An OIC Islamic Bank has granted Rebate (Ibra') to customer on the amount due and payable under any sale- based financing facility(ies) pursuant to several circumstances including upon receipt of the early settlement payment of the amount due before the maturity date of bank facility. The terms of the facility is as follows: Item Financing Financing amount RM 200,000.00 Ceiling profit rate (CPR) 10.6% Effective profit rate (EPR) BFR-2.2% (4.4% prevailing rate at point of contract) Selling price RM 482,450.94 Financing Tenure 20 years 20 years (240 months) Installment mode Monthly - Installment amount according to EPR If a customer, Mr. Ghabra Ghaur approached the OIC Islamic Bank for early settlement at the 48th installment and extract of the payment schedule for early settlement of financing as follows: No Payment Date Schedule of Deductions Monthly COF Profit on Outstanding Outstanding Deferred Installment Payment Cost (POC) Selling Price COF Profit O 30-06-2009 482,450.94 200,000.00 282,450.94 1 31-07-2009 1,255.00 521.67 733.33 481,195.94 199,478.33 281,717.61 2 31-08-2009 1,255.00 523.58 731.42 479,940.94 198,954.75 280,986.19 48 47 31-05-2013 1,255.00 617.32 637.68 423,465.94 173,295.49 250,170.45 30-06-2013 1,255.00 619.58 635.42 422,210.94 172,675.91 249,535.03 31-07-2013 1,255.00 621.85 633.15 420,955.94 172,054.06 248,901.89 REQUIRED: (a) Calculate the ibra' at the settlement at the 48th installment. 49 (5 marks) (b) Compute the settlement amount for Mr. Ghabra Ghaur. (5 marks) (c) Explain four (4) challenges issues between conventional leasing and Islamic leasing. An OIC Islamic Bank has granted Rebate (Ibra') to customer on the amount due and payable under any sale- based financing facility(ies) pursuant to several circumstances including upon receipt of the early settlement payment of the amount due before the maturity date of bank facility. The terms of the facility is as follows: Item Financing Financing amount RM 200,000.00 Ceiling profit rate (CPR) 10.6% Effective profit rate (EPR) BFR-2.2% (4.4% prevailing rate at point of contract) Selling price RM 482,450.94 Financing Tenure 20 years 20 years (240 months) Installment mode Monthly - Installment amount according to EPR If a customer, Mr. Ghabra Ghaur approached the OIC Islamic Bank for early settlement at the 48th installment and extract of the payment schedule for early settlement of financing as follows: No Payment Date Schedule of Deductions Monthly COF Profit on Outstanding Outstanding Deferred Installment Payment Cost (POC) Selling Price COF Profit O 30-06-2009 482,450.94 200,000.00 282,450.94 1 31-07-2009 1,255.00 521.67 733.33 481,195.94 199,478.33 281,717.61 2 31-08-2009 1,255.00 523.58 731.42 479,940.94 198,954.75 280,986.19 48 47 31-05-2013 1,255.00 617.32 637.68 423,465.94 173,295.49 250,170.45 30-06-2013 1,255.00 619.58 635.42 422,210.94 172,675.91 249,535.03 31-07-2013 1,255.00 621.85 633.15 420,955.94 172,054.06 248,901.89 REQUIRED: (a) Calculate the ibra' at the settlement at the 48th installment. 49 (5 marks) (b) Compute the settlement amount for Mr. Ghabra Ghaur. (5 marks) (c) Explain four (4) challenges issues between conventional leasing and Islamic leasing