All Practice Exams
100+ Free IFMP Family Takaful Agents Certification (FTAC), Pakistan Practice Questions
Pass your IFMP Family Takaful Agents Certification (FTAC), Pakistan exam on the first try — instant access, no signup required.
✓ No registration✓ No credit card✓ No hidden fees✓ Start practicing immediately
N/A Pass Rate
100+ Questions
100% Free
Loading practice questions...
Same family resources
Explore More IFMP Pakistan Insurance Certifications
Continue into nearby exams from the same family. Each card keeps practice questions, study guides, flashcards, videos, and articles in one place.
2026 Statistics
Key Facts: IFMP Family Takaful Agents Certification (FTAC), Pakistan Exam
60%
Passing Score
Exam Body
2 hours
Time Limit
Exam Body
PKR 5,000
Exam Fee
Exam Body
Get ready for the IFMP Family Takaful Agents Certification (FTAC), Pakistan certification exam with our verified practice questions.
Sample IFMP Family Takaful Agents Certification (FTAC), Pakistan Practice Questions
Try these sample questions to test your IFMP Family Takaful Agents Certification (FTAC), Pakistan exam readiness. Each question includes a detailed explanation. Start the interactive quiz above for the full 100+ question experience with AI tutoring.
1Which of the following Shariah principles dictates that Takaful contributions are made as donations for mutual help, rather than premiums for risk transfer?
A.Riba
B.Gharar
C.Tabarru'
D.Maysir
Explanation: The principle of Tabarru' (donation) is fundamental to Takaful. It signifies that participants contribute to a common fund not to 'sell' their risk, but to mutually assist fellow participants in times of need, thereby embodying solidarity and brotherhood.
2The prohibition of 'Riba' in Takaful means that all financial transactions, including investments of the Takaful fund, must be free from:
A.Excessive uncertainty
B.Interest
C.Gambling
D.Speculation
Explanation: Riba explicitly refers to interest or usury, which is strictly forbidden in Shariah-compliant finance. Therefore, Takaful operations, from contributions to investments and surplus distribution, must be structured to avoid any form of interest-based dealings.
3What is 'Gharar' in the context of Takaful, and why is its presence prohibited?
A.It is the profit earned by the Takaful operator, prohibited if excessive.
B.It is the element of interest in financial transactions, prohibited as it leads to injustice.
C.It is excessive uncertainty or ambiguity in a contract, prohibited to ensure fairness and transparency.
D.It is the act of gambling or wagering, prohibited to prevent unjust enrichment.
Explanation: Gharar refers to excessive uncertainty or ambiguity in a contract. In Takaful, its prohibition ensures that contract terms are clear, transparent, and fair, protecting participants from hidden risks or unknown outcomes that could lead to dispute or injustice.
4The concept of 'Maysir' is prohibited in Takaful because it involves:
A.The charging of interest on loans or investments.
B.Excessive uncertainty regarding the subject matter of a contract.
C.Gambling or speculative activities where one party gains at the expense of another without equivalent value.
D.Exploitation of one party by another in a commercial transaction.
Explanation: Maysir refers to gambling or speculative activities where gain is dependent on chance or an uncertain future event, leading to one party gaining unfairly at the expense of another. Takaful aims to eliminate this element by operating on principles of mutual assistance and clear, transparent contracts.
5Which Shariah principle underlies the idea of mutual cooperation and solidarity among Takaful participants?
A.Amanah
B.Ta'awun
C.Adl
D.Falah
Explanation: Ta'awun signifies mutual cooperation, assistance, and solidarity. In Takaful, participants contribute to a common fund with the intention of helping each other in times of adversity, embodying the spirit of community support and shared responsibility.
6In the Wakalah (agency) model of Takaful, the Takaful operator primarily acts as a/an:
A.Insurer that guarantees fixed returns.
B.Agent managing the Takaful fund on behalf of participants.
C.Shareholder who solely owns the Takaful fund.
D.Lender providing interest-based loans to participants.
Explanation: Under the Wakalah model, the Takaful operator acts as an agent (Wakeel) for the participants. They are compensated through a pre-agreed fee for managing the Takaful fund and investing it according to Shariah principles, without owning the fund itself.
7In the Mudarabah (profit-sharing) model of Takaful, how is the surplus from the Participants' Takaful Fund typically shared?
