300+ TOP Islamic Economics and Finance MCQs & Answers

Islamic Economics and Finance Multiple Choice Questions

1. The full- fledged Islamic Economic system was first established by.

A. Prophet Muhammad
B. Umar
C. Abu Yousuf
D. Muawiyah

Answer: B. Umar

2. Which among the following is a form of Murabaha.

A. Ijara
B. Sukuk
C. Musawamah
D. Wadiyah

Answer: C. Musawamah

3. Haraam means:

A. Permissible
B. Forbidden
C. Not encouraged
D. Compulsory

Answer: B. Forbidden

4. Advance payment in Islamic Economics is termed as.

A. Salam
B. Ushr
C. Istisnah
D. Ijarah

Answer: A. Salam

5. Which among the following are the main pillars of Islamic society?

A. Social Cohesion
B. Co-Operation
C. Self Sufficiency
D. All the above

Answer: D. All the above

6. Abu Yousuf decorated the court of.

A. Umayyads
B. Abbasids
C. Fatimids
D. Seljukes

Answer: B. Abbasids

7. The term Laissez-faire was first coined by.

A. Adam Smith
B. Francois Quesnay
C. Vincent de Gournay
D. Thomas Malthus

Answer: B. Francois Quesnay

8. Riba is:

A. Ownership of wealth
B. Halal interest
C. Islamic Insurance
D. Interest

Answer: D. Interest

9. Who among the following is not associated with the economic implication of Islam?

A. Ibn Khaldun
B. Al Ghazzali
C. Mawardi
D. None of the above

Answer: D. None of the above

10. Which among the following is not a fundamental prohibition in Islam.

A. Riba
B. Maysir
C. Talaq
D. Gharar

Answer: C. Talaq

11. Mixed economy means an economy where:

A. both agriculture and industry are equally promoted by the state
B. there is co-existence of public sector along with private sector
C. there is importance of small scale industries along with heavy industries
D. economy is controlled by military as well as civilian rulers

Answer: B. there is co-existence of public sector along with private sector

12. Demand for a commodity refers to:

A. Need for the commodity
B. Desire for the commodity
C. Quantity demanded of that commodity
D. Amount of the commodity demanded at a particular price and at a particular time

Answer: D. Amount of the commodity demanded at a particular price and at a particular time

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. Sukuk is an Arabic name stand for:

