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Questions and Answers
Under Islamic law, what category does oil fall into?
Under Islamic law, what category does oil fall into?
- Private property
- State property
- Communal property (correct)
- Corporate property
What principle of Islamic economics emphasizes redistributive fairness?
What principle of Islamic economics emphasizes redistributive fairness?
- Prohibition of waste
- Respect for private property ownership
- Concern for conserving resources
- Institutional aid in income transfer system (correct)
Which entity came into being in 1914 according to the text?
Which entity came into being in 1914 according to the text?
- Bait al-Mal
- Nigeria (correct)
- Caliphate
- British crown ownership
What were some pre-1914 legislation on petroleum mentioned in the text?
What were some pre-1914 legislation on petroleum mentioned in the text?
What principle of Islamic economics is based on the concern for conserving scarce resources?
What principle of Islamic economics is based on the concern for conserving scarce resources?
Where should all revenues gained from oil sales be kept under Islamic law?
Where should all revenues gained from oil sales be kept under Islamic law?
What is a key characteristic of the Texas theory regarding oil and gas ownership?
What is a key characteristic of the Texas theory regarding oil and gas ownership?
Which theory challenges the notion that petroleum can be owned because it is a fugacious substance?
Which theory challenges the notion that petroleum can be owned because it is a fugacious substance?
Which theory grants the right to produce all the oil and gas that can flow out of a well on one's land?
Which theory grants the right to produce all the oil and gas that can flow out of a well on one's land?
What happens to an owner's title if petroleum from their land flows into another's land according to the text?
What happens to an owner's title if petroleum from their land flows into another's land according to the text?
Critics of which theory argue that petroleum is a fugacious substance that moves beneath the earth's surface?
Critics of which theory argue that petroleum is a fugacious substance that moves beneath the earth's surface?
Which theory emphasizes that no one can own petroleum unless it is extracted, produced, captured, and controlled?
Which theory emphasizes that no one can own petroleum unless it is extracted, produced, captured, and controlled?
What is a key similarity between the qualified and absolute theories regarding petroleum ownership?
What is a key similarity between the qualified and absolute theories regarding petroleum ownership?
In which scenario does an owner's title become extinguishable, according to the text?
In which scenario does an owner's title become extinguishable, according to the text?
Which theory confers property rights to produce all oil and gas that flows out of a well on one's land?
Which theory confers property rights to produce all oil and gas that flows out of a well on one's land?
What is limited by 'the physical possibility of the adjoining landowner’s diminishing the oil and gas under one’s land by the exercise of the same right of capture'?
What is limited by 'the physical possibility of the adjoining landowner’s diminishing the oil and gas under one’s land by the exercise of the same right of capture'?
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