Islamic Studies/Islamiat (Competitive Exams) MCQs
Topic Notes: Islamic Studies/Islamiat (Competitive Exams)
<p>MCQs and preparation resources for competitive exams, covering important concepts, past papers, and detailed explanations.</p>
Plato
- Biography: Ancient Greek philosopher (427–347 BCE), student of Socrates and teacher of Aristotle, founder of the Academy in Athens.
- Important Ideas:
- Theory of Forms
- Philosopher-King
- Ideal State
161
Which Islamic principle promotes risk-sharing in business?
Answer:
Mudarabah and Musharakah
Mudarabah and Musharakah are equity-based models promoting risk-sharing between partners.
162
What is 'Salam' in Islamic banking?
Answer:
Advance payment for goods delivered later
Salam allows prepayment for future delivery, facilitating agricultural or production financing.
163
What does 'Istisna’' mean in Islamic finance?
Answer:
Manufacturing contract with deferred delivery
Istisna’ is a sale contract for manufacturing or construction with deferred delivery.
164
Which of the following activities is prohibited in Shariah-compliant investment?
Answer:
Alcohol production
Any investment in haram industries like alcohol, gambling, or pork is forbidden.
165
What does 'Bai' refer to in Islamic law?
Answer:
Sale or trade contract
Bai’ is Arabic for sale, a lawful means of income in Shariah.
166
What is the main source of income for Islamic banks?
Answer:
Trade and investment profit
Islamic banks earn through asset-based trade and profit-sharing, not interest.
167
Which Islamic term refers to partnership in ownership?
Answer:
Musharakah
Musharakah is a joint ownership partnership sharing profit and loss.
168
In Mudarabah, who bears the financial loss?
Answer:
The capital provider (Rabb al-Mal)
The Rabb al-Mal bears financial loss while the Mudarib loses effort and time.
169
Which Quranic verse explicitly forbids Riba?
Answer:
Surah Al-Baqarah 2:275
Allah says in 2:275, 'Allah has permitted trade and forbidden Riba.'
170
Which Islamic contract is similar to leasing and ends with ownership transfer?
Answer:
Ijara wa Iqtina
Ijara wa Iqtina combines leasing with eventual ownership transfer to the lessee.