Question # 1

Which of the following characteristics if Islamic economic system is true

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An Islamic state is essentially a welfare state.

Ensure social justice

All economic problems are solved in the light of moral values

All of the above

Forced labor is one of the greatest injustice in the world according to.

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Imam Abu Yousaf

Imam Abu Qasim

Khalil Jabran

Ibn e Khaldun

Islamic economics is a social science which studies the economics of people living within the frame work of.

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Islam

Nationalism

Arab nationalism

All of these

By death of any partner business will be dissolved in case of

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Partnership

Musharika

Hire purchase

Mudaraba

Following is the important feature of the Islamic economic system.

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Zakat

Usher

Mudaraba and Musharika

All of these

In Islamic economic system following means of gaining wealth are permitted

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smuggling

Hoarding

Gambling

None of these

Mudaraba business is administered by the Mudaraba companies and Mudaraba rules .

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1990

1980

1981

1978

Expenditure on unproductive assets are strangely criticized and savings are emphasized by

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Ibn e Khaldun

Ibn e Taimiya

Nasiruddin Tosi

None of these

The main monetary tool in Islamic economic system regarding circulation of wealth is zakat it is for.

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Poor and needy

consumers

Producers

Banks

In 1980 the government of Pakistan promulgated.

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the Modaraba Ordinance

the Musharaika Ordinance.

the Zakar ordinance

the Ushar ordinence

Loss must be shared according to ratio of respective investment in case of.

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Musharika

Hire purchase

Mudaraba

All of these

"Zakat" is a charity on.

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Wealth / income which stays with a Muslim for at least one year

Levied on a Muslim who is sahib e Nisab

Deducted at the rate of 2.5% of the income

All of the above

Tax and rulers duty and terms of trade are discussed in.

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Kitab ul Anwal

ammali

Kitab Ul Asar

Kitab ul Khiraj

In Islamic economic system business is allowed in the field of.

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Halal goods only

beneficial goods

Consumer goods

All of these

In Islamic economic system holding is considered against the right of.

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Entrepreneurs

Labour

Consumers

Producers

Islam is against

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Miseries

Luxurious spending

a and b

None of these

Zakat in an important feature of Islamic economics system which is given from

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Poor to rich

Producers to consumers

Banks to people

Rich to poor

Ibn-e Khaldun discussed in detail the principles of.

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Taxation

Terms of trade

Term of rent

Duties of ruler

Qara -e- Hasna is normally payable to.

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Needy persons

Poors

Helpless

All of these

Conspicuous consumption on unproductive assets and luxurious goods is considered against the concept of.

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Islamic consumption

Taqva is Islam

Spending in Islam

Islamic production

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