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A businessman requires funding for a project and enters into a Mudaraba agreementwith XYZ Islamic Bank in order to achieve this. Persons A, B, C and D invest with thebank to help raise this capital. Who will NORMALLY receive a Mudaraba certificate inrespect of this arrangement?
The Mudarib only
The Rab al Mal only
Both the Mudarib and the Rab al Mal
Persons A, B, C and D

Which of the following is TRUE regarding the charges collected from an overdraft of aWadia account?Any charge made by a bank for an unauthorised overdraft:
Will be calculated based on a pre-determined percentage
Must be donated to a charity of the client`s choice
Is limited to the costs of collection and processing
Is a pre-determined percentage of the unauthorised overdraft transaction

Corporate governance emerged in the UK in response to the need to safeguard the keyinterests of the:
Board of directors
Management
Shareholders
Employees

In a typical Commodity Murabaha transaction, the Islamic bank, whilst placing fundswith another bank:
Starts off by acting as principal, then eventually acts as agent
Starts off by acting as agent, then eventually acts as principal
Acts as principal throughout the entire process
Acts as agent throughout the entire process.

The two methods for calculating Zakat are known as:
The equity method and the non-equity method
The Murabaha maethod and the Mudaraba method
The cash-based method and the asset-based method.
The net asset method and the net invested method

Which of the following Sharia`a conditions for a valid contract does NOT apply to aSalam contract?The assets which are the subject of the contract:
must have a specific price known to both buyer and seller
must exist when the contract is made
cannot be subject to the rules Sarf
cannot be prohibited goods

The investment exit strategy of Islamic funds is GENERALLY dependent on the:
market maker
nominated liquidity agent
nominated Sharia`a-compliant broker
timing of the fund manager

Trading in which of the following products is NORMALLY classed as Haram?
Cars
Intoxicatnts
Cosmetics
Sportswear

In a Murabaha to the Purchase Orderer, involving the Client, the provider and theIslamic bank, which TWO of the following statements are TRUE?I The client pays the bank in deferred paymentsII The bank pays the provider in deferred paymentIII The client pays the bank in cash upon deliveryIV The bank pays to the provider in cash upon delivery
I and II
I and IV
II and III
III and IV

An Islamic bank regulated in a non-Islamic state will prepare a variety of statements forthe use of its investors.Which of the following is it LEAST likely to prepare?
A report on its Sharia`a complianc
Financial statements complied in accordance with AAOIFI standards
A directors` report outlining performance over the accounting period
Disclosure of the bank's accounting policies

If the underlying project of a Musharaka Sukuk does not generate profits, what can theSPV do?
Exercise a sale option of part of its units
Buy units to mitigate the shortfall
Require Sukuk holders to contribute further funds to the project
Require the Musharik to contribute further funds to the project

In a Mudaraba contract, losses are supported by:
the Mudarib only
both partners according to the terms of agreement
the Rab Al Mal only
both partners according to a specific percentage defined when losses occur

Which of the following is TRUE regarding the activities undertaken by the partiesservicing an Islamic mutual fund?
The custodian manages the fund's portfolio
The administrator oversees the seperation of the fund's assets
The Sharia`a Board oversees the fund`s asset allocation
The promoter sells the fund's shares.

Why will adopting `Regulation S` as the primary sales vehicle, limit cross-border Sukuk distribution?
It will prevent Americans being customers
It will significantly extend the duration of the sales process.
It will trigger a higher level of withholding tax
It will necessitate additional volume-related guarantees

One of the key differences between restricted investment account holders andunrestricted investment account holders relates to:
eligibility of holders to make top-up payments
liability for Zakat
knowledge of asset allocation prior to investment
guarantees attaching to the fund

Where a bank provides finance under a Murabaha sale, one of the main ways in whichthis differs from a conventional loan is that the creditors:
cannot specify a deadline date for payment
cannot reflect this debt in their accounts
are not entitiled to profit from late payment charges
are not permitted to use a third party collection agent

In accordance with AAOIFI Sukuk standards, under which type of Sukuk can thepurchase undertaking be based on a price agreed at outset?
Musharaka Sukuk
Wakala Sukuk
Ijara Sukuk
Mudaraba Sukuk

The founder of which school of thought first advocated a hierarchal order for the varioussources of Islamic law?
Ja`afari
Shafi`i
Maliki
Hanbali

A Sukuk holder paid £60,000, knowing in advance that at maturity he will receive£72,000. What type of Sukuk is MOST likely to be involved?
Isatisn'a Sukuk
Salam Sukuk
Ijara Sukuk
Mudaraba Sukuk

Under Sharia`a, which of the following is FALSE regarding unilateral contracts?
A unilateral contract requires prior acceptance of the receipient
Aunilateral contract can contain an element of Gharar
A gift is a unilateral contract
A will, giving the deceased's assets to a benificiary, is a unilateral contract.

