You signed a one-year Takaful contract with Giga operator, who manages Takaful Fund on a Wakala-Mudaraba basis. Giga operator charges a wakala fee of 16 percent. The remaining contribution from each participant is divided into Participant risk fund (PRF) and Participant investment fund (PIF). The distrbution is such that 25% of the contribution after deducting wakala fee is invested in PIF and the remaining contribution is invested in PRF. The profit share of Giga operator in PIF account is 33%. The funds in the PIF account are invested under the supervision of both the operator and Shariah Advisory Board. Suppose that there. are 258 participants in the Takaful Fund, who each provide an initial contribution of 1,777 AED. All started their contributions at the same time with the same terms of the contract. Suppose that there is 16% average return on the accumulated funds in PIF at the end of the year. The Takaful Fund is renewed every year, the surplus is distributed to the participants on yearly basis and claims are settled into the account at the end of the year. What will be the amount of profit earned on the PIF account, if no claims are made during the year? Note: Please write your final answer in the box below and elaborate on all the steps for calculation in the space provided in the next questions. Please elaborate on the steps that you followed to get the answer in the above question. Furthermore, what will be the profit share of the Takaful company in PIF. If instead of profit, there is a loss of AED 5000 on PIF, what will be the loss share of Takaful company. You signed a one-year Takaful contract with Giga operator, who manages Takaful Fund on a Wakala-Mudaraba basis. Giga operator charges a wakala fee of 16 percent. The remaining contribution from each participant is divided into Participant risk fund (PRF) and Participant investment fund (PIF). The distrbution is such that 25% of the contribution after deducting wakala fee is invested in PIF and the remaining contribution is invested in PRF. The profit share of Giga operator in PIF account is 33%. The funds in the PIF account are invested under the supervision of both the operator and Shariah Advisory Board. Suppose that there. are 258 participants in the Takaful Fund, who each provide an initial contribution of 1,777 AED. All started their contributions at the same time with the same terms of the contract. Suppose that there is 16% average return on the accumulated funds in PIF at the end of the year. The Takaful Fund is renewed every year, the surplus is distributed to the participants on yearly basis and claims are settled into the account at the end of the year. What will be the amount of profit earned on the PIF account, if no claims are made during the year? Note: Please write your final answer in the box below and elaborate on all the steps for calculation in the space provided in the next questions. Please elaborate on the steps that you followed to get the answer in the above question. Furthermore, what will be the profit share of the Takaful company in PIF. If instead of profit, there is a loss of AED 5000 on PIF, what will be the loss share of Takaful company