IBSL Diploma In Islamic Banking Exam Practice Questions - IBSL Diploma In Islamic Banking Exam

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What is a core characteristic of contracts in Islamic finance that ensures compliance with Shariah, distinguishing them from conventional interest-based transactions?

They must always be short-term. They must involve profit and loss sharing. They must be asset-backed or involve real economic activity. They must be non-binding for either party.

Correct Answer:

They must be asset-backed or involve real economic activity.

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