Sharia-compliant banking (Islamic Study) MCQs

By: Prof. Dr. Fazal Rehman | Last updated: April 16, 2025

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1. What is Sharia-compliant banking also known as?



2. Which principle of Sharia-compliant banking prohibits the payment or receipt of interest?



3. What does the term “Takaful” mean in Sharia-compliant banking?



4. In Sharia-compliant banking, what is “Mudarabah”?



5. Which Islamic principle in banking refers to partnership or joint venture?



6. What does “Musharakah” mean in Sharia-compliant banking?



7. Which type of contract is commonly used in Sharia-compliant banking for asset financing?



8. What does “Ijarah” refer to in Sharia-compliant banking?



9. Which Islamic banking principle involves the sale of goods at a marked-up price?



10. What is “Wakalah” in Sharia-compliant banking?



11. In Sharia-compliant banking, what is “Sukuk”?



12. What is the primary purpose of Sharia-compliant banking?



13. Which Islamic banking principle involves the exchange of goods or assets at a future date at a predetermined price?



14. What is “Hawala” in Islamic finance?



15. What is “Qard Hasan” in Islamic banking?



16. Which Islamic banking principle allows for the pooling of funds for joint investments?



17. What is “Zakat” in Islamic finance?



18. Which Islamic banking principle involves the sale of goods on a deferred payment basis?



19. What is the term for the Islamic practice of giving to charity?



20. Which Islamic banking principle involves leasing assets with a pre-agreed rental payment?



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