 We have already discussed Vakala based Takaful model and Mudaraba based Takaful model. In case of Mudaraba based Takaful model, we also mentioned its limitations or at least the limitations of the original Mudaraba based Takaful model. We mentioned that the practice of the Takaful started with a Mudaraba based Takaful model. However, there was a criticism of the use of Mudaraba in the context of the Takaful business. Hence, some alternative solutions were suggested. Option number one, which was short term, was modifications in the Mudaraba business, Mudaraba based Takaful business, which in a way continued. The other alternative was to use Vakala as the management contract between the Takaful operator and the Takaful fund. And this remains a preferred choice in many jurisdictions. There is another compromised kind of solution and that is known as Mudaraba Vakala based Takaful model. Sometimes it is known as hybrid model. The major criticism as I mentioned in the previous module was on the fixed fee. So, some people they said that one of the two sub funds can be managed on the basis of Mudaraba and the other one can be managed on the basis of Vakala. So, to address this basic criticism of Mudaraba based Takaful model, this hybrid model was suggested, which allows Takaful manager to manage the risk fund on Vakala basis while the investment fund is managed on Mudaraba basis. So, this allows the Takaful operator to receive a fixed fee plus a performance related fee. So, fixed fee comes from Vakala and the performance related comes from the Mudaraba contract. Now, this is a very smart solution. I must say that this doesn't bring a lot of changes to the Mudaraba based Takaful model, but it just adds this one bit and as a result of that the major criticism of the Mudaraba Takaful model is taken care of. All other features of Mudaraba based Takaful model remain there except that the Vakala contract is used by the Takaful operator to manage the risk fund. So, this picture we have this participant, they contribute donations, they go to Takaful fund. The amount from Takaful fund is allocated partly to the risk fund, partly to the investment fund. The Takaful operator manages the risk fund on a Vakala basis and it manages the investment fund on a Mudaraba basis. From this contract the Takaful operator receives a fixed fee and from this contract the Takaful operator receives a performance related bonus kind of fee which is actually the profit share of the Takaful operator as Mudarab in the Mudaraba business of the investment fund. So, this is a model which is being used in quite a few jurisdictions. But I must say that like Mudaraba, Mudaraba Vakala Takaful model is becoming less and less popular in favor of another Takaful model which we shall be discussing in the next module or so.