BNK610 Grand Quiz Spring 2020


  • Cyberian's Gold

    Please share your Grand Quiz.


  • Cyberian's Gold

    @zaasmi said in BNK610 Grand Quiz Spring 2020:

    A right of a buyer to rescind a contract after an agreed time period is known as:
    Khiyar e Tayin
    Khiyar al Ruhya
    Khiyar e Wasf
    Khiyar e Aib

    Khiyar-e-Shart (Optional condition): At the time of sale Buyer or Seller can put a condition that he has an option to rescind the sale within the specific 4 days. This option is called Khiyar-e-Shart. Specification of the days is necessary for this Khiyar. Within this period, he has the right to rescind/dissolve the sale without any reason. If the buyer puts the condition, it is called Khiyar-e-Mushtari (option of buyer) and when put by the seller, it is called Khiyar-e-Bai (option of seller). This Khiyar is not transferred to heirs.
    Khiyar-e-Roiyyat (Option of inspecting goods): Where the goods can be returned after inspection. This applies automatically to all contracts. Eg. ‘A’ buys machinery from ‘B’ without seeing. However, ‘A’ has the option to return the machinery after inspection.
    Khiyar-e-Aib (Option of defect): Where the goods can be returned if found defective. It is the responsibility of the seller to supply goods free of error/defect or point out the defect to the buyer. No way is he allowed to cover the defect of the goods which constitutes as fraud. In one of the hadiths, Prophet has stated “He is not amongst us who indulges in fraud.” Therefore the buyer has the right to return the good in case of a defect which is considered a defect in the market and which depreciates the value of the goods. Eg. ‘A’ buys batteries from ‘B’. However, ‘A’ has the option to return them to ‘B’ if the batteries are found to be defective or not in working condition.
    Khiyar-e-Wasf (Option of quality): Where the goods are sold by specifying a certain quality by the Seller but which is absent in the goods. Eg. ‘A’ buys a car from ‘B’ who has specified automatic transmission of the car. However when ‘A’ uses the car, he finds the transmission to be manual. Therefore he can return the car to ‘B’ in the absence of a specific quality.
    Khiyar-e-Ghaban (Option of price): Where the seller sells the goods at a price which is far expensive than the market price, a Buyer has the right to return it to the seller. Eg. a Parker pen is sold to ‘A’ by ‘B’ at a price of Rs.500/-. However after the sale, ‘A’ discovers its market price to be Rs.250/-, he has the option to return the pen to ‘B’.
    Iqala (Recession of Contract): Where parties freely consent to rescind the contract i.e. each party will give back the consideration received by it.

    Neither the buyer nor the seller has the sole right to rescind the contract after execution of a contract. Often the buyer wants to rescind the contract after buying goods. In this case, it is necessary that he gets the seller’s consent. Therefore this mutual agreement between buyer and seller to rescind the contract is called Iqala.

    In one of the hadiths, Prophet has stated “He who does the Iqala (rescinding of the contract) with a Muslim who is not happy with his transaction, Allah will forgive his sins on the Day of Judgment.”

    However, it may be noted that the price of the goods being returned under Iqala will remain unchanged.

    Effect on third Parties: Iqala is treated as a new sale as if a new contract is entered into between the parties rescinding the original contract.

    Source: Dr. Muhammad Imran Ashraf Usmani, Meezan Bank’s Guide to Islamic Banking.


  • Cyberian's Gold

    @zaasmi said in BNK610 Grand Quiz Spring 2020:

    Which of the following cannot be the part of capital in Musharakah?
    Liquid assets
    Commodities
    Debts
    Fixed assets

    Finally, Debts or receivables alone cannot form part of the capital until they are … in a running business having fixed assets by investing capital in cash or kind ; …


  • Cyberian's Gold

    @zaasmi said in BNK610 Grand Quiz Spring 2020:

    Which of the following is NOT the compulsory means of Income distribution in Islamic economic system?
    Zakat
    Inheritance
    Sadaqat
    Kaffarat

    Zakat is a form of alms-giving treated in Islam as a religious obligation or tax, which, by Quranic ranking, is next after prayer (salat) in importance. As one of the


  • Cyberian's Gold

    Which of the following is NOT the compulsory means of Income distribution in Islamic economic system?
    Zakat
    Inheritance
    Sadaqat
    Kaffarat
    ec56f525-cb6d-4646-b343-9023e7e7df10-image.png


  • Cyberian's Gold

    Which of the following cannot be the part of capital in Musharakah?
    Liquid assets
    Commodities
    Debts
    Fixed assets
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  • Cyberian's Gold

    A right of a buyer to rescind a contract after an agreed time period is known as:
    Khiyar e Tayin
    Khiyar al Ruhya
    Khiyar e Wasf
    Khiyar e Aib
    192a88f5-719a-49d8-9a35-14be08cdd994-image.png


  • Cyberian's Gold

    Identify the transaction that ultimately gives rise to the element of Riba:
    Bai Inah
    Bai Tawliyah
    Bai Musawama
    Bai Salam


  • Cyberian's Gold

    Which of following contracts becomes invalid if advance payment is not made in-full?
    Istina
    Salam
    Sarf
    Murabaha


  • Cyberian's Gold

    A contract in which any of the basic elements is missing is known as:

    Void contract
    Voidable contract
    Valid contract
    Irregular contract
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  • Cyberian's Gold

    Which of the following best explains the rule regarding loss sharing in Mudarabah contract?
    Loss will be borne by the Rab ul Maal
    Loss will be shared by the partners equally
    Loss will be borne by the Mudarib
    Loss will be transferred to the suppliers and customers
    9bbf4a9a-a620-4333-b3d2-c227621931d2-image.png


  • Cyberian's Gold

    A kind of partnership in which two or more people becomes partner to run a commercial enterprise is known as:
    Shirkat ul Milk
    Shirkat ul Ainan
    Shirkat ul Ainan


  • Cyberian's Gold

    Identify the reason why Bai Inah transaction is controversial in Islamic Sharia’h:

    It is similar to giving some amount at present to receive higher amount in future
    One cannot sell something on deferred price
    The amount of profit is quite high in this transaction
    The same persons cannot buy or sell goods at the same time
    847d3cab-dfa2-4210-9880-403cf5486447-image.png


  • Cyberian's Gold

    The account of a foreign bank maintained at a local commercial bank is known as:
    Vostro Account
    Nostro Account
    Overseas Account
    Settlement Account
    d528c598-bb30-42a5-a09d-095a03bc9c39-image.png


  • Cyberian's Gold

    The main objective of Bai Tawarruq is:
    To get instant liquidity
    To get instant liquidity
    To get instant liquidity
    To encourage credit sales


  • Cyberian's Gold

    Which of the following is NOT true regarding the subject matter of Istisna?
    Istisna is invalid for natural things
    Both homogeneous and unique assets can be sold through Istisna
    The quality of subject matter must be clearly specified
    An existing and identified asset can be the subject matter of Istisna
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