 After a brief introduction to the insurance cycle, we would go into the discussion on Takaful. But before that, let us further look into the nature of insurance business or the nature of treatment of risk in insurance business. We have established in Islamic finance that trading in risk is prohibited. We are not allowed to buy and sell risk for a price. So the risk cannot be bought and sold in an Islamic economic framework, especially when it happens to be on its own. However, risk can be bundled with some other goods and services. In that case, consideration of risk may change the price. If we are buying a commodity, if we are buying an item which has probability of becoming bad, i.e. there is some risk involved, given this perception we might be willing to pay less. So the risk plays a role in price determination but when it is part of a product, it is part of an item, it is inherent in it, in that case the price may be changed. The price may go down if there is excessive risk inherent in an item to be sold. Just to give you an explicit example, there is a healthy animal and there is a sick animal. Otherwise, this is a cow, this is a cow and when I check, I find this cow is very healthy, the other one has got some health problem. It is very natural for me to negotiate a lower price for the unhealthy cow because there is more risk inherent in that item. In case of insurance, however, the main subject matter is risk. In the example I gave cow, it is actually we are buying a cow and if the quality of that cow is not that good, i.e. it is not healthy, then we are buying some risk with it by way of paying a less price. In case of insurance, as I said, the main item to be shifted from one party to the other or the main item to be traded is actually risk and this is what the insurance companies are building their business on. Even you look at the logos and the advertisements of insurance companies, they would offer you an insight or they would create a perception of some kind of protection against something bad happening. Like this one. This means this company is offering home insurance. Then of course, if you are a motorbike owner or something happens, we will protect you. If something of risk happens to you, we would be happy to help you. Even if you are travelling, something bad can happen i.e. delay in the flights or their luggage can be lost or delayed, the flight can be cancelled. So all this kind of risks, we i.e. the insurance company would take care of if you pay us certain amount of money. Even there are some insurance companies which would be offering you certain insurance policies which would protect the education of your children in case of your income loss. Your job is done, the insurance company would be able to help you. So in case of insurance, the main subject matter is actually risk. However, strictly speaking, in case of insurance business, risk is not bought and sold. There is an exchange of risk from one party to the other one but the parties they do not buy or sell risk. In insurance, the story is a bit different. It is like garbage collection. In case of garbage collection, this guy who collects garbage comes to my home and I give him this bag and I give him Rs. 750. This is what we do in insurance. So we give our risk to the insurance company and along with this one, we pay certain amount. Thank you very much. You have taken away our risk. That is the nature of insurance business, especially in the context of conventional insurance. Now, this garbage story or the other story, this may explain the things in one way but the story is not exactly like this one and this is something we shall be explaining in our next few modules.