31 Questions
What is the primary purpose of the International Islamic Financial Market (IIFM)?
To increase demand for Shariah compliant products
What led to the development of the concept of Murabahah?
The need for Shariah compliant mechanisms
What is the core mechanism for the placement of Islamic Bank's funds?
Murabahah
What is the impact of the International Islamic Financial Market (IIFM) on Islamic culture?
It diminishes Islamic culture
What is the relationship between the International Islamic Financial Market (IIFM) and Shariah compliant products?
IIFM increases the demand for Shariah compliant products
What is emphasized in the given content?
Emphasized deprivation of God's blessing
What is the opposite of what is emphasized in the content?
God's blessing
What is the tone of the given content?
Negative
What is the central idea of the given content?
Removal of God's blessing
What is implied by the phrase 'emphasized deprivation'?
A clear and strong removal
What was the primary focus of the 'Centre for Research in Islamic Economics'?
Researching Islamic principles in economic institutions
What was the result of the establishment of the 'Centre for Research in Islamic Economics'?
The establishment of specialized research institutions
What is implied about the current state of the place mentioned in the passage?
It has lost its significance in Islamic research
What can be inferred about the head of the country?
They were instrumental in establishing the centre
What is the relationship between Syria and Lebanon in the passage?
They are mentioned as examples of countries with Islamic research institutions
What is a type of uncertainty in a contract that relates to the price?
Price not mentioned in absolute amount
Which of the following is NOT a characteristic of Gharar Fahish?
Minor uncertainty
What is the main difference between Gharar Yasir and Gharar Fahish?
Gharar Yasir is minor uncertainty, while Gharar Fahish is major uncertainty
What is an example of Gharar Yasir?
Purchase of fruits without peeling the skin to see the inside
What is the implication of Gharar Yasir on a contract?
The contract is valid and permissible
What is the relationship between Gharar and Maysir?
Gharar and Maysir are two distinct concepts
What is a common venue where Gharar may occur?
All of the above
What is the primary cause of Gharar in a contract?
Uncertainty of one or both parties in a contract
What is the significance of Kaabah in Islam?
A center for Muslim worship and pilgrimage
What is the purpose of Surah Al-Rum verse 39?
To emphasize the importance of capital ideas
What is the relationship between Kaabah and Daughter A?
There is no connection between Kaabah and Daughter A
Why do people go to the Kaabah?
To worship and pray to Allah
What is the comparison being made in the content?
Between Kaabah and Hinduism
What is the significance of 'berhal' in the context?
A Hindu concept in India
What is the main idea of the 1st Stage?
The significance of Kaabah in Muslim worship
What is the purpose of mentioning Daughter A's marriage?
To provide a contrast to the Kaabah's significance
Study Notes
Uncertainty in Contracts (Gharar)
- Gharar refers to uncertainty or ignorance of one or both parties in a contract, relating to:
- Price: uncertainty in absolute amount, two prices in one contract, or price not mentioned
- Contract: conditional contract, lack of decisive language, or ambiguity in ownership and capacity of asset owner
- Types of Gharar:
- Gharar Fahish (Major/Excessive Gharar)
- Gharar Yasir (Minor Gharar)
Gharar Yasir (Minor Gharar)
- Contracts involving minor gharar are permissible and valid
- Examples of minor gharar:
- Purchase of fruits without inspecting the inside
- Other examples not specified in the text
Maysir
- Concept not fully explained in the text, but seems related to uncertainty in contracts
Murabahah
- Developed as a core mechanism for Islamic banks to place funds
- Used to promote Shariah-compliant financial products
History of Islamic Finance
- The concept of Islamic finance was once prominent in Syria and Lebanon
- 1st specialized research institution, Centre for Research in Islamic Economics, was established
- Islamic culture and finance declined over time
Islam and Trade
- Trading was common in the Kaabah, a sacred site in Islam
- Verse 39 of Surah Al-Rum emphasizes the importance of using one's capital wisely
- Islamic finance principles aim to avoid exploitation and promote fair trade practices
This quiz covers uncertainty and/or ignorance of one or both parties in a contract, particularly relating to price. It explores scenarios where the price is not mentioned in absolute amount, or where there are two prices in one contract.
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