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In the year 2020, Bank Afreen earned annual profit attributable to Mudarabah depositors ( Mudarabah Mutlaqah ) before distributing profit to the Bank amounting to
- In the year 2020, Bank Afreen earned annual profit attributable to Mudarabah depositors (Mudarabah Mutlaqah) before distributing profit to the Bank amounting to RM12,500,000. Depositors profit sharing ratio under Mudarabah deposit account is currently at 0.7 (70:30 Depositors: Bank). Following are the informations pertaining to deposit types, average balance, and the weights used for the Mudarabah deposit account in the Bank for the year 2020:
Deposit Types | Average Balance (2020) | Weights |
6 months & less | 10,000,000 | 0.5 |
12 months & less | 40,000,000 | 1.0 |
More than 12 months | 100,000,000 | 1.5 |
- Calculate the following:
- The amount of profit due to the depositors.
- Weighted average balance for each deposit types.
- Depositors share of profit based on the weighted average balance
- Depositors rate of return for each deposit types.
- ii .Based on the depositors rate of return, calculate the profit attributable Junaid who invested RM300,000 in the Mudharabah General Investment Account from 1st June 2020 to 31 December 2020.
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