Close Window Sve News Moving to another question will save this response. Quention 2 A 32 Question 29 12 points Suppose Middle East Islamic (MEIB), a hypothetical bank, and Miss Hajrah, a hypothetical client, enter into a four-year Diminishing Musharakah car investment Contract where the value of the car is $ 60,000. The capital contribution in diminishing Musharakah project by MEIB is 80%, while Miss Hajrah shares 20% of the total Musharakah capital of $ 60,000. It is provided in the agreement that either party may exit, invite new partners or can buy sell her share to existing partner subject to the consent of both parties. Suppose that the benchmark profit rate is 8% per annum. Under the terms of the Musharakah contract Miss Hajrah can use the car but she will have to pay the rent of using car (as profit) on bank's share of investment for the duration she uses the banks share of the car. In addition, Miss Hajrah has the right to buy the car on diminishing Musharakah basis, i.e., every month she can buy one or more units of the car in addition to paying the rent of the car. Finally suppose that Miss Hajrah uses car until maturity of the Musharakah contract and buys one unit of the car every month for next four years and pays rent at the end of each month. Calculate monthly payment (rent + unit price) for Miss Hajrah at the end of 2nd month, if value of the car does not change over the time of the contract. MacBook Air 76 888 F F3 7 % 5 $ 4 6 o 3 T R Close Window Sve News Moving to another question will save this response. Quention 2 A 32 Question 29 12 points Suppose Middle East Islamic (MEIB), a hypothetical bank, and Miss Hajrah, a hypothetical client, enter into a four-year Diminishing Musharakah car investment Contract where the value of the car is $ 60,000. The capital contribution in diminishing Musharakah project by MEIB is 80%, while Miss Hajrah shares 20% of the total Musharakah capital of $ 60,000. It is provided in the agreement that either party may exit, invite new partners or can buy sell her share to existing partner subject to the consent of both parties. Suppose that the benchmark profit rate is 8% per annum. Under the terms of the Musharakah contract Miss Hajrah can use the car but she will have to pay the rent of using car (as profit) on bank's share of investment for the duration she uses the banks share of the car. In addition, Miss Hajrah has the right to buy the car on diminishing Musharakah basis, i.e., every month she can buy one or more units of the car in addition to paying the rent of the car. Finally suppose that Miss Hajrah uses car until maturity of the Musharakah contract and buys one unit of the car every month for next four years and pays rent at the end of each month. Calculate monthly payment (rent + unit price) for Miss Hajrah at the end of 2nd month, if value of the car does not change over the time of the contract. MacBook Air 76 888 F F3 7 % 5 $ 4 6 o 3 T R