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CTEP Questions and Answers

Question # 1

____________ means excess, increase or addition according to Sharia’ah Terminology. Bahrain has over _________ financial institutions with a wide range of activities including Islamic Insurance.

A.

Riba, 30

B.

Riba,39

C.

Ijarah,30

D.

Ijarah,39

Question # 2

Find out the taxable value of perquisite from the following particulars in case of an employee to whom the following assets held by the company were sold on 1.8.2012.

The assets were put to use by the company from the day they were purchased.

A.

Rs. 82,170

B.

Rs. 92,850

C.

Rs. 48,800

D.

Rs. 53,000

Question # 3

Which of the following statement(s) about Islamic Banking is/are correct?

A.

Only (i)

B.

Only (ii)

C.

Neither (i) nor (ii)

D.

Both (i) and (ii)

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