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ASSIGNMENT # 3 Section – A: Multiple Choice Questions (Maximum Mar s: !"# 1. Khalid and Hamid wants to start a carpenting business.

Khalid will provide shop/premises and Hamid will provide the tools, both will work in the business. This is a. Shirkah-almilk b. Shirkah-al-amwal c. Shirkah-alaamal d. Shirkah-alwojooh . !hat is the status o" a current account in #slamic bank$ a. Shirkah b. %ard c. !adeeaah &. 'or which purpose can (urabaha be used$ a. )urchasing o" raw material b. )a*ment o" sta"" salar* c. 'or +verhead ,-penses .. ,-cess compensation without due consideration is called/ a. 0iba b. 1abour c. Salam d. #stisna 2. The ideal product "or 3+T is/ a. (urabaha b. Salam c. #stisna d. #jarah 4. Sale in which 5ost is not known is called/ a. (urabah b. (uajjal c. (u6a*ada d. (usawamah 7. The kind o" sale in which pa*ment is spot while the deliver* o" the good is de"erred is called/ a. #stisna b. Salam c. #stijrar d. #jarah 8. #" (udarabah become void due to an* reason (udarib will be/ a. Shareek b. 9amin c. :jeer d. !akeel ;. The agreement between 3ank < Saving account holder is a. %ard b. Shirkah c. (udarabah d. (udarabah (ushtarikah 1=. : >inning 'actor* asks "inancing "or advance pa*ment to the "armer and "or it overhead ,-penses, which product is suitable/ a. (urabaha b. Salam c. #jarah d. Taka"ul 11. )artnership b* ?oint +wnership is re"erred as/ a. Sirkat-ul-(ilk b. Shirkat-ul-:6d c. Shiekat-ul-!ujooh d. Shirkat-ul-:in 1 . )artnership in 5apital is re"erred as/ a. Shirkat-ul-!ujooh b. Shirkat-ul-:mal c. Shirkat-ul-:mwal d. Shirkat-:l-(u"awada 1&. #n (udarabah, (udarib is known as a. #nvestor b. !orking )artner c. :gent d. Trustee 1.. !hich one o" the 'ollowing is @+T the role o" mudarib/ a. !akeel b. Trustee c. :gent d. #nvestor 12. The Transaction in which cost and pro"it are known is re"erred as/ a. (usharakah b. (urabaha c. #jarah d. Salam 14. #' a person provide wood to the carpenter "or manu"acturing a o""ice table this product is called a. Salam b. #stisna c. #jarah d. (urabaha 17. !hich one o" the "ollowing is @+T the part o" 0iba :l-"adl/ a. Aate b. Silver c. Begetable d. !heat 18. !hich one o" the 'ollowing is @+T the element o" Balid Sale/ a. )rice b. Aeliver* c. Bariet* d. 5ontracting )arties 1;. :n*thing that is in the possession o" the person, who is not the owner o" it, is called/

and the client procures some goods. 3ai-#nnah D3u* backE . :manah b. pro"it c. Supplier o" goods b. Aistribution o" pro"it among 0abb. :l-!adiah =. void ableD'asidE c. Seller o" goods .a. :lkhiraj 3iddamanDrisk sharingE & . depositor c. The most signi"icant di""erence between conventional and #slamic banking "or earning returns on principal amount o" depositors is basicall* a. goods do not e-ist b. as a new mode o" "inance as a new version o" Shirkah conceptE it has been practiced like a.. #n this contract CCCCCCCCC is responsible to disclose the cost and pro"it o" the asset subject to (urabaha contract$ a. The original old principal o" (udarabah is that CCCCCCCCcan not mi. invalid D3atilE 7. Since (urabaha selling price is "i-ed at the time o" e-ecuting (urabaha contract b* picking-up prevailing matching K#3+0. good ma* e-ist but ma* not be in the ownership o" the seller c. 5ommodit* risk c. :6l b. (udarib &=. a. :lkhiraj 3iddaman D0isk sharingE b. :rdh c. sale on sale c. Aisclosing contractual obligation "or the pa*ment o" lump sum amount o" (udarabah pro"it results the (udarabah contract CCCCCCCCCCC a. :sl d. !hen client o""ers #slamic bank to purchase the goods on (urabaha basis c. Arawing up pro"it and loss account on monthl* basis 4. Aisclosure o" pro"it sharing ratio as against disclosure o" percentage o" pro"it attached with the capital/investment o" the depositors c. valid DSahihE b. bu*er o" goods c. :"ter "i-ing the (urabaha selling price. 5onstructive li6uidation o" (udarabah business in an #slamic bank means a. 0ate o" return risk b. 5reating a joint pool o" investment with the depositorsG mone* &1. trust . :"ter introduction o" (usharakah on the liabilit* side. partnership b. !hen client e-ecutes #n"ormation (emorandum "or taking possession o" goods b. 5ontract 1. :t the time o" conclusion o" Salam contract it is obvious that CCCCCCCCCCC a. then what will happen i" client needs (urabaha "inancing a"ter procurement o" goods$ a. :min c. 3ai-Fddain DAebt tradingE c. accordingl* what kind o" risk. #" an #slamic bank does not appoint its client as its agent. +btaining market surve* report to evaluate the market price o" assets b. :n agreement e""ected b* mutual understanding is called/ a. like 0unning 'inance 'acilit* will be regarded as CCCCCCCCCC a. 3ai-uddainDdebt tradingE 8. the roll over o" the same.his/its e6uit* with the e6uit* o" 0abb-ul-(aal a. pro"it < loss sharing between bank and depositors b. the 0isks (anagers o" #slamic banks "oresee while e-tending long term (urabaha "inancing$ a. the seller is liable to give either constructive or actual possession to the bu*er . mi-ing-up e6uit* o" the bank with depositors and sharing pro"it < loss in an agreed ratio b.ul-(aal and (udarib c. (arket risk 2. 3ank b. :mal d. (urabaha is basicall* a sale purchase contract. (udarabah is a CCCCCCCCCCCCbased contract and thus can be terminated b* an* single part* at an* given date. mi-ing-up e6uit* o" the bank with the depositors and sharing pro"it < losses to the e-tent o" e6uit* participation and taking pro"it in the capacit* o" (udarib b* the bank c.. Auring the transactional hierarch* o" (urabaha "inancing Dwhen an #slamic bank appoints its client as its agentE at what stage the relationship between the client and the #slamic bank is changed "rom the agent and principal to bu*er and seller$ a. 3ai-amanah b. !hen #slamic 3ank accepts the o""er made b* the client "or the purchase o" the goods on (urabaha basis &.

