Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Aman Suriah Corporation Berhad (ASC) and Mercure Holdings Berhad (Mercure) entered into a Mudharabah Al-Muqayyadah contract with Maryam Islamic Bank Berhad (MIB). In this agreement,

Aman Suriah Corporation Berhad (ASC) and Mercure Holdings Berhad (Mercure) entered into a Mudharabah Al-Muqayyadah contract with Maryam Islamic Bank Berhad (MIB). In this agreement, ASC and Mercure has provided monetary capital of RM30 million and RM15 million respectively to be managed and invested by MIB. The agreed profit sharing ratio (PSR) in this multilateral Mudharabah Al-Muqayyadah is 4:2:1 for ASC, Mercure and MIB respectively. Losses, if any, shall follow the capital contribution as is the case for Mudharabah contracts. MIB then entered into another Mudharabah contract (i.e. Re-Mudharabah) with Ashrof Development Berhad (ADB) to undertake a housing development project and they had agreed on the profit-sharing ratio of 75:25 (MIB:ADB).

Determine the: Capital recovered (by Rabbul Mal); AND Profits or losses to be shared at the end of the contract by all four (4) parties involved i.e. ASC, Mercure, MIB and ADB in the two (2) situations below: a. Profit RM100 million (6 marks) b. Loss RM5 million (6 marks) (Show your workings and round the figures to the nearest Ringgit.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions

Question

x-3+1, x23 Let f(x) = -*+3, * Answered: 1 week ago

Answered: 1 week ago