1-The broad framework for Islamic financial system is a set of rules and guiding principles collectively known as:

a-   Sharia

b-  Hadith

c-   Takaful

2-Riba, an Arabic word, is commonly referred to as:

a-    All forms of interest paid and received

b-    Measure of gold

c-     Rent of land

d-    System of taxation.

3-Money in Islam  is

a-     Medium of exchange

b-    An important currency

c-     A financial transaction

d-    Hoarding wealth

4-Why is excessive risk or uncertainty (Gharar) prohibited in Islamic banking transactions?

a-     It is equivalent to gambling

b-    It is an interest-free loan

c-     It is equivalent to speculation

d-    It is an international money transfer

5- The Islamic financial system regards “the time value of money” as

a- interest
 b- rent
c- loss
d–profit.

 

6-In Wakala, which of the following is not allowed:

a-     Agency fee

b-    Profit sharing

c-     Any remuneration

d-    None of the above