A dairy manufacturing company (DMC) sought to finance machines from an Islamic Bank using a Murabaha for
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Question:
A dairy manufacturing company (DMC) sought to finance machines from an Islamic Bank using a Murabaha for Purchase Orderer. Through the operation, the Islamic Bank bought the machines for 8 000 000 QR cash (including all costs) to sell it to DMC with the following conditions:
DMC pays 10% down payment (hamish jiddiya) from the total cost
The profit rate of the Islamic Bank is 5 % per year.
DMC pays the Islamic Bank using equal monthly installments over 8 years.
Find the following:
The annuity Factory (No rounding, 5 digits after comma)
The monthly installment payment
The Murabaha Price
The Islamic Bank's Profit
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date: