Takaful is the Shariah-compliant alternative to: Bonds Fixed deposit Insurance Mutual fund Takaful involves: Mutual assistance Mutual responsibility Mutual protection All of the above A conventional insurance company: Provides protection against specific risks to its policyholders Is owned by its shareholders who receive any underwriting surplus Can invest in interest-bearing products All of the above Which one below is not a unique characteristic of Takaful? Cooperative risk sharing Profit and loss sharing with owners Clear financial segregation between policyholder and shareholder funds Shariah-compliant procedures  The premiums collected in Takaful are: Donations provided for mutual guarantee of all participants Paid for specific risk coverage of the specific policyholder Always belong to the participants and any surplus needs to be returned to them All of the above Which of the below income of the Takaful operator will not be Shariah compliant? Wakala fee Profit share from the investment funds Fixed percentage return from the investment funds Incentive fee for good performance Which Takaful model is called the hybrid model? The Wakala-Mudaraba model The Mudaraba-Musharaka model The Wakala model The Waqf-Wakala-Mudaraba model The Wakala fee should cover which expenses of the Takaful operator as recommended by the IFSB? Management expenses Distribution costs, any payments to intermediaries Margin of operational profit for the Takaful operator All of the above General Takaful covers all the below except: Education Fire Permanent disability Employers' liability Health Takaful is an example of: Family Takaful General Takaful Social welfare Takaful Government Takaful Family Takaful is of three types

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Takaful is the Shariah-compliant alternative to:

• Bonds
• Fixed deposit
• Insurance
• Mutual fund

Takaful involves:

• Mutual assistance
• Mutual responsibility
• Mutual protection
• All of the above

A conventional insurance company:

• Provides protection against specific risks to its policyholders
• Is owned by its shareholders who receive any underwriting surplus
• Can invest in interest-bearing products
• All of the above

Which one below is not a unique characteristic of Takaful?

• Cooperative risk sharing
• Profit and loss sharing with owners
• Clear financial segregation between policyholder and shareholder funds
• Shariah-compliant procedures 

The premiums collected in Takaful are:

• Donations provided for mutual guarantee of all participants
• Paid for specific risk coverage of the specific policyholder
• Always belong to the participants and any surplus needs to be returned to them
• All of the above

Which of the below income of the Takaful operator will not be Shariah compliant?

• Wakala fee
• Profit share from the investment funds
• Fixed percentage return from the investment funds
• Incentive fee for good performance

Which Takaful model is called the hybrid model?

• The Wakala-Mudaraba model
• The Mudaraba-Musharaka model
• The Wakala model
• The Waqf-Wakala-Mudaraba model

The Wakala fee should cover which expenses of the Takaful operator as recommended by the IFSB?

• Management expenses
• Distribution costs, any payments to intermediaries
• Margin of operational profit for the Takaful operator
• All of the above

General Takaful covers all the below except:

• Education
• Fire
• Permanent disability
• Employers' liability

Health Takaful is an example of:

• Family Takaful
• General Takaful
• Social welfare Takaful
• Government Takaful

Family Takaful is of three types. Which of the following is not one of them?

• Ordinary collaboration
• Collaboration with savings
• Special collaboration
• Collaboration based on specific groups

Which type of family Takaful would be the best substitute for conventional group life insurance?

• Collaboration based on specific groups
• Ordinary collaboration
• Extraordinary collaboration
• Collaboration with savings 

The AAOFI has determined the manner of distribution of Takaful surplus. Which of the following is not one of them?

• Allocation of surplus to all shareholders and policyholders in a pre-agreed ratio
• Allocation of surplus only among policyholders who have not made any claims during the financial period
• Allocation of surplus to all policyholders irrespective of whether they had any claim or not
• Allocation of surplus to all employees of the Takaful operator

The AAOIFI has determined the way to make up the Takaful deficit. Which of the following is not one of them?

• From the reserve fund created by policyholders
• By borrowing from the shareholders fund to be paid back from future surpluses
• By issuing new shares to raise funds
• By increasing future premium contributions of policyholders on a pro-rata basis

In current times, Shariah scholars:

• Allow Takaful operators to purchase policies with conventional reinsurance companies whenever needed
• Allow Takaful operators to purchase policies with conventional reinsurance companies under certain conditions only
• Do not allow Takaful operators to purchase policies with conventional reinsurance companies under any condition
• Allow Takaful operators to purchase policies with conventional reinsurance companies only once a year