Read the following scenarios and then identify the correct statement for each action according to the...
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Read the following scenarios and then identify the correct statement for each action according to the principles of Islamic finance. A bank loans $10,000 to a borrower on the condition that for each month it takes to repay the loan, the borrower will repay an additional $100. A group of friends attend a camel race, and each places a $10 bet on which camel will be the winner A bank loans money to an individual seeking to open a restaurant that serves both food and alcohol. A group of investors pool their own money along with money they borrow from a bank to invest in an infrastructure system to benefit the community. If it succeeds, the investors will share the profits at a predetermined ratio. Which of the following is considered Halal? Charging interest on loans Haram activities and practices Financial transactions that do not include Riba and Gharar Read the following scenarios and then identify the correct statement for each action according to the principles of Islamic finance. A bank loans $10,000 to a borrower on the condition that for each month it takes to repay the loan, the borrower will repay an additional $100. A group of friends attend a camel race, and each places a $10 bet on which camel will be the winner A bank loans money to an individual seeking to open a restaurant that serves both food and alcohol. A group of investors pool their own money along with money they borrow from a bank to invest in an infrastructure system to benefit the community. If it succeeds, the investors will share the profits at a predetermined ratio. Which of the following is considered Halal? Charging interest on loans Haram activities and practices Financial transactions that do not include Riba and Gharar
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Answer rating: 100% (QA)
ANSWER 1 Option D is the correct answer 2 Option C is the correct answer EXPLANATION ... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0132162302
1st edition
Authors: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
Posted Date:
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