Al Zain Company needs cars for its operations. On January 2019, Al Zain makes an Ijarah...

 

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Al Zain Company needs cars for its operations. On January 2019, Al Zain makes an "Ijarah Muntahia Bittamleek" contract with Meethaq Islamic Bank (MIB) for 11 years. MIB purchases 6 cars. Purchase cost of each car is 14300 OMR and maintenance expenses for each car is 400 OMR per year. Al Zain will pay 500 OMR per car for each month as rent payment. At the end of contract, MIB agrees to sell each car at 2800 OMR. What is total REVENUE of MIB? Al Zain Company needs cars for its operations. On January 2019, Al Zain makes an "Ijarah Muntahia Bittamleek" contract with Meethaq Islamic Bank (MIB) for 11 years. MIB purchases 6 cars. Purchase cost of each car is 14300 OMR and maintenance expenses for each car is 400 OMR per year. Al Zain will pay 500 OMR per car for each month as rent payment. At the end of contract, MIB agrees to sell each car at 2800 OMR. What is total REVENUE of MIB?

Answer rating: 100% (QA)

Calculating MIBs Total Revenue Heres how we calculate the total revenue of MIB from this contract 1 ... View the full answer