1- sells to Hasan a car which is currently owned by Abdulla, but Ahmed is hopeful that he will buy it from Abdulla and shall deliver it to Hasan subsequently. O a. The sale is valid, as the car is owned by Abdulla who is a friend of Ahmed. O b. The sale is invalid, as the car was not owned by Ahmed at the time of sale O c. The sale is valid, as the car is a subject of value O d. The sale is valid, as it is considered Bai' Bithaman Ajil (deferred sale)

2- A Salam as an exchange-based contract signifies: O a. sale of debt O b. manufacture sale O c. mark-up O d. forward sale

3- If the lessee continues to default on his/her rental payments after being granted respite for a while, the bank may: O a. Pursue either of above option. O b. Charge penalty for late payment as established at the time of the contract's execution. Oc. Factor the uncollected rent to a specialized finance company. O d. Repossess the asset Previous Dage 2 38C

4- A lady wishes to buy a car from a showroom but cannot afford the price. The seller is not willing to sell the ca on instalments but he does offer to lend her enough money to buy the car so long as she pays back the loan within three months. Is this transaction permitted in Islamic law? O a. yes, if the car has at least three months warranty O b. yes, if the lady has a mahram with her at contract time O c. yes, but only if the loan is interest-free O d. no T

5- The following are partnership contracts which have been transformed into financial instruments EXCEPT: O a. musharakah O b. murabaha O c. mudarabah O d. musharakah mutanagisah

6- Identify the statement which contradicts the general rules regarding delivery of salam assets (al-muslam fihi) before or on its due dates O a. If al-muslam fihi is delivered on its due date and according to the agreed quality al-muslam must accept it O b. If an inferior quality of al-muslam fihi is delivered the purchaser may accept or reject it O c. If a superior quality of al-muslam fihi is delivered the purchaser may accept it on the condition that the seller does not ask for a higher price O d. Regardless of any conditions being met, it is impressible to deliver al-muslam fihi before its due date