Mr Hamad made a non-binding promise to an Islamic bank that he would buy a vehicle from

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Mr Hamad made a non-binding promise to an Islamic bank that he would buy a vehicle from the bank and paid USD 240 as Hamish Jiddiyyah. The bank purchased a car for USD 500 and offered it to Mr Hamad for USD 650. Mr Hamad decided not to buy the car at this price and so the bank sold the car for USD 600 to another customer. Which of the following will apply?

a. The bank should charge a loss of USD 50 to profit and loss.

b. The bank should deduct USD 50 from Hamish Jiddiyyah.

c. The bank should record USD 150 as income and deduct USD 50 from Hamish Jiddiyyah.

d. The bank should record USD 100 as income and return Hamish Jiddiyyah in full.

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