 In this module, we would look at some of the products based on murabaha offered by Islamic banks in Pakistan. Let us see what are these products. Of course, a lot of murabha-based products are actually personal finance products. But there are some very interesting murabha-based products for the businesses being offered by Islamic banks and conventional banks offering Islamic financial services. Just to recap the things, let me inform you once again that there are five fully-fledged Islamic banks operating in Pakistan. And there are 17 conventional banks offering Islamic banking services in the country. The examples of fully-fledged Islamic banks are the likes of Mizan Bank, Bank Islamic, Dubai Islamic Bank, Al-Barakah Bank, and MCB Islamic. And the conventional bank offering Islamic banking services include HBL, Bank Al-Fala, and other 15. Of course, Faisal Bank is on the verge of becoming the sixth fully-fledged Islamic bank because Faisal Bank has already started a process for conversion into a fully-fledged Islamic bank in the country. A process which is going to end in 2022. So, when we look at the murabha-based products offered by banks in Pakistan, we find a product like HBL murabha. You go to the website of HBL Islamic Banking and you will find a lot of details about HBL murabha. Or if you just Google murabha products in Pakistan, you will get HBL murabha there. Interestingly, some microfinance banks, they're offering murabha-based products as well. NRSP Microfinance Bank offers a product called NRSP murabha and this is a product designed for SME financing. Bank Al-Fala Islamic murabha is another product which is being offered as a working capital financing product to the businesses in Pakistan. Now, when we look at these products and I would encourage you to go to the respective websites of these banks, you will find that these are very interesting products and they are very authentic products from a Sharia viewpoint as well because the banks, Islamic banks or conventional banks offering Islamic banking products through the products like HBL murabha, NRSP murabha and of course the murabha products offered by the likes of Mizan Bank. They are the products which have engaged Islamic banks with the business slash industry community. Let us see how. So, there is a client, it could be a big conglomerate, it could be Angro Group for example. If it goes to an Islamic bank and says, I would like to have a murabha-based working capital financing, a murabha-based financing facility which would allow me to fulfill my ongoing liquidity needs. Because it is a big organization, Angro or it could be another similar kind of industrial group, the bank would enter into a master murabha agreement with the client. So, this master murabha agreement would actually include general terms and conditions of various murabhas which would be executed between the client and the bank as per the requirements over a certain time period. Now, because this is a very intensive arrangement between the client and the Islamic bank, Islamic bank would appoint a dedicated relationship manager. For example, if this client has entered into this facility to buy raw material, cotton for example, if this is a textile mill and it needs mizan banks facility, murabha-based facility, then a relationship manager would be appointed by mizan bank or another Islamic bank, whatever that happens to be to take care of all the murabha transactions. That relationship manager actually happens to be an expert in that field. So, that relationship manager would be doing a lot of things on behalf of the client. Because technically the bank is buying the raw material and then is selling on to the client, it would make sure that the quality is the required one and of course, it would have concerns about quantity, price, etc. and delivery. So, in a way, the bank is actually then involved with the client in terms of doing real business and that is the true spirit of Islamic banking and finance. In the beginning, many people thought that murabha was a compromised kind of solution in case of Islamic banking and finance. But I must say that the role of murabha which has evolved in the context of Islamic banking and finance, this has become an ideal Islamic mode of financing to do business in a Sharia-compliant way. And this is what Islamic banks are doing in Pakistan. I must emphasize that the practice of murabha in the context of business banking in Pakistan is one of the most authentic in the world.