Islamic Economy | MCQs

Explanation

If you have 7.5 tola/3 ounces/87.48 grams of gold or

52.5 tota/21 ounces/612.36 grams of silver or

its cash equivalent for a full lunar year,

then you are considered Sahib-e-Nisab and should pay Zakat 2.5%

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VU FIA UDC CONSTABLE PAST PAPER 31-12-2021

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

 The Umayyad Caliph Abdul Malik ibn Marwan introduced the first official Islamic currency (coins)

In 696-697 CE.

These coins, known as the dinar (gold) and dirham (silver),