A. financial liabilities
B. financial certificates
C. financial assets
D. financial loans

Answer: B. financial certificates

15. 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

16. Shirkat-ul-wujooh has its origin in Arabic word:

A. wajahat
B. wajahee
C. waujooh
D. wajhee

Answer: A. wajahat

17. Word Musharika is originated from the:

A. Latin word
B. Arabic word
C. Persian word
D. French word

Answer: B. Arabic word

18. Shirkat-ul-wujooh has its origin in Arabic phrase Wajahat meaning:

A. reputation
B. goodwill
C. liabilities
D. assets

Answer: B. goodwill

19. The Shariah compliant investments banking was undertaken in Egypt on:

A. 1955
B. 1958
C. 1963
D. 1968

Answer: C. 1963

20. Giving share of investor to customer on lease is the:

A. basis of musharika
B. basis of ijarah
C. basis of diminishing musharika
D. basis of hibah

Answer: C. basis of diminishing musharika

21. Taa’wan refers:

A. social welfare
B. mutual cooperation
C. individual rights
D. personal property

Answer: B. mutual cooperation

22. Iqtisaduna was written by:

A. Mohammad Baqir al-Sadr
B. Taqiuddin al-Nabhani
C. Mahmud Taleqani
D. None of the above

Answer: A. Mohammad Baqir al-Sadr

23. Aaqilah refers:

A. Inherent one
B. compensation
C. reward
D. mutual help

Answer: D. mutual help

24. Which among the following deals with justice and fairness:

A. Adl
B. Ajr
C. Ahad
D. None of the above

Answer: A. Adl

25. A payment or compensation such as commission, fees or wages charged for services is called:

A. Ajr
B. Adl
C. Ahad
D. Taa’wan

Answer: A. Ajr

26. Daman means:

A. Interest
B. liability
C. reward
D. compensation

Answer: B. liability

27. Amil is:

A. manager
B. worker
C. leader
D. none of the above

Answer: B. worker

28. Aqd is:

A. compensation
B. contract
C. profit
D. loss

Answer: B. contract

29. Which among the following is a loan contract:

A. Muawadah
B. ijarah
C. Qard
D. None of the above

Answer: C. Qard

30. The non refundable down payment or deposit paid by a buyer for the right to purchase in future is called:

A. Aql
B. Arbun
C. Ariya
D. Taa’wan

Answer: B. Arbun

31. Banking an object for cash then selling it to the same party for higher price is:

A. Bai al-Arbun
B. Bai al-Amanat
C. Bai al-Inhah
D. Bai Salam

Answer: C. Bai al-Inhah

32. The Islamic term for Barter is:

A. Khiyar
B. Mutlaq
C. Muqayaza
D. Inhah

Answer: C. Muqayaza

33. Which among the following is a credit sale:

A. Boatil
B. Bai Muajjal
C. Istisna
D. None of the above

Answer: B. Bai Muajjal

34. Gharar means:

A. interest
B. profit
C. loss
D. risk

Answer: D. risk

35. Bait ul Mal is:

A. personal belonging
B. public treasury
C. auction
D. None of the above

Answer: B. public treasury

36. Invalid sale or contract is termed as:

A. Muajjal
B. Boatil
C. Khiyar
D. Ajil

Answer: B. Boatil

37. Bai Muajjal is associated with:

A. credit sale
B. defered payment contract
C. lumpsum
D. All of the above

Answer: D. All of the above

38. Sale of debt is termed as:

A. Bai Wafa
B. Bai Muajjal
C. Bay al-Dayn
D. None of the above

Answer: C. Bay al-Dayn

39. In Islamic finance, Daman refers to:

A. assets
B. security
C. profit
D. interest

Answer: B. security

40. The Islamic term for insurance is:

A. Falah
B. Fadl
C. Boatil
D. Takaful

Answer: D. Takaful

41. Which among the following refers ‘religious decree’:

A. Fasid
B. Fatwa
C. Waqf
D. Fiqh

Answer: B. Fatwa

42. Ijarah is:

A. Bill of exchange
B. leasing
C. debt
D. none of the above

Answer: B. leasing

43. Sukuk is:

A. leasing
B. debt
C. bond
D. None of the above

Answer: C. bond

44. Which among the following denotes Islamic Bond:

A. Ijarah
B. Sukuk
C. Fasid
D. Tamleek

Answer: B. Sukuk

45. Which among the following is the source of Islamic economic theory:

A. Qiyas
B. Ijma
C. Ijtihad
D. All of the above

Answer: D. All of the above

46. Ijma is:

A. private judgement
B. imitation
C. analogy
D. consensus

Answer: D. consensus

47. Which among the following is performed by jurists:

A. Ijma
B. Ijtihad
C. Fatwa
D. All of the above

Answer: D. All of the above

48. Which among the following is forward sale:

A. Istislah
B. Sukuk
C. Istisna’a
D. None of the above

Answer: C. Istisna’a

49. Which among the following is not a tax:

A. Jiziya
B. Kharaj
C. Zakat
D. Sadaqah

Answer: D. Sadaqah

50. Which among the following is service fee:

A. Istisna’a
B. Jua’lah
C. Ijara
D. None of the above

Answer: B. Jua’lah

51. Kafalah is:

A. a tax
B. debtor
C. surety
D. mediator

Answer: C. surety

52. Kharaj is:

A. poll-tax
B. poor-tax
C. land tax
D. spoils of war

Answer: C. land tax

53. Maysir is:

A. profit
B. usuary
C. gambling
D. mediation

Answer: C. gambling

54. Which among the following is a synonym of Halal :

A. Muamalat
B. Mubah
C. Khayr
D. Jua’ala

Answer: B. Mubah

55. Which among the following is not a profit-loss sharing system:

A. mudaraba
B. musharaka
C. murabaha
D. None of the above

Answer: D. None of the above

56. The investor in a Mudaraba transaction is:

A. Mudarib
B. Rab al-Mal
C. Muzaraa
D. None of the above

Answer: B. Rab al-Mal

57. Murabaha is:

A. Transaction contract
B. Tax
C. Insurance
D. None of the above

Answer: A. Transaction contract

