1. Discuss the different types of contract in Islamic financial system. Why are these contracts essential? Explain. 2. Why is Bay al-salam contract allowed in the Islamic financial system? Elaborate the safeguards to reduce risk in Bay al-salam contract. 3. Discuss the difference between the Bay al-salam and the Istisna contract. 4. Oasis LLC.wants to change machine for its company. On January 2018, Oasis LLC makes an "Ijarah Muntahia Bittamleek" contract with Sohar Islamic Bank (SIB) for 10 years. SIB purchases eight (8) machines. Cost of each machine is 7000 OMR and maintenance expenses for each car is 250 OMR per year. Oasis LLC will pay a rental of 700 OMR per machine for each year. At the end of the contract, SIB agrees to sell each machine at 500 OMR at the end of the contract period. Calculate profit/loss of SIB for this contract