Please read the cases and answer all questions.

a) Zamalah Bank Berhad provides a financing facility based on Murabahah to the Purchase Orderer principles to Hanadzlah for the purchase of a house. The financing is amounting to RM400,000 at a constant rate of return of 5.5% for a period of 10 years. The annual installment payment is RM62,000. At the end of the contract, Hanadzlah still owes the cumulative amount of repayments amounting to RM10,000. As part of the normal requirements of the bank, the customers will be charged a penalty fee of 5% for any outstanding amount due at the end of the contract. The bank's policy is to recognize the income received from penalty fee as part of the income to the bank.

You are required to:

i. Prepare extracts of the balance sheet and income statement of the bank from the beginning of the contract up to Year 5 to show the amount of net receivable and Murabahah income. (24 Marks)

ii. Based on the case above, please comment on the bank's policy of charging penalty on outstanding amount due of Murabahah financing repayment. (6 Marks)

b) Islamic Bank Berhad has decided to pay zakat on business wealth at the end of December 2022. The balance sheets provided by the bank can be found in Appendix 1. As the accountant at the bank, you are required to calculate the zakat payable amount for Islamic Bank Berhad using the Net Assets Method and Net Invested Funds Method. (10 Marks)