MCQ Bank
Which of the following is the basic contract fundamental to Takaful business?
- A) Tawakal
- B) Tabarru
- C) Taudid
- D) Tawarruq
AAOFI stands for ______________________________.
- A) Accounting and auditing organization for Islamic Financial Institutions.
- B) Auditing and accounting organization for Islamic Financial Institutions.
- C) Applied accounting organization for Islamic Financial Institutions
- D) Applied accounting and auditing organization for Islamic Financial Institutions
Which of the following is a Shariah-compliant alternative to insurance?
- A) Tawarruq
- B) Tawaqal
- C) Tauhid
- D) Takaful
In the start Shariah opinion against insurance was based on _______________________.
- A) Incomplete findings of the phenomenon
- B) Complete findings of the phenomenon
- C) Incomplete understanding of the phenomenon
- D) Complete understanding of the phenomenon
In Murabaha financing, which of the following risk can occur between procurement of assets to the sale of assets?
- A) Deposit risk
- B) Withdrawal risk
- C) Waste risk
- D) Due pont risk
In each stage of the Istisna based transaction, there is a ___________ set of risks faced by the buyer.
- A) Different
- B) Slimier
- C) Similar
- D) Smaller
In which of the following the risk is shifted from one segment of the society to another segment of the society?
- A) Non-Banking firms
- B) Corporations
- C) Banking
- D) Insurance
Sukuk is a ________ kind of structure.
- A) Hyper
- B) Hybrid
- C) Dual
- D) Simple
In which of the following risk does the loss of income arises as a result of a delay in payment on time by other parties in full or contractually agreed?
- A) Operational risk
- B) Market risk
- C) Credit risk
- D) Reputational risk
Which of the following financing is also called hire purchase mode of financing?
- A) Ijara Wa Itina
- B) Ijara Wa Iqina
- C) Ijara Wa Iqtina
- D) Ijara Wa Ina
In which of the following contract does the seller disclose the cost and profit to the buyer.
- A) Mudarabah
- B) Mussawama
- C) Musharaka
- D) Murabaha
Which of the following is a valid level on which an Islamic bank can face the risk?
- A) Instruction level
- B) Exist level
- C) Industry level
- D) Entry-level
The subject matter of insurance is _____________.
- A) Premium
- B) Risk
- C) Profit
- D) Loss
An increase in market risk may result in an increase in which of the following risk?
- A) Credit risk
- B) Card risk
- C) Cover risk
- D) Cancellation risk
The bank personnel fails to check the tankful cover on the property in diminishing Musharaka is an example of which of the following?
- A) Liquidity risk
- B) Market risk
- C) Operational risk
- D) Interest rate risk
Which of the following could be the stages in an Istisna based transaction from the management viewpoint?
- A) Six
- B) Two
- C) Eight
- D) Five
From the seller’s point of view, which of the following will be used to mitigate operational risk in a Salam transaction?
- A) Audit, Training and Technology
- B) Technology
- C) Audit, trafficking and trade
- D) Training and Technology and Accounting
Which of the following risk exists in all modes of financing?
- A) Cancellation risk
- B) Credit risk
- C) Made up risk
- D) Exchange rate risk
Which of the following risk can occur due to fake social media news?
- A) Rational risk
- B) Reputational risk
- C) Repeating risk
- D) Rejection risk
In sukuk risk of default comes from _________.
- A) Obtaining
- B) Obigee
- C) Obligor
- D) Observer