Islamic Banking and Finance Quiz
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Questions and Answers

Which mode of Islamic banking/finance involves profit-sharing and loss-bearing?

  • Mudarabah (correct)
  • Musharaka
  • Murabahah
  • Wadiah
  • What does Sharia prohibit in the context of Islamic banking/finance?

  • Riba (usury) (correct)
  • Leasing
  • Profit-sharing
  • Investment in any business
  • What is considered haram in Islamic banking/finance?

  • Profit-sharing agreements
  • Leasing arrangements
  • Joint venture partnerships
  • Investment in businesses providing goods or services contrary to Islamic principles (correct)
  • Which mode of Islamic banking/finance involves safekeeping?

    <p>Wadiah</p> Signup and view all the answers

    What is the practical application of Islamic law in Islamic banking/finance called?

    <p>Sharia-compliant finance</p> Signup and view all the answers

    In ARURF, what kind of champions can players get in champ select?

    <p>OP champ, bad champ, or meh champ</p> Signup and view all the answers

    What happens to good champs in ARURF according to the text?

    <p>They usually beat others mercilessly and snowball</p> Signup and view all the answers

    What does the text refer to as 'tryhard' in URF?

    <p>When players have to deal with physically better champs</p> Signup and view all the answers

    How are meh champs and bad champs described in ARURF?

    <p>They struggle as a whole with having to deal with champs that are physically better than them</p> Signup and view all the answers

    What is the main difference between URF and ARURF according to the text?

    <p>Champion selection and power level</p> Signup and view all the answers

    Study Notes

    Islamic Banking and Finance

    • Profit-sharing and loss-bearing in Islamic finance is conducted through the Mudarabah mode, where one party provides capital and the other manages the investment.
    • Sharia law prohibits practices such as Riba (usury), which entails earning interest on loans, and involves unethical financial gains.
    • Things considered haram (forbidden) in Islamic banking include investments in alcohol, gambling, and any businesses that contradict Islamic values.
    • The Wadiah mode in Islamic finance focuses on safekeeping assets, where deposits are held securely without guaranteeing a return.
    • The practical application of Islamic law in banking and finance is referred to as Fiqh al-Muamalat, guiding all financial transactions in accordance with Sharia.

    ARURF (All Random Ultra Rapid Fire)

    • In ARURF, players can receive champions that were recently strong or well-performing, known as "good champs."
    • Good champions in ARURF can face changes in ability effectiveness, potentially leading to an imbalance in gameplay.
    • The term 'tryhard' in URF (Ultra Rapid Fire) refers to players who play competitively or take the game too seriously, focusing on winning rather than having fun.
    • Meh champs are those considered average, while bad champs are worse in performance, often leading to frustration during matches.
    • The main difference between URF and ARURF lies in selection mechanics, where ARURF offers random champion selection compared to URF's more balanced champion pool.

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    Description

    Test your knowledge of Islamic banking and finance with this quiz. Explore concepts such as Mudarabah, Wadiah, Musharaka, and other key principles of Sharia-compliant finance.

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