is called : |
| A. | Nisab |
| B. | Sadaqah |
| C. | Zakah |
| D. | None of the above |
| Answer» D. None of the above | |
| 103. |
The word Zakat means: |
| A. | Almsgiving |
| B. | charity |
| C. | to purify |
| D. | welfare |
| Answer» C. to purify | |
| 104. |
Zakat is additionally payable on: |
| A. | Agricultural goods |
| B. | precious metals |
| C. | live stock |
| D. | All of the above |
| Answer» D. All of the above | |
| 105. |
According to Quran, the qualified people to benefit from Zakat is : |
| A. | poor |
| B. | Zakat collectors |
| C. | to free from slavery |
| D. | All of the above |
| Answer» D. All of the above | |
| 106. |
The eight categories of people who qualify for benefit from Zakat fund is collectively termed as: |
| A. | asnaf |
| B. | sabililah |
| C. | riqab |
| D. | none of the above |
| Answer» A. asnaf | |
| 107. |
How many times the term Zakat mentioned in Quran: |
| A. | 10 |
| B. | 20 |
| C. | 25 |
| D. | 28 |
| Answer» B. 20 | |
| 108. |
Zakat al-fitr is payable during the month of: |
| A. | Ramdan |
| B. | Dhu al-Hajj |
| C. | Muharram |
| D. | Rajah |
| Answer» A. Ramdan | |
| 109. |
Riba on a credit transaction is called: |
| A. | al-Nasiya |
| B. | al-Fadl |
| C. | Qard |
| D. | Duyun |
| Answer» A. al-Nasiya | |
| 110. |
Which among the following is not a type Riba: |
| A. | Qard |
| B. | Fadl |
| C. | Nasiah |
| D. | Shirkah |
| Answer» D. Shirkah | |
| 111. |
How many times the word ‘riba’appeared in Quran: |
| A. | eight |
| B. | ten |
| C. | eleven |
| D. | fifteen |
| Answer» A. eight | |
| 112. |
A sales contract in which delivery of both the commodity and the payment is deferred is called : |
| A. | Bai al-Salam |
| B. | Bai al-Inah |
| C. | Bai al-Mudaf |
| D. | Bai al-Muzayadah |
| Answer» C. Bai al-Mudaf | |
| 113. |
Sales by auction is termed as: |
| A. | Bai al-Inah |
| B. | Bai al-Mudaf |
| C. | Bai al-Gharar |
| D. | Bai al-Muzayadah |
| Answer» D. Bai al-Muzayadah | |
| 114. |
Which among the following is a currency: |
| A. | Dinar |
| B. | Dirham |
| C. | fal |
| D. | All of the above |
| Answer» D. All of the above | |
| 115. |
The section of Islamic law that deals with the distribution of the estate of a deceased person is called: |
| A. | falah |
| B. | faraid |
| C. | eshtirak |
| D. | none of the above |
| Answer» B. faraid | |
| 116. |
Which among the following is a gharar: |
| A. | selling goods that the seller is unable to deliver |
| B. | selling unknown goods against an unknown price |
| C. | selling goods without proper description |
| D. | All of the above |
| Answer» D. All of the above | |
| 117. |
Which among the following is not a type of Gharar: |
| A. | Fahish |
| B. | Yasir |
| C. | Mutawassit |
| D. | None of the above |
| Answer» D. None of the above | |
| 118. |
Which among the following is a feature of Gharar: |
| A. | risk |
| B. | deception |
| C. | uncertainty |
| D. | all the above |
| Answer» D. all the above | |
| 119. |
The term used to describe the function carried out by the state to regulate the market price is: |
| A. | Hukm |
| B. | Hisbah |
| C. | Mubah |
| D. | None of the above |
| Answer» B. Hisbah | |
| 120. |
The prohibited practice of storing commodities in anticipation of increase in prices is called: |
| A. | Ijab |
| B. | ijarah |
| C. | Ihtikar |
| D. | None of the above |
