 We will continue with our conversation on treatment of credit and credit cards in Islamic banking and finance or in an Islamic economic framework. We have looked into different types of exchanges, spot exchange, deferred payment exchange, deferred delivery exchange, exchange of currencies and Islamic stance on them. One thing which must be kept in mind that pricing of credit on its own is prohibited in Islam and so is the sale of debt with discount or on premium. So debt cannot be sold for a price other than its face value. Similarly, credit cannot be, credit, money credit cannot be priced. So credit on its own cannot be put on a price on. So you would be surprised that Islam actually prohibits sale of debt for debt. What is debt for debt? If someone wants to give me 1000 rupees and someone wants to give you 1000 rupees, for example, Ahmed wants to give me 1000 rupees and Ali wants to give you 1000 rupees. We cannot say that you want to give me 1000 rupees and Ali wants to give you 1000 rupees. That is called sale of debt for debt and this is prohibited in Islam. So this is very important to understand these basic concepts. Sometimes we do this kind of transaction and these transactions may give rise to a lot of disputes and these disputes or the possibility of this dispute is also called Al-Gharar, which is prohibited in Islamic law. Now let us look at Bamu Ajjal, deferred payment sale. When we say pricing or repricing of credit is prohibited. What do we mean by that? So this transaction has already taken place. Party A has sold a commodity X to Party B and Party B was supposed to pay the price at T1. So this P plus this price was agreed between the two parties. For some reasons a default happened. i.e. Party B is not able to pay P plus at date T1. The Party A cannot say that okay, you can pay me the price on a future date T2. However, you will have to pay me more than P plus, P plus plus. This is what we mean by pricing of credit. You have paid more than three months and you have paid me more than six months. And you have said that you have to pay me more than three months of credit. This is prohibited. So we say pricing of credit per se i.e. on its own is prohibited in Islam. Credit can be sold for a price if credit is part of a bigger deal. If it is part of a transaction, we can bundle it with something else. And we would go into these details in due time in this course. However, just credit cannot be bought and sold for a price. Of course, this is true in case of the monetary transactions as well. We said that paying $10 to someone now and receiving $15 after some time, this is prohibited anyway. This is an interest-based transaction. Those who are involved in interest-based transactions, they actually go to another step. They actually say that if the borrower has not been able to pay at T1, he or she can pay later at T2, but they will have to pay more. This interest-based transaction is prohibited anyway. Now, this additional amount is even more prohibited because this accentuates the problem. So this is what we mean by pricing of credit and its prohibition. Debt could be different from credit. It is a form of credit, but it could take a different form. When I buy something on credit, say I am using deferred payment sale, whatever I owe to the other party, that becomes debt. And that debt cannot be sold to another party for a price other than its face value.