Islamic Finance | MCQs

Explanation

• there is no Zakat on diamonds or coloured gemstones while one owns them as adorns or decorations in regular quantities and not in measures of identified extravagance, or in forbidden paperwork, or for prohibited makes use of.
• via a long way, women's jewelry money owed for his or her most commonplace Zakat exemption.
  

Explanation

• Modaraba company is a unique and prime mode of non-interest Islamic financial system.
• It is a form of financial contract in which one party, the investor (Rab-ul-mal) entrusts money to another party, the financial manager (Mudarib) for the purpose of carrying out a business (Modaraba).
  

Explanation

Nisab of zakat for silver is 52 1/2 tola

Zakat literally means Purification.

When Zakat was made compulsory in 2 A.H (properly implemented in 8 Hijri.

The word Zakat occurs 32 times in the Holy Quran.

Hazrat Abu Baker did Jihad on the issue of Zakat.

Without which act the prayer is useless? Zakat

One who disbelievers in Zakat is a Kafir

“Zakat” is the treasure of Islam, who said this? Holy Prophet (PBUH)

Explanation

Arrears of Usher shall be recovered by Tehsildar of revenue department 

Explanation

The goods meant for trading were liable to pay Zakat 

Explanation

Zakat is payable at 2.5% of the wealth one possesses above the nisab.

Nisab, which is equal to 85 grams of 24k gold.

The minimum amount of wealth one must have before they are liable to pay zakat.

Explanation

The procedure relating to recovery of Usher in case of Non payment under section 17 has been laid down in Zakat and Usher rules 1980 

Explanation

Zakat and Usher Ordinance can be challenged in the civil court

Explanation

Kharaj is a type of individual Islamic tax on agricultural land. Tax on agrarian land owned by non-Muslim

The kharaj initially denoted a lump-sum duty in the 7th century.

In the 7th century, kharaj was synonymous with jizyah, which later emerged as a per-head tax.
SH1-8-2023

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.