
CHAPTER 3 NORMS IN FINANCIAL SYSTEM

Quiz
•
Business
•
University
•
Hard
Ummi Zaki
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
What is the primary focus of ethics in the Islamic financial system?
Maximizing profits at all costs
Ensuring compliance with government regulations
Maintaining ethical standards
Minimizing operational costs
2.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Which of the following is NOT one of the seven classes of fairness in the financial system?
Freedom from coercion
Right to equal information
Right to unlimited profit
Freedom from misrepresentation
3.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
What does the term 'Riba' refer to in Islamic finance?
Profit-sharing
Investment
Charity
Interest
4.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Which principle emphasizes the importance of social responsibility in Islamic finance?
Profit maximization
Risk avoidance
Fulfillment of social responsibilities
Market competition
5.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
What is the significance of the Shariah Audit Board (SAB) in Islamic financial institutions?
To reduce operational costs
To increase profits
To ensure compliance with Shariah principles
To manage customer relations
6.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Which of the following is a guiding principle of the Islamic financial ethics framework?
Utilitarianism
Tawḥid
Capitalism
Social Darwinism
7.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
What does 'Gharar' refer to in the context of Islamic finance?
Investment opportunities
Risk and uncertainty
Profit-sharing
Financial inclusion
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