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Islamic finance

Unit: Financial Management

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Practice CPA Financial Management Islamic finance questions with detailed answers and explanations.

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August 2025

 1 Questions
Question 5a
​​Summarise FOUR principles of Takaful as used in Islamic Finance.


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December 2024

 1 Questions
Question 1d
​ ​​While Islamic finance offers an alternative approach of finance based on sharia principles, it is not without its challenges and deficiencies. 

Required: 
Explain TWO common deficiencies associated with Islamic finance.


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August 2024

 1 Questions
Question 4a
​​Highlight FOUR disadvantages of securitisation as used in Islamic Finance.


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April 2024

 1 Questions
Question 5a
​​Examine TWO ethical issues that need to be adhered to in the marketing of Islamic products and services.


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December 2023

 1 Questions
Question 5a
​​Describe THREE contracts applied in Islamic Finance.


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April 2023

 1 Questions
Question 3a
​​Highlight FIVE reasons for the increased popularity of Islamic Finance in the recent past.


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December 2022

 1 Questions
Question 5b
​​Discuss THREE activities that are prohibited under Islamic Finance.


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August 2022

 1 Questions
Question 3c
​​Explain four sources of finance as used in Islamic Financing.


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April 2022

 1 Questions
Question 5b
​ ​​Explain two differences between "conventional finance" and "islamic finance".


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Pilot December 2021

 1 Questions
Question 2a
​​Describe four main principles of Islamic finance.


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December 2021

 1 Questions
Question 4b
​​In relation to Islamic Finance, explain the following terms:

(i) Sukuk.

(ii) Gharar. 

(iii) Musharakah.


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September 2021

 1 Questions
Question 4b
​​Examine four challenges of Islamic banking in your country.


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May 2021

 1 Questions
Question 3a
​​Explain the following concepts in the context of Islamic Finance:

(i) Takaful. 

(ii) Riba. 

(iii) Mudarabah financing. 

(iv) Murabahah financing.


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November 2020

 1 Questions
Question 1a
​ ​​Islamic banking is grounded on Sharia Law. To earn money, Islamic banks use equity participation system.

Required:
With reference to the above statement

(i).    Explain the term "equity participation system".
(ii).   Discuss three principles of Islamic finance.
(iii).  Describe two types of financing arrangements that could be adopted under Islamic finance


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November 2019

 1 Questions
Question 4a
​​Islamic finance is considered as one of the fastest growing sub-sectors in the financial industry. 

Required: 
Describe three common financial products provided by Islamic finance institutions, citing how each product differs from that provided by non-Islamic financial institutions.


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May 2019

 1 Questions
Question 5a
​​Summarise four main features of Islamic insurance mortgage (takaful).


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November 2018

 1 Questions
Question 5a
​​Highlight four circumstances under which investors might find it suitable to use an Islamic equity fund.


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May 2018

 1 Questions
Question 4a
​​ Explain the following terms as used in Islamic finance: 

(i) Ijara. 
(ii) Sukuk.


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November 2017

 1 Questions
Question 1b
​​Summarise four hindrances to international standardisation of Islamic finance.


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May 2017

 1 Questions
Question 4c
​ ​​(i). Highlight four objectives of the core principles for islamic finance regulation (CPIFR) as set out in Islamic Financial Services Board (IFSD).

(ii). Differentiate between Salam contract" and "Istina contract as used in Islamic finance.


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May 2016

 1 Questions
Question 5a
​​Discuss four principles of Islamic financing.


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November 2015

 1 Questions
Question 5b
​​Discuss three contracts that are made through Islamic financial instruments


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Pilot September 2015

 1 Questions
Question 3a
​ ​​Briefly explain how Islamic finance differs from conventional finance.


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