1. Balance sheet and Income statement are two important financial statements for bothconventional 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 forIslamic banks.2. "Murabahah is the most widely used financing instrument by Islamic banks as it issomehow a replacement of a loan contract in the conventional banks." Explain thisstatement clearly.WDELLF5F6F7F8F9F10F11F12PrtScrInser"R&677V8A990.%3D{>y!p

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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.

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

Section: Chapter Questions

Problem 1Q

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Question

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
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F7
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F11
F12
PrtScr
Inser
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67
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