 We are continuing with our discussion on investing in shares and stocks of listed companies. Of course, our focus is on Sharia analysis. We have introduced you to a couple of screens, broad screens. One is called a business screen and the other one is called a financial screen. Our focus has been on the financial screens offered by or developed by a number of players in the market, starting from S&P Dow Jones to a very complicated methodology adopted by Pakistan Stock Exchange. In methodologies, ratios are used. For example, in case of S&P Dow Jones methodology, the first ratio is debt-acquity ratio. Total debt divided by market capitalization should not exceed 33%. Then cash plus interest-bearing securities divided by market cap should not exceed 33%. Then receivables divided by market cap should not exceed 33% or 49% depending on which methodology we are referring to. Now, let me just use this methodology which is from MSCI or this could be from Putsi as well. And then I would like to give a Sharia rationale for picking up these ratios and of course the numbers. First, we go for the numbers. A lot of people, they say why debt-activity should not exceed 53%. Where has this number come from? What is the Sharia rationale? Is this in the Quran or in the Hadith? The answer to this one is that this whole ratio thing, this is a new one. So we don't find a direct reference either in the Quran or in the Hadith. However, there are certain Hadiths of Prophet Sallallahu Alaihi Wasallam where he actually referred to a Tolut, one-third. For example, in one Hadith, he Sallallahu Alaihi Wasallam says, Atulutu kathir, one-third bhooth zyada hota hai. That was in a context. So from where Sharia scholars picked up, they said that you know debt, interest-bearing debt, this is something not acceptable from Sharia viewpoint. For anyone to enter into a debt-based arrangement which involves interest, that is not acceptable. So if a company has got debt, which is interest-based, then strictly speaking, from a pure Sharia perspective, this company should not be dealt with. However, if we become so strict, then we would not be able to do business with anyone. So in case of listed companies, the shareholders, those who buy stocks of these companies, they do not have any control on the management of those companies. Hence, a compromise solution was that if the debt of this company is less than one-third of its market capitalization, its market value, then this stock should be deemed Sharia compliant. I.e., this stock should be deemed fit for investing in a Sharia compliant. So that was the rationale. Now, the ratio says debt, interest-bearing debt divided by market capitalization. It is not referring to interest. It is saying debt and this is deliberate because Sharia scholars would not like to give a view on interest directly because this is a very sensitive issue. Then the second one, cash plus interest-bearing securities divided by market cap should not exceed or divided by total assets in this case should not exceed 33%. Now, the cash or cash like things, interest-bearing securities or any other securities, now there is prohibition of selling cash for anything else. Cash for an amount which is other than what we are giving. For example, if the value, if the cash is 5 million, selling it for less than or more than 5 million, this is Riba. Now, if a company is predominantly cash, its assets are very few. Then the stock of that company would be representing cash and in stock market as we know this stock can go up or down. This means it is quite possible that you are selling cash on a discount or a premium. To ensure that that thing does not happen, the requirement is that cash or the liquid aspect of the company should not be more than one third. So, this is the second Sharia rationale. Receivables plus cash or receivables divided by total asset. Why this ratio? Because receivables are what? These are the debts which owe to the company. If receivables are predominant in the total assets of the company, in the worst scenario, if all the assets of the company are in the form of receivables, then the stock of that company would be representing debt only and you would be selling debt for a premium or for a discount which is prohibited from Sharia viewpoint. Hence, Sharia scholars took a view that we must put a threshold on the receivable. So, if majority of the asset of the company are non-receivable, they are physical assets, then this company would be deemed as a real physical company and its stocks could be sold for a higher price or a lower price depending on the market condition. So, this is the third Sharia rationale. The fourth one, income impermissible income should not exceed 5%. This doesn't mean, as I explained previously, that up to 5% of the impermissible income is acceptable. No, when you are investing in this company and it has got 3% haram income, you must purify that income by a way of giving it to a charity. So, these numbers, 33%, 33%, 50%, they have a Sharia rationale and these ratios, they have Sharia rationale as well. So, as Maulviya advised, this has actually become a reality, this methodology or these methodologies adopted by different companies after a lot of research and deliberation by some of the top Sharia scholars in the world.