- 1. Islamic economics is a framework that guides economic decision-making under the principles and teachings of Islam. It takes into account ethical considerations, social justice, and the well-being of society as a whole. Islamic economics prohibits interest-based transactions, gambling, exploitation, and unfair practices. It promotes fairness, equality, and the distribution of wealth through mechanisms such as Zakat (obligatory charity) and Sadaqah (voluntary charity). Islamic economics aims to create an economic system that fosters sustainable development, cooperation, and collective prosperity while adhering to Islamic values and principles.
Which term refers to the obligation of Muslims to donate a portion of their wealth for charitable purposes?
A) Sadaqah
B) Zakat
C) Riba
D) Hajj
- 2. What is the Islamic term for lawful income that is earned without violating Sharia principles?
A) Riba
B) Zakat
C) Halal
D) Haram
- 3. What is the term for Islamic bonds that generate returns through profit-sharing instead of interest payments?
A) Ijarah
B) Sukuk
C) Tawarruq
D) Mudarabah
- 4. What is the term for Islamic charitable donations given voluntarily above and beyond the obligatory zakat?
A) Khums
B) Infaq
C) Usury
D) Sadaqah
- 5. Which of the following is considered an Islamic financial instrument for trading commodities?
A) Bonds
B) Derivatives
C) Cryptocurrencies
D) Salam
- 6. What is the concept of 'Maslaha' in Islamic economics?
A) Monetary policy
B) Charitable giving
C) Public interest
D) Private profit
- 7. What is the Islamic term for the principle of consultation and consensus in decision-making?
A) Fatwa
B) Hijrah
C) Ijtihad
D) Shura
- 8. What does 'Musharakah' mean in Islamic finance?
A) Partnership or joint venture
B) Pilgrimage to Mecca
C) Fasting during Ramadan
D) Islamic call to prayer
- 9. What is the Islamic term for the annual pilgrimage to Mecca that is an important economic activity for the region?
A) Hajj
B) Zamzam
C) Jihad
D) Fatwa
- 10. What is the principle of 'Amanah' in Islamic economics?
A) Excessive risk-taking
B) Trustworthiness and accountability
C) Overcharging interest
D) Secrecy and deceit
- 11. What is the term for an Islamic endowment or charitable trust that benefits the community?
A) Sharia
B) Hukum
C) Waqf
D) Sadaqah
- 12. What is the term for Islamic law derived from the teachings of the Quran and Hadith?
A) Fatwa
B) Fiqh
C) Zakat
D) Halal
- 13. Which term refers to the Islamic principle of avoiding extravagance and waste?
A) Jihad
B) Israf
C) Dawah
D) Khalifah
- 14. Who is responsible for collecting and distributing Zakat in an Islamic society?
A) Charitable Organizations
B) The State
C) Local Community
D) Individuals
- 15. What type of financial contract in Islamic finance involves a sale with deferred payment?
A) Istisna
B) Mudarabah
C) Murabaha
D) Musharakah
- 16. Which Islamic scripture prohibits gambling and speculation in financial transactions?
A) Quran
B) Sunna
C) Tafsir
D) Hadith
- 17. What is the Islamic concept that encourages individuals to act with integrity and honesty in all transactions?
A) Ijtihad
B) Fitnah
C) Jihad
D) Taqwa
- 18. In Islamic finance, what is the term for the wrongful appropriation of another's property?
A) Ghasb
B) Istisna
C) Takaful
D) Mudarabah
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