30 Questions
What does 'riba' refer to in the Islamic financial system?
Conditional extra amount paid by the borrower to the lender
Which practice is prohibited in the Islamic financial system due to its association with deception and speculation?
Prohibition of gharar
What is the main principle of the Islamic financial system with regard to usury?
Prohibition of riba (usury)
What is considered a prohibited practice in the Islamic financial system due to money being viewed as a medium, not a commodity?
Prohibition of money trading
What is the meaning of Riba al-Nasiah?
Riba of delay
When does Riba al-Fadl arise?
When there is any additional quantity or inequality in the exchange of goods
What form of riba could be viewed in loan contracts?
Riba al-Qardh
Why is riba considered a form of injustice and exploitation?
It contradicts the core Islamic teachings of social justice
What did the Prophet (pbuh) do regarding a person who died indebted?
He refused to offer salat-ul janazah
From an Islamic point of view, what function should money serve?
It should not be utilized for fulfilling human needs directly
What is the main consequence of interest-based financing according to Islamic perspective?
Results in more wealth collected by lenders without exerting much effort or contributing to productive activity
What does Riba al-Jahilliyah involve?
A form of interest charged above the original debt as a penalty to the debtor due to inability to service the loan repayment within the time agreed
What is the meaning of Riba al-Qardh?
A predetermined benefit for the owner of debt stated in the contract
What does Riba al- Duyun involve?
A form of interest charged above the original debt as a penalty to the debtor due to inability to service the loan repayment within the time agreed
What could be concluded from Islamic teachings about lending money?
Borrowing money should be limited to cases of dire needs
In the context of Islamic finance, which practice is prohibited due to its association with deception and speculation?
Gharar
What is the Arabic meaning of the term 'riba' in the context of Islamic finance?
Usury
Which form of riba involves any predetermined and conditional extra amount paid by the borrower to the lender above the principal?
Riba al-Nasiah
What is prohibited in the Islamic financial system due to money being considered a medium and not a commodity?
Money trading
What is the meaning of Riba al-Qardh?
Any predetermined benefit for the owner of debt
What form of riba could be viewed in loan contracts?
Riba al-Duyun
When does Riba al-Fadl arise?
When there is any additional quantity or inequality in the exchange of goods
Why is riba considered a form of injustice and exploitation?
It guarantees return with no involvement in risk
What is the main consequence of interest-based financing according to Islamic perspective?
Increased wealth collected by lenders without contributing to productive activity
What does 'riba' refer to in the Islamic financial system?
All forms of interest
From an Islamic point of view, what function should money serve?
'Money should not be utilized for fulfilling human needs directly'
'Riba al-Jahilliyah' refers to:
'Interest charged due to delay in repayment'
What could be concluded from Islamic teachings about lending money?
Lending money should be limited to dire needs
What did the Prophet (pbuh) do regarding a person who died indebted?
He refused to offer salat-ul janazah for the person
What does Riba al-Nasiah involve?
Interest charged due to delay in repayment
Test your knowledge of the prohibitions in Islamic finance, including unfairness, riba, gharar, gambling, monopolies, and more. Explore the basic principles of the Islamic financial system.
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