BNK610 Grand Quiz Spring 2020
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The partnership by ownership of a property is also known as:
Shirkat ul Aqd
Shirkat ul Wujooh
Shirkat ul Milk
Shirkat ul Ainan
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All of the following options can be opted by Islamic banks to dispose of the assets in Salam transactions, EXCEPT:
Enter into a Parallel Salam contract
Agency contract with the client or a third party
Sell the asset to the original seller in future
Enter into a Promise to Purchase with third party
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Riba al-Nasiyyah is also known as:
Riba Al-Hadith
Riba Al-Fadl
Riba Al-Jahiliyyah
None of the given options
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Bay’atan-fil-Bay refers to:
Combining two sales in one sale agreement
Act of false bidding to raise the price
Concealing the facts during sale
Sale of debt for debt
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Current account is also known as:
Demand deposit
Term deposit
Cash deposit
Time deposit
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The type of loan which draws no profit for the creditor is known as:
Qard
Dayn
Salaf
Sarf
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According to Islamic economic system the real ownership of all resources belongs to:
All Muslims
All Human Beings
Allah
Private Companies
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In Mudaraba contract, a person who invests the amount is known as:
Rab ul Maal
Mudarib
Mudarib
Raas ul Maal
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Which of the agreement is used by Islamic banks for car financing?
Ijarah Muntahiya bit Tamleek
Ijaratul Ashkhas
Hire-Purchase
Hire-Purchase
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Which of the following is not considered as the role of mudarib in Mudaraba contract?
Partner
Agent -
The Parallel Istisna contract would be invalid if:
The price in first contract is paid full in advance
The commodity to be manufactured don’t have substitutes available in market
The two contracts are dependent on each other
None of the given options
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The literal meaning of Bai’ is:
Exchange
Compensation
Binding
Contract
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Which of the following is the reason why current deposits in Islamic banks are not accepted as Amanah?
No profit is paid to the depositors
Banks need use the deposit for business purpose
The amount is payable on demand
There is no restriction on withdrawal
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Which of the following is NOT true regarding the subject matter of Istisna?
Istisna is invalid for natural things
Both homogeneous and unique assets can be sold through Istisna
The quality of subject matter must be clearly specified
An existing and identified asset can be the subject matter of Istisna
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The main objective of Bai Tawarruq is:
To get instant liquidity
To get instant liquidity
To get instant liquidity
To encourage credit sales -
The account of a foreign bank maintained at a local commercial bank is known as:
Vostro Account
Nostro Account
Overseas Account
Settlement Account
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