Economic System | MCQs

Explanation

Agriculture was the primary economic foundation of ancient civilizations (e.g., Mesopotamia, Egypt, Indus Valley). It provided:

• Food surplus, enabling population growth.
• Raw materials (e.g., cotton, wool) for trade and crafts.
• Stability required for societal development.

Explanation

Muslim thinkers categorize the economy as "Islamic economy," which is based on Islamic principles and laws.

This framework emphasizes ethical and moral considerations in economic activities, including the prohibition of interest (riba) and promoting social justice.

Explanation

Mudaraba is a partnership profit between the Bank and an enterprise / company for a pre-agreed period.

Customers can deposit funds with the Bank

They will then be invested in the functioning of economic activity/business that comply with principles of Sharia.

Explanation

زکوٰۃ کا مقصد  دولت کو چند ہاتھوں میں جمع ہوجانے سے روکنا ہے۔ 

زکوٰۃ  اسلام کا ایک اہم ارکان ہے جو دو ہجری کو فرض ہوا تھا۔

AGM 08-01-2023

Explanation

Impoverished

Explanation

The function of a Bank is to collect deposits from the public and lend those deposits for the development of Agriculture, Industry, Trade and Commerce.