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38 views4 pages

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Uploaded by

Allauddinagha
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© © All Rights Reserved
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1.

The basic ingredient of murabahah is that the seller __________ the __________cost he has incurred
in acquiring the commodity, and then adds some ____________ thereon.
a) Discloses,actual,profit b) Encloses,virtual,mark up
c) Explores,real,return d) None of the above

2. If a person sells a commodity for a lump sum price without any reference to the cost, this is not
a _____________, even though he is earning some profit on his cost because the sale is not based on a
“cost-plus” concept. In this case, the sale is called ________________

a) Mudarabah,Musharakah b) Murabahah,Musawamah
c) Musawamah,Murabaha d) Musharakah,Mudarabah

3. A has purchased a car from B. B has not yet delivered it to A or to his agent. A cannot sell the car
to C. If he sells it before taking its delivery from B, the sale is ___________.
a) Void b) binding
c) valid d) illegal

4. The basic principle of Islamic banking is the prohibition of Riba,____________ and


____________

a) Usury, interest. b) Markup, profit.


c) Markup, usury. d) Interest and profit
5. Rent arises in a _________ contract that involves the transfer of _________ of an asset while
the ___________ remains with the __________.

a) Lessee, handling, tenure, lease. b) Lease, usufruct, ownership, lessor.


c) Lessor, usage, possession, lessee. d) Lease, usufruct, rights, lessee

6. A sale in which the parties agree that the payment of price shall be deferred is called a
___________.The deferred price may be more than the cash price, but it must be fixed at the time of
sale.
a) Bai'Salam b) Bai'Mu'ajjal
c) Bia'bilwafa d) Bai'Inan

7. If a client wants funds to purchase cotton as a raw material for his ginning factory, the Bank can
sell him the cotton on the basis of____________.
a) Mudarabah b) Istisna
c) Murabaha d) Salam

8. If the institution purchases the commodity directly from the supplier (which is preferable) it
does not need any ___________________

a) Written agreement. b) Financial agreement.


c) Contractual agreement. d) Agency agreement
9. The _____________ can be of different qualities, while _________ has no quality except that it
is a measure of value or a medium of exchange.

a) Goods, currency b) Products, money


c) Commodities, money d) None of the above

10. ______________is a special kind of sale whereby the purchaser of an immovable property
undertakes that whenever the seller will give him the price back, he will resell the house to him

a) Baimu'ajjal b) Bai'salam
c) Bai’ bilwafa’ d) Biainan
11. A number of the Muslim jurists are of the view that fulfilling a promise is ___________ and a
promisor is under moral as well as legal obligation to fulfill his promise.

a) Mandatory b) voluntary
c) not obligatory d) optional

12. A sold a car to B on first of January for a price of Rs. 500,000/- to be paid on 30th June. A asked B
to give a security for payment at the due date. B has not yet taken delivery of the car and he offered to A
that he should keep the car as a mortgage from 2nd January. If the car is destroyed before 2nd of
January the sale will be ____________but if the car is destroyed after the second of January, sale is
____________.

a) Terminated, not terminated b) Not terminated, terminated


c) Terminated, terminated d) Not terminated, not terminated

13. If the exact cost cannot be ascertained, no murabahah can be possible. In this case, the sale
must be affected on the basis of_______________ (i.e. sale without reference to cost).

a) Musharakah b) Mudarabah
c) Salam d) Musawamah

14. It is necessary for a valid contract of lease that the corpus of the leased property remains in the
ownership of the ______________, and only its usufruct is transferred to the ___________

a) Seller, lessee b) Lessee, lessor


c) Lessor, lessee d) Both a & c

15. All the liabilities emerging from the _____________ in an ijarah contract shall be borne by the
lessor, but the liabilities referable to the ___________ of the property shall be borne by the lessee.

a) Ownership, usage b) Usage, Ownership


c) Possession, usufruct d) Usufruct, possession
16. A leases his house to B for a total period of 5 years. The rent for the first year is fixed as Rs.
2000/- per month and it is agreed that the rent of every subsequent year shall be 10% more than the
previous one. The lease is _______.

a) Invalid b) Valid
c) Void d) Devoid

17. A puts a condition in the agreement that the rent of Rs. 2000/- per month is fixed for the first
year only. The rent for the subsequent years shall be fixed each year at the option of the lessor. The
lease is _______

a) Void b) Valid
c) Viable d) Devoid

18. In most cases of the ‘financial lease’ the lessor i.e. the______________ purchases the asset
through the lessee himself.

a) Client b) Owner
c) Employee d) Financial institution

19. It is allowed by the contemporary scholars that the annual increase in the rent is tied up with
the rate of inflation. Therefore, if there is an increase of 5% in the rate of inflation, it will result in an
increase of _______ in the rent.

a) 10% b) 2%
c) 5% d) 3%

20. The rental tied up with the rate of interest will imply _________and ________which is not
permissible in Shari‘ah.

a) Jahala, riba b) Gharar, riba


c) Jahala, gharar d) None of the above

21. If the _________ contravenes any term of the agreement, the ________ has a right to terminate
the lease contract unilaterally.

a) Lessee, lessor b) Lessor, lessee


c) Client, agent d) Agent, client

22. _____________ is the kind of sale where a commodity is transacted before it comes into
existence.

a) Istisna b) Bai salam


c) Bai inan d) Bai muajjal

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