 In this module, we would look at an application of Ijara. We have previously covered quite a number of applications of the contract of Murabaha, the contract of Musharaka and the contract of Ijara would be the subject matter of this module and quite a few other modules to come. Ijara as a mode of financing has a lot of applications in Islamic banking and finance, but we would start with a rather frequent use of Ijara in the context of Islamic capital market. The actual structure of Sukuk Ijara, we would be covering in the set of segments which would be focusing on Sukuk with a dedicated focus. However, in this module, I would like to emphasize that Sukuk based on Ijara is the most popular choice of the Islamic finance practitioners when it comes to the Sukuk ishwan. Sukuk Ijara has got a number of complicated factors. However, verbally, I would like to shed some light on Sukuk Ijara. In case of Sukuk Ijara, any obligor who is looking to raise additional funds must have an identified asset in existence and in its position, possession right from the beginning. Once that asset is there, then the obligor would sell that asset to an SPV, a special purpose vehicle. That special purpose vehicle would then lease that asset back to the obligor. And that special purpose vehicle issues Sukuk certificates which are bought by the investors. So, we have this Ijara component in Sukuk Ijara, an asset, an identified asset which is owned by the obligor i.e. the party wishing to raise additional funds. It sells that asset to another company called SPV and that SPV leases this back to the obligor. That leasing part is actually the Ijara component and this is central to Sukuk Ijara because this lease component generates frequent returns for the investors. To exemplify it, let me refer to the Sukuk Ijara issued by government of Pakistan quite a few years back. In that case, the government identified an asset. What was that asset? That asset was M2 Motorway. That M2 Motorway was sold to an SPV which was called I think Pakistan International Sukuk Company Limited. So, this was an SPV. So, the government NHA National Highway Authority sold M2 to an SPV and that SPV leases that asset i.e. motorway back to the National Highway Authority and the rentals paid to the SPV they were actually given to the investors. So, this is one application of Ijara in the context of Islamic capital market and as I said, this is a very popular structure used all over the world. This has been used in Europe. This has actually been the underlying structure of a couple of Sukuk issued by the government of United Kingdom. This is an underlying structure of a number of Sukuk issued by governments in the Middle East and in Africa and of course it remains a very popular structure amongst the corporate issuers, flash, obligors playing a role in Islamic capital market.