Test your knowledge

Mutiple Choice Questions


Here are fifteen Multiple Choice Questions (MCQs) that will test your knowledge about the basic Islamic economic principles and the rulings that apply to Islamic contracts, Islamic banking and finance, and takaful (the alternative to conventional insurance. The Islamic principles and rulings form a part of Shari'ah and a moral code aimed at promoting fairness and justice.


Take the test to build a knowledge profile of the ethical and moral mode emphasised in financial dealings.


The correct answer of each MCQ can be viewed at the end of the test.


Have a go. Good luck.

1 / 15

The quote “Wealth and pleasure gained outside of virtue and righteousness must be discarded" is from

2 / 15

Islam upholds contractual obligation and disclosure of information as

3 / 15

How does Takaful (Islamic insurance) differ fundamentally from conventional insurance?

4 / 15

Why is conventional life insurance generally objected to in Islam?

5 / 15

Which Islamic principle in Shari’ah is a most important requirement in Sukuk (Islamic alternative to conventional bonds)?

6 / 15

Which of the following is true about Islamic banking?

7 / 15

How does Islamic banking typically handle late payment penalties?

8 / 15

Risk refer to

9 / 15

Which of the following is a key principle of Islamic banking?

10 / 15

The literal meaning of Shari’ah in Islam means:

11 / 15

What is the Islamic banking alternative to avoiding Gharar (excessive uncertainty) in contracts?

12 / 15

Which principle of Islamic banking is most directly against the fixed interest payments on conventional bonds?

13 / 15

Who said, “You cannot serve God and wealth”?

14 / 15

What is an example of a transaction that would be considered Gharar (excessive risk or uncertainty)?

15 / 15

What is the basis of Islamic insurance?

Your score is

The average score is 57%


Islamic Finance Qualifications