
Contracts and Financial Instruments

Quiz
•
Financial Education
•
University
•
Hard
Ali Nafiz
Used 1+ times
FREE Resource
16 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
Which of the following is NOT an element of a valid contract in Islamic law?
Offer and acceptance
Subject matter that exists and is lawful
Price clearly determined
Guarantee of profit to both parties
2.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
A contract that is deficient (fasid) becomes valid if:
It is cancelled and replaced with a new one.
The deficiency is corrected (e.g., price or subject matter clarified).
One party waives their rights.
It is approved by a Shariah supervisory board.
3.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
Which situation best describes a void (batil) contract?
Selling an asset not yet owned physically
Sale of wine by an Islamic bank.
Delayed delivery of goods due to market disruption.
Misrepresentation of cost in Murabaha.
4.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
The element of gharar (excessive uncertainty) is best illustrated by:
Selling shares for long-term investment.
Selling an animal not yet born.
Leasing machinery for 5 years.
Musharaka partnership with shared risk.
5.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
Which of the following contracts is exchange-based?
Ijarah
Murabaha
Musharaka
Mudaraba
6.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
In a Murabaha transaction:
The financier lends money with interest.
The financier buys the asset and sells it at a markup.
The asset is leased to the client.
The profit share is fixed as a percentage of net income.
7.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
The Ijarah (leasing) contract requires:
Ownership of the leased asset remains with the lessor.
Ownership automatically transfers to the lessee.
The rent is linked to interest rate movements.
The asset must be intangible.
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