Force Completion Once started, this test must be completed in one sitting. Do not leave the test before clicking Save and Submit. Remaining Time: 1 hour, 19 minutes, 40 seconds. Question Completion Status: 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 > Moving to another question will save this response. >> Question 15 5 points Save Answer Suppose that on January 10, 2008, 2,060 shareholders establish an Emirates Takaful Fund (ETF), a separate Shariah entity, on Wakala-Waqf basis of Islamic contract by contributing AED 1,034 at the beginning in the form of donations. The purpose of the setting up of ETF is to provide the shareholders a relief against losses and to protect against risks (homes, cars and accidents). While setting up ETF, the shareholders decided to hire Abu Dhabi Investment Bank (ADIB) as the Wakecl, who also works as Mudarib on 20%-80% profit share basis. In the beginning it was also decided that 39% goes to the operator as Wakala Fee, while rest of the contribution goes to Participants' Risk Account (PRA), which is invested under the supervision of both the operator and Shariah Advisory Board. Suppose that there are 1000 participants in the ETF who provided the initial investments for the ETF and all started their contributions at the same time with the same terms of the contract. Once catered into the contract, a participant cannot terminate the contract for six months; else, he will lose all his claims on ETF. Further suppose that there is 10% average return on the accumulated funds in ETF at the end of the year, where the donations in the ETF are invested (after maintaining the reserve). In addition, the ETF is renewed every year, surplus MAY be distributed to the participants on yearly basis and claims are settled in to the account at the end of the year. What will be total amount accumulated (contributions + profit) in the PRA at the end of the year if there is no claim but an advertising cost of AED 20,000? > A Moving to another question will save this response. >> MacBook Pro 710 Force Completion Once started, this test must be completed in one sitting. Do not leave the test before clicking Save and Submit. Remaining Time: 1 hour, 19 minutes, 40 seconds. Question Completion Status: 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 > Moving to another question will save this response. >> Question 15 5 points Save Answer Suppose that on January 10, 2008, 2,060 shareholders establish an Emirates Takaful Fund (ETF), a separate Shariah entity, on Wakala-Waqf basis of Islamic contract by contributing AED 1,034 at the beginning in the form of donations. The purpose of the setting up of ETF is to provide the shareholders a relief against losses and to protect against risks (homes, cars and accidents). While setting up ETF, the shareholders decided to hire Abu Dhabi Investment Bank (ADIB) as the Wakecl, who also works as Mudarib on 20%-80% profit share basis. In the beginning it was also decided that 39% goes to the operator as Wakala Fee, while rest of the contribution goes to Participants' Risk Account (PRA), which is invested under the supervision of both the operator and Shariah Advisory Board. Suppose that there are 1000 participants in the ETF who provided the initial investments for the ETF and all started their contributions at the same time with the same terms of the contract. Once catered into the contract, a participant cannot terminate the contract for six months; else, he will lose all his claims on ETF. Further suppose that there is 10% average return on the accumulated funds in ETF at the end of the year, where the donations in the ETF are invested (after maintaining the reserve). In addition, the ETF is renewed every year, surplus MAY be distributed to the participants on yearly basis and claims are settled in to the account at the end of the year. What will be total amount accumulated (contributions + profit) in the PRA at the end of the year if there is no claim but an advertising cost of AED 20,000? > A Moving to another question will save this response. >> MacBook Pro 710