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