58. Which among the following is ombudsman:

A. Mufti
B. Muhtasib
C. Mudarib
D. None of the above

Answer: B. Muhtasib

59. The Jurist who could interprets the sources of Islamic law is called:

A. Murabid
B. Mujtahid
C. Faqih
D. Qadi

Answer: B. Mujtahid

60. Which among the following is cost-plus financing:

A. Mudatabah
B. Murabaha
C. Musharaka
D. None of the above

Answer: B. Murabaha

61. The term refers to public welfare is:

A. Muzaraa
B. Maslahat
C. Mubah
D. Jua’la

Answer: B. Maslahat

62. Bargain on the price of goods is called:

A. Musaqat
B. Musawamah
C. Muzaraa
D. None of the above

Answer: B. Musawamah

63. The contract in which all the partners contribute capital is called:

A. Mudaraba
B. Musharakah
C. Murabaha
D. Ijara

Answer: B. Musharakah

64. A participant in Takaful is called:

A. Mudarib
B. Mufti
C. Mushtarib
D. Mustahab

Answer: C. Mushtarib

65. Which among the following is ‘share-cropping’:

A. Maysir
B. Maslahat
C. Mubah
D. Muzara’a

Answer: D. Muzara’a

66. Muzara’a is associated with:

A. land
B. trees
C. metal
D. None of the above

Answer: A. land

67. Qard means:

A. Asset
B. loan
C. investment
D. capital

Answer: B. loan

68. The term refers interest free loan is:

A. Ijara
B. Mubah
C. Qard Hasan
D. Bai Muajjal

Answer: C. Qard Hasan

69. Maysir is another word for:

A. Riba
B. Mudarabah
C. Ijara
D. Qimar

Answer: D. Qimar

70. Qimar is another word for:

A. Riba
B. Mudarabah
C. Ijarah
D. Maysir

Answer: D. Maysir

71. Another name for Mudarabah is:

A. Ijarah
B. Qirad
C. Maysir
D. Qimar

Answer: B. Qirad

72. The process of analogical reasoning of Islamic sources is called:

A. Ijma
B. Qiyas
C. Ijtihad
D. Istehson

Answer: B. Qiyas

73. The term Rahn refers:

A. interest
B. gambling
C. tax
D. pledge

Answer: D. pledge

74. Usury of trade is called :

A. Riba al-Fadl
B. Riba al-Diyun
C. Riba al-Nasiah
D. Ribh

Answer: A. Riba al-Fadl

75. The voluntary charity in Islam is termed as:

A. Zakat
B. Sadaqah
C. Jiziya
D. Kheraj

Answer: B. Sadaqah

76. The term refers currency exchange is:

A. sawaa
B. khayr
C. sarf
D. None of the above

Answer: C. sarf

77. The term refers to partnership is:

A. Ijarah
B. Mubaa’
C. Istisnaa
D. Shirkah

Answer: D. Shirkah

78. Suftajah was a type of banking instrument used by:

A. Prophet Muhammed
B. Umayyads
C. Abbasids
D. Ottomans

Answer: C. Abbasids

79. Suftajah, the banking instrument used for:

A. collect taxes
B. disburse government dues
C. transfer funds
D. All of the above

Answer: D. All of the above

80. Which among the following is a financial certificate backed by assets:

A. Ijarah
B. Qard Hasan
C. Istisnaa
D. Sukuk

Answer: D. Sukuk

81. Which among the following does not comes under charity:

A. zakat
B. sadaqah
C. tabarru
D. sarf

Answer: D. sarf

82. Which among the following represents insurance:

A. Takaful
B. Tam’in
C. All of the above
D. None of the above

Answer: C. All of the above

83. The Quranic principle of mutual assistance is termed as:

A. Tabarru
B. Khayr
C. Ta’wuni
D. None of the above

Answer: C. Ta’wuni

84. Tawakkul means:

A. A sale by advance payment
B. restrictions
C. trust in God
D. risk sharing

Answer: C. trust in God

85. Which among the following is ‘reverse Muraqaba’:

A. Ijara
B. Tawarruq
C. Sarf
D. Istisnaa

Answer: B. Tawarruq

86. The financial charge for using services is called:

A. Tijarah
B. Ukhuwah
C. Shirkah
D. Ujrah

Answer: D. Ujrah

87. The word wide community of Muslims is termed as:

A. Ummah
B. Umrah
C. Moors
D. None of the above

Answer: A. Ummah

88. Ushr is similar with:

A. Riba
B. Zakat
C. Takaful
D. None of the above

Answer: B. Zakat

89. A portion of agricultural produce payable by a Muslim is called:

A. Zakat
B. Tawarruq
C. Urf
D. Ushr

Answer: D. Ushr

90. Islamic legal theory is termed as:

A. Shariat
B. Qiyas
C. Usul al-Fiqh
D. None of the above

Answer: C. Usul al-Fiqh

91. Which among the following denotes promise:

A. Wa’ad
B. Tijarah
C. Urf
D. Ushr

Answer: A. Wa’ad

92. Which among the following refers ‘deposited propety’:

A. istisnaa
B. wadiah
C. tabarru
D. sawaa

Answer: B. wadiah

93. Which among the following denotes ‘obligatory’:

A. Wali
B. Halal
C. Musaqat
D. Wajib

Answer: D. Wajib

94. Which among the following is a contract of agency:

A. Muzarra
B. Mubah
C. Wakalah
D. Tawarruq

Answer: C. Wakalah

95. The agent in a Wakala contract is called as:

A. Wadain
B. Wakil
C. Wakala Khass
D. None of the above

Answer: B. Wakil

96. Which among the following is a charitable trust:

A. Waqf
B. Wakala
C. Tijarah
D. Ijara

Answer: A. Waqf

97. Wasiyyat means:

A. trust
B. guarantee
C. will
D. welfare

Answer: C. will

98. The promise which does not create contractual rights and obligations is called:

A. wasiyyat
B. wadah
C. urf
D. sarf

Answer: B. wadah

99. The third pillar of Islam is:

A. Salat
B. Zakat
C. Fasting
D. Hajj

Answer: B. Zakat

100. Zakat can be levied on:

A. cash
B. cattle
C. agricultural produce
D. All of the above

Answer: D. All of the above

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

Islamic Economics and Finance objective questions with answers pdf download online exam test

Leave a Reply

Your email address will not be published. Required fields are marked *