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On November 1, 2020, Mohammed paid BD100,000 as Hamish Jediah to Bank Aldewan for a house that is going to be financed using a murabaha financing mode. Two months later Mohammed and the Bank signed the contract with the following terms: the price at which the bank bought the house was BD3,000,000, the markup is 6% annually, and the sale price is going to be paid in 12 annual installments starting December 31st, 2021. The banks policy is to recognize the profit evenly over the tenor of the contract. The bank will charge a penalty of 2% per year for late payment, while in case of early payment the client is entitled for Ibra from the remaining unearned income. The bank follows CBBs regulations regarding prepayment fees, which is BD300

Required

Calculate the annual installment.

Calculate the unearned income at the time of signing the contract.

Determine the annual profit to be shown in the banks income statement of 2021.

As a result of the economic slowdown, Mohammed failed to pay the fifth and sixth installments. However, at the end of year seven, he paid the fifth, sixth and seventh installments. Calculate the total amount paid at the end of the seventh year.

How much of the payment paid by the clients in the above does not comply with Islamic sharia?

At the end of year 8, Mohammed informed the bank of his intention to settle all remaining installments, including the 8th installment. Calculate the amount paid by Mohammed to the bank.

please answer with the steps (not excel)

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