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Exam Review

Key Facts: Shariah RFP M1 Exam

75 Q

The official exam format consists of 75 multiple-choice questions.

MFPC Examination Guide

150 Min

Candidates have 2 hours and 30 minutes to complete the paper.

MFPC Examination Guide

50%

A passing score of 50% is required to clear this module.

MFPC Examination Guide

~RM 300

The examination fee for each module is approximately RM 300.

MFPC Fees Structure

6 Steps

The Shariah financial planning process follows six standard steps.

MFPC Syllabus

5 Sects

The exam syllabus is structured into five distinct content sections.

MFPC Course Blueprint

MFPC Shariah RFP Module 1 is a 75 MCQ, 150-minute exam with a 50% passing score covering Islamic financial planning fundamentals.

Sample Shariah RFP M1 Practice Questions

Try these sample questions to review concepts for the Shariah RFP M1 exam. Each question includes a detailed explanation. Start the interactive quiz above for the full 100+ question experience with AI tutoring.

1Which of the following is considered the primary, supreme source of Shariah law from which all other Islamic finance principles are derived?

A.The Sunnah (traditions of Prophet Muhammad SAW)

B.The Holy Quran (the direct word of Allah SWT)

C.Ijma (scholarly consensus)

D.Qiyas (analogical deduction)

Explanation: The Holy Quran is the direct, unadulterated word of Allah SWT and forms the absolute primary source of Shariah law. The Sunnah is the second primary source, while Ijma and Qiyas are secondary sources.

2The Maqasid al-Shariah (Objectives of Shariah) are centered around safeguarding five essential elements. What are these five elements?

A.Religion, Life, Intellect, Lineage, and Wealth

B.Religion, Government, Intellect, Family, and Business

C.Faith, Sovereignty, Mind, Reputation, and Savings

D.Belief, Health, Knowledge, Community, and Property

Explanation: The five essential necessities (Daruriyyah) defined by Al-Ghazali and other classic scholars under Maqasid al-Shariah are: Hifz al-Din (Religion), Hifz al-Nafs (Life), Hifz al-Aql (Intellect), Hifz al-Nasl (Lineage/Family), and Hifz al-Mal (Wealth).

3What is the primary translation and definition of the term 'Riba' in Islamic finance?

A.Uncertainty or ambiguity in a trade contract

B.Excess, increase, or addition over the principal without any counter-value

C.Gambling or games of chance

D.Buying and selling of non-existent items

Explanation: Riba literally means excess, growth, or addition. In Shariah, it refers to any predetermined excess or premium charged over and above the principal amount of a loan or debt transaction, which is strictly prohibited.

4In Shariah financial planning, who is considered the absolute, ultimate owner of all wealth, while humans act only as trustees (Amanah)?

A.The State / Government

B.The Islamic Financial Institutions

C.Allah SWT (The Creator)

D.The Individual who earned it

Explanation: In Islam, all wealth belongs absolutely to Allah SWT. Humans are appointed as vicegerents (Khalifah) and trustees (Amanah) of this wealth, obligated to earn and spend it in compliance with Shariah guidelines.

5The prohibition of 'Maysir' in Islamic finance is best described as the prohibition of which of the following activities?

A.Charging interest on outstanding debt

B.Engaging in speculative trading with high transaction fees

C.Gambling, wagering, or participating in games of chance where gain is offset by another's loss

D.Selling commodities before acquiring ownership

Explanation: Maysir refers to gambling, lottery, or wagering. In financial terms, it is any transaction where the acquisition of wealth is entirely dependent on chance, resulting in a zero-sum game where one party's gain is the other party's direct loss.

6Which of the following best defines the term 'Sunnah' as a primary source of Shariah?

A.The local customs and traditions of pre-Islamic Arabia

B.The consensus of contemporary Muslim legal experts

C.The sayings, actions, and approvals of Prophet Muhammad (SAW)

D.The analytical reasoning applied by Shariah courts

Explanation: The Sunnah represents the records of the words (Qawl), actions (Fi'l), and silent approvals (Taqrir) of the Prophet Muhammad (SAW). It is the second primary source of Shariah and serves to interpret and elaborate the Quranic verses.

7The Islamic finance legal maxim 'Al-Ghunm bil-Ghurm' represents which of the following core concepts?

A.Profit sharing must be exactly proportional to the capital contribution

B.No profit is entitled without bearing risk of loss and liability

C.Any contract involving risk or uncertainty is completely void

D.Charity must be paid before any personal expenses are calculated

Explanation: The legal maxim 'Al-Ghunm bil-Ghurm' translates to 'entitlement to profit is accompanied by responsibility for loss' (or risk). In Islamic finance, one cannot claim a right to profit without taking on the corresponding risk and liability associated with the underlying assets.

8Which of the following situations is a classic example of 'Gharar' (excessive uncertainty) that would render a commercial contract invalid?

