1. Balance sheet and Income statement are two important financial statements for both conventional and Islamic banks. (a) Distinguish between the balance sheet and the income statement. (b) Identify the specialty in the element of balance sheet and income statement for Islamic banks.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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1. Balance sheet and Income statement are two important financial statements for both
conventional and Islamic banks.
(a) Distinguish between the balance sheet and the income statement.
(b) Identify the specialty in the element of balance sheet and income statement for
Islamic banks.
2. "Murabahah is the most widely used financing instrument by Islamic banks as it is
somehow a replacement of a loan contract in the conventional banks." Explain this
statement clearly.
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Transcribed Image Text:1. Balance sheet and Income statement are two important financial statements for both conventional and Islamic banks. (a) Distinguish between the balance sheet and the income statement. (b) Identify the specialty in the element of balance sheet and income statement for Islamic banks. 2. "Murabahah is the most widely used financing instrument by Islamic banks as it is somehow a replacement of a loan contract in the conventional banks." Explain this statement clearly. W DELL F5 F6 F7 F8 F9 F10 F11 F12 PrtScr Inser "R & 67 7V 8A 99 0. %3D {> y! p
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