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Moving to another question will save this response. Quan 17 A 20 Question 17 3 points Save As Emirates Takaful operator offers one-year motor takaful
Moving to another question will save this response. Quan 17 A 20 Question 17 3 points Save As Emirates Takaful operator offers one-year motor takaful to all the participants and manages Motor Takaful Fund (MTF) on Mudasabah basis of Islamic contract. Suppose that the agreed Monthly Contribution/Donations by each member in MTF is 218 AED, where all contributions go to Participants Investment Fund (PIF). The accumulated funds in PIF are invested every month under the supervision of both the operator and Shariah Advisory Board. Suppose that there are 1,071 participants in the MTF and all started their contributions at the same time with the same terms of the contract. Once entered into the contract, a participant cannot terminate the contract for six months, else he will lose all his contributions to PIE Suppose that profit share of the operator is 45%, exclusive of all the management and operational expenses. Further suppose that there is 10% average return on the accumulated funds in PIF at the end of the year, where the contributions in the PIF are fully invested and the surplus will be distributed at the end of the year. In addition, the Takaful contract is renewed every year. What will be profit share of the operator at the end of the year? I A Moving to another question will save this response.
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