Question # 1

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

The renowned economist and Islamic scholar who applied principles of politics economics was.

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Imam Abu Haneefa

ibn e Khaldun

Imam Abu Yousaf

Abu Qasim

One of the following is the renowned book of Imam Abu Yousaf

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Kitab ul khiraj

Kitab ul Anwal

Kitab ul Aloom

All of the sese

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

For a Muslim living within the code of Islam primary source for the the solution of economic problems is.

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the Holy Quran

Sunnah

Both a and b

None 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

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

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Musharika

Hire purchase

Mudaraba

All of these

According to Islamic economic system the producers can earn.

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Normal loss only

Normal profit only

Abnormal loss

Abnormal profit

Ibn-e Khaldun discussed in detail the principles of.

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Taxation

Terms of trade

Term of rent

Duties of ruler

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

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Entrepreneurs

Labour

Consumers

Producers

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

In Islam absolute ownership of property lies only with.

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Government

Owner of the property

Allah

None of these

Usury is prohibited in

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Islam only

Sikhism only

Jewism

Both a and b

Qara -e- Hasna is normally payable to.

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Needy persons

Poors

Helpless

All of these

Following is the important feature of the Islamic economic system.

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Zakat

Usher

Mudaraba and Musharika

All of these

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

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

The Islamic mode of business where the subscriber participate with the money and the manager with skill and labor is.

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Qarz -e - hasna

Musharika

Mudaraba

Islamic business

In 1980 the government of Pakistan promulgated.

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the Modaraba Ordinance

the Musharaika Ordinance.

the Zakar ordinance

the Ushar ordinence

Islam is against

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Miseries

Luxurious spending

a and b

None of these

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