Bank Jauhariah in Bahrin finances Sadiq Al Maghribi for him to purchase power generation equipment for his electricity generation plant on January 1, 2019, through a murabaha contract. The purchase price of the equipment is Bahraini Dinars 50 million. Sadiq pays a deposit of BD 10 million to Bank Jauhariah. The murabaha contract is for 5 years and the markup is BSD 10 million. The murabaha price is repayable in five equal yearly instalments on December 31 of each year. Sadiq paid the instalments on time every year until December 31, 2021. At the beginning of the fourth year, Sadiq requested to terminate the contract with payment of the balance. The bank agreed to give him a rebate of the full balance of the remaining unearned profit. The bank accrues the profit equally over the term of the contract and follows AAOIFI accounting standards. Required:

a) Calculate the Murabaha selling price.  

b) Calculate the yearly instalment.  

c) Calculate the profit earned each year.  

d) Calculate the rebate (ibra) given in the beginning of the fourth year.  

e) Calculate the redemption amount Sadiq needs to settle with the bank at the beginning of the fourth year. 

f) Show the extract of the statement of income and the statement of financial positions in respect of the transaction at the beginning of the transaction and the end of 2019.  

g) Evaluate the practice of Islamic Hire Purchase by Malaysian financial institution.