21/09/2023, 01:52 Islamic Banking - Final Quiz

Islamic Banking - Final Quiz

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In Shari'ah, sale require for the seller to have *

a) Ownership

b) Possession

c) Both a and b

Claims are paid from which one of the following *

a) Waqf Fund

b) Participant’s Investment Account

c) Charity fund

d) None of them

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21/09/2023, 01:52 Islamic Banking - Final Quiz

If Rab al-Mal provides capital to Mudarib and imposes no restrictions for *

investment , this Mudarabah is called.

Restricted Mudarabah

Unrestricted Mudarabah

Non of the Above

A non-remunerative account in Islamic Bank based on: *

Mudarabah

Musharakah

Loan/Qard

None of the above

In case any non-compliance is found, the *

The income derived from the transaction is made part of Bank’s income.

The income derived from the transaction is donated to charity.

The income derived from the transaction is made part of bank’s income by informing
shareholders of the Bank.

The income is made part of bank’s income by informing SBP.

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21/09/2023, 01:52 Islamic Banking - Final Quiz

Islamic Banking provide Financing to: *

Only Shariah Compliant Business

Non Shari'ah Compliant Business in case of need

Both A & B

None of the Above

RSBM of Faysal bank is *

A. Mufti Khalil Ahmed

B. Mufti Mohib-ul-Haq

C. Mufti Abdullah

D. Both B & C

In an Islamic Bank remunerative current account is on the basis of Qard. *

True

False

Emp # *

Your answer

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21/09/2023, 01:52 Islamic Banking - Final Quiz

In Musharakah, any Partner can gurantee capital of other partners. *

True

False

The structure of FBL Noor Card is based on the Shari'ah Principle of Tawarruq i.e. *
to buy on credit and sell at spot value.

True

False

The underlying concept of Islamic contracts and conventional contracts are the *
same

True

False

Islamic Banking believes: *

Money is not a commodity. It doesn’t have intrinsic utility.

Money is only a medium of exchange.

Basic function of money is to judge the value of some thing.

All of the above

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21/09/2023, 01:52 Islamic Banking - Final Quiz

In Mudarabah, Rab al-Mal will share the loss according to the weightages *
announced for profit sharing.

True

False

Takaful is a Risk ___________________ Mechanism. *

a) Sharing

b) Transferring

c) Accepting

d) None of the Above

In Mudarabah Losses are borne as per the ratio agreed between the partners *

True

False

Late fee is allowed in Shari'ah to become part of income of bank, if it is mutually *

agreed between parties at the time of contract.

a) True

b) False

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21/09/2023, 01:52 Islamic Banking - Final Quiz

The customer plays two different roles in Murabahah transaction. One that of *
Bank’s agent and other of purchaser. These roles should be clearly segregated to
make the transaction halal.

True

False

In Mudarabah, mudarib is allowed to guarantee capital of Rab al-Mal. *

Yes

No

Both

Murabahah is a type of: *

A. Partnership

B. Rental contract

C. Sale

D. None of the above

Diminishing Musharakah for housing finance is done under Shirkat-ul-Aqd. *

True

False

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21/09/2023, 01:52 Islamic Banking - Final Quiz

Saving accounts & Term Deposits in Islamic Banks are based on *

Qard

Mudarabah

Salam

Istisna

Weightages are: *

Profit sharing mechanism among Rab al-Mal.

Loss sharing mechanism among Rab al-Mal.

Profit & loss sharing mechanism between Rab al-Mal & mudarib

Loss sharing mechanism between Rab al-Mal & SBP.

In Mudarabah there are: *

Three parties Bank, its shareholders and the Government of Pakistan.

Two parties Bank and the Regulator viz SBP.

Depositors as Rabb ul maal and bank (working partner) known as Mudarib

Two parties Depositors and the SBP.

In Musharakah, Profit sharing among partners should be as per their invetment. *

True

False

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21/09/2023, 01:52 Islamic Banking - Final Quiz

According to Shari'ah, The validity of transaction depends upon *

End result

Processes and activities

None of the above

Both a and b only

In Mudarabah, voluntarily sacrifice of profit by one partner in favor of other *

partner is allowed at the time of profit distribution.

True

False

Waqf Fund can also be known as *

a) Participant Investment Account

b) Participant Takaful Fund

c) Surplus

d) Investment fund

In Musharakah, Non Working partner's profit can be set more than his invetment *
ratio.

True

False

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21/09/2023, 01:52 Islamic Banking - Final Quiz

Riba is included in *

Interest based SBP dealings

Interest in Banking system

Usury & Commercial Interest

All of the above

In investment pool Bank act as *

Buyer

Seller

Rab al-Mal

Mudarib

Conventional Banking System: *

Doesn’t differentiate between Money & Commodity

Money is as tradeable as any other commodity.

