 Even in this module, I will not take you into different structures of Sukuk. Why? Because I want to make sure that you understand the true nature of Sukuk before we start exploring the possibility of understanding different structures of Sukuk. Now we said that Sukuk is actually a hybrid instrument. It has some features of equity and some features of debt. In the past, distant past, a lot of Sukuk actually had debt-like characteristics. In the recent past, we have started seeing the emergence of Sukuk which are more like equity. In practice, we would find a wide range of Sukuk which would exhibit different characteristics. Some Sukuk may be very close to equity while the other Sukuk may be very close to debt. In fact, a lot of Sukuk issued in Malaysia are considered as debt-based securities even by law. Now what is the definition of Sukuk? We looked into the word Sukuk and we said that this is a plural noun which means a check or an evidence of something happening between two transacting parties and its singular form is called Sukuk. Now according to AOFE, Accounting and Auditing Organization for Islamic Financial Institutions, Sukuk are certificates of equal value on a specific asset within a business, a user fruct or a business activity. A share, you know we have shares listed on stock exchanges. A share on the other hand side is a certificate of investment of equal value in the capital of a business. So here in case of Sukuk, the reference is to an asset which is within a business or it is outside the business but it has close association with the business. The issuer may own the asset or user fruct or have leased it in or out. So the entity which is issuing Sukuk, it may own the asset or its user fruct, its use, its manfaat or the issuer must have leased it in from someone or it might have leased it out to someone as well in certain cases. Depending on the nature of the asset and ownership rights associated with it, a Sukuk may be tradable or subject to certain restrictions for secondary market trading sale of it with discount or premium. So this point is very important. If a Sukuk is completely like debt, then it would not be possible from a Sharia view point to trade in it for a discount or for a premium. This means that if Sukuk only represents debt, then that Sukuk cannot be sold or purchased with discount or higher price because this would involve riba. Selling debt for a discount or premium actually leads to riba which as you know is prohibited. Food for thought for you before we start looking into different structures of Sukuk. So there is a party A. It owns an asset, it could be a building. This party owns this building and it has rented this building to a party B. It has become a property of party A and it has given it to someone on rent. Question for you, I am not going to answer but question for you is can party A sell the asset to another party, party C? I am sure you know the answer. Second question, can party A lease the asset to party C? This is a tricky question and you might not know the answer. Because you will say that party A has already given the asset to party B. How come party A would then be able to lease the asset to another party C? So my dear students, this is quite possible with the consent of party B and that could be a sub lease contract governing this relationship. So this kind of technicalities are rampant in the context of Sukuk structures which we would be studying in next few modules.