10 Questions
What is a fundamental principle in Islamic finance that ensures prices are determined by market forces?
Freedom from Price Manipulation
What is the term for excessive uncertainty and ambiguity in contracts and transactions?
Al-Gharar
What type of income is prohibited in Islamic finance?
Unearned income (Al-Masyir)
What is the main reason for prohibiting price fixation and control in Islamic finance?
To ensure fair competition
What is a permissible form of speculation in Islamic finance?
Speculation based on collection, analysis, and interpretation of relevant information
What is the primary condition for a valid contract in Islamic finance?
Absence of coercion or force
What is the term for interest in Islamic finance?
Al-Riba
What is a fundamental principle in Islamic finance that ensures fair trade and investment?
Freedom to Contract within Permitted Commodities/Activities
What is an example of a prohibited business activity in Islamic finance?
Alcohol-related business
What is the primary objective of Islamic finance?
To ensure fair and ethical transactions
Learn about the principles and ethical aspects of Islamic finance, and how it differs from the Western financial system. Explore the concept of interest-free loans and charitable giving in Islamic finance.
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