UNIVERSITI SAINS ISLAM MALAYSIA  

SEMESTER I SESI AKADEMIK
   
2022/2023
     
DATE: FEBRUARY 2023  DURATION: 3 HOURS
     
MEA2053
   
ISLAMIC ECONOMICS
     
INSTRUCTION TO CANDIDATES:
   
1. This simulation paper can only be attempted ONCE and COMPULSORY to all students.
2. This paper contains TWO (2) sections, Section A and Section B.
Section A : Multiple Choice Questions (60 Marks)
Section B : Essay Questions (40 Marks)

Method  
a. Used Microsoft Words as your answer sheet > Save as .pdf > Upload & Submit your .pdf
file in the Quiz submission area.
b. Write your answer in your own answer sheet > Scan using Adobe Scanner or any suitable
Scanner available (format: .pdf) > Upload & Submit your .pdf file in the
Quiz submission area.

3. All answers must be typed in English in the space provided. *answer sheet
4. Click the ‘Start Attempt’ button to start the examination.
5. Answer all questions within the time allocated for the examination.
6. The ‘Next Page’ is equivalent to the ‘Save Button’. Click this button to save your
answers before proceeding to the next questions.
7. The questions are in free flow format, so you will be able to go back to the questions
when you have click finish attempt.
8. Click 'Finish Attempt' button in the last question page to save your answer and to view
all answered question status (Summary of attempt).
9. Click 'Return to Attempt' button to change your answers OR click the ‘Submit All and
Finish’ button once you have answered all the questions and would like to submit your
answer.
 
 NOTES
 Candidates are not allowed to open any other computer applications during the
examination.
 Candidates are not allowed to reproduce any sections of the examination paper.
 Any technical problem occurs during the examination, please report using the form
below along with a full screenshot of the system as a reference.
 "Borang Laporan Masalah Teknikal Peperiksaan"
SECTION B: ESSAY QUESTIONS [40 Marks]

This section contains TWO (2) questions. Answer ALL questions. Each question carries 20
marks.

Question 1

The wealth of the consumer is equal to 2000. The different scenarios that can occur are
summarized in the following table below. Let us assume that the upper threshold level of
moderation is 800 for both spending on oneself and independents and spending on poor
relatives. Also assume that for every 100 spent, well-being increases by 20 if spending is within
the moderation limit and according to the order of priority. If it is the contrary, the well-being will
be reduced by 10 for every 100 spent contravenes the principles.

Scenari Spending on oneself Spending on Spending on saving Level of well-

o and dependents poor relatives charity being
A 800 800 200 200
B 800 0 600 600
C 700 0 1300 0
D 1000 800 0 200
E 1000 0 0 1000

Required:

a) Compute the well-being for scenarios A, B, C, D and E.

(10 marks)

b) Discuss FIVE (5) comparisons between Islamic consumers and conventional

consumers.
(10 marks)

[Total: 20 marks]

Question 2

Moderation in budgeting and priorities in spending are among the key guiding principles in
Islamic fiscal policy.

Required:

a) What are the benefits of zakah in society?

(4 marks)

b) What do you think is the the most distinguishing feature of an Islamic fiscal policy?
(4 marks)

c) Compare the differences between zakah and tax in term of objective, rate and
beneficiaries.
(12 marks)
[Total: 20 marks]