10 Questions
What is the significance of Gharar in Islamic transactions?
Gharar represents uncertainty or lack of knowledge in a transaction.
According to Islamic principles, what is the ruling on gambling?
Gambling games of chance or speculation are explicitly forbidden.
How does Islamic finance treat the trade of unlawful goods and services?
Islamic finance refrains from engaging in the trade of unlawful goods and services.
What are some examples of non-halal foods prohibited in Islam?
Non-halal foods like pork and animals not slaughtered according to Islamic principles are prohibited.
Why does Islamic finance discourage the trade of tobacco-related products?
The trade of tobacco-related products is discouraged due to their harmful health effects.
What term is used to describe uncertainty or lack of knowledge in a transaction, explicitly prohibited by the Prophet Muhammad (PBUH)?
Gharar
Which Indian philosophy prohibits charging interest on loans?
Hinduism
What Arabic term refers to obtaining value without earning it and is explicitly forbidden in Islam?
Maysir
Which category of prohibited goods in Islamic finance is based on the principle of promoting modesty and prohibiting actions leading to indecency?
Pornography
Which financial practice aimed at making gains through lucky chance or speculative means is condemned in Islam?
Maysir (Gambling)
Explore the concept of Riba (interest) in Islamic economics, its prohibition in the Quran, and the emphasis on fairness and ethical conduct in financial transactions. Understand how Riba is viewed as exploitative and unjust in Islamic finance.
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