All of the following contracts are used in Export financing by Islamic banks, EXCEPT:

• A) Wakalah
• B) Istisna
• C) Kafalah
• D) Murabaha

The party who sells the insurance policy is known as:

• A) Insurable
• B) Insurer
• C) Insure
• D) Insured

The report prepared by Sharia Board is published in:

• A) Islamic bank’s Annual Reports
• B) SBP’s annual reports
• C) Weekly newspaper
• D) SBP’s Islamic banking bulletin

All of the followings are considered as the major issues in Musharakah financing, EXCEPT:

• A) Lack of proper book keeping
• B) Dishonesty
• C) Charity clause in case of late payment
• D) Customer mindset

Which of the following prohibited element (s) is/are present in conventional insurance?

• A) Riba
• B) Qimar
• C) Gharar
• D) All of the given options

Which of the following best explains the rule regarding loss sharing in Mudarabah contract?

• A) Loss will be borne by the Mudarib
• B) Loss will be shared by the partners equally
• C) Loss will be borne by the Rab ul Maal
• D) Loss will be transferred to the suppliers and customers

Which of the following is used for financing the working capital requirements of corporate customers?

• A) Mudarabah
• B) Murabaha
• C) Running Musharakah
• D) Musharakah

Developing a comprehensive Sharia’h compliance framework for all areas of operations of the IBI is the responsibility of:

• A) Sharia’h board
• B) SBP’s central Sharia’h board
• C) Sharia’h scholar
• D) Sharia’h Advisor

Which of the followings statement is NOT correct regarding rules of distribution of profit in Musharakah?

• A) Ratio of profit cannot differ from the ratio of investment
• B) Share of all partners should be decided without any ambiguity
• C) Ratio of distribution of profit must be agreed upon at the time of execution of the agreement
• D) The share in profits and losses can also be unequal

Which of the following is not included in the category of general Insurance?

• A) Marine Insurance
• B) Life Insurance
• C) Liability Insurance
• D) Health Insurance

In Home financing, Islamic bank sell its share to the client on:

• A) Pre-agreed price
• B) Historical Price
• C) Cost plus profit basis
• D) Market price

In Mudaraba contract, a person who invests the amount is known as:

• A) Mudarib
• B) Rab ul Maal
• C) Raas ul Maal
• D) Qarid

The remuneration paid to the manager appointed by the partners in a partnership is treated as:

• A) Charity
• B) Drawings
• C) Profit share
• D) Expense

The event of Financial Credit crises in US happened in the year:

• A) 2004
• B) 2001
• C) 2008
• D) 1995

The goods or assets purchased in Musharakah contract are owned by:

• A) Working partner
• B) The partner who have contributed more capital
• C) The sleeping partner
• D) All partners jointly

Term Maqarada or Qirad is derived from Qard, which means to:

• A) Cut off
• B) Turn off
• C) Lay off
• D) Pay off

Conventional banks purchase Treasure bills and interest based bonds to:

• A) Manage risk
• B) Manage profits
• C) Manage liquidity
• D) Manage leverage

Which of the following statement shows the presence of Gharar in an Insurance contract?

• A) Premium is uncertain
• B) Compensation for the loss is uncertain
• C) Maturity of contract is uncertain
• D) None of the given

The events that can influence the achievement of a firm’s objective are known as:

• A) Risk
• B) Reward
• C) Loss
• D) Failure

A card issued against the available funds in a customer’s account is known as:

• A) Supplementary Card
• B) Charge Card
• C) Debit Card
• D) Credit Card