AAOIFI CPSS Practice Questions - AAOIFI Certificate Of Proficiency In Shari'ah Standards (CPSS) Exam

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AAOIFI Shari'ah Standard No. 31 addresses controls on gharar. Which best illustrates excessive gharar the standard aims to control?

A murabaha that discloses both cost and profit mark-up before the sale A sale of an unidentified future crop with no adequate specification of quantity, quality, or delivery terms An ijarah of a clearly identified asset with known rent and term A spot currency exchange settled immediately with possession

Correct Answer:

A sale of an unidentified future crop with no adequate specification of quantity, quality, or delivery terms

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