An Islamic bank has entered into a Salam arrangement in order to acquire some goods.What type of contract is NORMALLY used subsequently, in order to avoid the bankretaining ownership of these goods?
Ijara Muntahia Bitamleek
Sukuk
Kafala
Parallel Salam

One of the key differences between managing Sukuk and managing conventionalsecurities, is that:
only the Sukuk manager can be dismised by the holders
only the manager of the conventional securities can dismissed by the holders
only the Sukuk manager is allowed to be directly remunerated for his services
only the manager of the conventional securities is allowed to be directly remunerated for his services

Person X, who owes US$100,000 to Person Y, entered into a contract with a third partyin order to guarantee this debt.What is this type of contract NORMALLY known as?
Rahn
Sarf
Hawala
Kafala

Which one of the following actions is the BEST example of Riba al-Naseeyah?
X lends $5,000 to Y and Y pays back $5,500 to X six months later
X gives 50 boxes of dates to Y and Y pays back 60 boxes of dates to X three months later
X gives a quantitiy of gold to Y and, in exchange, Y gives a quantity of Silver to X
X lends his car to Y in exchange for Y lending his van to Z

As a result of good claims experience, the policyholders of a Takaful became entitled tothe underwriting surplus generated. Can this type of entitlement arise underconventional proprietary insurance funds and conventional mutual insurance funds?
No in both cases
Only in the case of conventional proprietary insurance funds
Only in the case of conventional mutual insurance funds
Yes in both cases

Which of the following contracts can be used for a unitised portfolio which can invest aspooled funds like a collective investment scheme?
Mudaraba
Murabaha
Ijara
Salam

In accordance with AAOIFI standards, when should costs and revenue be recognisedwithin the accounts?
When occured (for costs) and when realised (for revenue)
When occured (for costs) and when received (for revenue)
When paid (for costs) and when realised (for revenue)
when paid (for costs) and when received (for revenue)

Under a Murabaha agreement set up as an instalment credit sale, the buyer failed tomake payment until 28 days after the due date, causing the bank to levy an extra £200charge even though its extra costs were only £150. The £50 excess MUST thereforebe:
held as a credit against a future transaction
forwarded to the original seller
treated as an additional mark-up
donated to charity

A and B are partners in a Musharaka contract, with A contributing 60% of the capitaland B contributing 40%.Profits are shared in the ratio 55%/45% respectively. If a loss of US$80,000 is incurred,how much of this loss (if any) will NORMALLY be borne by A
None
US$44,000
US$48,000
US$80,000

Why does the need for reinsurance tend to be greater in Islamic finance than inconventional finance?
The ability to cede risk is significantly easier
The undertakings are significantly more complex
The undertakings are significantly smaller
The ability to conduct underwriting is significantly harder

Paying for a guarantee is avoided under Islamic finance contracts as it would breachthe rules relating to:
Maysir
Riba
Gharar
Sarf

Which of the following is TRUE reguarding Ijara and Ijara wa Iqtina contract?
At the end of an Ijara contract, title to the assets remains with the lessor, while atthe end of an Ijara wa Iqtina contract, title to the assets is normally transferred tothe lessee
In an Ijara contract the client has the right to purchase the assets, while in an Ijara wa Iqtina contract the bank has the right to sell the assets
In an Ijara contract, the client is responsible for all the maintenance, while in anIjara wa Iqtina contract the bank is responsible for all the maintenance
An Ijara contract is more Sharia'a-compliant than an Ijara wa Iqtina contract

Where a default-related guarantee operates in connection with an Ijara Sukuk, in orderto be Sharia`a-compliant this guarantee must:
have a limited validity period
be non-contractual
be endorsed by an independent third party
have a suitable credit agency rating

