Amir joined Takaful Sayang by paying RM400 per month. Takaful Sayang, with a contract mudharabah investment, has two accounts which are Participant Special Account (PSA) a Participant Account (PA). The takaful offers the following PSA rates: Year First Second Third Fourth Fifth Sixth to tenth Eleventh onwards PSA (%) 100* -10 -40 -50 -60 -70 -80 * Initial percentage. Any positive or negative increment in the monthly rates shown above is based on the initial rate in the first year. After twenty-five (25) years, Amir wants to terminate the takaful contract. Based on the abo information, answer the following questions. (a) How much is the total amount of money that has become tabarru' in that Takaful?

Amir joined Takaful Sayang by paying RM400 per month. Takaful Sayang, with a contract mudharabah investment, has two accounts which are Participant Special Account (PSA) a Participant Account (PA). The takaful offers the following PSA rates: Year First Second Third Fourth Fifth Sixth to tenth Eleventh onwards PSA (%) 100* -10 -40 -50 -60 -70 -80 * Initial percentage. Any positive or negative increment in the monthly rates shown above is based on the initial rate in the first year. After twenty-five (25) years, Amir wants to terminate the takaful contract. Based on the abo information, answer the following questions. (a) How much is the total amount of money that has become tabarru' in that Takaful?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Q: Suppose a customer visits an Islamic Bank for opening investment account. This investment account is opened through Mudharabah contract. Required: Identify the nature (type) of contract. What are the roles (names) of Islamic Bank and customer in this contract? If the Islamic Bank decides that the customer (depositor) will be compensated with a 10% rate of return at the end of each month for the first year and then according to the KIBOR rate. Is this return allowed in Islamic Law? What are Islamic principles (Shariah rulings) regarding the profit and loss distribution in a Mudharabah contract?
Consider a credit card with a balance of $7000. You wish to pay off the credit card in each scenario. Calculate the following. Round your answer to the nearest cent, if necessary.a. The amount of a monthly payment within the time frame givenb. The total amount paid over the time period12. APR of 17.99% paid off within 1 year APR of 24% paid off within 3 years
Explain the meaning of a 20% annual percentage rate (APR) quotedby the credit c.ird company? And how the credit card company calculates theinterest payment?
A loan of X is repaid with level payments of R payable at the end of each year for n years. You are given: (i) The interest paid in year 1 is 797.50. (ii) The principal repaid in year n-4 is 865. (iii) The principal outstanding at the end of year n-1 is 1,144.50. Determine X. A B с D E 9,500 10,000 10,500 11,000 11,500
‏Bank Sohar provides a financing facility based on‏murabahah to the Purchase Orderer principles to‏Ahmad for the purpose of house purchase.‏The financing is amounting to OR 55000 at a‏constant rate of return 3% for a period of 8 years.‏Calculate the annual installment payment.
Salma Corporation sells on terms of net/90. Their accounts receivable are on average 20 days past due. If annual credit sales are P800,000, what is the company’s average investment in accounts receivable? choose the letter of correct answera. P44,444.00b. P144,444.00c. P224,444.00d. P244,444.00e. P344,444.00
tme unIount 0I Ict T ccCIvao. Question 6.2: Bank Mysarah provides a financing facility based on the principles Murabahah to the Purchase orderer to Barakah Construction. to purchase specialized equipment to be used for their business project. The financing amounted to OR 500.000 at a constant rate of return of 10% for a period of 5 years. The annual installment payment is OR 150,000. Required : a) Prepare journal entries for Bank Mysarah only for the first year and final year of the contract. b) Present a statement showing the amount of net receivable and murabahah income for the whole duration of the contract. 6.3
‏Bank Sohar provides a financing facility based on‏murabahah to the Purchase Orderer principles to‏Ahmad for the purpose of house purchase.‏The financing is amounting to OR 55000 at a‏constant rate of return 3% for a period of 8 years.‏Calculate the annual installment
Lily Corp. Corp. sells on term 2/20, net 40. Total credit sale for the year are P180,000. 40% pays on the 20th day and take discounts while the rest pay on the due date. What is the average amount of accounts receivable? (Use 360-day year) a. 16,000 b. 36,667 c. 26,667 d. 12,000
Company is contemplating factoring its accounts receivable. The factor will acquire P250,000 of the company’s accounts receivable every 2 months. An advance of 75 percent is given by the factor on receivables at an annual charge of 18 percent. There is a 2 percent factor fee associated with receivables purchased. What is the cost of the factoring arrangement? choose the letter of the correct answera. P30,000.00b. P33,750.00c. P63,750.00d. P103,000.00e. P125,000.00
Kumi Ltd permits its customers to pay with a credit card or to receive a percentage discount x for paying cash. For credit card purchases, the companyreceives 97% of the purchase price one-half month later. Determine the value of x that would make the two payment methods equivalentif the company’s annual rate of return is 14%.
A loan association requires that loans be repaid by uniform monthly payments which includes monthly interest calculated on the basis of nominal 5.4% per annum. If Php 5000 is borrowed to be repaid in 10 years, what must be the monthly payment? a. Php 79.12 b. Php 65.31 c. Php 86.55 d. Php 54.02