Islamic History MCQs

Islamic Finance – Principles of Islamic Insurance Takaful

The following are Islamic Finance – Principles of Islamic Insurance Takaful MCQs with answers related to Islamic Studies. We have arranged the most important and repeated MCQs in all the competitive examinations. The students can clear their concepts for Islamic Finance – Principles of Islamic Insurance Takaful MCQs online quiz by attempting these.

Islamic Finance – Principles of Islamic Insurance Takaful Online MCQs with Answers

What is the Islamic insurance system known as?

A) Takaful
B) Riba
C) Mudarabah
D) Haram

Answer
A) Takaful

In Islamic insurance, participants collectively share risks and losses. What is this principle called?

A) Ta’awun
B) Qard Hasan
C) Riba
D) Gharar

Answer
A) Ta’awun

What is the Islamic term for the contributions made by participants in a Takaful scheme?

A) Zakat
B) Sadaqah
C) Tabarru
D) Qard Hasan

Answer
C) Tabarru

In Takaful, what is the role of the Takaful operator?

A) Beneficiary
B) Risk-bearing party
C) Fund manager
D) Policyholder

Answer
B) Risk-bearing party

What is the Islamic concept that prohibits excessive uncertainty and ambiguity in insurance contracts?

A) Takaful
B) Gharar
C) Qard Hasan
D) Mudarabah

Answer
B) Gharar

In Takaful, what is the portion of surplus funds distributed among participants called?

A) Gharar
B) Qard Hasan
C) Surah
D) Surplus

Answer
D) Surplus

Which Islamic insurance model involves a joint investment arrangement between participants and the Takaful operator?

A) Mudarabah model
B) Wakalah model
C) Waqf model
D) Tabarru model

Answer
A) Mudarabah model

What is the role of the Shariah board in Islamic insurance?

A) Marketing
B) Legal representation
C) Ensuring compliance with Islamic principles
D) Risk assessment

Answer
C) Ensuring compliance with Islamic principles

In Takaful, what is the role of the policyholder?

A) Collecting premiums
B) Managing the surplus
C) Providing capital
D) Risk sharing

Answer
C) Providing capital

Which term refers to the compensation paid to a policyholder in the event of a covered loss in Takaful?

A) Surplus
B) Tabarru
C) Claims
D) Premiums

Answer
C) Claims

In Takaful, what is the role of the Takaful operator?

A) Beneficiary
B) Risk-bearing party
C) Fund manager
D) Policyholder

Answer
B) Risk-bearing party

What is the Islamic concept that prohibits excessive uncertainty and ambiguity in insurance contracts?

A) Takaful
B) Gharar
C) Qard Hasan
D) Mudarabah

Answer
B) Gharar

In Takaful, what is the portion of surplus funds distributed among participants called?

A) Gharar
B) Qard Hasan
C) Surah
D) Surplus

Answer
D) Surplus

Which Islamic insurance model involves a joint investment arrangement between participants and the Takaful operator?

A) Mudarabah model
B) Wakalah model
C) Waqf model
D) Tabarru model

Answer
A) Mudarabah model

What is the role of the Shariah board in Islamic insurance?

A) Marketing
B) Legal representation
C) Ensuring compliance with Islamic principles
D) Risk assessment

Answer
C) Ensuring compliance with Islamic principles

In Takaful, what is the role of the policyholder?

A) Collecting premiums
B) Managing the surplus
C) Providing capital
D) Risk sharing

Answer
C) Providing capital

Which term refers to the compensation paid to a policyholder in the event of a covered loss in Takaful?

A) Surplus
B) Tabarru
C) Claims
D) Premiums

Answer
C) Claims

In Takaful, what is the role of the Takaful operator?

A) Beneficiary
B) Risk-bearing party
C) Fund manager
D) Policyholder

Answer
B) Risk-bearing party

What is the Islamic concept that prohibits excessive uncertainty and ambiguity in insurance contracts?

A) Takaful
B) Gharar
C) Qard Hasan
D) Mudarabah

Answer
B) Gharar

In Takaful, what is the portion of surplus funds distributed among participants called?

A) Gharar
B) Qard Hasan
C) Surah
D) Surplus

Answer
D) Surplus

Which Islamic insurance model involves a joint investment arrangement between participants and the Takaful operator?

A) Mudarabah model
B) Wakalah model
C) Waqf model
D) Tabarru model

Answer
A) Mudarabah model

What is the role of the Shariah board in Islamic insurance?

A) Marketing
B) Legal representation
C) Ensuring compliance with Islamic principles
D) Risk assessment

Answer
C) Ensuring compliance with Islamic principles

In Takaful, what is the role of the policyholder?

A) Collecting premiums
B) Managing the surplus
C) Providing capital
D) Risk sharing

Answer
C) Providing capital

Which term refers to the compensation paid to a policyholder in the event of a covered loss in Takaful?

A) Surplus
B) Tabarru
C) Claims
D) Premiums

Answer
C) Claims

In Takaful, what is the role of the Takaful operator?