Under a 20 year diminishing Musharaka agreement, a home is bought for $200,000with the bank and the client initially paying 70% and 30% respectively, followed byrental payments from the client.After 5 years the client refuses to pay any more rent. In these circumstances, the bankis normally entitled to:
replace the Diminishing Musharaka with a Mudaraba
evict the client, then lease the property to another client
evict the client, then sell the property and retain all the profits
evict the client, then sell the property and give the client part of the profit

One of the key differences between Sukuk and a conventional bond, is that only Sukuk:
are redeemable at face value
provide predictable income streams
can be purchased in the primary market
represent partial ownership of the underlying assets

Which of the following agreements does NOT involve Gharar?An agreement in which the consideration of:
each party is known but the outcome for either party is uncertain
one party is known but the outcome for each party is certain
each party is known and the outcome for each party is certain
each party is unknown and the outcome for either party is uncertain

In order to achieve Sharia`a compliance, which of the following contracts can BEST beused as an alternative to formal currency market transactions?
Ijara wa Iqtina
Ijara Muntahia Bitamleek
Murabaha
Istisn'a

Person X and Person Y have funds invested in an Islamic bank, but only Person X canaccess the funds without triggering a sale. This is because Person X is:
a restricted investment account holder and Person Y is an unrestricted investment account holder
an investment account holder and Person Y is a shareholder
a shareholder and Person Y is an investment account holder
an unrestricted investment account holder and Person Y is a restricted investment account holder

Which of the following statements is TRUE regarding the remuneration of an insuranceoperator managing the investments of a Takaful fund as Mudarib?
The Mudarib is liable for any losses in the capital of the Takaful fund
Unless guilty for misconduct or negligence, no part of any losses of the fund is bourne by the Mudarib
The total Mudarib fees in managing the Takaful funds are soley a percentage of the underwriting surplus
If profits of the Takaful funds do not meet expectations, the policyholders canretain part of the fee due to the Mudarib

Which of the following is TRUE regarding an Istisn`a Sukuk contract?
The contract canot be cancelled before work begins
The delivery time must be fixed
The underlying is always a manufactured or constructed good
Investors contribute all the funds to the project in advance

It is difficult to provide Unrestricted Investment Account holders with the same level ofinformation as is provided to Restricted Investment Account holders, due primarily tothe issue of:
fund co-mingling
client confidentiality
commercial risk
corporate governance

Which of the following BEST describes the work of AAOIFI in the Islamic banking andfinance industry?Their role is to:
prove that the banking and finance sectors can be regulated by Islamic principals
introduce common documentation across the industry
develop uniform Sharia'a, governance and accounting standards for the industry
adapt contemorary banking and finance concepts to Islamic banking and finance

An Ijara contract involves selling:
a debt for a lump sum consideration
the usufruct of an asset
one currency in exchange for another
a property on a staggered basis

How does Gharar normally arise under a conventional insurance policy?
The insurer creates a claims pool without knowing how quckly it will run down
The insurer transfers a portion of the risk to a reinsurer without telling thepolicyholders
The insured pays a premium without being able to predict what benefit he willreceive for it
The insured pays a premium without knowing whether it will increase in the future

Person X, acting as agent for Person Y, exceeded his authority when selling goods toPerson Z.In this case, the sale contract is BEST described as:
Valid and enforceable
valid but unenforceable
voidable
invalid

The primary purpose of Arbun is to act as:
a refundable deposit
a non-refundable deposit
an allocation of profits
an allocation of losses

Takaful is based on the general principal of:
co-insurance
mutuality
stop loss
indemnity

When calculating the underwriting surplus in a Takaful, an amount of $620,000 wasdeducted in respect of technical provisions.This is primarily intended to cover the cost of:
future claims
reinsurance facilities
capital reserves
investment services

To comply with AAOIFI standards, an Islamic bank accounted for a particular expensebased on the day it was incurred rather than on the day it was settled.This type of approach is normally described as:
single entry accounting
double entry accounting
accrual accounting
cash accounting

Effective corporate governance is required in relation to Takaful undertakings in order toaddress potential conflicts of interest, mainly between the:
Takaful operator and the Sharia'a Supervisory Board
policyholders and recipients of Zakat
Takaful operator and the policyholders
Family Takaful policyholders and the General Takaful operators

In accordance with AAOIFI, an Ijara is treated as :
an operating lease with no promise to transfer the legal title of the leased asset to the lessee
an operating lease where transfer of title for the leased asset can take placethrough a gift or by gradual sale transfer
a finance lease with no promise to transfer the legal title of the leased asset to the lessee
a finance lease where transfer of title of the leased asset can take place through agift or by gradual sale transfer

