A nut seller offers a large sack of unshelled nuts for sale to a buyer in return for cash on the spot. The buyer suggests that the seller is engaging in gharar. since some of the nuts may be rotten inside. The seller cracks a few nuts from the sack at random and all are in good condition. Nevertheless, the buyer still objects, saying that the proposed sale involves gharar and is therefore invalid under Islamic law. Is he right in this statement? a. no, because gharar does not apply to spot sales b. no, because uncertainty does not apply to sales of food c. no, because the gharar involved here is minor d. we cannot know for sure until all nuts have been shelled Which one of the following countries does not require Islamic financial institutions in their respective jurisdictions to abide by the AAOIFI reporting standards? a. Jordan b. Bahrain c. Kuwait d. Sudan Mudarib a. is a partnership that requires all partners to contribute capital into the business b. is responslble for the losses of the mudharabah partnership if the losses result from negligence c. none of them d. Ioss is limited to his/her capital contribution ratio An ljarah is automatically annulled as a result as a result of the following: a. Failure of the contracting parties to meet the terms of the contract b. All of them. c. The passing away of the lessor or the lessee d. On the grounds of the lessor or the lessee being declared insane As a general rule in sale based transactions. Sharia'a requires that the a. asset must be in existence. b. All of them. c. Seller must have acquired the ownership of the asset. d. Seller must be able to deliver to the other party. A lady wishes to buy a car from a showroom but cannot afford the price. The seller is not willing to sell the car 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? a. yes, if the lady has a mahram with her at contract time b. no c. yes, if the car has at least three months warranty d. yes, but only if the loan is interest-free