Irham is plans to buy a house but his money is just enough to pay 20 percent of the current house price. He approaches the bank to get the information for Islamic home financing.

As a financial consultant, you are required to provide the following information to Irham:

a. Explain the type of contract that are suitable for Irham with relevant illustration of modus operandi.

(15 marks)

b. Elaborate the essential elements in the business contract that effects the validity of the contract carried out by both parties.

(5 marks)

(5 marks)