Which of the following contribute donations to the Takaful fund in Wakala based Takaful model?

• A) Participants
• B) Takaful operator
• C) Insurance companies
• D) Bankers

Takaful policy holders are also known as _______________________.

• A) Particulars
• B) Patriotic
• C) Participants
• D) Banker

In ____________ sukuk , sukuk holders have no right to recourse to the underlying asset in case the obligor default.

• A) Liabilty -based sukuk
• B) Asset-based sukuk
• C) Liability-backed sukuk
• D) Asset-backed sukuk

General Takaful is of __________________.

• A) Longer duration
• B) Same duration as life takaful
• C) Shorter duration
• D) Zero duration

Mudaraba based Takaful model was developed before the Wakal based Takaful model but was criticized from the ___________ of view.

• A) Purchase point
• B) Sale point
• C) Banking point
• D) Shariah point

Islamic mode of financing involves______________________ contract.

• A) No
• B) Single
• C) Void
• D) Composite

Akhuwat foundation is offering Islamic microfinance in Pakistan based on the _____________ model.

• A) Mudaraba
• B) Salam
• C) Interest- free loans
• D) Musharaka

The segment of society who do not have a formal bank account and do not have access to the formal credit is called ______________.

• A) Financially included
• B) Financially poor
• C) Financially excluded
• D) None of the given options

In a Wakala based Takaful model, if a participant wants to redeem before his/her death, the participant would receive the fund attributed to him in _______________.

• A) Investment fund minus a retirement fee
• B) Investment fund plus a redemption fee
• C) Risk fund multiply a redemption fee
• D) Investment fund minus a redemption fee

Salam based micro finance is used to finance _______________________.

• A) Small business man
• B) Professionals
• C) Students
• D) Small farmers

Provision of cash is the basic element which is present in _______________.

• A) Mudarbah islamic micro finance model
• B) Musharaka Islamic micro finance model
• C) Conventional micro finance
• D) All of the given options

Which of the following Takaful model is preferred over Mudaraba, Wakala, or Hybrid model?

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

In Mudaraba , finance provider is called _________________________.

• A) Rabbul Mal
• B) Shirkatul-Mal
• C) Shirka
• D) Mudarab

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