McqMate
These multiple-choice questions (MCQs) are designed to enhance your knowledge and understanding in the following areas: Bachelor of Commerce (B Com) .
| 1. |
An Ordinance was propagates to permit establishment of |
| A. | mudaraba companies |
| B. | musharika companies |
| C. | murabah companies |
| D. | all of answers are correct |
| Answer» A. mudaraba companies | |
| 2. |
Negotiation of a selling price among two parties exclusive of reference by seller to either costs or asking price is |
| A. | ijarah wa iqtna |
| B. | ijarah |
| C. | musawamah |
| D. | musharika |
| Answer» C. musawamah | |
| 3. |
What is the most widely used Islamic mode of financing in asset side operation of Islamic banks? |
| A. | murabaha |
| B. | ijarah |
| C. | salam |
| D. | diminishing musharakah |
| Answer» A. murabaha | |
| 4. |
The following items are major components of Islamic banking and finance except |
| A. | islamic banking |
| B. | takaful (insurance) |
| C. | stock exchange |
| D. | capital market |
| Answer» C. stock exchange | |
| 5. |
Islamic bonds can be rated on the two basis |
| A. | long term and short term |
| B. | sovereign and corporate |
| C. | public and private |
| D. | none of the above |
| Answer» D. none of the above | |
| 6. |
Who bears the loss in wakalah |
| A. | principal |
| B. | wakeel |
| C. | both together |
| D. | none of the above |
| Answer» B. wakeel | |
| 7. |
Securitization possible in |
| A. | murabaha |
| B. | ijara |
| C. | both a and b |
| D. | none of the above |
| Answer» B. ijara | |
| 8. |
Islamic bank rely on the following two major sources of funds |
| A. | transaction deposits and accounts receivables |
| B. | investment deposit and current accounts |
| C. | accounts payable and investment accounts |
| D. | transaction deposits and investment deposits |
| Answer» D. transaction deposits and investment deposits | |
| 9. |
Which of the following is not a source of fund for Islamic banks? |
| A. | current accounts |
| B. | saving account |
| C. | account receivables |
| D. | investment account |
| Answer» C. account receivables | |
| 10. |
Investment accounts operated by Islamic banks are based on the concept of |
| A. | wadiah |
| B. | hibah |
| C. | mudrabah |
| D. | murabahah |
| Answer» C. mudrabah | |
| 11. |
Expression Finance Certificates & Certificate of Investment in Musharika is |
| A. | liability side financing |
| B. | liability |
| C. | assets |
| D. | assets side financing |
| Answer» A. liability side financing | |
| 12. |
What is asset side financing out of these means |
| A. | large enterprise financing |
| B. | import financing |
| C. | letter of credit with margin (for musharika) |
| D. | all of answers are correct |
| Answer» D. all of answers are correct | |
| 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. |
A bank is considered as a custodian and trustee of money is |
| A. | wadiah |
| B. | safekeeping |
| C. | a & b |
| D. | hibah |
| Answer» C. a & b | |
| 15. |
The appointment of shari ah scholar is done by |
| A. | shareholders at annual general body meeting |
| B. | the board of directors on behalf of the shareholders |
| C. | by the relevant government authority like cma |
| D. | all of the above |
| Answer» B. the board of directors on behalf of the shareholders | |
| 16. |
Earliest Islamic bank was established in Malaysia in |
| A. | 1980 |
| B. | 1983 |
| C. | 1982 |
| D. | 1988 |
| Answer» B. 1983 | |
| 17. |
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 | |
| 18. |
Shirkat-ul-wujooh has its origin in Arabic word |
| A. | wajahat |
| B. | wajahee |
| C. | waujooh |
| D. | wajhee |
| Answer» A. wajahat | |
| 19. |
Word Musharika is originated from the |
| A. | latin word |
| B. | arabic word |
| C. | persian word |
| D. | french word |
| Answer» B. arabic word | |
| 20. |
International bodies dedicated to enhancing Islamic finance industry include |
| A. | the international financial islamic financial market |
| B. | islamic financial service board |
