AAOIFI Shari’ah Standard No. 12 “Sharikah (Musharakah) & Modern Corporations” / Dr. Ahmad Asad
Quiz by Ahmad Asad
Feel free to use or edit a copy
includes Teacher and Student dashboards
Measure skillsfrom any curriculum
Tag the questions with any skills you have. Your dashboard will track each student's mastery of each skill.
- edit the questions
- save a copy for later
- start a class game
- automatically assign follow-up activities based on students’ scores
- assign as homework
- share a link with colleagues
- print as a bubble sheet
- 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
30s - Q2
Sharikat al-’Aqd is classified into following categories:
Mudarabah partnership
Modern corporations
Traditional Fiqh-nominate partnerships
Traditional Fiqh-nominate partnerships & Modern corporations
30s - 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
30s - Q4
Following is/are the form(s) of modern corporations:
Allotment (Muhassah) partnership
Partnership in commendum
All of the mentioned
Stock company
30s - Q5
Allocation of profits is not allowed unless the following is/are deducted:
Operating costs
Taxes
Expenses
Aِll of the mentioned
30s - 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
30s - 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
30s - 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
30s - 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
30s - 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
30s - 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
30s - Q12
It is not permitted to issue _______________ shares.
Preference & Tamattu’
Preference
Common
Tamattu’
30s - Q13
____________partners are not entitled to interfere in the operations of the company.
Sleeping
Managing
Active
Joint-liability
30s - Q14
The liability of managing partners is _____________; the liability of sleeping partners is ______________.
Limited, limited
Unlimited, limited
Limited, unlimited
Unlimited, unlimited
30s - Q15
It is better to document and officially register the contract.
True
False
30s