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At the beginning of ijarah contract
Equipment debit, cash credit

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Mudharabah, musyarakah

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1.At the end of first year;

2.At the end of ijarah term.

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�Bank IjarahBerhad entered into an Ijarah contract with Takaful Berhad to lease an equipment for a period of 3 years. Bank IjarahBerhad purchased equipment from an exporter on the 1st of January 2000 for RM 60,000. The bank has also incurred legal fees of RM 500 relating to Ijarah contract, which the bank considered to be material.

�The lease was treated as IjarahMuntahiaBiltamLeek through sale for a token consideration (agreed to be equivalent to 50% of the estimated residual value at the end of useful life).

Other details about the ijarah are as follows:

Fair value of the equipment:

At the beginning of y2000  RM60,000

At the end of the lease i.e. 31 December   RM2,000

Number of instalments on quarterly basis  12 times

Rentals at the end of each quarter  RM6,000

Estimated useful life   3 years

Estimated residual value at the end of useful life  RM4,000

Estimated expenditure incurred in the second year  RM1,200

Based on the question given on your lecture slide , you are required to prepare journal entries to record the above Ijarah contract for the following periods:

1) At the beginning of Ijarah contract;
2) On receipt of first rental;

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Depreciation

= (60,000 - 4,000)/ 3 years
= 18,666

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Depreciation = (historical cost - residual value) / useful life
= (60 000-4000) /3 years
=RM 18 666

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Sarah syazwani The first rental Dr cash account 6000Cr ijarah revenue account 6000At the end of first yearDr ijarah receivable 6000Cr ijarah revenue /p&l account 6000Dr p&l account 18666Cr provision for depreciation ijarah asset account  18666(Recognition of depre)Dr profit and loss acount 167Cr initial ijarah direct expense 167(Amortisation)

# data[].attributes.subject
Sarah syazwani The first rental Dr cash account 6000Cr ijarah revenue account 6000At the end of first yearDr ijarah receivable 6000Cr ijarah revenue /p&l account 6000Dr p&l account 18666Cr provision for depreciation ijarah asset account  18666(Recognition of depre)Dr profit and loss acount 167Cr initial ijarah direct expense 167(Amortisation)

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At the beginning of ijarah

Dr Fixed Asset  Acc  RM60000
Cr Cash RM60000
(Purchase of ijarah asset by the lessor)

Dr Ijarah Muntahia Bitamleek Asset acc RM60000
Cr Fixed Asset Acc RM60000
(Recognition of Ijarah Asset)

Dr Initial Ijarah DirectExpense Acc RM500
Cr Cash Acc Rm500
(Recognition of Ijarah initial direct cost)

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The first rental Dr cash account 6000Cr ijarah revenue account6000

# data[].attributes.subject
The first rental Dr cash account 6000Cr ijarah revenue account6000

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Dr cash account 6000
Cr ijarah revenue account 600

At the end of 1st year
Dr cash account 24 000
Cr ijarah revenue 24000

Dr depreciation expenses 18666
Cr Accumulated Depreciation for ijarah asset 18666

Dr profit and loss 167
Cr initial ijarah direct expenses 167

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Year 0
Dr Fixed asset (equipment) 60,000
Cr Cash account. 60,000
( Purchase of equipment)
Dr Ijarah muntahia bitamleek asset 60,000
Cr fixed asset 60,000
Dr Initial ijarah direct expense 500
Cr cash account 500

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At the beginning of ijarah

Dr. equipment rm60 000
Cr. cash account rm60 000
(Purchases of equipment)

Dr. Ijarah muntahia bitamleek rm60 000
Cr.fixed asset account rm60 000
(Recog of ijarah asset)

Dr initial ijarah direct expenses rm500
Cr cash account rm500
(Recog of ijarah initial direct cost)

# data[].attributes.body
At the beginning of ijarah
Year 0
Dr. Equipment 60 000
Cr. Cash acc 60 000
(Purchase of equipment)

Dr. Ijarah Muntahia bitamleek acc 60 000
Cr. Fixed asset acc 60 000
(recognition of ijarah asset)

Dr. Initial Ijarah direct exp acc 500
Cr. Cash acc 500
(recognition of ijarah initial

# data[].attributes.body
BEGINNING ijarah .
Dr fixed asset (equipment) 60,000
Cr Cash account        60,000
(purchase equipment )

Dr Ijarah muntahia biltamleek  60,000
Cr fixed asset    60,000
(recognition of ijarah asset)

Dr initial ijarah direct expense 500
Cr cash account   500
(recognition of ijarah initial direct cost)

RECEIPTS 1st rental
Dr cash account 6,000
Cr ijarah revenue  6,000
(receipt rental income

# data[].attributes.body
At the beginning of ijarah
Dr Equipment  RM60000
Cr Cash account  RM60000
(Purchase of equipment)

Dr ijarah muntahia bitamleek asset account   RM60000
Cr fixed asset account  RM60000
(Recognition of ijarah asset)

