pls write the correct ans only as soon as possible

s/d/e/1FAIpQLSDX16C5h37D8lefcYr-ZTEENVqPwTwLw3y569786uCPOc56JQ/formResponse Lack of standardization in the past contribute to the institutionalization of Riba, widespread of Gharar and Maysir activities. Which of the following should be common trading practices to ensure a free and fair market: * I. Freedom of access to the market. II. Freedom of competition in the market. III. Freedom to produce anything in the market. IV. Prohibition against deception in a business transaction. O I and II only. O 1, I and II. O I and II. O 1, 11, III, and IV cYr-2TbENVqPwTwLw3y569f86uCPO066JQ/formResponse DUIKS engaged a party and sub contact me Construch work O All of the above. Which of the following refers to the criteria of Salam contract? Salam-contract is normally applied for agricultural product. Salam benefits buyers as the Salam price is lower than the market price. The buyer pays full payment in advance. O All of the above Which statements reflect the features of Sukuk with asset-backed? i. Sukuk holders genuinely own identified assets ii. Cash flow typically fixed or tied to a benchmark (LIBOR) iii. Cash flow varies with the actual performance of Sukuk assets iv. Sukuk holder has the option to assume any losses in case of impairment of Sukuk assets. O A. I and II only. O B. I, II and III. O C. I and III. OD. I and IV FIN X + -/1FAIpQLSdXJ6C5h37D8lefcYr-ZTBENVqPwTwLw3y569f86uCPOc66JQ/formResponse eise orme Dasis ord predictaore evert Takaful participants contribute to a Takaful fund based on the principles of: I. Ta'awun (Mutual Assistance). II. Tabarru' (donation) where the group undertakes to share the mutual risk. III. Mu'awadat (Bilateral exchange contract). IV. Waqf (Islamic endowment). O AI and II only. O B. I, II and II. C. I and III. OD. I and IV Identify the criteria of Musyarakah Mutanaqisah home financing Banks own hundred percent of house ownership thus they are liable for any form of property defects. Bank and customer share the ownership until it diminishes due to customer own hundred percent of house ownership. Banks engage a third party and sub-contracts the construction work. O All of the above T 6 FIN X d/e/1FAIpQLSdXJ6CSHJ7D8lefcW-ZTBENVqPwTwLw3y569186uCPOc66jQ/formResponse Murabaha contract referred to the arrangement where; refers to a form of a business contract in which one party brings capital and the other O personal effort the Islamic bank provides funds which are mingled with the funds of the business enterprise and others. the seller declares his cost and profit while purchasing the goods. the profit generated is shared in pre-agreed ratios, and loss, if any unless caused by negligence or violation of terms of the contract by the investor. Which of the following statement is NOT FALSE? O Voluntary extra repayment of debt is encouraged, making it contractual amounts to Riba. O Islam does not accept the idea of positive time preference as time has an economic value. O Risk-sharing principle is discouraged in Shariah trading. Qimar refers to taking possession of a certain amount of wealth against someone else on the basis of a predictable event. The application of Islamic partnership only on common shares Below are true statement with regards to issues in Mudharabah and Musharakat financing, except? Mudarabah / Musharakah certificate represents proportionate ownership in assets of the business concern/partnership, however, cannot be a negotiable instrument. Only sharing of gross profit is applicable when Mudarabah/ Musharakah financing affects only part of a business concern. Sharing of gross profit only applicable when fixed assets, indirect expenses and overheads not exclusively attributable to the Mudarabah/ Musharakah venture. Some scholars argue that Mudarabah and Musharakah are the principal alternatives for replacing interest-bearing transactions. What is the meaning of Mudarabah Muqayyadah? * O Capital provider specifies constraints on the use of capital and negotiated profit sharing ratio. O Unlimited mandate is given by the capital provider on the use of capital. O Profit-sharing will be a fixed percentage of capital contribution The bank typically gives a fixed return to the depositor. N FIN X + e/1FAIpQLSdXJ6C5h3708lefcYr-ZTEENVqPwTwLw3y569f86uCPOc66JQ/formResponse Which of the following is a false statement regarding the sale of Al-inah? Commonly rejected due to the failure of the second contract to stand on its own but has to depend wholly on the first contract of sale. Breaches the Shariah provision for a contract to be able to stand on its own condition and requisite (Ta'alluq). The use of Al-inah in property trading indicates that the PPA and PSA are two separate and distinguishable contracts. O None of the above. In the unique financial statement of Islamic finance as per AAOIFI's FAS1 include all of the follows, except? Statement