In which of the following contracts did buyer and seller agree on the instalment of prices as per the progress of the project which is going to be delivered by the seller?

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

AAOIFI stands for:

• A) Accounting and auditing organization for Islamic financial institutions
• B) Acting and auditing organization for Islamic financial institutions
• C) Accounting and auditing organization for Internal financial institutions
• D) Accounting and affecting the organization of Islamic financial institutions

In which of the following transaction there is a delay between the bank buying the assets from the vendor and selling it to the customer?

• A) Mudarabaha
• B) Musharakha
• C) Arbun
• D) Murabaha

Which of the following is also called a security deposit?

• A) Hiba
• B) Arbun
• C) Tijarah
• D) Hamish Jiddiya

Which of the following is correct regarding the recognition of Risk in Islam.

• A) Islam recognizes the incident of risk in business transactions only
• B) Islam recognizes the incident of risk in general life and business transactions
• C) Islam does not recognize the incident of risk
• D) Islam recognizes the incident of risk in general life only

In which of the following, there is a risk of inability to deliver the commodity on the agreed date.

• A) Musharakah
• B) Murabaha
• C) Salam
• D) Mudarabaha

In which of the following schools of thought does a minority prohibit Arbun?

• A) Maliki
• B) Hanbali
• C) Shafi
• D) Hanafi

In the context of partnership, LLP stands for:

• A) Limited liability partnership
• B) Local liability partnership
• C) Limited liability profit
• D) Limited legal partnership

Which of the following mode of Islamic finance is used in construction projects?

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

Which of the following provides a Shariah-compliant solution to the conventional call option?

• A) Hiba
• B) Mudarabah
• C) Arbun
• D) Murabaha

Which of the following is an example of managing the risk through avoidance?

• A) Prohibition of buying options
• B) Musharakha
• C) Takaful
• D) Murabaha

Broadly there are ________ types of options.

• A) Five
• B) Two
• C) Four
• D) Three

Which of the following model is employed in Pakistan by many Takaful companies?

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

The sale and purchase of listed stock is __________________ in Islam as long as they fulfill certain conditions.

• A) Not permissible
• B) Partially permissible
• C) Permissible
• D) None of the given options

How many Takaful windows are operating in Pakistan?

• A) 40
• B) 29
• C) 20
• D) 21

Enhancement in the basic models of Islamic microfinance is done through ____________________.

• A) Waqf
• B) Qarde Hassan
• C) Zakat
• D) Zakat & Qarde Hassan

When Sukuk holders can get hold of the underlying asset in case the obligor defaults this term is known as ___________________.

• A) Re-newel
• B) Reimbursement
• C) Recourse
• D) Repayment

Following are the Sharia screens applied to pick up the Sharia compliant stock Except___________.

• A) Financial screen
• B) Business and financial screens
• C) Business screen
• D) Accounting screen

The contract in which one party provides the capital and other provides services is called________________.

• A) Salam
• B) Musharka
• C) Murabha
• D) Mudarba

Takaful Ta’awani is ______________________.

• A) Waqf based model
• B) None of the given options
• C) Mudarba based model
• D) Murabaha based Model