 Again, this is the time for another recap. Through this recap, we shall be attempting to assess efficacy of the learning process so far. We have done already one recap, which was very interesting. We are going to go for another short quiz to see if our understanding of Islamic banking and finance is good. Now, this is the question for this quiz. Islamic modes of financing are a. Islamic nominated contracts as used in their classical context. B. Those banking products that are allowed by the regulator. C. Based on modern application of the Islamic nominated contract. D. Actually not Islamic as they are used in different ways than their initial usage. So, I ask you once again to note down your answer to see if your answer is correct. If your answer is correct, I would be a happy man. This means that you have been a very good learner. You have learned with me whatever I have taught so far. If your answer is wrong, don't worry. By the end of this course, you would be able to answer these questions provided that you beef up your efforts to learn Islamic banking and finance, especially Islamic modes of finance. If your Islamic modes of financing understanding gets strong, then you would be able to understand the whole phenomenon of Islamic banking and finance because this whole practice is based on Islamic modes of finance. So, I hope that with the passage of time, your interest in Islamic modes of financing and through Islamic modes of financing in Islamic banking and finance would increase. So, coming back to the question, Islamic modes of financing are a. Last time I clicked on a and that was our correct answer. I would like to click once again on a to see whether this is the correct answer. So, Islamic modes of financing are a. Islamic nominated contracts as used in their classical context. I might be wrong. I might be right. Let's see. Actually, this is wrong. Why? Because Islamic nominated contracts are not used by Islamic banks and financial institutions in exactly the same way as they were in use centuries ago. We have seen quite a number of products. Muraabha-based products, for example, they are not just based on the Muraabha contract. Rather, there are so many other arrangements wrapped around Muraabha to make it an Islamic mode of financing. A major difference between Islamic modes of finance and Islamic nominated contracts is that one is a composite structure. I.e., Islamic modes of financing are actually composite structures. I.e., they involve a lot of other contracts and arrangements for them to be a suitable candidate for structuring of Islamic financial products. So, unfortunately, A is wrong. Let's see if B is right. B is wrong as well because Islamic modes of financing are not Islamic banking products as such. They are a very crucial component of Islamic banking products. But as such, Islamic modes of financing are not products. For them to become products, a lot of other things must be wrapped around as well. C, however, is the right answer. Islamic modes of finance are actually modern applications of Islamic nominated contracts and they are a lot more than the contracts themselves. There are so many things structured around them. And if C is the right answer, then of course D is wrong as well because there could be only one right answer. In this case, this is C. Now, D says Islamic modes of financing are not truly Islamic because they are not used in their classical context. This is a very conservative approach taken by some people. Actually, this is the demand of the modern world to use Islamic nominated contracts in an innovative way so that they fulfill the needs of Muslims and others in the contemporary world. So, I hope this quiz was useful to enhance your understanding of Islamic modes of finance.