. 1essor b.1. . There are CCCCt*pes o" Aiminishing (usharakah a. . :ll above. @one o" above. ma* be o" some special kind &. pre-agreed ratio o" pro"it b. 3oth d. 'our t*pe d. @one o" above . There are CCCCCsteps in (urabaha Aocuments < Se6uence/ a. the bank shall CCCCCC. @one above. . ma* not be c. 3oth d. .&. 3oth d. Three c. 5annot obtain the securit* d. @one above. Three t*pes c.. 0unning 'inancing d. 1essor b. 'our d. . #n Shirkat-ul-(ilk undivided shares or other assets can be used in the/ a. 2=. :ccrued #ncome is the 3asis +" Sharing )ro"it b. :t the time o" termination o" (udarabah/ a. (uha*a c. do not owned b* the seller c. The loss i" an* is distributed among more than the ratio o" their CCCCCCCCC a. Three t*pes c.. . Shirkah-al-:mwaal c. #n case o" misconduct c. 'our c. 1essee c. 3oth above d. Two b. @one o" above. Three b. : "i-ed rate o" return b. 1essee c. :ll above &. (udarab will be liable o" loss/ a.&&. pre-agreed ratio o" loss c. #n an* case b. b. )a*ment o" )ro"it is not the part o" 3ankGs . @one above . (ajor maintenance o" asset under #jara agreement is responsibilit* o"/ a. Two b. Shall not has right to obtain the securit* "rom the part*. #n case o" (usharakah agreement between the 3ank and the client. Si&7.=. Aiminishing (usharakah is also called/ a. b and c above. Aiminishing (usharaka can be used as mode o" 'inance in CCCC e""ectivel*/ a. The di""erence between interest based "inancing and (usharakah/ a.. must be &4. @one above. @one o" above. #n case o" will "ull negligence d. The most signi"icant "eature o" #stisnaGa mode o" "inance is that the goods CCCCCCCCC a. 'ive d. There are CCCC t*pes o" (udaraba a. : Berbal contract c. )rocurement o" #nsurance DTaka"ulE is responsibilit* under #jara agreement is/ a. :greed rate o" return d. .2. @one above.8.4.. obtain ade6uate securit* "rom the part*/ a. have to pass through manu"acturing process b. The (udarbah business CCCCCCCC terminated singl* either b* 0abb-ul-(aal or (udarib a. (ushtarik #nti"a b. ma* be b. : variable rate o" return c..7. 'our t*pes d. Three c.. #mam Sha"i has an opinion dividing commodities into/ a. House 'inancing c. . ratio o" investment &2. @one . 5ar 'inancing b.-penses and >ross revenue is shared between 3ank and deposit holders c. :ll above. 'our d. c. (usharaka is a relationship established b* the parties through/ a. Shirkah-al-(utana6isah b. )ro"it is calculated on dail* product basis Dmeans each da* average balance is calculated as against minimum balance basis o" conventional banksE d. Two t*pes b. &8. Shirkat-ul-:6d is "urther divided into/ a. Ta6seem d. Two t*pes b. #n (udaraba. : (utual contract b. Shall has right to obtain securit* "rom the part*.

