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Value Proposition of the Islamic Financial System

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Value Proposition of the Islamic Financial System

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Questions and Answers

What is the reason for forbidding the consumption of certain foods for the Jews?

Their involvement in riba (usury) (correct)

Their obstruction of the path of Allah

Their improper fundraising methods

Their excessive wealth accumulation

Why does the Islamic Financial System (IFS) differ from the Conventional Financial System (CFS)?

IFS complies with Shariah principles (correct)

IFS focuses on interest-based transactions

IFS is more profitable for fund units

IFS only involves government transactions

What makes conventional bonds incompatible with Shariah principles?

The involvement of government entities

The collateral attached to the bonds

The variable returns provided to investors

The fixed interest paid to the lender (correct)

In Islamic finance, what type of securities are used to raise funds?

Debt and equity securities Signup and view all the answers

Which Maqasid Shariah principle is violated by engaging in riba (usury)?

Preservation of wealth Signup and view all the answers

What ethical issue arises when individuals hoard excessive wealth according to the text?

Social inequality Signup and view all the answers

What is the primary objective of mobilizing funds from Surplus Fund Units (SFU) to Deficit Fund Units (DFU) in Islamic Financial Systems?

Syariah compliance and resource allocation Signup and view all the answers

How does consuming haram (forbidden) food impact an individual's ethical values?

Weakens moral principles Signup and view all the answers

Why is it imperative for Islamic financial institutions to ensure compliance with Syariah principles?

To guarantee ethical financial practices Signup and view all the answers

Which core Islamic principle is undermined by individuals who obstruct the path of Allah?

Submission to God's will Signup and view all the answers