sources and uses of Qardhul Hassan O Statement of Social Responsibility fund O Statement of users and sources of Zakat and Charity fund. O Statement of Restricted Investment SECT FIN + s/d/e/1FAIpQLSDXJ6C5h37D8lefcYr-ZTBENVqPwTwLw3y5691860CPOc66JQ/formResponse Understanding and knowledge of practical Shariah laws derived from particulars of supporting evidence is the definition of: O A. Usul Al-Fiqh B. Fiqh OC. Shariah O D. None of the above. In a nutshell, for a sale to pass muster as a Shariah-compliant sale, it must have the I. II. III. IV. I'wad (Equivalent counter value) Ghurm (Risk element) Kasb / Ikhtiar (involves measures of effort) Daman (attracts a liability) I and II only. O , I and III. O I and III. O I, III and IV SECT 6 INX ms/d/e/1FAIpQLSDX16C5h1708lefcY-ZTENVqPwTwLw3yS69f86uCPOc66jQ/formResponse The elements that are typically addressed when performing Shari'ah screening of shares are as below except: Profit Margin screening Interest income screening Sector screening Receivables screening Identify the incorrect statement from the following: Bank interest is not riba because it is not excessive. Riba should be allowed under dharurah. Interest is justified due to inflation and credit default risk. O None of the above. AITAB vehicle financing is as the following case The ownership remains with the bank. Banks lease the vehicle being suggested by the customers from the car dealer. Bank sells the vehicle to customer at a nominal value at the end of Kjarah period. Neither one. N T. SECT 6 AN + rms/d/e/1FAIpQLSdXJ6C5J7D8lefcYY-ZTIENVqPwIwLw3y569686UCPOc66JQ/formResponse The first-ever Islamic financial institution outside the MENA region established in the 1960s is: Dubai Islamic Bank Mit Ghamr Savings Bank Philippine Amanah Bank O Tabung Haji Malaysia What is the meaning of Wadi'ah contract? Profit of the venture will be shared between the two parties according to a mutually agreed ratio. Protection of investment for account holders against unprofitable venture. The authorization of a person to keep the property of another in his safe custody. The partnership can diminish at any time. Identify the incorrect statement regarding Istisna' concept. O Seller and buyer engage in Istisna' contract for manufacturing a custom-made desk. Based on the concept, the buyer required to pay a full amount in advance to the seller. Both of them are eligible to cancel the contract before the seller begins the work, None of the statements is incorrect. s/d/e/1FAIpQLSDX16C5h37D8lefcYr-ZTEENVqPwTwLw3y569786uCPOc56JQ/formResponse Lack of standardization in the past contribute to the institutionalization of Riba, widespread of Gharar and Maysir activities. Which of the following should be common trading practices to ensure a free and fair market: * I. Freedom of access to the market. II. Freedom of competition in the market. III. Freedom to produce anything in the market. IV. Prohibition against deception in a business transaction. O I and II only. O 1, I and II. O I and II. O 1, 11, III, and IV cYr-2TbENVqPwTwLw3y569f86uCPO066JQ/formResponse DUIKS engaged a party and sub contact me Construch work O All of the above. Which of the following refers to the criteria of Salam contract? Salam-contract is normally applied for agricultural product. Salam benefits buyers as the Salam price is lower than the market price. The buyer pays full payment in advance. O All of the above Which statements reflect the features of Sukuk with asset-backed? i. Sukuk holders genuinely own identified assets ii. Cash flow typically fixed or tied to a benchmark (LIBOR) iii. Cash flow varies with the actual performance of Sukuk assets iv. Sukuk holder has the option to assume any losses in case of impairment of Sukuk assets. O A. I and II only. O B. I, II and III. O C. I and III. OD. I and IV FIN X + -/1FAIpQLSdXJ6C5h37D8lefcYr-ZTBENVqPwTwLw3y569f86uCPOc66JQ/formResponse eise orme Dasis ord predictaore evert Takaful participants contribute to a Takaful fund based on the principles of: I. Ta'awun (Mutual Assistance). II. Tabarru' (donation) where the group undertakes to share the mutual risk. III. Mu'awadat (Bilateral exchange contract). IV. Waqf (Islamic endowment). O AI and II only. O B. I, II and II. C. I and III. OD. I and IV Identify the criteria of Musyarakah Mutanaqisah home financing Banks own hundred percent of house ownership thus they are liable for any form of property defects. Bank and customer share the ownership until it diminishes due to customer own hundred percent of house ownership. Banks engage a third party and sub-contracts the construction work. O All of the above T 6 FIN X d/e/1FAIpQLSdXJ6CSHJ7D8lefcW-ZTBENVqPwTwLw3y569186uCPOc66jQ/formResponse Murabaha contract referred to the arrangement where; refers to a form of a business contract in which one party brings capital and the other O personal effort the Islamic bank provides funds which are