Gharar Study guides, Class notes & Summaries

rmi 3567exam 4 latest update with verified solutions conventional insurance considered haram as it contractually contains haram elements: riba, gharar, maysir riba no equality between premiums paid and compensation received riba "interest" / usury gharar subject matter of the contract is not certain / uncertainty maysir Policyholders are held to be betting premiums on the condition that the insurer will pay compensation in a higher amount maysir gambling takaful liter...

Exam 4 RMI 3567 Questions and Answers 100% Correct conventional insurance - Correct Answer ️️ -considered haram as it contractually contains haram elements: riba, gharar, maysir riba - Correct Answer ️️ -no equality between premiums paid and compensation received riba - Correct Answer ️️ -"interest" / usury gharar - Correct Answer ️️ -subject matter of the contract is not certain / uncertainty maysir - Correct Answer ️️ -Policyholders are held to be betting premiums ...

Topic 9 : Fundemantal Of Takaful Questions and Answers 100% Pass Islam and Insurance - Correct Answer ️️ -Insurance operation did not confirm to Islamic Law due to the existance these elements. Element that make insurance did not confirm in Islam - Correct Answer ️️ -Gharar- uncertainty Maisir- gambling Riba- usury/ interest Gharar - Correct Answer ️️ -- what being bought is not clearly defined/uncertainty - existance of uncertainty in contract : 1. premium payment nsation...

Islam and Insurance - Answer-Insurance operation did not confirm to Islamic Law due to the existance these elements. Element that make insurance did not confirm in Islam - Answer-Gharar- uncertainty Maisir- gambling Riba- usury/ interest Gharar - Answer-- what being bought is not clearly defined/uncertainty - existance of uncertainty in contract : 1. premium payment nsation payment e of contract (aleotary) monetary value exchnage may not same. Maisir - Answer-participants might purchas...

Call - Answer-Sum of money put into a P&I risk-pool fund Gharar - Answer-uncertainty Maysir - Answer-Speculation Riba - Answer-usury Qardh-al-hasan - Answer-Interest-free loan

Principles of takaful Exam Questions and Answers 100% Correct Call - Correct Answer ️️ -Sum of money put into a P&I risk-pool fund Gharar - Correct Answer ️️ -uncertainty

IBF- Topic #11 Takaful Questions and Answers 100% Correct 3 Concepts of Insurance - Correct Answer ️️ -1- transfer of risk from individuals to insurance operator. 2- Ensure against pure risk only, not speculative risk. 3- Insurance as business, with profit maximization objectives. 4 Reasons why conventional insurance is not shari'ah compliance - Correct Answer ️️ -1- Element of Riba. 2- Element of Gambling. 3- Element of Uncertainty. 4- Gharar in modern day financial transactions...

3 Concepts of Insurance - Answer-1- transfer of risk from individuals to insurance operator. 2- Ensure against pure risk only, not speculative risk. 3- Insurance as business, with profit maximization objectives. 4 Reasons why conventional insurance is not shari'ah compliance - Answer-1- Element of Riba. 2- Element of Gambling. 3- Element of Uncertainty. 4- Gharar in modern day financial transactions. Takaful - Answer-Islamic alternative to conventional insurance. It is a form of mutual hel...

Contractual Relationship between Participants and the Takaful Operator - Answer--Mudharabah -Wakalah -Ju'alah -Wadi'ah Yad Damanah Mudharabah - Answer--means giving specified amount of capital to another person who will trade with the capital for the purpose of sharing the profits generated according to a pre-agreed ratio. -participants contribute money to fund. takaful operator manages fund. -profit shared between participants and takaful operator based on pre-agreed ratio or percentag...

1 C12 - Business LawCase Analysis Summarize the facts of the case Approval was received after gaining a majority of votes from Oklahoma residents on November 2nd, 2010 regarding an amendment called “Save our State Amendment”, which was to be made to the Oklahoma Constitution. This amendment was created with the intent of preventing courts within the state from both considering as well as using the Sharia Law during cases. If all went accordingly, the amendment would have gone through ...