Ahmad has a Musharakah Mutanaqisah house financing facility with XYZ Islamic Bank for the amount of RM 500,000.00 for 25 years. He is paying RM 4,000.00 monthly instalment for the facility.

1. Discuss the validity of the contract of Musyarakah and Ijarah, whereby both parties mutually agree that the customer will bear the cost of maintenance which include force majeure event.
2. To what extent the application of Musharakah Mutanaqisah home financing capable of resolving the issues in Bay Bithaman Ajil home financing.
3. What is your opinion on the application of wad (promise) in Musharakah Mutanaqisah home financing?