IFMP Islamic Finance Certification (IFC), Pakistan Practice Questions - IFMP Islamic Finance Certification (IFC), Pakistan Exam

A valid Islamic sale (bay’) generally requires which essential element?

Clear identification of subject matter, price, and consent of capable parties An interest clause indexed to a benchmark rate Uncertainty about whether the seller owns the asset A lottery to determine the final purchase price

Correct Answer:

Clear identification of subject matter, price, and consent of capable parties

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