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
31
What is the Qur’anic term opposing the concentration of wealth?
Answer:
Kay la yakuna dulatan bayna al-aghniya’ (59:7)
Qur’an 59:7 prohibits wealth from circulating only among the rich, promoting equity and justice.
32
Which organization standardizes Shariah compliance in global Islamic finance?
Answer:
AAOIFI (Accounting and Auditing Organization for Islamic Financial Institutions)
AAOIFI develops global Shariah standards for Islamic financial institutions.
33
What role does 'Shura' play in Islamic economic governance?
Answer:
Collective consultation in policy-making
Shura ensures participatory decision-making consistent with justice and consultation (Qur’an 42:38).
34
What does 'al-Iqtisad al-Islami' mean?
Answer:
Islamic Economics
‘Al-Iqtisad al-Islami’ literally means Islamic economics — the discipline of managing resources in line with Shariah.
35
Who is Dr. M. Umer Chapra known as in the field of Islamic economics?
Answer:
A leading theorist of moral macroeconomics
Dr. Chapra integrates moral and institutional reform in Islamic macroeconomics.
36
What principle does the Islamic Development Bank operate on?
Answer:
Interest-free financing and profit-sharing
The IDB uses Shariah-compliant mechanisms such as Mudarabah, Murabahah, and Ijarah.
37
When was the Islamic Development Bank (IDB) established?
Answer:
1975
The IDB (now IsDB) was founded in 1975 to promote Islamic finance and socio-economic development among Muslim nations.
38
Which institution established the first modern Islamic bank in 1963?
Answer:
Mit Ghamr Savings Bank (Egypt)
Mit Ghamr, founded by Ahmad El-Naggar, was the first Islamic bank prototype operating on profit-sharing principles.
39
What does 'falah' represent in modern Islamic economic discourse?
Answer:
Holistic human success in this world and the Hereafter
Falah represents material and spiritual well-being through justice, balance, and obedience to Allah.
40
Who introduced the concept of 'falah-oriented economics'?
Answer:
M. Umer Chapra
M. Umer Chapra emphasized that Islamic economics seeks falah — comprehensive well-being — not mere GDP growth.