Dr initial ijarah direct expenses RM500
Cr cash account  RM500
(Recognition of ijarah initial direct cost)

ON RECEIPT OF 1st RENTAL
Dr cash account  RM6000
Cr ijarah revenue account RM6000
(Repayment by lessee)

# data[].attributes.body
AT the beginnings of Ijarah

Dr.    Equipment.   RM 60,000
Cr. Cash.                 RM 60,000
(Purchases equipment)

Dr.  Ijarah Muntahia Biltamleek. RM 60,000
Cr.   Fixed asset account RM 60,000
(Recognition of Ijarah asset)

Dr Initial Ijarah Direct Expenses. RM 500
Cr. Cash account   RM 500
(Recognition of Ijarah initial direct cost)

# data[].attributes.body
1. At the beginning of Ijarah Contract
Dt- Equipment RM60,000
Ct- Cash RM60,000

2. On receipt of First Rental
Dt-

# data[].attributes.body
At the begining of ijarah.
Dr Equipment 60000
Cr Cash account 60000

Dr ijarah muntahia bitamleek 60000
Cr Equipment 60000

Dr initial expenses 500
Cr cash account 500

# data[].attributes.body
1) Islamic deposit &investment,mudharabah,musharakah,

# data[].attributes.body
Finan

# data[].attributes.body
1.mudharabah,musyarakah,wakalah
2. Profit sharing

# data[].attributes.body
Mudharabah and musyarakah -profit sharing, murabahah-sale based, ijarah- lease based

# data[].attributes.body
1) mudarabah, musyarakah, wadiah, murabahah,ijarah

2)

# data[].attributes.body
1. Mudharabah, musyarakah, murabahah, wadiah
2. Partnership

# data[].attributes.body
1. Wadiah, mudarabah, murabahah, musyarakah
2.

# data[].attributes.body
1. Mudharabah

# data[].attributes.body
1. Mudharabah, musyarakah, murabahah and wadiah
2.

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Waalaikumussalam madam, mudarabah, musyarakah, wadiah, ijarah.

# data[].attributes.body
1) Mudharabah, Musyarakah, wadiah,murabahah

# data[].attributes.headline
Wan Nur Syahirah Wan Azlan.                                   1. Islamic financial products that we have learned so far is Islamic deposit and investment account,mudharabah,musyarakah,murabahah financing.                                     2.

# data[].attributes.subject
Wan Nur Syahirah Wan Azlan.                                   1. Islamic financial products that we have learned so far is Islamic deposit and investment account,mudharabah,musyarakah,murabahah financing.                                     2.

# data[].attributes.body
1)mudarabah,musharakah
2)sell-murabahah
Lease-ijarah
Partnership, mudhrbah, musyarakah,
Agency-wakalah

3)my ambitions wants to be a good n undrstnding lecturer..

# data[].attributes.body
1) mudarabah,musyarakah,wadiah,murabahah
2)SALE-BASED PRINCIPLE

Some of the most common modern Islamic finance product which are categorized as sale-based principle are Murabahah, Bai Bithaman Ajil ("BBA"), Bai Al-Salam, Bai Al-Istisna, Bai Al-Inah and Bai Al-Dayn.

LEASE-BASED PRINCIPLE

Ijaraj is a contract which works on a lease-based principle. Ijara means to give something on rent. Ijara can operate on the operating lease mechanism or the financial lease mechanism. The notable difference between the two is that in an operating lease, the asset is returned to the owner at the end of the lease term whereas in a financial lease, the asset is transferred to the lessee at the end of the lease term.

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1. Mudharabah- partnership based
2. Musyarakah-partnership-based
3.murabahah-sale-based

# data[].attributes.body
1. Mudharabah, musharakah

# data[].attributes.body
1. Mudharabah, musyarakah, murabahah
2. Mudharabah, musyarakah ( partnership based)
Murabahah (sale based)

# data[].attributes.body
Mudharabah and musyarakah - partnership
Murabahah - sale based

# data[].attributes.body
1.mudharabah, musyarakah and murabahah.

1.to be a lawyer.  2. To work at LHDN.  3. Helping my father in his business, by doing his accounts. 4.it helps me to know about the taxes and etc.

