 In this segment, we would be looking into types of Islamic legal contracts. There are a number of categories of Islamic contracts and we shall be spending some time to have some sufficiently good understanding of these contracts. There are five broad categories of Islamic contracts and there are some other contractual agreements as well, which may not strictly be contracts, but of course, as I said, they are examples of Islamic agreements. The first category or the first broad category of Islamic contracts is sale contracts. Sale contracts are absolutely important when it comes to understanding of Islamic banking and finance because a lot of Islamic modes of financing, they are based on these sale contracts. Then we have lease contracts. There are different variations of lease contracts. We would be looking into those variations in due time. Investment contracts are important when it comes to investment banking and finance and of course, when it comes to Islamic fund management, a segment which we would be looking into in due time. There are some supporting contracts. There are some gratuitous contracts and as I said, there are some other contractual arrangements. Sale contracts. Again, there would be a variety of sale contracts which would be applied in Islamic banking and finance and we would be looking at them. Spot sale, as in the previous segment, we mentioned, is the base level contract in Islamic law. Deferred payment contract, which is also known as BAJIL, this is an important contract used in Islamic banking and finance as well. Deferred delivery contract in Arabic, this is known as BAASALAM. This is another Islamic sale contract. Commissioned manufacturing or commissioned sale and purchase contract that is known as BAISTISNA. This is used in some forms of Islamic finance especially when it comes to manufacturing and construction. And then we have cost plus contract MURABHA which is probably the most dominant contract used in Islamic banking and finance. Lease contracts, like a spot sale contract, there is a simple lease contract. We call it IJARA. There could be a variant of this called higher purchase or what is known as IJARA MUTAHIA BIT TAMLEAK. Then we have a forward lease contract which in Arabic is known as IJARA MAUSUFA FIDDIMMA and the last form of a lease contract is IJARA WAIKTINA or lease with gift. All these lease contracts, they have applications in Islamic banking and finance. Investment contracts could be more than two but in general we refer to a MUSHARAKA contract and a MUDARBA contract. These two contracts are used in Islamic investment banking although they have some applications in Islamic retail banking as well. For example, Islamic deposits or Islamic investment accounts are based on the concept of MUDARBA. Supporting contracts are many. We have a WAKALA contract which is a form of agency. We have another agency contract called JUALA which is a service agency contract. Then we have a guarantee contract called KHAFALA PLEJ RAHAN which is also used in Urdu and we have a remittance contract called HAWALA. So these are some supporting contracts which are used in conjunction with some other Islamic legal contracts to structure Islamic financial products. Other contractual arrangements, WAAD, WAAD is not a contract. This is half of a contract. It is an undertaking by one party to do something without necessarily an agreement from the other party. Remember, a contract is a mutual agreement. In case of WAAD, there is an undertaking on just one party. TAWARRUK, TAKHAFUL, SUKUK and TAHAWAT. These are other contracts which are used in Islamic banking and finance. TAWARRUK for example, this has for long been considered as a controversial contract used in Islamic banking and finance. And with the passage of time, we would be referring to TAWARRUK more frequently because it is in frequent use in Islamic banking and finance. TAKHAFUL, it is Islamic insurance. TAKHAFUL may not be one contract. This is why we call these contractual arrangements. TAKHAFUL may be combination of a number of contracts. So is the case in case of SUKUK. A SUKUK is an Islamic bond. It can be based on a sale contract. It can be based on a leasing contract. It can be based on an investment contract. Or it can be based on a combination of all these contracts. TAWARRUK is basically a risk management arrangement which may involve combination of a lot of contracts. In fact, one of the most popular risk management tool TAWARRUK in Islamic banking and finance involves the use of WAD, i.e. promise. WAD is actually another word for a promise. Promise has a very special place in Islamic law. It is not binding like a contract. A WAD becomes binding only when the other party to which the WAD has been given actually is interested in it and calls upon it. So in a nutshell, at the end I must summarize that there are a number of types of Islamic contracts. They can be sale contracts. They can be leasing contracts. They could be investment contracts. And there could be a variety of supporting contracts. And in general, Islamic banking and financial products combine a number of contracts and arrangements to offer meaningful services to the users of Islamic financial services.