Answer to Question #159947 in Economics for Dina

Question

Mr. Amar wants to do a grocery business. He has a capital RM80, 000. His best friend, Mr. Amir is willing to contribute some money to join the business.

Based on this situation:

a)    Suggest ONE (1) contract that can be utilized by Mr. Amar and Mr. Amir to run the business.

 (3 marks)

b)    Explain how are Mr. Amar and Mr. Amir going to distribute their profit or loss using the contract suggested.

(4 marks)

c)    Discuss how the contract between Mr. Amar and Mr. Amir can be terminated and discharged.

(4 marks)

d)    Elaborate FOUR (4) essential elements in the business contract carried out by Mr. Amar and Mr. Amir.

(4 marks)

QUESTION 2 (15 MARKS)

The Shariah aims at promoting the welfare of society and safeguarding it from all forms of impediment and difficulties. The objective of Shariah should be used as a guide in developing business goals and objectives. It teaches us not to aim at making profit but instead we should aim at providing the best service to the customers.

a)    Identify FIVE (5) objectives of Shariah

(5 marks)

b)    Discuss TWO (2) forbidden practices in Islamic finance and Banking

(4 marks)

c)    There are two sources of laws that governs Islamic banking and finance. Briefly explain THREE (3) types of secondary sources in Islamic finance.           

(6 marks)

Answer 1

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