 In this module, we would watch a video together. The objective is to have some fun and try to learn something at the same time together. This is what I call as edutainment. This edutainment was not available to me when I was studying. Our professors, they used to be as dry as possible but the times have changed. Now, everything must have an element of fun and learning and development should not be an exception. Now, I am actually asking you to sit with me and let's watch a video together. In my generation, this was not possible to share a room with a professor watching something on the television or on what was known as VCR at that time. So you can actually click on this link and you would find a video which is about one aspect or quite a few aspects of Islamic banking and finance. Once you have finished watching this video, like myself, we would find that there are quite a few issues. Let us look into these issues and see whether the speaker was entirely right, entirely wrong or sometimes right, sometimes wrong about these issues. The speaker actually says that Islamic banking is not 100% Sharia compliant, which is probably true. However, when a speaker like this very esteemed speaker says something like this one, it creates doubt in the minds of the people. People think that, oh, Islamic banking and finance is not Islamic. In fact, there is no phenomenon in the world which can be deemed as 100% Islamic. We, the Muslims including myself, I cannot claim to be 100% true Muslim. Of course, Alhamdulillah, I am Muslim. I claim to be Muslim. However, I have a lot of imperfections. Similarly, institutions claiming to be Islamic, they would have deficiencies, but it doesn't mean that we should not trust them. The speaker also refers to Mudarbha in this video. And I think this could be the twist of the tongue because Mudarbha cannot be referred to as a cost plus contract. As you have learned in this course that Mudarbha is actually a cost plus contract, not Mudarbha. Mudarbha is actually a profit sharing arrangement between two or more parties who decide to do an economic activity like business together. So this reference was twice in the video and this was a wrong reference to cost plus. Speaker also refers to something like holding the nose like this or from the back of the head. Saying that a lot of practices in Islamic banking are attempting to hold the nose from the back of the neck actually and saying that these are exactly the same. If you try to hold your nose from here and from the other way around, you will actually find that these two are not the same things. Similarly, Islamic banking products are actually complicated and you have seen some examples already and you would see some other examples later in this course. And these complications actually make Islamic financial products, Sharia compliant and Islamic. So saying that the end result is the same holding the nose and hence these are the same things. I don't think this is the right observation. End result is important but the process is also important. Also, there is a reference in the video that some of the Islamic banks are fraud. I can tell you I am involved in Islamic banking. None of the Islamic banks which has been set up as an Islamic bank and which has been fulfilling the guidelines of the regulators and the Sharia advisory committees. They are not frauds. So I think this is very important to clarify that no Islamic bank is fraud. Then there is a reference to fatwa shopping. Fatwa shopping meaning that these Islamic banks they approach this Sharia scholar, that Sharia scholar, that Sharia scholar. And if the opinions happen to be different, fatwas issued by these scholars happen to be different. The bank would choose the easiest option. This is not entirely true because if I give you example of Pakistan, in case of Pakistan, Misan Bank would appoint its own Sharia advisory board and this would be with the approval of State Bank of Pakistan. Once this Sharia board has been appointed, even Misan Bank shareholders would not be able to fire one or any or all of these Sharia scholars without written consent of the regulator i.e. State Bank of Pakistan. So the point is that fatwa shopping as was mentioned in the video, it's not as easy as a lot of people would like to think.