| Answer» C. Ihtikar | |
| 121. |
First Islamic Bank in Germany is: |
| A. | Moroccan Chaabi Bank |
| B. | Axa Bank |
| C. | KT Bank |
| D. | None of the above |
| Answer» C. KT Bank | |
| 122. |
The social science that deals with the production, distribution and consumption of goods and services is called: |
| A. | economics |
| B. | sociology |
| C. | social work |
| D. | None of the above |
| Answer» A. economics | |
| 123. |
Who among the following is considered as the father of economics: |
| A. | Adam Smith |
| B. | John Keynes |
| C. | Thomas Piketty |
| D. | Alfred Marshal |
| Answer» A. Adam Smith | |
| 124. |
Which among the following is not a work of Adam Smith: |
| A. | the theory of moral sentiments |
| B. | the wealth of nations |
| C. | essays on philosophical subjects |
| D. | principles of economics |
| Answer» D. principles of economics | |
| 125. |
The book “the wealth of nations” was written by: |
| A. | Adam Smith |
| B. | John Keynes |
| C. | Karl Marx |
| D. | Alfred Marshal |
| Answer» A. Adam Smith | |
| 126. |
The book “principles of economics” was written by: |
| A. | Adam Smith |
| B. | John Keynes |
| C. | Karl Marx |
| D. | Alfred Marshall |
| Answer» D. Alfred Marshall | |
| 127. |
Who among the following is the vicegerent of god on earth: |
| A. | Prophets |
| B. | khalifa |
| C. | Jurists |
| D. | None of the above |
| Answer» B. khalifa | |
| 128. |
In Islamic theory the ultimate owner of man’s every possession is |
| A. | Allah |
| B. | Prophets |
| C. | Khalifa |
| D. | None of the above |
| Answer» A. Allah | |
| 129. |
In socialism, means of production are owned by: |
| A. | God |
| B. | State |
| C. | Political Authority |
| D. | people |
| Answer» B. State | |
| 130. |
Socialist system is considered as the child of: |
| A. | Materialism |
| B. | democracy |
| C. | Theocracy |
| D. | individualism |
| Answer» A. Materialism | |
| 131. |
Capitalism prefers the absolute right of: |
| A. | state |
| B. | god |
| C. | Individual |
| D. | people |
| Answer» C. Individual | |
| 132. |
Mizan Bank is situated in: |
| A. | Pakistan |
| B. | Sudan |
| C. | Iran |
| D. | Saudi Arabia |
| Answer» A. Pakistan | |
| 133. |
IDB was founded in the year: |
| A. | 1975 |
| B. | 1976 |
| C. | 1977 |
| D. | 1978 |
| Answer» A. 1975 | |
| 134. |
The chairman of CTFS was: |
| A. | Ibrahim Varde |
| B. | Abbas Mirakher |
| C. | I A Hanifi |
| D. | None of the above |
| Answer» C. I A Hanifi | |
| 135. |
Faisal Islamic Bank is situated in: |
| A. | Iran |
| B. | Sudan |
| C. | Pakistan |
| D. | Saudi Arabia |
| Answer» B. Sudan | |
| 136. |
The bank of Sudan Act was passed on: |
| A. | 1945 |
| B. | 1950 |
| C. | 1959 |
| D. | 1961 |
| Answer» C. 1959 | |
| 137. |
The highest Muslim populated non-Islamic country is : |
| A. | India |
| B. | America |
| C. | China |
| D. | Russia |
| Answer» A. India | |
| 138. |
Islamic Banking system was introduced in Iran after the revolution held on: |
| A. | 1971 |
| B. | 1979 |
| C. | 1981 |
| D. | 1988 |
| Answer» B. 1979 | |
| 139. |
Who among the following is considered as the founder of Islamic Banks: |
| A. | I. A. Hanifi |
| B. | Abbas Mirakhar |
| C. | Ibrahim Varde |
| D. | Ahmad al--Najjar |
| Answer» D. Ahmad al--Najjar | |
| 140. |
Who among the following initiated for the introduction of Islamic Banking system in India: |
