BNK610 Grand Quiz Spring 2020
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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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Identify the reason why Bai Inah transaction is controversial in Islamic Sharia’h:
It is similar to giving some amount at present to receive higher amount in future
One cannot sell something on deferred price
The amount of profit is quite high in this transaction
The same persons cannot buy or sell goods at the same time
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A kind of partnership in which two or more people becomes partner to run a commercial enterprise is known as:
Shirkat ul Milk
Shirkat ul Ainan
Shirkat ul Ainan -
Which of the following best explains the rule regarding loss sharing in Mudarabah contract?
Loss will be borne by the Rab ul Maal
Loss will be shared by the partners equally
Loss will be borne by the Mudarib
Loss will be transferred to the suppliers and customers
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A contract in which any of the basic elements is missing is known as:
Void contract
Voidable contract
Valid contract
Irregular contract
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