MCQ Bank

Islamic ownership grants individuals rights to use their property for lawful purposes, including personal and family benefits. Using property for self-destruction is not a recognised right because it contradicts the principles of responsible ownership.

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Q26

To form a contract the expression of both offer and acceptance could be?

A) Verbal
B) Implied
C) All of the given options
D) Written

AI Explanation

A contract may be formed through verbal expression, written agreement, or implied conduct showing mutual consent. Therefore, all listed forms can represent offer and acceptance.

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Q27

Islam allows a person to make a will of only …………….. portion of his estate.

A) 25%
B) 75%
C) 33%
D) 50%

AI Explanation

In Islamic law, a person may make a will (Wasiya) for up to one-third of their estate. The remaining estate is distributed according to the rules of inheritance.

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Q28

Price will be made later on and subject matter will also be delivered later on is called……………..

A) Deferred price sale
B) Future sale
C) Spot price sale
D) Advance sale

AI Explanation

When both the price and delivery of the subject matter are deferred, it is considered a future sale arrangement. The transaction involves delivery at a later time rather than immediately.

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Q29

The term of accepting or rejecting the goods on inspection in a sale is called…………….

A) Khiyaar-e-Aib
B) Khiyaar-e-Shart
C) Khiyaar-e-Roiyyat
D) Khiyaar-e-Ghaban

AI Explanation

Khiyaar-e-Roiyyat refers to the option of accepting or rejecting goods after inspection when the buyer has not previously seen the item. It protects the buyer against uncertainty about the purchased goods.

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Q30

Which of the following is a social disaster that ruined a large number of families?

A) Business
B) Gambling
C) Charity
D) Social work

AI Explanation

Gambling is considered a social disaster in Islamic teachings because it can lead to financial loss, addiction, and the breakdown of families. It has been identified as a harmful practice affecting individuals and society.

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Q31

Which of the following is not a mode of ownership of goods?

A) Through inheritance
B) Through contract
C) Through increase in value
D) Through stealing

AI Explanation

Islamic ownership can be acquired through lawful means such as inheritance, contracts, and legitimate increase in value. Stealing is an unlawful method and does not create valid ownership.

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Q32

In an Islamic contract the consideration ……………left to be determined on a later date.

A) Is always
B) Can be
C) Must be
D) Can not be

AI Explanation

In an Islamic contract, the consideration or price should generally be known and determined at the time of agreement. Leaving it for later creates uncertainty and is not permissible.

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Q33

Which of the following transactions may be called as Bai Muqayazah?

A) Exchange of barley for 190 Rupees
B) Exchange of rice for 170 Rupees
C) All of the given options
D) Exchange of rice with wheat

AI Explanation

Bai Muqayazah refers to barter transactions where one commodity is exchanged directly for another commodity. Exchanging rice with wheat is an example of this type of sale.

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Q34

In a Musharakah business the profit is shared among partners as per…………………..

A) On the basis of hours worked by each partner
B) Equal share to each partner
C) Capital contribution made by each partner
D) Specific ratio decided by partners

AI Explanation

In Musharakah, profits are distributed according to a mutually agreed ratio decided by the partners at the time of agreement. It is not necessarily based on capital contribution or equal shares.

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Q35

Ownership of benefits of a physical item is………………..

A) Incremental with time always
B) Decremental with time always
C) Time bound
D) Not time bound

AI Explanation

The ownership of benefits or usufruct of a physical item is generally limited by time because benefits are consumed or reduced through use. Unlike ownership of the physical asset itself, benefits do not continue indefinitely.

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Q36

Which of the following type of spending is not allowed in Islam?

A) Lottery
B) Health
C) Cloth
D) Food

AI Explanation

Lottery involves gambling and is not considered permissible spending in Islam. Spending on necessities such as health, clothing, and food is allowed.

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Q37

Islamic Financial law is termed as………………….

A) Fiqh-ul-Muammalat
B) Fiqh-ul-Ibadah
C) Fiqh-ul-Hanfiah
D) Fiqh-ul-Jaffariah

AI Explanation

Islamic financial law is known as Fiqh-ul-Muammalat, which deals with transactions, contracts, and commercial dealings. Fiqh-ul-Ibadah relates to acts of worship rather than financial matters.

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Q38

In a Musharakah business the loss is shared among partners as per…………………..

A) On the basis of hours worked by each partner
B) Capital contribution made by each partner
C) Specific ratio decided by partners
D) Equal share to each partner

AI Explanation

In Musharakah, losses are shared according to the proportion of capital contributed by each partner. Profit, however, can be distributed according to a mutually agreed ratio.

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Q39

Which of the following is not a condition for Shirakat-ul-Mufawadah?

A) The capital investment of the parties should not be equal
B) The capital investment of the parties should be equal
C) All parties should be of sound mind, adult and free
D) Each party should represent the other

AI Explanation

In Shirakat-ul-Mufawadah, equality of capital contribution is one of the required conditions. Therefore, stating that capital investment should not be equal is not a valid condition.

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Q40

Immediate payment of price but delivery of subject matter will take place later on is called……………….

A) Spot price sale
B) Advance sale
C) Deferred price sale
D) Future sale

AI Explanation

When the price is paid immediately but the delivery of the subject matter is postponed, it is considered a future sale arrangement. The payment and delivery occur at different times.

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Q41

Which of the following is not a condition of Musharakah?

A) Maturity of the partners
B) Sound Mind
C) Mutual Agreement
D) Rural Land

AI Explanation

Musharakah requires partners to have maturity, sound mind, and mutual agreement to establish a valid partnership. Rural land is not a necessary condition for Musharakah.

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Q42

Which of the following is a necessary condition with respect to “subject matter” in a contract?

A) Existence
B) Lawfulness
C) All of the given options
D) Ability to Deliver

AI Explanation

A valid subject matter in a contract must exist, be lawful, and be capable of delivery. Therefore, all the listed conditions are necessary.

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Q43

The real owner of a gift given to child is…………….

A) Friend of child
B) Relatives of child
C) Child himself/herself
D) Parents of child

AI Explanation

In Islamic law, a gift given to a child becomes the property of the child. The child is considered the real owner even if a guardian manages the property.

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Q44

In Shirkat-ul-Mufawadah, which of the following element is shared equally among all partners?

A) All of the given options
B) Capital
C) Profit and loss
D) Management

AI Explanation

In Shirkat-ul-Mufawadah, equality is maintained among partners in capital, profit and loss arrangements, and management rights. Therefore, all the given options are shared equally.