In a sale contract, if a seller does not disclose cost and profit/loss to the buyer, then such type of sale is called _________

• Musawamah
• Murabaha
• Tawliyah
• Wadhee'a

_________ is the agreement of Mujtahideen (independent legal jurists) from among the community of Muhammad (S.A.W.W), after His passing away, in a certain period of time on a rule of Shari'ah.

• Qiyas
• Hadith
• Ijma
• Quran

In Murabaha, how we achieve the separation of two contracts?

• It is not a requirement
• None of the above
• Combining them in one
• Taking unilateral undertaking

___________ is to exert the utmost effort to discover a ruling of Shariah in a particular matter.

Ijma

Ijtihad

Iqtisad

Istihsan

Islamic rules of sale require for the seller to have

Possession

Either a or b

Ownership

Both a and b

MCQS

MCQS

MARKS : 1.0

A type of sale in which the

cost

of the product and

profit

are determined &

disclosed

by the seller

to the buyer

is called ___________.

• Istisnaa
• Salam
• Murabaha
• Musawamah

Which of the following will make Murabaha invalid?

• Price not agreed
• Price not fully paid
• Supplier not paid directly by bank
• None of the above

A client of an Islamic bank wants to enter into a Murabaha contract. A product was offered with a Price Rs 1,000 for 1-year deferred payment & Rs 2,000 for 2 years. Which of the following is valid in Murabaha?

• None of the above
• Client agrees to one of the two
• Price schedule cannot involve time variant price
• Client agrees to none

In Murabaha, before declaration it is necessary

• None of the above
• For bank to take physical possession
• Not to consume the asset
• To pay the bank Murabaha price

In the context of practice in Islamic Banks, actual Murabaha transaction takes place when

• When the customer purchases the required goods as an agent of behalf of the bank.
• Master Murabaha Financing Agreement (MMFA) is signed
• When the bank makes payment to the vendor (supplier) as per the requisition.
• When customer offers the bank to sell him after taking possession by the bank and inspection of the goods by its representative.

Which of the following belongs to the same category?

• Faiths & beliefs, Worshipping, Social activities, and economic activities
• Ethics & morality, Political activities, economic activities, social activities
• Judiciary activities, Political activities, economic activities, social activities
• Faiths & beliefs, Dealings, Judiciary activities, Political activities

All financing in Islamic banking and finance can be conveniently classified under

• Rental Modes
• Sale modes
• Participatory modes
• All of the above

Hadith is considered as a primary source of shariah rulings and is a type of

wahi

• False
• True

Murabaha is purely a banking transaction and cannot be practiced in our daily life transactions and business activities.

• True
• False