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The Statement of Financial Position for Bank QARD as at 31st December 2021 is given below

Statement of Financial Position as at 31st

December 2021

ASSETS	RM 'million
(Cash and balances with banks and agents).	155
.(Deposits and placement with financial institutions).	210
(Investments: Held for trading).	38
(Investments: Available for sale).	33
Statutory deposits with Bank Negara Malaysia).	25
(Murabahah Financing).	280
(Other Financing).	100
(Tax recoverable).	9
(Accounts receivable	15
Fixed asset	350
	1,215
LIABILITIES
Deposit from customers).	735
Deposits and placements of banks and other financial instituision	50
(Accounts payable	60
SHAREHOLDERS' FUNDS
(Shareholders fundsl)	300
Reserves)	40
Retained Earning	25
	1215

(Additional Information at the end of the year:)

1. (Investment securities for held for trading and available for sale are regarded as current asset.)

Ii. (5% of account receivable is non-recoverable and need to be written off. This provision has not been provided for.)

Iii. (Investments: Held for trading for the year 2021 include quoted securities of RM21 million and unquoted securities of RM17 million.The market value of quoted securities at the end of the year 2021 is RM23 million.)

Iv. (Investments: Available for sale for the year 2021 amounting to RM19 million are to be reclassified as non-current asset. The balance of the securities is quoted securities which has a market value of RM18 million at the end of year 2021.)

V. (Included in the shareholders funds is the equity owed by charitable organizations amounting to RM15 million.)

Required:

1. (Determine the amount of Zakat payable by QARD Bank for the financial year ended 31st December 2021 using the net assets method and Net Invested Funds Method.) (15 markah
2. (What is the Islamic concept with regards to wealth ownership?)
3. (Based on surah At Taubah verse 60, we can identify eight(8) groups of Asnaf to

whom Zakat should be distributed. Amongst them are Muallaf, Fisabilillah and

Gharimin. Explain these three categories of Asnaf.)

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