 In this module, we would look at a very important lease contract or a very important EJARA contract. In one of the previous modules, I mentioned that there is a possibility of entering into a lease contract with someone, even if the asset to be leased is not in existence as yet. This is called Forward Lease or EJARA MAUSOOFA FIDDHIMMA. EJARA MAUSOOFA FIDDHIMMA is a very interesting contract. In Islamic legal framework, a forward sale contract is not permissible. What do we mean by that? A contract which allows deferment of price and deferment of delivery at the same time. That is not accepted in an Islamic economic or Islamic legal framework. However, when it comes to leasing, Islamic law is more flexible. It allows two parties, a lessor and a lessee to enter into a forward lease contract in such a way that the asset to be leased comes into existence only after some time. And before that, the lessor can actually charge rental from the lessee. This is something which is in practice in a number of Islamic financial structures. This is being practiced in property market and this is a feature of a number of Sukuk transactions as well. Especially those Sukuk which are issued on the properties. There are some important considerations when dealing in forward lease. Because the asset has yet to come into existence, it is important to make sure that a forward lease contract in an Islamic context is actually credible. This means that there should be some evidence that the asset that is being given on the lease is being constructed to do something. If something like this is not done or a lease contract is signed, a forward lease contract just to get the rentals, this is not acceptable in Islamic law. So, the important thing is this credible evidence that the asset to be leased must be constructed in the future and something must be done about this one. For example, if the leased asset is a building, there must be clear agreement on the schedule of construction and the plan for delivery of the asset. Otherwise, this can be used as a ploy for charging interest. So, these two considerations are very important when dealing with Ijara, Mausufa, and Fiddimah. Another thing which is important is that once the asset has come into being, the building is ready and forward lease contracts have been signed and because of that lease contract, the rental has also been given to someone. So, it must be ensured that once the property has been built, it must remain available for the time period which was actually mentioned in the forward sale contract. So, for that reason, it is important that the asset, once it comes into being, it must remain available for the use of the leasee for the time period for which he or she has already paid rental. Thank you.