Module 1: Shariah Awareness

Which of the following is the highest authority in making the final decision on matters related to the Shariah?

• Shariah Review

• Shariah Risk

• Shariah Audit

• Shariah Committee

Which of the following terms is NOT prohibited in Islamic Banking?

• Loan

• Insurance

• Will

• Financing

Which of the following are pillars of Aqad?

i. Seller and Buyer

ii. Offer and Acceptance

iii. Availability of profitable asset

iv. Subject Matter or Underlying asset 

• A.        i and iii only

• B.         i,ii and iv

• C.        i,ii and iii

• D.        All of the above

The Islamic Banking principles do not allow the following, EXCEPT;

• Interest (Riba')

• Uncertainties (Gharar)

• Gambling (Maysir)

• Profit Sharing

Essential elements of a valid contract are the following, EXCEPT;

• Expression of offer (ijab) and acceptance (qabul)

• Contracting parties must be a Muslim

• Mutual consent of the contracting parties

• Existence of the subject matter