Following the launch of the Islamic Development Bank, which was the first state tolaunch a modern Islamic commercial bank?
Dubai
Oman
Bahrain
Qatar

What is the main reason why many Islamic scholars have problems with the Sharia`a-compliant nature of Tawarruq?
There is a small inherent element of uncertainty
There is no intention to own or use the commodity purchased
No underlying commodity actually exists
Funds do not actually change hands

A Mudaraba contract is being established where the initial capital required will be$400,000 in total. If the profits are to be divided between the Rab al Mal (70%) and theMudarib (30%). What, if any, proportion of the initial capital is the Mudarib obliged toprovide?
None
A minimum of 30%
A minimum of 40%
A minimum of 70%

An Islamic fund which is listed is only likely to be liquid if it:
can reach an appropriate critical mass
operates within an effective secondary market
contains money market instruments
is in receipt of fixed income streams

Ali is considering becoming a policyholder in a life Takaful fund managed by the IslamicInsurance Group. If he does so, which of the following is FALSE?
His premiums will be based in his age,occupation and other factors
His premiums will be divided between the underwriting and investment fundsaccording to his specified death benefit and personal characteristics
The balance on his investment account will reflect his premium contributionscredited to the investment fund and his share of the profits earned by the fund
When the policy matures on his retirement date, he will receive a retirement annuity of a pre-agreed amount

Where a Sharia`a Supervisory Board operates in connection with a Takafulundertaking, what is its primary role?
To maintain the Qard facility
To quantify the Retakaful needs
To issue fatawa
To act as Wakil

A project is being undertaken financed by the creation of a Mudaraba Sukukarrangement.The two partners in the underlying project will therefore be:
an Islamic bank and the Mudarib
an Islamic bank and the Special Purpose Vehicle
the Special Purpose Vehicle and the Mudarib
the investors and the Sukuk

The documentation under a Salam and Parallel Salam contract reflects an acceptablebreach of which key Islamic teaching?
You are only permitted to sell goods which you own
You must purify your posessions by making charitable donations
You must avoid any undue excess within a financial transaction
You must disclose all non-observable faults to a buyer

One of the key reasons why a Special Purpose Vehicle is used when issuing Sukuk, isto prevent:
holders from being exposed to market risk
income streams from becoming excessively volatile
trade creditors from making a claim on the assets
assets from becoming subject to Zakat obligations

X agrees to sell a building to Y for $50,000 today and Y simultaneously agrees to sell itback to X for a payment of $55,000 in three months` time.In accordance with Sharia`a, this type of arrangement:
is automatically classed as prohibited
requires the use of a third party holding account
requires the use of a seperate bilateral agreement
is automatically clasesd as a valid bilateral contract

A profit rate swap is being arranged between two parties using a series of short-datedreverse Commodity Murabaha in conjunction with a long-dated fixed rate CommodityMurabaha.When will the obligation under the Wa`d typically cease?
At the end date of the first short-dated Murabaha
Shortly before the end date of the first short-dated Murabaha
At the start date of the long-dated Murabaha
At the end date of the long-dated Murabaha

Which of the following statements is TRUE regarding the rights of a Sukuk holder?A Sukuk holder has the right to:
profits, but will not bear losses
a fixed return, but will not bear any losses in the underlying project
a guarnteed return, even if the underlying project makes a loss
profits, but will also bear any losses in the underlying project

Person X is using bank Y to acquire a car from company Z, through the operation of anIjara contract.Therefore:
X will acquire the ownership of this car on a shared basis
Y will receive an income stream from X
X will pay rent to Z
Z will tetain ownership of the car

An investor deposited money in an Islamic-compliant Mudaraba fund.The fund subsequently made a 5% loss.The investor will avoid sharing in this loss if:
the fund manager is deemed to have acted negligently
the amount paid by the investor is deemed to be essential funds
the loss is deemed to be caused by the realisation of systematic risk
the fund is deemed to be uncompetittive

Which of the following statements concerning a two-tier board structure is FALSE?
A upper board is composed entirely of non-executive directors
The non-executive directors may include representatives of the employees
The lower board is composed of the senior management of the company
The Sharia`a Supervisory Board has a representative on the lower board

In connection with the establishment of a new Islamic fund, at what point will theSharia`a Board be appointed?
Prior to the fund's incorporation
At exactly the same time that the fund is incorporated
Within 14 days of starting to trade
Approximately 90 days after the first investor has been obtained

