 In this segment we would be looking into some popular schools of thought in Islamic tradition. So the topic of this module is schools of Islamic legal thought. There are a number of schools of thought in Islamic traditions. A broad distinction between the two is Sunni schools of thought and Shia schools of thought. In Sunni tradition we have four schools of thought. Hanafi, Shafari, Ambili and Maliki. And in the Shia tradition we have a number of schools of thought again, but the most popular one or the most well-known ones are Jafari and Zedhi schools of thought. And there are some other schools of thought as well. In terms of number, Hanafi school of thought has the largest following. It is found everywhere, Hanafi school of thought, but predominantly Hanafis are found in the Indian subcontinent. In India and Pakistan and of course in Bangladesh, majority of Muslims subscribe to Hanafi school of thought. Outside India, Pakistan and Bangladesh, Turkey is a very good example of the followers of Hanafi school of thought. And those Muslims who have gone to the west, they have taken Hanafi school of thought with them, especially those who have migrated from countries like Pakistan, India and Bangladesh. Shafi school of thought is the second largest school of thought in the Sunni tradition. It is predominantly found in countries like Egypt and Malaysia. It has huge reference to Islamic banking and finance, given that Malaysia is a global player in Islamic banking and finance. So a lot of rulings and practices in Islamic banking and finance are actually influenced by Shafi school of thought. Humbly school of thought is found predominantly in Saudi Arabia and in some other Arab countries. It has huge implications for Islamic banking and finance, given that Saudi Arabia is the largest Islamic financial market. Of course, Iran remains the one country which has fully-fledged Islamic economic system, but Saudi Arabia in terms of the number of institutions, Islamic financial institutions and its central position in the OIC block, it plays a very important role and the Islamic banking and finance practices in Saudi Arabia are influenced by the Humbly school of thought. Then we have Maliki school of thought. Maliki school of thought is practiced in countries like Sudan and in some other North African countries. A number of contemporary jurists who have played an important role in Sharia development of Islamic banking and finance, they actually have been subscribers to the Maliki school of thought. In addition to this one, as I mentioned, there are other schools of thought, especially in Sharia tradition, Jafri school of thought and Zedi school of thought. Jafri's, they are found in countries like Pakistan, Iran and to some extent in Iraq as well, and the Zedi school of thought is found in countries like Yemen. So all these schools of thought, they have relevance to Islamic banking and finance. One thing which I must clarify that Islamic banking and finance takes implications from all these schools of thought. Islamic banking and finance is not associated with only one school of thought. So we cannot say that Islamic banking and finance is being influenced by Hanafi school of thought only or it is influenced by the Shafi school of thought. In fact, through Islamic banking and finance, there is convergence of Islamic legal thought and many people would say that this is a very positive development in Islamic intellectual and legal thought.