Money can be traded for more money & for less money.

All of above

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21/09/2023, 01:52 Islamic Banking - Final Quiz

In Islamic Banking Participating Mode of Finance are: *

Mudarabah

Musharakah

Both a & b

Non of the Above

Banking consistent with main beliefs of Shari'ah and its application is *

Development bank

Conventional bank

Islamic bank

B and c both

Riba is applicable to consumption or personal loans only and is not applicable to *

commercial loans.

True

False

Takaful Model operational in Pakistan is known as *

a) Wakalah Waqf Model

b) Mudarabah Model

c) Ijarah Model

d) None of the Above

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21/09/2023, 01:52 Islamic Banking - Final Quiz

Chairman of Shari’ah Board of Faysal Bank Islamic: *

A. Mufti Khalil Ahmed

B. Mufti Mohib-ul-Haq

C. Mufti Abdullah

D. Both B & C

In investment pool, Account Holders act as: *

Buyer

Seller

Rab al-Mal

Mudarib

Profit earned in the business conducted by the Islamic Bank with the Pool funds *
will be distributed between Bank and depositor’s pool as per the agreed

Weightages

Profit Sharing Ratio (PSR)

Pre Agreed Amount

Non of the Above

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21/09/2023, 01:52 Islamic Banking - Final Quiz

The word “Riba” quite literally means excess or increase or addition in a loan *
transaction.

True

False

Diminishing Musharakah is a combination of different modes which include. *

Salam, Istisna and Ijarah

Mudarabah, Musharakah, Tijarah

Musharakah, Ijarah and sale

Sale, purchase and Ijarah

Banking Murabahah is a contract wherein Islamic Bank, upon request by the *

customer, purchases an asset from a third party (supplier/ vendor) and resells the
same to the customer usually against a deferred payment (Bai Muajjal).

True

False

In investment Pool, following Rules of Mudarabah are followed: *

Profit sharing Ratio to be agreed between Bank and depositors.

Weightages of each pool to be agreed and decided.

Losses, if any, to be borne by investors of the Pool as per the investment ratio

All of the above

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21/09/2023, 01:52 Islamic Banking - Final Quiz

Some objectives of Islamic Banking are: *

To promote loan based lending

To promote participation & asset backed financing

Banking free of Riba, Gharrar, Maysar

Option 2 & 3

In terms of Shari'ah, which of the following cannot be priced? *

a) goods

b) services

c) usufruct

d) money

In conventional Banks both borrowing & lending is done under: *

Rental

Sale & Purchase

Profit loss sharing

Loan/Qard

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21/09/2023, 01:52 Islamic Banking - Final Quiz

Mudarabah: *

A partnership where one invests money and other invest services.

Is a kind of rental agreement

Is a kind of sale

Is a kind of gift.

Any excess amount taken by Conventional Bank from customer in case of late *
payment is:

Halal Profit

Charity

Riba

None of the above

All the members of the Pool are _______ in the Pool: *

Partners

Buyers

Mudarib

Non of the Above

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21/09/2023, 01:52 Islamic Banking - Final Quiz

In Islamic Banking Non Participating Mode of Finance: *

Mudarabah & Musharakah

Salam & Istisna

Musawamah & Murabahah

Both b & c

According to Quran all Riba based transactions are declared as war against Allah *
& his messenger.

True

False

In a simple sale a seller discloses: *

A. Selling Price

B. Cost amount

C. Profit

D. None of the above

Weightages in Deposit pool in Islamic Bank are based on: *

Amount

Tenor

Profit Payment Option

All of the Above

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21/09/2023, 01:52 Islamic Banking - Final Quiz

The Client can avail Murabahah facility for goods already owned by the Client *
provided that the goods have not been consumed and are in physical (or
constructive possession) of the Client.

a. True

b. False

In Mudarabah, It is mandatory for all partners to work for the business. *

True

False

In Mudarabah losses are borne by: *

Mudarib

Rab ul-Mal

SBP

SBP & Mudarib

Shari’ah Board of Faysal Bank Islamic has _____ Members: *

A. 5

B. 4

C. 3

D. None of the above

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21/09/2023, 01:52 Islamic Banking - Final Quiz

FBL Noor Card is an alternative of conventional credit card & it is also a Credit *
Card.

True

False

The interest is not prohibited if it is on consumption loans (loan for meeting day *
to day human needs)

True

False

Mudarabah pool is a partnership between the depositors and the Bank. *

True

False

Name *

Your answer

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21/09/2023, 01:52 Islamic Banking - Final Quiz

Any excess amount taken by Islamic Bank from customer in case of Late *
Payment is known as:

A) Halal Profit

B) Riba

C) Charity

D) None of the above

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