 In this module, we shall continue with our conversation on the carful business and of course the carful business in the context of insurance. So insurance and the carful is the focus of this module along with quite a few other modules. We have in previous modules looked into two or maybe 2.5 models. Wakala based the carful model, we had Modarba based the carful model and then we said there is a hybrid model as well where Modarba and Wakala are used as part of the structure and operations of the carful business. There is another emerging model, in fact in many cases it has already emerged. In Pakistan, a model of the carful based on Wakf is employed by many carful companies. So this idea of Wak was suggested by the scholars in Pakistan and actually on a global level this is becoming quite popular. This is preferred over Modarba, Wakala or hybrid models because it is quite consistent with the concept and treatment of Tabarro in the context of the carful. Remember the main contract in the carful business is Tabarro donations. All other contracts are supplementary to it, although we call it Wakala based model, Modarba based model. But these are management contracts. The real contract there is Tabarro on which the whole structure of the carful business is based. Now donations, when we say I have donated some money, it should go to someone. Normally this is what we expect and I will come to this point in another module to explain what are donations and their treatment in an Islamic environment. However, in terms of perception, when Tabarro donations go into a Wakf, they look a lot better as compared to the donations going into a carful fund which is going to benefit the participants anyway. So, the donations by the participants in the Wakf model go into a Wakf which is managed by the carful operator. This is how this Wakf based carful model would look like. We would go into a more detailed structure in the next module, but for the simplicity and for the ease of learning, I have shared with you this diagram and the previous diagrams so that you have the concept understood in a very simple way. So, we have participants, they contribute donations and this time in case of a Wakf based carful model, these donations go into a Wakf. Wakf is a separate entity. This is set up by either from a donation contribution from the carful operator or from somewhere else. So, this is a charitable organization. In other words, it's a Wakf. It's a not-for-profit body. The carful operator of course manages it on a Wakala basis. The carful operator manages the Wakf on the Wakala basis and of course then we would have this investment fund which would receive money from the Wakf and the carful operator would manage this investment fund on a Mudarbha basis. Now it's starting to get complicated. We started with a Wakala-based carful model, then Mudarbha, then Mudarbha-Wakala. Although we are calling it Wakf-based carful model, but it also includes Wakala, Mudarbha and Wakf. So, there are three contracts or three entities and of course we have the concept of the borough or donations very central to this as well. Now, fixed management fee comes from this contract. Performance related fee, variable fee comes from this Mudarbha-based management of the investment fund. Now, this investment fund would generate returns and Wakf's share would go into a Wakf fund account from which the claims would be paid to the participants as and when they are made. And if there is any surplus that would go into a surplus fund which would benefit the participants at the end. So, you can see that now we have actually come up with a very refined kind of model for the carful business. We started with a sketch of Wakala-based, then Mudarbha-based, then Wakala-Mudarbha-based hybrid model, then we have Wakf-Wakala-Mudarbha. And in this case, in case of Wakf, it's very clean kind of structure, whatever is surplus. That surplus is actually going to benefit the participants because they are the main beneficiaries. From this investment fund, the manager receives the money as the Mudarbha share only or share in the Mudarbha for the Mudarbha. So, it's a clean structure, it's being liked by the industry and more and more the carful operators are actually practicing the carful on the basis of this Wakf-based carful model.