VIP Exclusive
CIFE VIP Certification Exam — Certified Islamic Finance Executive Practice Test
CIFE — Mirrors the Certified Islamic Finance Executive (CIFE) qualification exam administered online by the Ethica Institute of Islamic Finance (Dubai), a multiple-choice exam based on AAOIFI Shariah standards covering Islamic banking products, contracts, and their practical application; this is an original practice set testing the same AAOIFI-aligned syllabus.
48
Questions
120m
Time Limit
70.00%
To Pass
Question 1 of 48👑 VIP
A conventional bank offers a customer a personal loan of $10,000 to be repaid as $11,000 over 12 months. An Islamic bank instead purchases a car the customer wants for $10,000 and sells it to the customer for $11,000 payable over 12 months. From a classical Shariah perspective, why is the second transaction permissible while the first is prohibited?
Questions 2–48 and full explanations are VIP-exclusive.