In Musharakah, loss must be shared by:

• A) Partners equally irrespective of their investment
• B) Partners according to the ratio of their investment
• C) Directors according to their role in Musharakah
• D) Managers according to their role in management

Identify the situation(s) where the existing partnership is dissolved

• A) All of the given options
• B) Death of any partner
• C) When the whole capital is lost
• D) When the purpose of partnership is achieved

A risk arising from adverse movements in interest rates and commodity prices is known as:

• A) Legal Risk
• B) Liquidity Risk
• C) Credit Risk
• D) Market Risk

Which of the following is least used mode of financing by Islamic banks of Pakistan?

• A) Diminishing Musharakah
• B) Istisna
• C) Musharakah
• D) Murabaha

The difference between the amount of premium and compensation is referred as:

• A) Hiba
• B) Gharar
• C) Kimar
• D) Riba Al Fadl

Which of the following is the second most used mode of finance by Islamic banks of Pakistan?

• A) Ijarah
• B) Diminishing Musharakah
• C) Murabaha
• D) Musharakah

How many members are included in SBP’s central Sharia’h board?

• A) Three members
• B) Six members
• C) Two members
• D) Five members

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

• A) None of the given
• B) Maturity of contract is uncertain
• C) Compensation is dependent on a certain event
• D) Premium is predefined

The State Bank of Pakistan provides an Islamic export refinance scheme (IERS) on the basis of:

• A) Musharakah
• B) Istisna
• C) Salam
• D) Ijarah

Which of the following is not an operational Takaful Model?

• A) Mudarabah Model
• B) Waqf Wakalah Model
• C) Wakalah Model
• D) Salam Model

When did the Takaful rules prepare in Pakistan?

• A) 1998
• B) 2006
• C) 1987
• D) 2005

Institution of Aqilah dealt with:

• A) The guardianship of the minors
• B) The payment of blood money
• C) The payment of the outstanding debt
• D) The supervision of the minors

Which of the following facility does not come under Microfinance?

• A) Encourage saving
• B) Microcredit
• C) Raising standard of living
• D) Car leasing

In Mudaraba Takaful model, Takaful Company acts as a _______ of the participants:

• A) Principal
• B) Partner
• C) Investor
• D) Agent

When did Pak Kuwait Takaful Company start its operation in Pakistan?

• A) 1998
• B) 2006
• C) 2005
• D) 1987

Which of the following Islamic contract is based on the Risk Sharing principle?

• A) Murabaha
• B) Ijarah
• C) Musharaka
• D) Takaful

Which mode may be used by the Microfinance bank to help a small manufacturer to purchase inputs?

• A) Mudarabah
• B) Istisna
• C) Qard e Hasan
• D) Salam

Which rule prevails in the event of Takaful and Insurance rules conflict?

• A) Insurance Rules
• B) Takaful Rules
• C) None of the given
• D) Insurance Ordinance

Conventional Insurance is based on the principle of:

• A) Risk Sharing
• B) Risk avoidance
• C) Risk Transfer
• D) Risk Retention

In Wakalah Takaful model, Takaful Company acts as _______ of the participants:

• A) Partner
• B) Investor
• C) Agent
• D) Principal