Othman al Habshi needs $50,000 for his son’s wedding. He decided to seek Islamic financing using tawarruq financing from Bank Islam of Yemen with a term of 10 years. If the bank uses a 7% compound rate a year and Othman intends to pay 10 equal annual instalments, calculate using Excel or a formula or relevant financial table, the amount of the instalment he has to pay per year. Use the =pmt Excel formula or the formula given in this chapter with the help of tables.