 In this module, we shall study risk management in EJARA as an Islamic mode of finance. There are quite a number of risks involved in case of EJARA or leasing-based finance, especially when EJARA happens to be a complicated one. If we refer to EJARA Muntahiyah Bitamli, i.e. an Islamic purchase mode of finance, then the risk would be quite exhausted. However, in some simple EJARA-based transactions or the transactions which used EJARA as a simple Islamic mode of financing, the risk may not be that many or that severe in terms of quality. Like in Morabaha as a mode of finance, in case of EJARA, there are some pre-transaction risks and there are some post-transaction risks. So, pre-transaction risks include like in case of Morabaha withdrawal risk, i.e. the customer may change their mind. So, that is what I mean by withdrawal risk which is effectively withdrawal of application. This becomes a risk when the bank has actually made an order to buy the asset which is going to be leased to the customer. So, at that point in time, it becomes a risk. If the withdrawal of application is before that, it is okay. This thing happens in the market. Then there are supply-related risks. Now, the bank has actually indicated to the customer that this asset, this car or whatever would be delivered on dates so and so. And from that time, we would start the EJARA arrangement or EJARA-Muntahiya-Bittamleek arrangement. If there is a delay in supply, if there is a disruption in supply chain, of course, the bank would face a risk. What would be the risk of the bank? Banks are very prudent when it comes to money management. If the financing of the bank starts today, then it starts getting returns from today only. If there is a delay in one week, then the return of the bank will start after one week. That is loss of income. That is considered as risk. That is what we are referring to here. Ownership-related risk. Now, once the lease has been executed and the customer is using this lease asset, anything can happen to it. Of course, the ownership lies with the bank. The bank would be exposed to all the ownership-related risks. Post transaction risks include all other risks. And we would look into them in the context of EJARA-Muntahiya-Bittamleek or EJARA-Waikhtina. Again, I fear that you might have forgotten what we mean by EJARA-Muntahiya-Bittamleek or EJARA-Waikhtina. EJARA-Muntahiya-Bittamleek, its meanings are EJARA-Muntahiya that ends with Bittamleek with ownership. Basically, higher purchase. EJARA-Waikhtina is another higher purchase contract, a mode of financing, which at the end involves the lessor gifting the asset to the lessee. So, in the context of EJARA-Muntahiya-Bittamleek and EJARA-Waikhtina, we would see what are the implications for delay in rental payments. And ownership-related risks, pre-transaction risks. Again, I am summarizing them with drawl risk, supply-related risk, ownership-related risk. The ownership-related risks before T0, they are rather paint, they are rather minimum. However, ownership-related risks, they become quite significant once the lease has taken place. Once the bank has leased the asset to the customer, then the bank would be facing credit risk, i.e. delay in the rental payments and of course commodity asset price risk that is there as long as the bank is the rightful owner of the asset, i.e. until the end of the financing period. Operational risks, they are there throughout the transactions or throughout the use of EJARA-Muntahiya-Bittamleek as an Islamic mode of finance. So, what are the remedial measures for supply-related risks, for ownership-related risks? Of course, cancellation rights, if they can be negotiated by the bank from the vendors, this is a good risk mitigation. Commitment fee is always a good idea. Of course, during the lease period, the carful cover, that would give a lot of comfort to the bank. And of course, for the operational risk, technology, training and audit, they are good risk mitigating factors. Now, purchase undertaking in the context of credit risk, for example, this is different from the purchase undertaking in Murabaha, by the way. Now, if the customer defaults, doesn't want to go ahead, then in EJARA-Muntahiya-Bittamleek and in EJARA-Waiktena, there is this purchase undertaking signed by the customer, which says that in the event of default by me, at any point in time, I undertake to buy the asset from the bank for a price which would be determined by the amount outstanding pursuant to this lease agreement between me and the bank. And this is a binding undertaking. It's a binding promise. So, that is a very good risk mitigating tool. In other words, this allows the bank to accelerate the sale of the asset to the customer in case there is a delay in the payment, i.e., there is a default. The kaful, of course, this remains important. And of course, banks, they would like to put some provisions to meet all these eventualities arising out of the different or various risks faced by the banks in the context of EJARA-Muntahiya-Bittamleek or EJARA-Waiktena, or the simple use of EJARA as an Islamic mode of finance.