Matric Number: Section: ISF 3106 Question 1 (a) The following are relevant information on the results of the business operations for Shariah Islamic Bank financial year ending 31 December 2019. The profit from the operation is before the distribution of profit to mudharabah depositors. The agreed profit-sharing ratio between Shariah Islamic Bank and mudharabah depositors is 75:25 respectively. Based on the case, which profit distribution policy do you think Shariah Islamic Bank may adopt? Please show all your workings and provide reasons. Details Income from operations Expenses from operations Utilities bills Fee based income Amount (RM) 64,500,000 31.500.000 5.550.000 7.950.000 (10 marks) (b) Based on the calculated profit earlier, calculate the depositor's rate of return for each deposit types. Please compute profit due to Alif who has invested RM 300.000 from 1 February to 1 September 2019. Below is the following information pertaining to the deposit types, average balance, and the weights used for mudharabah deposit account in the Shariah Islamic Bank for the year 2019: Deposit Types 6 months and less 9 months and less 12 months and less More than 12 months Average balance 52.500.000 60,000,000 67,500,000 45,000,000 225,000,000 Weights 0.25 0.50 1.00 1.20 (10 marks) (c) Evaluate the differences between the financial reporting of Islamic banks as required by AAOIFI accounting standard and MFRSs/IFRSs by referring to financial statements 2019 in Bahrain Islamic Bank and Bank Muamalat Malaysia Berhad. (5 marks) (d) According to MFRS and AAOIFI, where should the mudharabah investment disclosed in the Statement of Financial Position? Please state the reason. (5 marks) [30 marks) 3 Matric Number: Section: ISF 3106 Question 1 (a) The following are relevant information on the results of the business operations for Shariah Islamic Bank financial year ending 31 December 2019. The profit from the operation is before the distribution of profit to mudharabah depositors. The agreed profit-sharing ratio between Shariah Islamic Bank and mudharabah depositors is 75:25 respectively. Based on the case, which profit distribution policy do you think Shariah Islamic Bank may adopt? Please show all your workings and provide reasons. Details Income from operations Expenses from operations Utilities bills Fee based income Amount (RM) 64,500,000 31.500.000 5.550.000 7.950.000 (10 marks) (b) Based on the calculated profit earlier, calculate the depositor's rate of return for each deposit types. Please compute profit due to Alif who has invested RM 300.000 from 1 February to 1 September 2019. Below is the following information pertaining to the deposit types, average balance, and the weights used for mudharabah deposit account in the Shariah Islamic Bank for the year 2019: Deposit Types 6 months and less 9 months and less 12 months and less More than 12 months Average balance 52.500.000 60,000,000 67,500,000 45,000,000 225,000,000 Weights 0.25 0.50 1.00 1.20 (10 marks) (c) Evaluate the differences between the financial reporting of Islamic banks as required by AAOIFI accounting standard and MFRSs/IFRSs by referring to financial statements 2019 in Bahrain Islamic Bank and Bank Muamalat Malaysia Berhad. (5 marks) (d) According to MFRS and AAOIFI, where should the mudharabah investment disclosed in the Statement of Financial Position? Please state the reason. (5 marks) [30 marks) 3