Which of the following is a fundamental issue of insurance?

• A) Hiba
• B) Gharar
• C) Qard
• D) Wa’ad

Which one of the following is true about tawarruq.

• A) Tawarruq does not fulfills all the requirements of the conventional finance
• B) Tawarruq does not fulfills all the Shariah requirements
• C) Tawarruq fulfills all the requirements of conventional finance
• D) Tawarruq fulfills all the Shariah requirements

In Wakala based Takaful model Takaful fund is segregated in to __________ and__________.

• A) Risk fund, management fund
• B) Rate fund, Investee fund
• C) Profit fund, Investment fund
• D) Risk fund, Investment fund

Provision of small amounts of financing to help the poor /targeted people of the society is called ________________.

• A) Macro financing
• B) Mortgage financing
• C) Long term financing
• D) Micro financing

________________ offers guarantee to microfinance providers who provide financing in under developed districts in Pakistan.

• A) Meezan Bank
• B) Faysal Bank
• C) State bank of Pakistan
• D) Akhuwat Foundation

Which of the following describes the term “Musharaka”?

• A) Profit and loss sharing
• B) leasing
• C) Profit sharing
• D) Cost plus

Business screen is applied ___________________ the financial screen to pick up the listed stock for investment.

• A) After
• B) Before and after
• C) None of the given options
• D) Before

Which of the following contribute donations to the Takaful fund in Wakala based Takaful model?

• A) Participants
• B) Takaful operator
• C) Insurance companies
• D) Bankers

Takaful policy holders are also known as _______________________.

• A) Particulars
• B) Patriotic
• C) Participants
• D) Banker

In ____________ sukuk , sukuk holders have no right to recourse to the underlying asset in case the obligor default.

• A) Liabilty -based sukuk
• B) Asset-based sukuk
• C) Liability-backed sukuk
• D) Asset-backed sukuk

General Takaful is of __________________.

• A) Longer duration
• B) Same duration as life takaful
• C) Shorter duration
• D) Zero duration

Mudaraba based Takaful model was developed before the Wakal based Takaful model but was criticized from the ___________ of view.

• A) Purchase point
• B) Sale point
• C) Banking point
• D) Shariah point

Islamic mode of financing involves______________________ contract.

• A) No
• B) Single
• C) Void
• D) Composite

Akhuwat foundation is offering Islamic microfinance in Pakistan based on the _____________ model.

• A) Mudaraba
• B) Salam
• C) Interest- free loans
• D) Musharaka

The segment of society who do not have a formal bank account and do not have access to the formal credit is called ______________.

• A) Financially included
• B) Financially poor
• C) Financially excluded
• D) None of the given options

In a Wakala based Takaful model, if a participant wants to redeem before his/her death, the participant would receive the fund attributed to him in _______________.

• A) Investment fund minus a retirement fee
• B) Investment fund plus a redemption fee
• C) Risk fund multiply a redemption fee
• D) Investment fund minus a redemption fee

Salam based micro finance is used to finance _______________________.

• A) Small business man
• B) Professionals
• C) Students
• D) Small farmers

Provision of cash is the basic element which is present in _______________.

• A) Mudarbah islamic micro finance model
• B) Musharaka Islamic micro finance model
• C) Conventional micro finance
• D) All of the given options

Which of the following Takaful model is preferred over Mudaraba, Wakala, or Hybrid model?

• A) Takaful based on salam
• B) Takaful based on Hiba
• C) Takaful based on Garar
• D) Takaful based on waqf

In Mudaraba , finance provider is called _________________________.

• A) Rabbul Mal
• B) Shirkatul-Mal
• C) Shirka
• D) Mudarab