 In this module we shall further look into the couple business and we would go into some more detail. This is my way of teaching and this is my learning philosophy that when I am teaching I should be presenting the things in the simplest possible way at least to start with. Once the concept becomes known understood the basic concept then bring some complexities so that the students should understand that this is actually a pen and around this thing if there are certain other things they are related with this pen. So it is actually a pen it does not become something else. So the models presented so far and they were Vaqala, Mudarbha, Hybrid, Vaq. They were huge simplifications. As we managed to do the diagrams, we shared the concept to make it clear. Otherwise in practice a lot of complications are there and hopefully those of you who would like to learn more about Islamic banking and finance you would go into those technicalities. But for the time being the concept in simple form it is enough for you to understand and know. Life the kafool for example if we take the simplification into account is different from general the kafool. However we have not made any explicit reference to life the kafool or general the kafool. We just said the kafool. Now in case of general the kafool there may not be the possibility of setting up an investment fund. Life the kafool because it is a long time, it is a long term arrangement. It may span over 20 years. It may span over even more than 20 years or less. So in that case whatever contributions come into the kafool business, they are divided into investment fund and the risk fund. In the kafool there may be a participant for a year. So investment fund is not made in that fund. So these details I have not gone into just because I wanted to clarify the concept of the kafool only. However this is the time for us to start looking into some complication. Now this is the model which I have taken from a book called Fundamentals of the Kafool written by Muhammad Pazli Yusuf. Let us see. This is basically the central to this thing is Wakf. This Wakf can be set up by anyone. It could be set up by some money coming from the shareholders of the kafool operator or the money can be used from the participants as well or any other independent body. To set up a Wakf it does not require a lot of money anyway. The initial setup. So this Wakf is there. Then we have this company which is basically the kafool operator and we have a participant. So on the upper end we have the things related with the kafool operator and the lower end we have things related with the participants. The money which comes into this kafool business of course that comes into the Wakf this charitable organization. From there as a kind of first step the kafool operator receives its management fee. Remember we said that Wakf is managed by the kafool operator on the basis of Wakala. Now depending on the size of the kafool operation or size of this kafool company the Wakala fee may range from 25 to 30 percent. Actually if it's a very small operation this can go up to 40 percent because the kafool operator has to fulfill its cost. So this is one thing the fee goes there. Then a major chunk of money coming into the Wakf that actually goes into an investment fund. The investment fund is managed by the kafool operator on a Mudarbha basis. So the return of Mudarbha share of the participants would come into this Wakf fund and share of the kafool operator would go there. Now this Wakf fund is made up of kafool related expenses, claims, etc. They would be taken care of. So operational cost of kafool, retakafool, claims and everything. And if anything is left that goes into the surplus fund. And that surplus fund is a share of surplus of the participant. This is 100 percent owned by. Or this would give 100 percent benefit to the participant. Now this income is already seen. The kafool operator got this Wakala fee. Then share of profit in the investment fund. Of course if from this money the company would be meeting management expenses and at the end if there is some excess money that would be considered as the profit of the kafool operator. So this in a nutshell is the Wakf based kafool model and its operation.