Islamic Economic System
Islamic Studies · 50 practice questions
Islamic attitude to Riba (usury); at-Tatfif (short measure); hoarding (Ihtikar); Islamic sources of revenue (Zakah, Jizyah, Kharaj and Ghanimah); Baitul-Mal as an institution of socio-economic welfare; differences between the Islamic and Western economic systems.
- Analyse the Islamic attitude to Riba.
- Relate at-Tatfif to its negative consequences.
- Examine Ihtikar and its implications on society.
- Identify the sources of revenue in Islam and evaluate their disbursement.
- Explain the uses of Baitul-Mal.
- Differentiate between the Islamic and Western economic systems.
Try a few questions
- Practice question 1
Waqf, referring to a charitable religious endowment of property or wealth for ongoing public benefit, is generally recognized as an important institution within the
- A.Military structure of the early Islamic state
- B.Judicial system exclusively, with no economic role
- C.System of Hadith transmission exclusively
- D.Broader Islamic economic and social welfare system
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D. Broader Islamic economic and social welfare system
This institution is generally recognized as an important part of the broader Islamic economic and social welfare system.
- Practice question 2
The historical establishment of Hisbah, alongside practices such as Mudarabah and Murabaha, illustrates the practical mechanisms early Islamic societies developed to implement
- A.A system reliant exclusively on conventional interest-based finance
- B.A purely theoretical economic framework never actually applied
- C.An economic system entirely disconnected from religious teaching
- D.Islamic economic principles in everyday commercial life
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D. Islamic economic principles in everyday commercial life
These mechanisms illustrate how early Islamic societies implemented Islamic economic principles in everyday commercial life.
- Practice question 3
A Waqf, once established, is generally intended by its founder to provide continuing benefit to the community, such as funding a mosque, school or hospital, reflecting Islamic teaching's broader emphasis on
- A.A single, one-time act of charity with no lasting effect
- B.Wealth accumulation with no obligation toward wider society
- C.Ongoing, sustained charitable contribution to society
- D.Charitable giving restricted exclusively to family members
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C. Ongoing, sustained charitable contribution to society
This reflects Islamic teaching's broader emphasis on ongoing, sustained charitable contribution to society.
More UTME Islamic Studies topics
- Faith, Tawhid and Shirk
- Pre-Islamic Arabia (Jahiliyyah)
- Revelation of the Glorious Qur'an
- Articles of Faith
- Preservation of the Glorious Qur'an
- The Life of Prophet Muhammad (SAW)
- Ibadat and Their Types
- Importance of the Glorious Qur'an
- The Rightly Guided Caliphs
- Divine Authenticity of the Glorious Qur'an
- Early Contact of Islam with Africa
- Family Matters
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