 In this module, we shall look at risk management in the context of Sukuk structures or Sukuk as a mode of finance as well. Sukuk is a hybrid kind of structure as we should know by this time because we have spent considerable time on Sukuk structures. We know that there is a Musharka-based Sukuk, there is a Mudarbha-based Sukuk, there is Ijarra-based Sukuk, there is Murabha-based Sukuk, there are some Sukuk based on Salam and so on. The different Sukuk structures have different risks and risk points generating that risk. Overall, risk is calculated by ratings agency. Whenever someone, an obligor for example, would like to raise more money with the help of Sukuk, the issuer, the SPV would issue the Sukuk, if this is a large transaction then the market players i.e. investors would like to look into the risk profile of this security. This is normally done with the help of credit rating agency or ratings agency. So, these ratings agencies they would look at the whole structure and all the things related with this and they would come up with a rating, risk rating which could be AAA which could be BBB which could be BB minus and so on. Risk of default for example, comes from the obligor, overall Sukuk risk profile. Then there could be the risk associated with obligor, obligor is the party which is raising the funds and the obligor actually may default. So, the rating of the obligor becomes a need as well. To manage this risk, risk rating of the obligor is considered and in case of excessive risk a third party guarantee may be required. So, I have identified this risk and the possibility of managing it by way of a guarantee, third party guarantee. Let us look at Sukuk Isthisna. I am not going to share this Sukuk Isthisna monstrous kind of diagram, I hope that monster is in your head by now and keep that in mind and let us see what could be the possible risks in case of Sukuk Isthisna. Delay in project of course is a risk and we saw this thing in the context of Isthisna as a mode of finance. If that is the case then the track record of the contractor-developer must be considered. If the contractor-developer has a bad reputation this should be changed or the developer may be asked to present a plan B alright if there is a problem what other solution do you have for us to receive the project from you on time. Market risk may also be there and the obligor may not be able to sell the project to the retail buyer and this is part of the Sukuk structure by the way. In that case the rating agencies or anyone else who is looking into the structure from the viewpoint of investment they would say that okay you will have to make sure that there are some advance bookings on this project so that you are able to sell this on time or in certain cases if it is possible financing facilities by a consortium of banks may be packing. So wherever there is a risk there is a solution in the context of Sukuk by the way these solutions are relevant in other contexts with reference to other Islamic modes of finance. Asset commodity price we identified it previously now it may be recommended to the contractor to purchase the raw material forward if there is an asset commodity price risk raw raw materials. In that case you should ask the contractor to purchase the raw material forward it could be by way of Salem now when you are bringing Salem into the structure Salem has its own risk profile so you will have to manage that one as well so we have seen by now that Islamic modes of finance they have their risks they have their risk profiles and there are multiple ways of mitigating those risks. We have spent quite a considerable time and quite a number of modules on risk management in Islamic banking and finance in general and risk management in Islamic contract and risk management with reference to Islamic modes of financing and I hope that all these modules have contributed to your understanding of Islamic modes of financing and risk management.