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You signed a one-year Thakaful contract with Giga operator, who manages Takaful Fund on Wakala-Mudarbe basis. Giga operator charger a wakala foc of 22 percent.

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You signed a one-year Thakaful contract with Giga operator, who manages Takaful Fund on Wakala-Mudarbe basis. Giga operator charger a wakala foc of 22 percent. The remaining contribution from each participant is divided into Participant risk fund (PRF) and Participant investment fund (PIF). The distbution is such that 20% of the contribution after deducting wakala fee is invested in PRF and the remaining contribution is invested in PIF. The funds in the PIF account are invested under the supervision of both the operator and Shariah Advisory Board. Suppose that there are 296 participants in the Takaful Fund, who cach provide an initial contribution of 3,651 AED. All started their contributions at the same time with the same terms of the contract. Suppose that there is 15% 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 cured on the PIF account, if no claims are made during the yeat? 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

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