A.A seller sells a standard car with a deferred payment plan of 3 years

B.A fisherman sells a specific catch of fish that he has already caught and placed in his tank

C.A farmer sells the unborn calf of his cow before it is born

D.A bank financing a home with a fixed profit margin over cost

Explanation: Selling the unborn calf of a cow is a classic example of Gharar Fahish (major uncertainty) because the subject matter of the sale is non-existent at the contract date, and its delivery, health, or even existence is highly uncertain, making the contract void.

9What is the secondary source of Shariah known as 'Ijma'?

A.Juristic preference to avoid a harsh legal outcome

B.The consensus of qualified Muslim jurists (Mujtahids) on a specific religious ruling in a particular era

C.Analogical reasoning linking a new case to an existing text

D.The custom and habits of a local community

Explanation: Ijma is defined as the unanimous consensus of qualified Shariah scholars/jurists (Mujtahids) on a particular Shariah issue or ruling after the demise of the Prophet Muhammad (SAW). It is considered binding.

10In Islamic jurisprudence, what is 'Qiyas' and how is it applied?

A.The process of deriving rulings based on the public interest when texts are silent

B.The consensus of all companions of the Prophet

C.Analogical deduction, where a ruling on a new case is derived by identifying a common effective cause ('Illah) with an established case

D.The direct textual commands found in the Sunnah

Explanation: Qiyas is analogical reasoning. It applies the Shariah ruling of an existing textually-defined case (Asl) to a new, modern case (Far') because both cases share the same underlying effective cause ('Illah). For example, prohibiting modern recreational drugs by analogy to alcohol due to the shared 'Illah of intoxication.

About the Shariah RFP M1 Exam

MFPC Shariah RFP Module 1 covers the foundations of Shariah financial planning in Malaysia, including Shariah law, contract rules, financial math, and regulatory frameworks.

Exam sponsor: Malaysian Financial Planning Council (MFPC). The requirements and fees below concern the certification or admission exam, separate from our free practice resources.

Assessment

75 multiple-choice questions to be answered in 2.5 hours.

Time Limit

2 hours 30 minutes

Passing Score

50%

Exam / Certification Fees

~RM 300

Exam sponsor website

Reported exam pass rate: ~65%. Average pass rate for candidates using study materials. This describes exam candidates, not OpenExamPrep users or results from using our resources. Exam sponsor website

Fees, eligibility, and exam policies can change. Confirm them with the exam sponsor before applying or paying.

Official sources

Our practice resources: topics covered

We aim to reflect publicly available exam outlines and topic information in our study resources. Coverage, format, and difficulty may differ from the actual exam, and we cannot guarantee that every detail is accurate or current. Confirm exam requirements, fees, and policies with the official exam sponsor.

25%

Shariah law, sources, and Islamic finance principles

Core concepts of Shariah, Quran and Sunnah as primary sources, secondary sources, and general Islamic finance principles.

20%

Islamic financial planning process & ethics

The six steps of financial planning aligned with Shariah principles, client onboarding, and ethical standards.

20%

Shariah contract rules (Muamalat) in banking and takaful

Rules of contracts (exchange, partnership, charity, support) and Takaful operation models.

20%

Time value of money & mathematical calculations in Shariah finance

Financial calculations including profit rates, future/present value, annuities, zakat, and purification.

15%

Regulatory and governance framework for Islamic finance in Malaysia

Key laws (IFSA 2013), Bank Negara Malaysia (BNM) Shariah Governance, Securities Commission guidelines.

Preparing for the Shariah RFP M1 Exam

What You Need to Know

Passing score: 50%
Assessment: 75 multiple-choice questions to be answered in 2.5 hours.
Time limit: 2 hours 30 minutes
Exam / certification fees: ~RM 300 Official sources

Using Our Practice Resources

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Shariah RFP M1: Suggested Study Strategy

1Understand the key distinctions between conventional and Shariah-compliant financial planning.

2Master the Quranic and Sunnah foundations of Shariah, as well as secondary sources like Ijma and Qiyas.

3Memorize the 6-step financial planning process and the ethical duties of a planner.

4Practice mathematical calculations for simple/compound profit, future/present value, and zakat calculation.

5Study key Malaysian regulations, especially the Islamic Financial Services Act (IFSA) 2013 and Shariah Governance Policy Document.

6Ensure you are familiar with the various Muamalat contracts such as Murabahah, Musharakah, Mudharabah, and Wakalah.

Frequently Asked Questions

What is the Shariah RFP Module 1 exam?

It is the introductory module of the Shariah Registered Financial Planner program, focusing on the basics of Islamic financial planning.

Who administers the Shariah RFP examination?

The examination is administered by the Malaysian Financial Planning Council (MFPC).

What is the passing score for Shariah RFP Module 1?

Candidates must achieve at least 50% to pass the exam.

Is there a time limit for the Shariah RFP Module 1 exam?

Yes, candidates have 2 hours and 30 minutes to complete the exam.

How much does the Shariah RFP Module 1 exam cost?

The examination fee is approximately RM 300 per module.