CHAPTER 7 - Application of Funds

Below are the types of Shariah contracts in the Islamic Banking deposit product, EXCEPT:

• Qard Hasan

• Wadi’ah Yad Dhamanah

• Mudarabah

• Bai’ Bithamanil Ajil. 

What are the underlying shariah contract should be in Musyarakah Mutanaqisah?

• Musyarakah + Ijarah + Bai’

• Musyarakah + Ijarah + Wakalah

• Musyarakah + Murabahah + Ijarah

• Musyarakah + Murabahah + Bai’ al-Dayn

 

What the first experiment showed for commercial facility in the Islamic Banking System?

• To reach the highest depositor

• The basic of commercial bank systems like conventional banking 

•   On the basis of Islamic principles which prohibited Riba

• To introduce the board of syariah supervisory in the Islamic banking systems 

CONVENTIONAL HIRE PURCHASE - Floating based on the annual rate, decide up front 

ISLAMIC HIRE PURCHASE - X

What is X on the Motor Vehicle Facilities?

 

• Profit is decided during agreement

• Profit margin is decided based on market value 

• Profit margin should not exceed market value 

• Profit is decided after services fee was calculated

The advance payment of a partial amount of the total sale price is made to the  seller which constitutes part of the purchase price should the buyer decide to buy the goods. The above statement refers to:

• Lump sum payment

• Cash sales

• Deferred payment sales

• Deposit

Given:

The purchase price of house =   RM 400,000.00

The profit rate = 8% per annum

The period of financing = 30 years

Annuity factor = 0.00836423

Calculate the amount of profit.

• RM 804,448.00

• RM 804,484.00

• RM 804,884.00

• RM 804,488.00

In Islamic Credit card, the concept of X is based on the basis where a buyer purchases a commodity from a seller on a deferred payment basis

Z is a hire purchase facility which allows the customer to hire an asset and subsequently purchase the asset from the Bank at the end of lease tenure. What is Z?

• Bai bithaman ajil

• Al- ijarah thumma al bai

• Al- ijarah

• Al- hiwalah

Which statement is not true?

• Musyarakah also commonly known as partnership is Islamic financing

• Bai bithaman ajil means a sale on a deffered payment

• Bai al istisna' is to make a contract with a skilled person to make something

• Ijarah is a hire purchase facility which allows the customer to hire an asset and purchase it at the end of lease tenure

Give below:

Cost of finance  = RM30,000

Profit rate  = 8 % per annum

n  = 5 years

What is the total lease rental?

• RM42,000

• RM700

• RM12,000

• RM30,000