Quiz on Shariah and Islamic Finance

What is the main focus of Shariah in Islamic finance?

• To promote gambling

• To avoid harm and acquire benefit

• To create confusion

• To restrict trade

What does 'Muamalat' refer to?

• Worship practices

• Social transactions

• Historical events

• Personal beliefs

Which of the following is prohibited in Islamic finance?

• Trade

• Investment

• Charity

• Riba (interest)

What is the term for the rule-making process in Islamic law?

• Qiyas

• Fatwa

• Ijtihad

• Ijma

What is the primary source of Shariah?

• Culture

• Hadith

• Tradition

• Quran

What does 'Aqidah' refer to?

• Legal rulings

• Social customs

• Beliefs and faith

• Economic transactions

Which of the following is a component of Islamic economics?

• Interest-based loans

• Wealth circulation

• Speculation

• Gambling

What is the role of the Shariah Committee?

• To conduct audits

• To validate Shariah compliance

• To manage finances

• To create laws

What is 'Gharar'?

• Profit

• Certainty

• Loss

• Uncertainty or risk

What is the purpose of Zakah in Islamic finance?

• To collect taxes

• To purify wealth

• To increase debt

• To promote gambling