| A. | Raghuram Rajan |
| B. | Viral Acharya |
| C. | Bimal Jalan |
| D. | N.K. Singh |
| Answer» A. Raghuram Rajan | |
| 141. |
The tactics of tax-evasion is followed in: |
| A. | Islamic finance |
| B. | capitalism |
| C. | Socialism |
| D. | communism |
| Answer» B. capitalism | |
| 142. |
Fedral Shariat Court is situated in: |
| A. | Pakistan |
| B. | Malasiya |
| C. | Iran |
| D. | Sudan |
| Answer» A. Pakistan | |
| 143. |
Raghuram Rajan was the: |
| A. | Finance Minister of India |
| B. | RBI Governor |
| C. | Economist |
| D. | Political activist |
| Answer» B. RBI Governor | |
| 144. |
The form of indirect access of ownership of wealth is: |
| A. | Zakat |
| B. | Waqf |
| C. | inheritance |
| D. | All of the above |
| Answer» D. All of the above | |
| 145. |
Which among the following is cost-plus financing : |
| A. | Mudaraba |
| B. | Musharaka |
| C. | Murabaha |
| D. | Ijara |
| Answer» C. Murabaha | |
| 146. |
The non-obligatory charity in Islam known as: |
| A. | Zakat |
| B. | Sadaqah |
| C. | Ghanimah |
| D. | None of the above |
| Answer» B. Sadaqah | |
| 147. |
The term which refers leasing in Islamic theory is called: |
| A. | Sukuk |
| B. | Ijarah |
| C. | Bai Salam |
| D. | Ju’ala |
| Answer» B. Ijarah | |
| 148. |
The IDB is located in: |
| A. | Riyadh |
| B. | Jeddah |
| C. | Lahore |
| D. | Singapore |
| Answer» B. Jeddah | |
| 149. |
The first Islamic commercial bank was: |
| A. | Faisal Islamic Bank |
| B. | Meezan Bank |
| C. | Al-Aman Bank |
| D. | Sudaneese Islamic Bank |
| Answer» B. Meezan Bank | |
| 150. |
The Central Bank of Iran was established in: |
| A. | 1928 |
| B. | 1945 |
| C. | 1961 |
| D. | 1979 |
| Answer» A. 1928 | |
| 151. |
Raghuram Rajan Report was released on the year: |
| A. | 2000 |
| B. | 2004 |
| C. | 2005 |
| D. | 2008 |
| Answer» D. 2008 | |
| 152. |
Malaysia’s first Islamic based investment product was: |
| A. | Amanah |
| B. | Musharaka |
| C. | Wakalah |
| D. | None of the above |
| Answer» A. Amanah | |
| 153. |
Musaqat is the agricultural contract especially for : |
| A. | land |
| B. | metal |
| C. | trees |
| D. | water resources |
| Answer» C. trees | |
| 154. |
The Bank of Esteqrazi was based on : |
| A. | Sudan |
| B. | Iran |
| C. | Malaysia |
| D. | Indonesia |
| Answer» B. Iran | |
| 155. |
Bank Melli of Iran was established on: |
| A. | 1920 |
| B. | 1923 |
| C. | 1925 |
| D. | 1927 |
| Answer» B. 1923 | |
| 156. |
The Central Bank of Iran was established on: |
| A. | 1920 |
| B. | 1923 |
| C. | 1925 |
| D. | 1927 |
| Answer» D. 1927 | |
| 157. |
In Iran, the law of usury free banking was passed on: |
| A. | 1981 |
| B. | 1982 |
| C. | 1983 |
| D. | 1984 |
| Answer» C. 1983 | |
| 158. |
The Muslim scholar who can be considered as the father of economics was: |
| A. | Ibn Taymiyyah |
| B. | Ibn Khladun |
| C. | Al-Ghazzali |
| D. | Abu Yusuf |
| Answer» B. Ibn Khladun | |
| 159. |
The author of Kitab ul-kheraj was: |
| A. | Al-Baladhuri |
| B. | Ibn Khaldun |
| C. | Al-Ghazzali |
| D. | Abu Yusuf |
| Answer» D. Abu Yusuf | |
| 160. |
In Islam, the bargaining on price is called : |
| A. | Istisnaa |
| B. | Sukuk |
| C. | Musawamah |
| D. | none of the above |
| Answer» C. Musawamah | |
| 161. |
Al-Rajhi Bank is based on: |
| A. | Pakistan |
| B. | Iran |
| C. | Malaysia |
| D. | Saudi Arabia |
| Answer» D. Saudi Arabia | |