A.It is fully distributed to the Takaful operator's shareholders.
B.It is fully distributed to the participants.
C.It is shared between the participants and the Takaful operator based on pre-agreed ratios.
D.It is reinvested entirely back into the operator's capital.
Explanation: Under the Mudarabah model, the Takaful operator acts as a Mudarib (entrepreneur) managing the participants' funds (Rabb-ul-Mal). Any surplus generated from the fund, after paying claims and expenses, is shared between the participants and the operator based on a pre-agreed profit-sharing ratio, aligning with Shariah principles.
8A fundamental requirement for Takaful funds is that they must be invested only in businesses and assets that are:
A.High-risk, high-return ventures.
B.Approved by the central bank only.
C.Shariah-compliant and free from Riba, Maysir, and Gharar.
D.Liquid assets, irrespective of their nature.
Explanation: All investments made with Takaful funds must strictly adhere to Shariah principles. This means avoiding any investments in businesses involved in prohibited activities (like alcohol, pork, gambling) and ensuring the financial instruments themselves are free from interest (Riba), excessive uncertainty (Gharar), and gambling (Maysir).
9What is the primary purpose of the Shariah Advisory Council (SAC) in a Takaful institution?
A.To manage the daily operations and investments of the Takaful fund.
B.To provide legal advice on corporate governance and regulations.
C.To ensure that all products, operations, and investments of the Takaful operator comply with Shariah principles.
D.To market Takaful products to potential participants.
Explanation: The Shariah Advisory Council (SAC) or Shariah Board is crucial for Takaful institutions. Its primary role is to independently review and approve all aspects of the Takaful operator's business to ensure strict adherence to Shariah principles, thereby maintaining the product's authenticity and trust among participants.
10The ownership of the Participants' Takaful Fund (PTF) rests with:
A.The Takaful operator's shareholders.
B.The individual participants collectively.
C.The Shariah Advisory Council.
D.The regulatory authority.
Explanation: In Takaful, participants contribute to the Participants' Takaful Fund (PTF) as Tabarru' (donations), making them the collective owners of the fund. The Takaful operator merely manages this fund on their behalf, distinguishing it from conventional insurance where the insurer owns the premium pool.
About the IFMP Family Takaful Agents Certification (FTAC), Pakistan Exam
Comprehensive practice question bank for the IFMP Family Takaful Agents Certification (FTAC), Pakistan exam.
Questions
100 scored questions
Time Limit
2 hours
Passing Score
60%
Exam Fee
PKR 5,000 (Institute of Financial Markets of Pakistan (IFMP))
IFMP Family Takaful Agents Certification (FTAC), Pakistan Exam Content Outline
20%
Shariah Principles Of Takaful
Principles of Shariah, Ribba, Maisir, and Gharar in Takaful.
20%
Family Takaful Fundamentals
Underlying concepts and operational models of Family Takaful.
20%
Underwriting And Claims
Family Takaful underwriting criteria, surplus distribution, and claim handling.
20%
Secp Takaful Rules And Ethics
SECP Takaful Rules, agent licensing, and ethical code of conduct.
20%
Sales And Customer Relations
Customer needs analysis, product suitability, and relationship management.
How to Pass the IFMP Family Takaful Agents Certification (FTAC), Pakistan Exam
What You Need to Know
- Passing score: 60%
- Exam length: 100 questions
- Time limit: 2 hours
- Exam fee: PKR 5,000
Keys to Passing
- Complete 500+ practice questions
- Score 80%+ consistently before scheduling
- Focus on highest-weighted sections
- Use our AI tutor for tough concepts
IFMP Family Takaful Agents Certification (FTAC), Pakistan Study Tips from Top Performers
1Review the official syllabus and study guides.
2Understand the core legal and practical frameworks.
3Practice time-management using full mock assessments.
4Take note of incorrect answers and review the detailed explanations.
Frequently Asked Questions
What is the passing score for IFMP Family Takaful Agents Certification (FTAC), Pakistan?
The passing score is typically 60%.
How long is the IFMP Family Takaful Agents Certification (FTAC), Pakistan exam?
The exam has a time limit of 2 hours.
How many questions are on the IFMP Family Takaful Agents Certification (FTAC), Pakistan exam?
The official exam format may vary, but our practice bank provides 100 comprehensive questions covering the entire syllabus.