Question 3 There are three elements that would determine the validity of a Shariah contract, namely the form of the contract, the subject matter of the contract and the contracting parties. a. b. Briefly discuss the four (4) essential conditions related to the subject matter (mahal al- 'aqd) for the contract to be considered Shariah-compliant. (12 marks) You are the Product Development Manager of a local commercial bank. The bank has decided to offer Islamic banking products and services to its clients. Your CEO has requested you to briefly explain to him the conversion of the bank's existing banking products into Shariah-compliant banking products. Specifically, he would like to know the underlying Shariah contracts that can be used to structure the products, and the mechanism of offering the products. You may use suitable diagram in your explanation. The banking products that involved in the conversion are as follows: Commercial aircraft financing ii. Foreign exchange trading iii. Vehicle leasing (6 marks) (6 marks) (6 marks) Question 3 There are three elements that would determine the validity of a Shariah contract, namely the form of the contract, the subject matter of the contract and the contracting parties. a. b. Briefly discuss the four (4) essential conditions related to the subject matter (mahal al- 'aqd) for the contract to be considered Shariah-compliant. (12 marks) You are the Product Development Manager of a local commercial bank. The bank has decided to offer Islamic banking products and services to its clients. Your CEO has requested you to briefly explain to him the conversion of the bank's existing banking products into Shariah-compliant banking products. Specifically, he would like to know the underlying Shariah contracts that can be used to structure the products, and the mechanism of offering the products. You may use suitable diagram in your explanation. The banking products that involved in the conversion are as follows: Commercial aircraft financing ii. Foreign exchange trading iii. Vehicle leasing (6 marks) (6 marks) (6 marks)