One of the key differences between a Murabaha sale and a loan of money, is that onlythe Murabaha:
involves the banker taking ownership
can be assigned to a third party
involves the use of an indemnity guarantee
can be transfered from one country to another

The presence of grey directors in a bank is MOST likely to have an adverse effect onwhich of the following?
Liquidity ratios
Accountng standards
Corporate governance
Risk pooling

What likely effect would the adoption of International Financial Accounting Standardsby Islamic financial institutions have on the assessment process used by ratingagencies? It would:
slow it down
reduce the costs
make it less reliable
make it more independent

In a typical Commodity Murabaha transaction, how does the Islamic bank receive areturn for its involvment?
By sharing in the growth in value of the underlying commodity
By receiving a pre-agreed mark-up at the end of the term
By obtaining an improved level of liquidity
By being paid a fee at the outset of the transaction

Which of the following contractual features indicates that it is an Istisn`a contract ratherthan a Salam contract?
The goods being delivered are in the form of copper and zinc
The terms of the contract cannot be amended
The delivery will take place on a specific date
The price is payable in six seperate instalments

Which of the following actions is MOST likely to breach the Islamic principle ofsincerity?
Allowing the buyer to determine the merits of the product
Telling lies in order to sell the product
Selling a product which has a negative influence on sociiety
Making inadequate charitable distributions

The Fiqh contract used under Takaful to cover the relationship between the insured andthe mutual underwriting pool, is based on the key principle of:
culpability
indemnity
assignment
agency

An investment fund is considering investing in a company that has conventional debt of$26m and total market capitalisation of $74m.Based on AAOIFI standards, this normally means that the fund:
must operate with an expanded Sharia'a Supervisory Board
must obtain a third party guarantee or letters of credit
would obtain full financial screening clearence
would be deemed to be making an unacceptable investment

Which of the following scenarios is the BEST example of Wa'd?
X promises to give his computer to Y if Y will agree to exchange it for a washing machine
X promises to sell his shares to Y if Y will promise to pay him US$20,000 in sixmonths` time
X makes a unilateral promise to sell his house to Y within 8 weeks for a price ofUS$200,000
X makes a bilateral promise to sell his car to Y in one month`s time for US$5,000and Y promises to buy it for that price at that time

An Ijara Sukuk is being used to establish a leasing project in relation to real estate.However, due to jurisdiction limitations the obligor is prevented, at outset, from sellingthe legal title to the assets to the Sukuk investors.This problem is normally overcome by:
selling the legal ownership in tranches at a later date
transfering beneficial ownership of these assets
establishing a second special purpose vehicle
utilising a Salam Sukuk alongside the Ijara Sukuk

Family Takaful is BEST described as:
a form of term assurance, solely providing a death benefit if the holder dies withina specified period
a form of whole life, soley providing a death benifit whenever the holder dies
a savings plan with a maturity date, incorporating a death benefit if the holder diesbefore this date
a savings plan with an open-ended maturity date, incorporating a variable level ofdeath benefit

Which of the following items will normally appear under the liabilities section of a UKIslamic company`s balance sheet?
Loans and advances
Customer accounts
Preference shares
Prepayments

A builder enters into a contract to purchase 4,000 tiles of a stated make, type, colourand size.The price is agreed and paid at outset, but delivery is to take place in 60 days` time.What type of contract is this?
Salam
Murabaha
Musharaka
Ijara

In case of a deficiency in the Takaful fund, which of the following actions is permitted?
Policyholders are always required to contribute additional funds
The policyholders receive only a percentage of their losses
The Takaful fund borrows money in the market
The Takaful operator is expected to provide an interst-free loan

A two-tier Mudaraba is set up to finance the development of a factory. Under the firstcontract, investors deposit $500,000 with profits split 70% (Rab al Mal) and 30%Islamic Bank (Mudarib). Under the second contract the Mudarib is granted 30% of theprofits. If the factory is sold for $560,000, how much of the profit will the Mudaribreceive in the second contract?
$12,600
$18,000
$42,000
$60,000

When conducting Islamic insurance, how is Gharar normally avoided?
By investing in liquid funds in non-interest bearing assets
By including an element of intentional donation from the other policyholders
By seperating Family Takaful from General Takaful
By limiting the number of policyholders taken on by the Takaful Operator