mingled with the funds of the business enterprise and others. the seller declares his cost and profit while purchasing the goods. the profit generated is shared in pre-agreed ratios, and loss, if any unless caused by negligence or violation of terms of the contract by the investor. Which of the following statement is NOT FALSE? O Voluntary extra repayment of debt is encouraged, making it contractual amounts to Riba. O Islam does not accept the idea of positive time preference as time has an economic value. O Risk-sharing principle is discouraged in Shariah trading. Qimar refers to taking possession of a certain amount of wealth against someone else on the basis of a predictable event. The application of Islamic partnership only on common shares Below are true statement with regards to issues in Mudharabah and Musharakat financing, except? Mudarabah / Musharakah certificate represents proportionate ownership in assets of the business concern/partnership, however, cannot be a negotiable instrument. Only sharing of gross profit is applicable when Mudarabah/ Musharakah financing affects only part of a business concern. Sharing of gross profit only applicable when fixed assets, indirect expenses and overheads not exclusively attributable to the Mudarabah/ Musharakah venture. Some scholars argue that Mudarabah and Musharakah are the principal alternatives for replacing interest-bearing transactions. What is the meaning of Mudarabah Muqayyadah? * O Capital provider specifies constraints on the use of capital and negotiated profit sharing ratio. O Unlimited mandate is given by the capital provider on the use of capital. O Profit-sharing will be a fixed percentage of capital contribution The bank typically gives a fixed return to the depositor. N FIN X + e/1FAIpQLSdXJ6C5h3708lefcYr-ZTEENVqPwTwLw3y569f86uCPOc66JQ/formResponse Which of the following is a false statement regarding the sale of Al-inah? Commonly rejected due to the failure of the second contract to stand on its own but has to depend wholly on the first contract of sale. Breaches the Shariah provision for a contract to be able to stand on its own condition and requisite (Ta'alluq). The use of Al-inah in property trading indicates that the PPA and PSA are two separate and distinguishable contracts. O None of the above. In the unique financial statement of Islamic finance as per AAOIFI's FAS1 include all of the follows, except? Statement sources and uses of Qardhul Hassan O Statement of Social Responsibility fund O Statement of users and sources of Zakat and Charity fund. O Statement of Restricted Investment SECT FIN + s/d/e/1FAIpQLSDXJ6C5h37D8lefcYr-ZTBENVqPwTwLw3y5691860CPOc66JQ/formResponse Understanding and knowledge of practical Shariah laws derived from particulars of supporting evidence is the definition of: O A. Usul Al-Fiqh B. Fiqh OC. Shariah O D. None of the above. In a nutshell, for a sale to pass muster as a Shariah-compliant sale, it must have the I. II. III. IV. I'wad (Equivalent counter value) Ghurm (Risk element) Kasb / Ikhtiar (involves measures of effort) Daman (attracts a liability) I and II only. O , I and III. O I and III. O I, III and IV SECT 6 INX ms/d/e/1FAIpQLSDX16C5h1708lefcY-ZTENVqPwTwLw3yS69f86uCPOc66jQ/formResponse The elements that are typically addressed when performing Shari'ah screening of shares are as below except: Profit Margin screening Interest income screening Sector screening Receivables screening Identify the incorrect statement from the following: Bank interest is not riba because it is not excessive. Riba should be allowed under dharurah. Interest is justified due to inflation and credit default risk. O None of the above. AITAB vehicle financing is as the following case The ownership remains with the bank. Banks lease the vehicle being suggested by the customers from the car dealer. Bank sells the vehicle to customer at a nominal value at the end of Kjarah period. Neither one. N T. SECT 6 AN + rms/d/e/1FAIpQLSdXJ6C5J7D8lefcYY-ZTIENVqPwIwLw3y569686UCPOc66JQ/formResponse The first-ever Islamic financial institution outside the MENA region established in the 1960s is: Dubai Islamic Bank Mit Ghamr Savings Bank Philippine Amanah Bank O Tabung Haji Malaysia What is the meaning of Wadi'ah contract? Profit of the venture will be shared between the two parties according to a mutually agreed ratio. Protection of investment for account holders against unprofitable venture. The authorization of a person to keep the property of another in his safe custody. The partnership can diminish at any time. Identify the incorrect statement regarding Istisna' concept. O Seller and buyer engage in Istisna' contract for manufacturing a custom-made desk. Based on the concept, the buyer required to pay a full amount in advance to the seller. Both of them are eligible to cancel the contract before the seller begins the work, None of the statements is incorrect