A) Beneficiary
B) Risk-bearing party
C) Fund manager
D) Policyholder

Answer
B) Risk-bearing party

What is the Islamic concept that prohibits excessive uncertainty and ambiguity in insurance contracts?

A) Takaful
B) Gharar
C) Qard Hasan
D) Mudarabah

Answer
B) Gharar

In Takaful, what is the portion of surplus funds distributed among participants called?

A) Gharar
B) Qard Hasan
C) Surah
D) Surplus

Answer
D) Surplus

Which Islamic insurance model involves a joint investment arrangement between participants and the Takaful operator?

A) Mudarabah model
B) Wakalah model
C) Waqf model
D) Tabarru model

Answer
A) Mudarabah model

What is the role of the Shariah board in Islamic insurance?

A) Marketing
B) Legal representation
C) Ensuring compliance with Islamic principles
D) Risk assessment

Answer
C) Ensuring compliance with Islamic principles

In Takaful, what is the role of the policyholder?

A) Collecting premiums
B) Managing the surplus
C) Providing capital
D) Risk sharing

Answer
C) Providing capital

Which term refers to the compensation paid to a policyholder in the event of a covered loss in Takaful?

A) Surplus
B) Tabarru
C) Claims
D) Premiums

Answer
C) Claims

In Takaful, what is the role of the Takaful operator?

A) Beneficiary
B) Risk-bearing party
C) Fund manager
D) Policyholder

Answer
B) Risk-bearing party

What is the Islamic concept that prohibits excessive uncertainty and ambiguity in insurance contracts?

A) Takaful
B) Gharar
C) Qard Hasan
D) Mudarabah

Answer
B) Gharar

In Takaful, what is the portion of surplus funds distributed among participants called?

A) Gharar
B) Qard Hasan
C) Surah
D) Surplus

Answer
D) Surplus

Which Islamic insurance model involves a joint investment arrangement between participants and the Takaful operator?

A) Mudarabah model
B) Wakalah model
C) Waqf model
D) Tabarru model

Answer
A) Mudarabah model

What is the role of the Shariah board in Islamic insurance?

A) Marketing
B) Legal representation
C) Ensuring compliance with Islamic principles
D) Risk assessment

Answer
C) Ensuring compliance with Islamic principles

In Takaful, what is the role of the policyholder?

A) Collecting premiums
B) Managing the surplus
C) Providing capital
D) Risk sharing

Answer
C) Providing capital

Which term refers to the compensation paid to a policyholder in the event of a covered loss in Takaful?

A) Surplus
B) Tabarru
C) Claims
D) Premiums

Answer
C) Claims

In Takaful, what is the role of the Takaful operator?

A) Beneficiary
B) Risk-bearing party
C) Fund manager
D) Policyholder

Answer
B) Risk-bearing party

What is the Islamic concept that prohibits excessive uncertainty and ambiguity in insurance contracts?

A) Takaful
B) Gharar
C) Qard Hasan
D) Mudarabah

Answer
B) Gharar

In Takaful, what is the portion of surplus funds distributed among participants called?

A) Gharar
B) Qard Hasan
C) Surah
D) Surplus

Answer
D) Surplus

Which Islamic insurance model involves a joint investment arrangement between participants and the Takaful operator?

A) Mudarabah model
B) Wakalah model
C) Waqf model
D) Tabarru model

Answer
A) Mudarabah model

What is the role of the Shariah board in Islamic insurance?

A) Marketing
B) Legal representation
C) Ensuring compliance with Islamic principles
D) Risk assessment

Answer
C) Ensuring compliance with Islamic principles

In Takaful, what is the role of the policyholder?

A) Collecting premiums
B) Managing the surplus
C) Providing capital
D) Risk sharing

Answer
C) Providing capital

Which term refers to the compensation paid to a policyholder in the event of a covered loss in Takaful?

A) Surplus
B) Tabarru
C) Claims
D) Premiums

Answer
C) Claims

In Takaful, what is the role of the Takaful operator?

A) Beneficiary
B) Risk-bearing party
C) Fund manager
D) Policyholder

Answer
B) Risk-bearing party

What is the Islamic concept that prohibits excessive uncertainty and ambiguity in insurance contracts?

A) Takaful
B) Gharar
C) Qard Hasan
D) Mudarabah

Answer
B) Gharar

In Takaful, what is the portion of surplus funds distributed among participants called?

A) Gharar
B) Qard Hasan
C) Surah
D) Surplus

Answer
D) Surplus

Which Islamic insurance model involves a joint investment arrangement between participants and the Takaful operator?

A) Mudarabah model
B) Wakalah model
C) Waqf model
D) Tabarru model

Answer
A) Mudarabah model

What is the role of the Shariah board in Islamic insurance?

A) Marketing
B) Legal representation
C) Ensuring compliance with Islamic principles
D) Risk assessment

Answer
C) Ensuring compliance with Islamic principles

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