Podcast
Questions and Answers
What is the primary reason a bank may require a security pledge from its partner in a Musyarakah contract?
What is the primary reason a bank may require a security pledge from its partner in a Musyarakah contract?
- To demonstrate Islamic financial principles
- To protect the bank from the risk of partner's negligence (correct)
- To promote social responsibility in the community
- To ensure a guaranteed return on investment
When disputes arise in sukuk prospectuses, what alternative to the judiciary is often preferred due to inadequate shariah knowledge among judges?
When disputes arise in sukuk prospectuses, what alternative to the judiciary is often preferred due to inadequate shariah knowledge among judges?
- Mediation by a religious leader
- Ruling by a Shariah Supervisory Board
- Expert opinion in fiqh Muamalat (correct)
- Arbitration by a local Islamic scholar
What is the primary principle underlying the Musyarakah contract in Islamic finance?
What is the primary principle underlying the Musyarakah contract in Islamic finance?
- Prohibition of riba
- Guaranteed returns on investment
- Promoting social welfare
- Mutual consent and shared risk (correct)
What is a key difference between Islamic finance and conventional finance?
What is a key difference between Islamic finance and conventional finance?
What is the role of the Shariah Supervisory Board in Islamic finance?
What is the role of the Shariah Supervisory Board in Islamic finance?
What is the general principle regarding sales in Islamic law?
What is the general principle regarding sales in Islamic law?
What is the condition for trade to be valid according to the Quran?
What is the condition for trade to be valid according to the Quran?
What is the ruling on a transaction that involves a lock-in period in Islamic finance?
What is the ruling on a transaction that involves a lock-in period in Islamic finance?
What is the consequence of combining contracts in Islamic law?
What is the consequence of combining contracts in Islamic law?
What is the basis for determining what is halal and haram in Islamic law?
What is the basis for determining what is halal and haram in Islamic law?
What is the implication of Imam al-Shafi`i's validation of a contract?
What is the implication of Imam al-Shafi`i's validation of a contract?
Which of the following maxims is related to the concept of permissibility being the original rule for all things?
Which of the following maxims is related to the concept of permissibility being the original rule for all things?
According to the Hanbali School, which maxim is an important guiding principle in Islamic finance?
According to the Hanbali School, which maxim is an important guiding principle in Islamic finance?
What is the fundamental requirement in every contract in Islamic finance?
What is the fundamental requirement in every contract in Islamic finance?
Which maxim emphasizes the importance of intention and meaning in Islamic contracts?
Which maxim emphasizes the importance of intention and meaning in Islamic contracts?
According to the Maliki view, which maxim is closest to the concept of certainty not being overcome by doubt?
According to the Maliki view, which maxim is closest to the concept of certainty not being overcome by doubt?
What is the basis of judgement in Islamic finance, according to one of the maxims?
What is the basis of judgement in Islamic finance, according to one of the maxims?