Question No: 3 Part A Please contemplate the following scenarios and answer accordingly. a. I has entered into Murabaha transaction with Mr. Daghabaaz. Mr. Daghabaaz defaulted on payments of installment later and IB charged accordingly provision as per the aging of receivable. However, Mr. Daghabaaz contacted bank to request a rollover on said transaction to avoid blacklisting. Requirement: As an Islamic Banker, do you think I can charge any penalty for late payment to Daghabaaz and grant rollover facility. (Marks: 5) b. Islamic banks are often criticized for following KIBOR as pricing benchmark in structuring various products at asset and liability side. As it creates similarity with conventional banking and doubts among stakeholders, they demand IB to adopt/develop other pricing benchmarks which are innovative, transparent, and more suitable to shariah precepts. Requirement: As an Islamic Banker, please evaluate if following KIBOR poses a shariah non-compliance risk and discuss reasons and constraints which push an Islamic bank to follow KIBOR. (Marks: 5)