Question No 01

Answer the following parts.

a)Differentiate between Riba-al-Nasia and Riba-al-Fadl with examples of each.

b)What is the role of Market Practice in Riba?

c)During COVID-19, following economic relief packages were delivered by different states.

i.Ehsaas Emergency Cash program has been launched by the Prime Minister of Pakistan on April 1, 2020.

ii.United States issued $1200 checks to Americans.

iii.The UK government committed 30 billion to saving jobs and helping the young find work in an economy ravaged by the corona virus pandemic.

Do you find any type of Riba involved in any of these packages? If yes, which one? How? (you can explore the details of these packages).

Question No 02

Answer the following parts.

a)Differentiate between the FUNDAMENTALS of Islamic economic system and Capitalism.

b)What different kinds of boundaries (prohibitions/limitations) Islam imposes on economic/financial transactions? Name the boundaries and explain them with examples.

c)Read about Pakistani economy in the link provided: (https://en.wikipedia.org/wiki/Economy_of_Pakistan), and evaluate this in the light of Islamic economic system. You are supposed to pin point what is good and bad?

Question No 03

Read from page 03 to 07 of State Bank of Pakistan's Islamic Banking Bulletin of March 2020 (http://www.sbp.org.pk/ibd/Bulletin/Bulletin.asp).

Write in own words the Snapshot of current status of Islamic banking in Pakistan.