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

Riba, an Arabic word, is commonly referred to as

2 / 15

Which type of contract is likely to contain excessive risk or uncertainty (Gharar)?

3 / 15

What is the primary objective of Takaful?

4 / 15

The Qur'an is considered by the followers of Islam as

5 / 15

What is the role of the religious board, the Shari’ah Supervisory Board, in Islamic banking and Islamic insurance?

6 / 15

In Arabic, a game of chance or gambling, is known as

7 / 15

How do Islamic banks mainly generate profit without involving Riba (interest)?

8 / 15

What is a fundamental difference between Takaful (Isialmic insurance) and conventional insurance in terms of investment policy?

9 / 15

The statement "usury is an overplus of anything, not in money only" was made by

10 / 15

Who wrote “Those who infringe property rights commit an injustice”?

11 / 15

The quotation “Deal not unjustly, And you will not dealt with unjustly...” is from

12 / 15

Which principle is most emphasised in Shari’ah-compliant banking (Islamic banking)?

13 / 15

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

14 / 15

For agreements/contracts involving any debt, the quote “… And do not be weary of writing it down, along with its due date, no matter whether the debt is small or large… is from

15 / 15

In Islamic banking and finance, what principle makes conventional bonds generally unacceptable?

Your score is

The average score is 57%


Islamic Finance Qualifications