| 162. |
The head Office of Al-Rajhi Bank is located in: |
| A. | Lahore |
| B. | Doha |
| C. | Riyadh |
| D. | Abu Dhabi |
| Answer» C. Riyadh | |
| 163. |
Which among the following is not a part of Waqf: |
| A. | Religious Waqf |
| B. | Philanthropic Waqf |
| C. | Family Waqf |
| D. | Banking Waqf |
| Answer» D. Banking Waqf | |
| 164. |
AAOIFI is based in: |
| A. | Oman |
| B. | Bahrain |
| C. | Saudi Arabia |
| D. | Malaysia |
| Answer» B. Bahrain | |
| 165. |
AAOIFI was established on: |
| A. | 1990 |
| B. | 1991 |
| C. | 1992 |
| D. | 1993 |
| Answer» B. 1991 | |
| 166. |
AAOIFI mainly prepares: |
| A. | Accounting |
| B. | auditing |
| C. | Governance |
| D. | all of the above |
| Answer» D. all of the above | |
| 167. |
Bank Islam Malaysia started its operation on: |
| A. | 1983 |
| B. | 1984 |
| C. | 1985 |
| D. | 1986 |
| Answer» A. 1983 | |
| 168. |
Pakistan’s first and largest Islamic Bank is: |
| A. | Meezan |
| B. | Al-Baraka |
| C. | Al-Falah |
| D. | None of the above |
| Answer» A. Meezan | |
| 169. |
LARIBA is based on: |
| A. | Malaysia |
| B. | America |
| C. | Singapore |
| D. | UK |
| Answer» B. America | |
| 170. |
Al-Baraka is based on: |
| A. | Singapore |
| B. | Pakistan |
| C. | Saudi Arabia |
| D. | Bahrain |
| Answer» B. Pakistan | |
| 171. |
The institution for the socio-economic welfare of Muslim Society is: |
| A. | Zakat |
| B. | Sadaqah |
| C. | Waqf |
| D. | Khair |
| Answer» C. Waqf | |
| 172. |
The economic system in which transactions between private parties are free from government intervention is called: |
| A. | Amanah |
| B. | Wadiah |
| C. | Laizze Faire |
| D. | None of the above |
| Answer» C. Laizze Faire | |
| 173. |
The importance of the role of labour in the creation of wealth was underlined by: |
| A. | Al-Ghazzali |
| B. | In Taymiyyah |
| C. | Ibn Khaldun |
| D. | All of the above |
| Answer» D. All of the above | |
| 174. |
Which Muslim scholars emphasized on the necessity of establishing economic cooperation between the different parties of a society : |
| A. | Ibn al-Qayyim |
| B. | Ibn Taymiyyah |
| C. | Ibn Khaldun |
| D. | Abu Yusuf |
| Answer» A. Ibn al-Qayyim | |
| 175. |
Who among the following is credited to analyse first on the concepts of labour, value and the division of labour: |
| A. | Ibn Taymiyyah |
| B. | Ibn Khaldun |
| C. | David Recardo |
| D. | Karl Marx |
| Answer» B. Ibn Khaldun | |
| 176. |
Which among the following scholars used the treatment of utility as a scientific tool of analysis: |
| A. | Al-Ghazzali |
| B. | Ibn Taymiyyah |
| C. | Al-Shatibi |
| D. | All of the above |
| Answer» D. All of the above | |
| 177. |
Who among the following described on the qualities of Muhtasib: |
| A. | Abu Yusuf |
| B. | Al-Ghazzali |
| C. | Nizam ul-Mulk Tusi |
| D. | Ibn Khaldun |
| Answer» B. Al-Ghazzali | |
| 178. |
The principles of Islamic world view of economics is/are : |
| A. | trusteeship lies in Allah |
| B. | giving Zakat |
| C. | prohibition of Riba and Gharar |
| D. | All of the above |
| Answer» D. All of the above | |
| 179. |
Which among the following is associated with Waqf : |
| A. | Waqif |
| B. | Mutawillis |
| C. | Qadi |
| D. | All of the above |
| Answer» D. All of the above | |
| 180. |
Bijak, a form of credit was issued by: |
| A. | Meezan Bank |
| B. | Faisal Islamic Bank |
