MCQ Bank

In Shirkat-ul-Aaqd, partners share ownership rights in the partnership assets. Each partner is considered like a co-owner with respect to the shares of the other partners.

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Q61

Which of the following is not an essential element of a contract?

A) Written document
B) Consideration
C) Subject Matter
D) Parties to a contract

AI Explanation

A contract does not necessarily require a written document to be valid. The essential elements include parties, consideration, and subject matter.

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Q62

Following means to give or take money or goods depending on something that is not known how it will end.

A) Gambling
B) Prize
C) Saving
D) Production

AI Explanation

Gambling involves giving or taking money or goods based on an uncertain outcome. It is prohibited in Islam due to the uncertainty and unfair transfer of wealth involved.

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Q63

A term in the contract of sale to cancel the contract if a cheating in price is found is called……………………

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

AI Explanation

Khiyaar-e-Ghaban refers to the option available when a party has been cheated or significantly deceived in the price of a transaction. It allows cancellation or remedy in such cases.

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Q64

Who is the real owner of all things?

A) An individual
B) The state
C) Allah Almighty
D) A corporation

AI Explanation

According to Islamic belief, Allah Almighty is the ultimate owner of all things, while humans hold property as trustees and are responsible for its proper use.

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Q65

Jurists of Islam have described Riba as a following type of profit.

A) Hard-earned
B) None of the given options
C) Worthless
D) Effortless

AI Explanation

Islamic jurists describe Riba as an effortless or unjustified profit because it is earned without a corresponding productive effort or risk. It is therefore prohibited in Islamic financial principles.

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Q66

The term to cancel the sale contract if a defect is found in the subject matter is called……………..

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

AI Explanation

Khiyaar-e-Aib is the option to cancel a sale contract when a defect is discovered in the subject matter. It protects the buyer from hidden defects in the purchased item.

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Q67

Modarbah is a type of business arrangement where………………….

A) Both partners provide capital and run the business
B) Profit and loss is shared on equal basis
C) Profit and loss is shared in capital proportion
D) One partner provide capital and other run the business

AI Explanation

In Modarbah, one party (Rab-ul-Mal) provides the capital while the other party (Modarib) manages and operates the business. Profits are shared according to an agreed ratio.

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Q68

The literal meaning of Musharakah is following.

A) Sharing
B) Caring
C) Transaction
D) Purpose

AI Explanation

The literal meaning of Musharakah is sharing or partnership. It refers to a business arrangement where partners contribute and participate together.

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Q69

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

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

AI Explanation

Bai Mutlaq refers to a normal sale where goods are exchanged for money. An exchange of rice for rupees is therefore an example of Bai Mutlaq.

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Q70

Which of the following is not a type of contract as per Islamic law?

A) Compensatory Contracts
B) None of the given options
C) Promissory contract
D) Non Compensatory Contracts

AI Explanation

Islamic law of contracts commonly classifies contracts into compensatory and non-compensatory categories. Promissory contract is not considered a standard category in this classification.

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Q71

Hiring a cab without telling the driver the destination or without agreeing on fare is case of _______.

A) Gambling
B) Gharar
C) Riba an-Naseeah
D) Riba al-Fadl

AI Explanation

Gharar refers to excessive uncertainty or ambiguity in a contract. Hiring a cab without specifying the destination or fare involves uncertainty and is an example of Gharar.

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Q72

Which of the following thing can not be given to anyone as Hiba?

A) A piece of cloth owned by Mr.A
B) A pair of shoes owned by Mr. B
C) A pair of shoes owned by Mr. A
D) A piece of cloth owned by Mr. A and Mr.B

AI Explanation

A valid Hiba requires the donor to have complete ownership and possession of the gifted property. Jointly owned property cannot be gifted by one person without proper ownership rights.

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Q73

Which of the following is an advantage of Musharakah business?

A) Wider scale of business
B) All of the given options
C) More capital
D) Pooling of abilities

AI Explanation

Musharakah provides advantages such as increasing capital, combining partners' abilities, and allowing business expansion on a wider scale. Therefore, all the listed options are advantages.

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Q74

Which of the following is not an example of a non-compensatory contract?

A) Nikah
B) Gift
C) Money Lending
D) Paid agency

AI Explanation

Paid agency is a compensatory contract because the agent receives payment for providing services. Nikah, gift, and money lending are generally considered non-compensatory contracts.

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Q75

In a Modarabah, the person who adds his labor to the capital of financier is called………………..

A) Rab-ul-Mal
B) Raees
C) Modarib
D) Madroob

AI Explanation

In a Modarabah arrangement, the person who provides capital is Rab-ul-Mal, while the person who contributes labour and manages the business is called Modarib. The Modarib shares profit according to the agreed ratio.

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Q76

How many types of ownership in Islamic concept.

A) 1
B) 4
C) 3
D) 2

AI Explanation

In Islamic ownership concepts, ownership is generally divided into two main types: ownership of physical things and ownership of benefits (usufruct). These categories explain the different rights a person may have over property.

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Q77

Which of the following is a condition of Musharakah?

A) The Business Must be Lawful
B) Fixing the Rate of Profit
C) All of the given options
D) Liability for Loss

AI Explanation

A lawful business activity is an essential condition for Musharakah. Fixing profit as a guaranteed amount is not allowed, and liability for loss follows Islamic partnership rules rather than being a condition chosen freely.

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Q78

Which of the following type of possession is not acceptable as per Islamic financial law?

A) Physical Possession
B) Absolute Possession
C) Constructive Possession
D) Hypothetical Possession

AI Explanation

Islamic financial law recognises actual physical possession and constructive possession in transactions. Hypothetical possession is not considered a valid form of possession.

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Q79

Which of the following is Haram if it causes wounds to the individual or society?

A) All of the above
B) Activities
C) Games
D) Products

AI Explanation

Any activities, games, or products that cause harm or wounds to individuals or society can be considered prohibited. Therefore, all the given options are included.