| C. | accounting and auditing organization for islamic financial institutions |
| D. | all of the above |
| Answer» D. all of the above | |
| 21. |
_____ is not a major component of the Islamic banking and finance industry. |
| A. | islamic banking |
| B. | conventional insurance |
| C. | islamic capital markets |
| D. | islamic non-bank financial institutions |
| Answer» B. conventional insurance | |
| 22. |
Examples of Islamic non-bank financial institutions include: |
| A. | islamic leasing and factoring companies |
| B. | islamic microfinance institutions |
| C. | waqf management institutions |
| D. | all of the above |
| Answer» D. all of the above | |
| 23. |
All financing in Islamic banking and finance can be conveniently classified under: |
| A. | sharing modes |
| B. | sale modes |
| C. | leasing modes |
| D. | any of the above modes |
| Answer» D. any of the above modes | |
| 24. |
Combination of capital is not compulsory is |
| A. | basic rules of capital in musharika |
| B. | basic rules of capital in ijarah |
| C. | basic rules of capital |
| D. | basic rules of capital in lease |
| Answer» A. basic rules of capital in musharika | |
| 25. |
Phrase that is not related to books of Fiqh is |
| A. | shirkah |
| B. | ijarah |
| C. | musharika |
| D. | sharing |
| Answer» C. musharika | |
| 26. |
First Islamic bank was recognized in |
| A. | pakistan |
| B. | oman |
| C. | malaysia |
| D. | qatar |
| Answer» C. malaysia | |
| 27. |
A joint project or partnership formation with profit/loss contribution implications that is used in Islamic finance as an alternative of interest-bearing loans is |
| A. | ijarah |
| B. | musharika |
| C. | murabah |
| D. | hibah |
| Answer» C. murabah | |
| 28. |
Profit is based on accord of parties, but loss is all time issue to proportion of |
| A. | capital |
| B. | investment |
| C. | work |
| D. | a & b |
| Answer» D. a & b | |
| 29. |
A number of Islamic banks were formed to provide to this particular banking market in late |
| A. | 20th century |
| B. | 19th century |
| C. | 18th century |
| D. | none of all of these |
| Answer» A. 20th century | |
| 30. |
Working capital financing in Musharika is |
| A. | liability side financing |
| B. | asset side financing |
| C. | assets |
| D. | liabilities |
| Answer» B. asset side financing | |
| 31. |
How much etc in Musharika is related to |
| A. | quantified |
| B. | ma'loom |
| C. | specified |
| D. | a & b |
| Answer» D. a & b | |
| 32. |
Products of first type may be given to Musharika in capital while second kind of products cannot be a part of capital observation of |
| A. | imam maliki |
| B. | imam hanafi |
| C. | imam shafi |
| D. | imam hanabli |
| Answer» C. imam shafi | |
| 33. |
Islamic banking structure is based on |
| A. | risk sharing |
| B. | interest sharing |
| C. | a & b |
| D. | premium sharing |
| Answer» A. risk sharing | |
| 34. |
An investor and his customer contribute either in shared possession of an assets or equipment, or in a combined commercial venture is |
| A. | diminishing musharika |
| B. | musharika |
| C. | ijarah |
| D. | salam |
| Answer» A. diminishing musharika | |
| 35. |
Qur'an forbids |
| A. | gambling |
| B. | interest sharing |
| C. | gharar |
| D. | all of answers are correct |
| Answer» D. all of answers are correct | |
| 36. |
A pioneering attempt, in Shariah compliant investments banking was undertaken in 1963 in |
| A. | oman |
| B. | saudia arabia |
| C. | egypt |
| D. | pakistan |
| Answer» C. egypt | |
| 37. |
Giving share of investor to customer on lease is the |
| A. | basis of musharika |
| B. | basis of diminishing musharika |
| C. | basis of ijarah |
| D. | basis of hibah |
| Answer» B. basis of diminishing musharika | |
| 38. |
The term IDB stands for |
| A. | islamic development bond. |
| B. | islamic development bank. |
| C. | islamic derivatives business. |
| D. | islamic document bureau |
| Answer» B. islamic development bank. | |
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