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You applied to an Islamic Bank for financing a 6 0 0 0 0 0 QR apartment using Finance Lease ( Ijara muntahia bi atmleek
You applied to an Islamic Bank for financing a QR apartment using Finance Lease Ijara muntahia bi atmleek
The bank accepted and requested from you a down payment Hamish Jiddiyah from the cost of the apartment.
The bank leased the apartment to you for QR monthly. The monthly payment towards the Banks finance is QR The last installment will be used to close the balance.
N : If the duration is months, for instance, the bank would close the balance on the th month. Profit will be calculated only for months.
Find the following:
The amount of the banks finance
The down payment
The monthly installment paid
The duration to acquire the ownership of the apartment Months
The banks profit
The amount of the last installment.
The Banks annual rate of return
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