What is the meaning of Qard Hasan? - as an alternative to interest, refers to a loan that is returned after an agreed period, without any profits, Giving a loan to a needy Muslim is counted as one of the best actions a Muslim can do thus Qard Hasan - True, Islam presents a two-pronged alternative to deal with the problem of interest, what are they? - Qard Hasan, and Mudaarabah, What does Mudaarabah mean? - It is a form of partnership where are one party of Saahib al Maal, Mudarabah contract should not be written - False, What does Shirakah cover? - All forms of partnerships, The scholars have to divide Shirakah into two main categories, what are they? - Shirakh almulk, and Shirakah al-'uqood, What does Al Mufaawadah mean? - A partnership in which all partners are equal contributors to the capital of the venture and therefore partner has full authority to act on behalf of the partnership as well as being jointly and individually responsible for losses, What does Al-'Inaan refer to? - The joint venture where the partner contributed unequally to the partnership and thus their share of the profits and losses, What does Abdaan mean? - Labor, skill, and management, What does Al Wujooh mean? - Goodwill, labor, credit-worthiness, and contacts, What is the person, who supplies the capital in Mudaarabah transaction call? - Sahib AlMaal,
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Unit 18 for high school
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