| C. | Bank Shahanshahi |
| D. | None of the above |
| Answer» C. Bank Shahanshahi | |
| 181. |
Which among the following Bank is not situated in Iran: |
| A. | Imperial bank |
| B. | New East Bank |
| C. | Bank of Estegrazi |
| D. | Faisal Islamic bank |
| Answer» D. Faisal Islamic bank | |
| 182. |
The Sudan Currency Board was established on: |
| A. | 1959 |
| B. | 1961 |
| C. | 1963 |
| D. | 1966 |
| Answer» A. 1959 | |
| 183. |
The new Sudanese Currency was issued on: |
| A. | 1959 |
| B. | 1961 |
| C. | 1963 |
| D. | 1966 |
| Answer» A. 1959 | |
| 184. |
The entire commercial banking sector was nationalized in Sudan on: |
| A. | 1961 |
| B. | 1970 |
| C. | 1975 |
| D. | 1980 |
| Answer» B. 1970 | |
| 185. |
The fine paid by a person for having committed an act prohibited by Allah is called: |
| A. | Kaffarath |
| B. | Nafaqath |
| C. | Ghanimah |
| D. | Fay |
| Answer» A. Kaffarath | |
| 186. |
The term refers the law of inheritance is: |
| A. | Kaffarath |
| B. | Wirathat |
| C. | Nafaqath |
| D. | Fay |
| Answer» B. Wirathat | |
| 187. |
The term refers to the religious obligation of any Muslims to pay one-fifth of their acquired wealth from certain sources is called: |
| A. | Ghanima |
| B. | Khums |
| C. | Wirathat |
| D. | Fay |
| Answer» B. Khums | |
| 188. |
Which among the following is not included in Khums tax: |
| A. | Ghanima |
| B. | Treasure |
| C. | Zakat |
| D. | Mineral resources |
| Answer» C. Zakat | |
| 189. |
Ghanima is: |
| A. | poll tax |
| B. | booty seized with war |
| C. | tax for mineral resources |
| D. | land tax |
| Answer» B. booty seized with war | |
| 190. |
Khums is generally applies: |
| A. | 1/2 |
| B. | 1/3 |
| C. | 1/4 |
| D. | 1/5 |
| Answer» D. 1/5 | |
| 191. |
The first UK Islamic Bank is: |
| A. | Al-Baraka international |
| B. | The imperial Bank |
| C. | Bank of London |
| D. | None of the above |
| Answer» A. Al-Baraka international | |
| 192. |
The Sukuk market started in UK on |
| A. | 2000 |
| B. | 2002 |
| C. | 2007 |
| D. | 2009 |
| Answer» C. 2007 | |
| 193. |
First western government issue sovereign sukuk is: |
| A. | US |
| B. | UK |
| C. | Germany |
| D. | France |
| Answer» C. Germany | |
| 194. |
The number of fully Sharia-complaint bank in UK is: |
| A. | three |
| B. | five |
| C. | seven |
| D. | nine |
| Answer» B. five | |
| 195. |
The mode of transaction introduced in UK with Islamic finance is: |
| A. | Mudaraba |
| B. | Musharaka |
| C. | Murabaha |
| D. | Ijara |
| Answer» C. Murabaha | |
| 196. |
First 100% shariah-complaint bank in USA is: |
| A. | Deron Bank |
| B. | University Bank |
| C. | LARIBA |
| D. | None of the above |
| Answer» B. University Bank | |
| 197. |
LARIBA is a US based: |
| A. | Finance company |
| B. | bank |
| C. | Non-profit organization |
| D. | None of the above |
| Answer» A. Finance company | |
| 198. |
First Islamic Bank in Indonesia: |
| A. | Bank Melli |
| B. | Bank Muamalat |
| C. | Bank Indonesia |
| D. | None of the above |
| Answer» B. Bank Muamalat | |
| 199. |
Bank Muamalat was established in: |
| A. | 1990 |
| B. | 1992 |
| C. | 1994 |
| D. | 1995 |
| Answer» B. 1992 | |
| 200. |
The only Islamic banking institution in France is: |
| A. | Moroccoan Chaabi Bank |
| B. | BNP Paribas |
| C. | Axa Bank |
| D. | None of the above |
| Answer» A. Moroccoan Chaabi Bank | |
Done Reading?