An Istisn`a Sukuk is established to fund the building of a new office block.C1 is the client in need of the accommodation, C2 is the construction company and anIslamic bank establishes C3, a Special Purpose Vehicle, as part of the process.At what point in this process will the forward lease agreement normally cease?
Once the Sukuk proceeds are transferred to C3
Once C2 has constructed the building
When C3 reimburses the investors
When C3 sells the building to C1

One of the key reasons why corporate governance presents additional challenges forIslamic banks, when compared to conventional banks, is that:
all such matters must be individually approved in advance by the IFSB
avoiding all conflicts of intrest needs to be treated as the top priority
a different type of stakeholder needs to be accommodated
there is significantly less transparency involved

The Islamic commercial ethics of integrity, sincerity, righteousness and perfection atwork have their detailed instruction in which of the following?
The Sunnah
The Sharia'a
The Quran
The Fiqh al Muamalat

X undertakes to sell his car to Y for 20,000 dinars during the next month.Y undertakes to buy this car for 20,000 dinars during the next month; this type ofarrangement is BEST described as a:
unilateral promise
joint venture
transfer contract
bilateral promise

A capital protected equity fund is which of the following?An equity fund:
with 5% of its value advanced as Arbun
comprising a diversified basket of stocks
invested in Ijara contracts offering a fixed yield
made up of a basket of AAA rated stocks

Parallel Istisn`a contracts are being used in order to provide computers for a particularcompany.The main reason for using this type of arrangement is because:
the bank feels unable to fund the entire project
the bank is unwilling to hold the computers after manufacture
the client only wants to acquire the computers on a phased delivery basis
the client wants a guaranteed price now for a guaranteed delivery several monthsahead

Which of the following is NOT a fixed income type of contract?
Salam
Murabaha
Wadia
Istisn'a

An Islamic financial institution has just discovered that a company it holds stock in hasrealigned its investments, thus making it an ineligible stock. Which body should theinstitution therefore promptly notify?
The Accounting and Auditing Organisation for Islamic Financial Institutions
The General Council for Islamic Banking and Financial Institutions
The fund's Sharia'a Supervisory Board
The Islamic Financial Services Board

Which of the following is NOT a sale contract?
Salam
Istisn'a
Mudaraba
Murabaha

Where a lease is established under an Ijara Mawsoofa Bil Thimma in relation to theacquisition of a piece of agricultural equipment, the lease may be re-priced mid-term inthe event of:
a significant increase in general inflation
a poor payment record by the lessee
a decrease in the price of agricultural equipment
a second lease being established between the same two parties

Which of the following statements is TRUE regarding profit and loss distributions in aMusharaka contract?
The profit and loss distribution depends on the proportion of capital contributed by each investor
The profit is distributed according to agreed ratios in the contract and the loss isdistributed according to the proportion of capital contributed by each investor
Losses are bourne only by specific investors as identified in the contract
The profit is distributed according to the proportion of capital contributed by eachinvestor and the loss is distributed according to agreed ratios in the contract

Under the AAOIFI framework, the Accounting Unit Concept specifically means that anIslamic bank can:
maintain its assets in one Special Purpose Vehicle and its liabilities in another
move funds from one part of the organisation to another without automaticallytransferring any of the associated liabilities
operate its assets and liability as a seperate entity from its owners
set up as a series of operational departments, each having no direct financial linkwith each other

When providing work in progress financing for a major capital project, which contractwould NORMALLY be used?
Salam
Istisn'a
Ijara wa Iqtina
Musharaka

The difficulty in obtaining internationally accepted ratings of Islamic funds is attributedto the:
unwillingness of rating agencies to rate Islamic funds
lack of strength and reputation of the relevant sponsor and manager
unfamiliarity of the Islamic fund structures
lack of sufficient information about the investment structure

The primary purpose of a Qard contract is to:
obtain safe custody of assets
reward specific effort
establish a lease
provide benevolence

Trading in certain classes of derivatives is likely to fall into which key prohibited areaunder Sharia`a law?
Riba al-Nasseeyah
Riba al-Fadl
Qimar
Sarf

Which of the following is FALSE regarding Salam Sukuk?
The SPV collects contributions from the investors
Salam Sukuk are suited to long-term investment as they are easily traded
On maturity the Salam Sukuk holders receive their initial investment plus amargin
The Salam contract is normally backed by a Parallel Salam contract

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