Question Completion Status: Moving to another question will save this response. Oon 19 20 Question 19 3 points Suppose that on January 10, 2008, 2.123 shareholders establish an Emirates Takaful Fund (ETF), a separate Shariah entity, on Wakala basis of Islamic contract by contributing AED 1,031 at the beginning in the form of donations. The purpose of the setting up of ETF is to provide the shareholders a relief against losses and to protect against risks (homes, cars and accidents). While setting up ETF, the shareholders decided to hire Abu Dhabi Investment Bank (ADIB) as the Wakeel. In the beginning it was also decided that 35% goes to the operator as Wakala Fee, while rest of the contribution goes to Participants' Risk Account (PRA), which is invested under the supervision of both the operator and Shariah Advisory Board. Suppose that there are 2,123 participants in the ETF who provided the initial investments for the ETF 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 claims on ETF. Further suppose that there is 10% average return on the accumulated funds in ETF at the end of the year, where the donations in the ETF are invested. In addition, the Takaful contract is renewed every year, surplus MAY be distributed to the participants on yearly basis and claims are settled in to the account at the end of the year. What will be total amount accumulated (contributions + profit) in the PRA at the end of the year if there is no claim but an advertising cost of AED 259,316? I Question Moving to another question will save this response. MacBook Pro o Question Completion Status: Moving to another question will save this response. Oon 19 20 Question 19 3 points Suppose that on January 10, 2008, 2.123 shareholders establish an Emirates Takaful Fund (ETF), a separate Shariah entity, on Wakala basis of Islamic contract by contributing AED 1,031 at the beginning in the form of donations. The purpose of the setting up of ETF is to provide the shareholders a relief against losses and to protect against risks (homes, cars and accidents). While setting up ETF, the shareholders decided to hire Abu Dhabi Investment Bank (ADIB) as the Wakeel. In the beginning it was also decided that 35% goes to the operator as Wakala Fee, while rest of the contribution goes to Participants' Risk Account (PRA), which is invested under the supervision of both the operator and Shariah Advisory Board. Suppose that there are 2,123 participants in the ETF who provided the initial investments for the ETF 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 claims on ETF. Further suppose that there is 10% average return on the accumulated funds in ETF at the end of the year, where the donations in the ETF are invested. In addition, the Takaful contract is renewed every year, surplus MAY be distributed to the participants on yearly basis and claims are settled in to the account at the end of the year. What will be total amount accumulated (contributions + profit) in the PRA at the end of the year if there is no claim but an advertising cost of AED 259,316? I Question Moving to another question will save this response. MacBook Pro o
