FINAL EXAM (MUDHARABAH & MURABAHAH FINANCING)

Choose TWO (2) conditions of capital in Mudharabah? (You can tick any 2 correct answers)

• The capital must not be delivered to the possession of the mudharib entirely.

• The capital must be in the form of money and not commodities.

• The capital must be not specified, determined and known at the time of contract.

• The capital must be in the form of available cash.

Which of the following relevant journal entries is CORRECT when being provided Mudharabah financing to mudharib?

• dr Mudharabah Financing Account

  cr Profit & Loss Account

• dr Cash Account

  cr Profit & Loss Account

• dr Cash Account

  cr Mudharabah Financing Account

• dr Mudharabah Financing Account

  cr Cash Account

Which of the following relevant journal entries is CORRECT when being received repayment of capital by Mudharib?

• dr Mudharabah Financing Account

  cr Profit & Loss Account

• dr Cash Account

  cr Profit & Loss Account

• dr Mudharabah Financing Account

  cr Cash Account

• dr Cash Account

  cr Mudharabah Financing Account

Which of the following relevant journal entries is CORRECT when being received profit from Mudharib?

• dr Mudharabah Financing Account

  cr Profit & Loss Account

• dr Cash Account

  cr Profit & Loss Account

• dr Mudharabah Financing Account

  cr Cash Account

• dr Cash Account

  cr Mudharabah Financing Account

Choose TWO (2) similarities between Murabahah Financing and Bai’ Bithaman Ajil (BBA) correctly. (You can tick any 2 correct answers)

• Both obliged to disclose mark up.

• Both are trade financing (sales at mark up price)

• Both involved 3 parties

All of the following matters in Murabahah contract that must be followed by the seller and buyer to comply with shariah EXCEPT..

• The murabahah must not involve any of ribawi items.

• The Islamic bank must actually hold and own the property before selling it to the customer.

• The cost price must be known by the purchaser at the time of the contract.

• The Islamic bank should not bear the risk in the trade.

Al-Haj Bhd provided a financing to Sutera Sdn Bhd. The financing amount was RM300,000 and they were required to make installments quarterly basis of RM30,000 for 5 years.How much is the marked-up price?

• RM150,000

• RM300,000

• RM500,000

• RM600,000

Which of the following relevant journal entries is CORRECT when installment is due but not yet received in Murabahah Financing?

• dr Account Receivables

  cr Profit & Loss Account

• dr Cash Account

  cr Profit & Loss Account

• dr Account Receivables

  cr Murabahah Financing Account

Ar-Rahman Bank provided financing of RM600,000 to Jaya Bhd. The term of financing is 5 years. If the annual installments is RM160,000, find rate of return in %

• 4.67%

• 5.67%

• 6.67%

• 7.67%

Which of the parties NOT involved in Murabahah Financing?

• Vendor

• Islamic Bank

• Partner

• Customer