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AAOIFI Shari’ah Standard No. 12 “Sharikah (Musharakah) & Modern Corporations” / Dr. Ahmad Asad

Quiz by Ahmad Asad

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21 questions
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  • Q1

     Standard No. 12 “Sharikah (Musharakah) &Modern Corporations” is applicable to the following:    

      All Fiqh-nominate partnerships  

     Diminishing Musharakah  

     Mudarabah partnership  

       All Fiqh-nominate partnerships &  Diminishing Musharakah   

  • Q2

    Sharikat al-’Aqd is classified into following categories:    

     Mudarabah partnership  

     Modern corporations   

    Traditional Fiqh-nominate partnerships  

    Traditional Fiqh-nominate partnerships  & Modern corporations   

  • Q3

    All of the following are the types of Fiqh-nominate partnership except

    Sharikat al-’Inan      

     Sharikat al-A’mal  

    Mudarabah partnership  

     Shariakt al-Wujuh     

  • Q4

    Following is/are the form(s) of modern corporations:         

     Allotment (Muhassah) partnership          

    Partnership in commendum

    All of the mentioned    

    Stock company  

  • Q5

    Allocation of profits is not allowed unless the following is/are deducted:       

      Operating costs



    Aِll of the mentioned           

  • Q6

     Profit may finally be distributed on the basis of the proceeds from sold assets, known as ________________.           

    Valuation at fair (book) value  

    a)       Actual valuation

     Constructive valuation    

    None of the mentioned 

  • Q7

     Profit may finally be distributed on the basis of fair (book) value which means _______________.                

     Valuation at market value   

     Actual valuation

    Constructive valuation       

     None of the  mentioned  

  • Q8

     In case of liquidation of Sharikah venture, the proceeds from the assets sold will be used for:               

    Payment of liquidation expenses

     None of the mentioned   

    Payment of financial liabilities & Payment of liquidation expenses

    Payment of financial liabilities

  • Q9

     Liability partnership has no monetary capital because the subject-matter of such partnership is ________________.      

     An asset    

     None of the mentioned 

    A capital  

    A liability        

  • Q10

     Service partnership has no monetary capital because the subject-matter of this partnership is _______________.   

    A good   

    None of the mentioned 

     A debt      

    A liability  

  • Q11

     A stock company is a company whose capital is divided into equal units called ______________. 

    Tradable debentures  

    All of the mentioned

    Tradable bonds   

    Tradable shares     

  • Q12

    It is not permitted to issue _______________ shares.

    Preference   &   Tamattu’   




  • Q13

    ____________partners are not entitled to interfere in the operations of the company.





  • Q14

    The liability of managing partners is _____________; the liability of sleeping partners is ______________.

     Limited, limited  

    Unlimited, limited            

    Limited, unlimited   

    Unlimited, unlimited

  • Q15

    It is better to document and officially register the contract.            




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