A bank customer requests financing for five air conditioning units (A/Cs) on a three - year lease from the bank. The bank buys the assets and leases them for three years. Financial details RM Cost of A/Cs 5,000.00 Five – year life - annual depreciation 1,000.00 p.a. Insurance (Takaful) 300.00 p.a. Year 1 Year 2 Profit required by the bank 450.00 350.00 Year 3 250.00 REQUIRED: a. Define ljarah concept according to AAOIFI b. Calculate yearly ljarah rental in order to cover the costs and to make the required profit
A bank customer requests financing for five air conditioning units (A/Cs) on a three - year lease from the bank. The bank buys the assets and leases them for three years. Financial details RM Cost of A/Cs 5,000.00 Five – year life - annual depreciation 1,000.00 p.a. Insurance (Takaful) 300.00 p.a. Year 1 Year 2 Profit required by the bank 450.00 350.00 Year 3 250.00 REQUIRED: a. Define ljarah concept according to AAOIFI b. Calculate yearly ljarah rental in order to cover the costs and to make the required profit
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter8: Current And Contingent Liabilities
Section: Chapter Questions
Problem 40BE: Accrued Interest On May 1, the Garnett Corporation wanted to purchase a $200,000 piece of equipment,...
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Mortgages
A mortgage is a formal agreement in which a bank or other financial institution lends cash at interest in return for assuming the title to the debtor's property, on the condition that the obligation is paid in full.
Mortgage
The term "mortgage" is a type of loan that a borrower takes to maintain his house or any form of assets and he agrees to return the amount in a particular period of time to the lender usually in a series of regular equally monthly, quarterly, or half-yearly payments.
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