# data[].attributes.body
1)Mudharabah,musyarakah and murabahah
2)partnership-based and sale

# data[].attributes.body
1) Financial product : Mudharabah,musyarakah and wadiah
2) sale based partnership based

# data[].attributes.body
1) mudarabah, murabahah, musyarakah,wadiah
2)  partnership based, sales based

# data[].attributes.body
1) Mudarabah,musyarakah,wadiah
2)

# data[].attributes.headline
NUR HAFIZAH BINTI MOHAMAD REDZUAN (A15A0663

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NUR HAFIZAH BINTI MOHAMAD REDZUAN (A15A0663

# data[].attributes.body
1) Islamic Financial Product & type of product :
- Mudharabah : partnership based
- Musyarakah : partnership based
- Murabahah : sale based
- Wadiah :

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1) Murabahah,ijarah,tawaruq,  (sales based contract)mudharabah, Musyarakah (lease based contract) , wakalah (agency contract)
2)sales based contract
Lease based contract
Agency contract

1) teacher
2)

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Muhammad hafis bin taufik
A15a0428
1)mudarabah,musharakah,

# data[].attributes.body
1)financial product :- Mudharabah, Musharakah, Murabahah, wadiah

2) sale based and partnership based

# data[].attributes.body
1. financial product:
- mudharabah, murabahah, musharakah
2.

# data[].attributes.body
1. Wadiah, mudharabah, musyarakah, murabahah
2. Partnership based

# data[].attributes.headline
Al bai', Al ijarah, mudharabah,musyarakah and wadiah...

# data[].attributes.subject
Al bai', Al ijarah, mudharabah,musyarakah and wadiah...

# data[].attributes.body
Al bai' & murabahah = sale based
mudharabah & musyarakah= partnership based
ijarah= lease based
wadiah = fee based

# data[].attributes.body
1. Wadiah, mudarabah, murabahah, musyarakah

2. Sale based, partnership based

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1) we have learned so far in this course is wadiah, murabahah,mudharabah and musyarakah.
2) Sale based- Bai istisna, bai al-salam, bai inah, bai daynbai bi thaman ajil (Bba)
lease based- ijarah, AITAB
Partnership- mudharabah n musyarakah
agency- wakalah
others- kafalah,ar-rahnu.

# data[].attributes.body
1) mudharabah, musyarakah, al wadiah
2) partnership and profit sharing

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1) wadiah-deposit
Mudharabah-profit sharing
Murabahah-partnership
Musharakah-sale-based
3

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Islamic financial product: mudharabah, musharakah, wadiah, murabahah

# data[].attributes.body
1)wadiah,mudarabah,musyarakah,murabahah, wakalah,ward al hassan, BBA, bai al inah, qard.

2) sale based - BBA,salam,murabahah,istisna,

Lease based - ijarah,ijarah mausufaq, ijarah

# data[].attributes.body
1. musyarakah,mudharabah,ijarah,wakalah,
2.leased based.-ijarah
sale based- bai,murabahah
partnership based-mudharabah
agency based-wakalah

ambition asal nak jd doktor, tp jarum seram sgt.

# data[].attributes.body
1) wadiah, mudharabah, musharakah, murabahah
2) mudharabah, musharakah, murabahah is partnership based

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A15A0737

1. Al-Wadi'ah, mudharabah, musharakah, murabahah
2.

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1. Mudharabah - partnership
2. Musyarakah -

# data[].attributes.body
1. Mudharabah, Musyarakah, wadiah, wakalah.
2. Mudharabah, Musyarakah (partnership-based) wakalah (agency-based) Wadiah (agency-based) Murabahah (sale based)

# data[].attributes.body
1) Islamic deposit and investment account, Mudharabah, Musharakah, Murabahah.
2) mudarabah (profit sharing) musyarakah (partnership based) and murabahah (sale based contract)

# data[].attributes.body
1) Wadiah, Mudharabah, Musyarakah, murabahah

# data[].attributes.body
1.mudarabah,musyarakah,wadiah
2. Partnership based

# data[].attributes.body
A15b0610

1) mudharabah, musyarakah, murabahah
2). SALE-BASED PRINCIPLE

# data[].attributes.body
1) Islamic Financial Products : Mudharabah, musyarakah, wadiah

# data[].attributes.headline
 Nur Ayunnie by Jasmi 1)mudarabah, musyarakah, murabahah    

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 Nur Ayunnie by Jasmi 1)mudarabah, musyarakah, murabahah    

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2) mudarabah -profit sharing musyarakah -partnership murabahah -sales based.

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Musyarakah, partnership.. Both parties give capital and do the entrepreneurship together. Profit and loss share together.✌

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Norul Azhikin.                                                                          1. Wadiah, Mudharabah, Musyarakah

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Norul Azhikin.                                                                          1. Wadiah, Mudharabah, Musyarakah

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2.  Wadiah (agency-based)
Mudharabah & Musyarakah (partnership-based)
Murabahah (sale-based)

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1)Murabahah, musharakah,mudarabah
2) murabahah , musharakah, mudarabah are partnershipbased
Others is ar-rahnu

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Financial product
1). Mudharabah
2). Musharakah
3). Wadia
4). Murabahah

What type
Musharakah and Mudharabah - profit sharing / agency based
Murabahah - sale-based

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Assalamualaikum and very good morning gals and boys...Answer these questions:

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Assalamualaikum and very good morning gals and boys...Answer these questions:

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1) What are the Islamic financial products that we have learned so far in this course?
2) Which type are they? Sale-based, lease-based, partnership-based, agency-based or others?