Podcast
Questions and Answers
What is the fundamental principle of 'Freedom from Al-Gharar' in Islamic finance?
What is the fundamental principle of 'Freedom from Al-Gharar' in Islamic finance?
- Speculation based on luck is permissible in Islamic finance
- All forms of contracts and transactions must be free from excessive uncertainty and ambiguity (correct)
- Informed speculation is prohibited in Islamic finance
- Trading in commodities that are not in possession is allowed
What is the primary objective of the 'Freedom from Price Manipulation' principle in Islamic finance?
What is the primary objective of the 'Freedom from Price Manipulation' principle in Islamic finance?
- To ensure a free market where prices are determined by forces of demand and supply (correct)
- To fix prices to ensure profit for businesses
- To control prices through market manipulation
- To regulate prices through government intervention
What is the Islamic perspective on trading in permissible commodities or property?
What is the Islamic perspective on trading in permissible commodities or property?
- It is permissible only for Muslims
- It is permissible as long as it is undertaken in permissible commodities or property (correct)
- It is prohibited in all cases
- It is only permissible if it involves an element of coercion or force
What is the prohibited element in contracts and transactions according to the principle of 'Freedom from Al-Riba'?
What is the prohibited element in contracts and transactions according to the principle of 'Freedom from Al-Riba'?
What is the exception to the rule of 'Freedom from Price Manipulation' in Islamic finance?
What is the exception to the rule of 'Freedom from Price Manipulation' in Islamic finance?
What is the condition for speculation to be permissible in Islamic finance?
What is the condition for speculation to be permissible in Islamic finance?
What is the primary reason why the modern financial system is not consistent with the tenets of Islam?
What is the primary reason why the modern financial system is not consistent with the tenets of Islam?
What is the role of the mudarib in a Mudarabah agreement?
What is the role of the mudarib in a Mudarabah agreement?
What is the main difference between an unrestricted and a restricted Mudarabah contract?
What is the main difference between an unrestricted and a restricted Mudarabah contract?
What is the responsibility of the mudarib in case of losses due to his negligence?
What is the responsibility of the mudarib in case of losses due to his negligence?
What is the primary objective of the Mudarabah agreement?
What is the primary objective of the Mudarabah agreement?
What is the role of the sahib al-mal in a Mudarabah agreement?
What is the role of the sahib al-mal in a Mudarabah agreement?
What is the primary characteristic of an Istisna purchase order contract?
What is the primary characteristic of an Istisna purchase order contract?
What is the primary difference between Takaful and conventional insurance?
What is the primary difference between Takaful and conventional insurance?
What is the underlying principle of Sukuk investment certificates?
What is the underlying principle of Sukuk investment certificates?
What is the basis of the ethical aspects in Islamic finance?
What is the basis of the ethical aspects in Islamic finance?
What is the primary role of the lessor in an Ijarah contract?
What is the primary role of the lessor in an Ijarah contract?
What is the primary characteristic of a Sukuk investment certificate?
What is the primary characteristic of a Sukuk investment certificate?
What is the primary responsibility of a Mudarib in a Mudarabah contract?
What is the primary responsibility of a Mudarib in a Mudarabah contract?
In a Musharakah contract, how is the proportion of profit distributed among partners?
In a Musharakah contract, how is the proportion of profit distributed among partners?
What is the primary characteristic of a Bai-al-Salam contract?
What is the primary characteristic of a Bai-al-Salam contract?
What is the main difference between Musharakah and Mudarabah in terms of investment?
What is the main difference between Musharakah and Mudarabah in terms of investment?
What is the liability of partners in a Musharakah contract?
What is the liability of partners in a Musharakah contract?
What is the purpose of a Murabahah contract?
What is the purpose of a Murabahah contract?
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