Economic System MCQs with Answers

What does the term 'Riba' literally mean in Islamic finance?

• A.Profit sharing
• B.Any excess
• C.Charity
• D.Trade

Past Paper MCQ

The tax collected from prisoners of war in Islamic governance is known as _?

• A.Jizya
• B.Kharaj
• C.Fai
• D.Ushr

Where should the proceeds of Ushr be deposited according to Islamic principles?

• A.Federal consolidated fund
• B.Central Bank of the country
• C.Provincial revenue account
• D.P.L.A of district Zakat fund

The Central Zakat Council consists of a Chairman and four persons nominated by the President, including Ulema nominated in consultation with which ministry?

• A.Ministry of Finance
• B.Ministry of Religious Affairs
• C.Ministry of Interior
• D.Ministry of Law and Justice

What is the primary function of 'Mudaraba' in the Islamic economic system?

• A.Promoting profit-sharing between investors and entrepreneurs
• B.Imposing fixed interest rates on business loans
• C.Collecting Zakat from wealthy individuals
• D.Regulating state ownership of public property

In which Hijri year was Riba (usury) declared haram in Islam?

• A.2 Hijri
• B.3 Hijri
• C.4 Hijri
• D.5 Hijri

Under Islamic Law, what is the term for the obligatory payment on agricultural produce?

• A.Khums
• B.Ushr
• C.Sadaqah
• D.Jizya

In what form is Usher traditionally collected in Islamic practice?

• A.Kind/Grains
• B.Cash
• C.Livestock
• D.Both Kind and Cash

Who is the renowned Islamic scholar recognized for his contributions to the principles of Islamic economics?

• A.Imam Ghazali
• B.Ibn Khaldun
• C.Shah Waliullah
• D.Ibn Taymiyyah

When was the Zakat system officially implemented in Pakistan?

• A.1979
• B.1980
• C.1981
• D.1982