the )rice is in cash but the suppl* o" goods is de"erred. #n Salam transaction. : small mistake at an* stage ma* convert (urabaha into an interest based loan. Aeposit side o" an #slamic bank can be structured on the basis o" Shirkat-ul-:6d. #n case o" loss the burden o" loss will not "all upon one rather will be shared b* all "irms o" the partner. . )h*sical li6uidation is necessar*.Section – $: True or %alse (Maximum Mar s: !"# 1. 18. 7. there will not be an* Kha*ar D+ptionE with the bu*er. 1=. 1&. bank can e-ecute (urabaha o""er acceptance on 8th ?une . 1. #n 5ar #jarah. 11. #n Shirkah-al-:6d one partner can promise be"orehand at the time o" e-ecution o" agreement to purchase the other partnerGs share at a "i-ed price. The customer owns a plot o" land and the bank provides "und "or construction b* e-ecution o" (usharakah :greement. The customer cannot purchase the bankGs share/units be"ore one *ear. Khalid can e-ecute a salam agreement "or purchasing o" (ango o" HameedGs 'arm . &. . #n Shirkat-ul.. &. =. :"ter deliver* under Sallam transaction. #n Shirkat-ul. 1. goods will remain at the risk o" seller. Aiminishing (usharakah is a t*pe o" Shirkah where one partner purchases the other partnerGs share graduall*. .. : (udaraba contract is one o" a pro"it-based contracts 17. both will work in the business. 2.:6dH @o pro"it I )rincipal is guaranteed 12. There is no di""erence between #jara and 1ease. 3ank gave Khalid as an agent 0s1== "or purchasing o" a pen on 8th ?une. The actual and "resh purchase is an essential part o" (urabaha . . !a6asG share can be purchased b* mutual consent at an agreed "inal price without ph*sical or constructive li6uidation. Khalid purchased pen on 12th ?une. 14. during which the vehicle was not usable and the customer/lessee liable to pa* rent "or the & months$ 4. :hmed will provide shop/premises and !a6as will provide the e-pertise. #n (udarabah.. 8.. )rincipal can be guaranteed and unit price can be "i-ed. #n Sallam. be"ore deliver*. There is no di""erence in condition between Salam < #stisna.. the vehicle had an accident the repair work took & months.(ilk. . 1. #t is not necessar* "or the validit* o" Salam that the bu*er pa*s the price in "ull to the seller at the time o" e""ecting the sale.ver* partner has the right to terminate the (usharakah at an* time a"ter giving his partner a notice 1 . . #slamic Shariah does not permits one to do a sale transaction contingent on a "uture date. 5onstructive li6uidation cannot be conducted. :hmed and !a6as wants to start a hotel business. The purpose o" Salam is to meet the need o" small "armers who need mone* to grow their crops and to "eed their "amil* up to the time o" harvest.

The literal meaning o" (usharaka is sharing &4. the rent will be charged during major maintenance o" the assets. Aiminishing (ushraka is not possible in more than two partners. #stisna can onl* be used in (anu"acturing orders & . . the #jarah contract will stand terminated automaticall*. :sset will be purchased and each will be owner o" this asset as per ratio o" his investment.8. @o capital investment is essential in Shirkat-ul-wujooh$ &8. The Shirkah cannot be terminated be"ore a stipulated time. )arallel Salam is not possible and not approved in #slamic Shariah 4. The pro"it will be according to the ratio o" capital in (usharakah.2. : Salam arrangement can be used as a bu* back "acilit* 7. sale and purchase o" units in di""erent stages is not permitted. @o securit* can be obtained or re6uired under #stisna contract. 0oll over o" (urabaha is possible &2.4. #n Aiminishing (usharaka. #n #jara "acilit*..=. Aiminishing (usharkah cannot be used "or construction o" House.. The capital in a (usharaka should be necessaril* %uanti"ied < Speci"ied. . . &&. #stisna < Sallam is the same contracts &1.. . )arallel #stisna is possible in Shariah &=. Shirkat-ul-(ilk is also called (usharaka &7. The share o" the loss will be distributed e6uall* in (odarabah :greement. .1. . . . . #n Aiminishing (usharaka.. . .7.. 0abul (aal has all rights "or the management o" the business under (udarabah agreement.&. commodit* and usu"ruct 8. #n case o" accident and in the event o" total loss o" the assets... )rice o" #stisna ma* be in the "orm o" mone*. The actual and "resh purchase is not an essential part o" (urabaha &. (urabaha is not a mode o" "inancing in his nature. (urabaha transaction can be used to "inance the purchase o" an* assets which is recogniJed as (al-e-(uta6awam DBaluableE under Shariah. &. 2=. .2. There is no di""erence between (usharaka < Aiminishing (usharaka .

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