 Let us look into a basic structure of a suku. In case of a suku, there is a party which is looking for additional fund for any legitimate reason. For example, it is in need of money to expand the business or it is in need of money to take care of its liquidity position. So party A in this case owns an asset and this asset could be any Sharia compliant asset. Normally the obligors is party A ko obligor bi kahte. So normally an obligor would have a property or a piece of land or a machinery, plant, karkhanna etc. So party A which owns this asset, business and as part of this business one asset, it is looking for raising fund for its business activities. It does not want to issue equity, baho zyada businesses they do not want to issue equity because equity issuing more equity would dilute their ownership rights into the business or ye company ko bond bi isshu nahi karna chahati for Sharia reasons. The shareholders of this company are very religious, they do not want to get involved in any Sharia repugnant activity, hence they decide to issue a sukuq. The first step in issuing a sukuq is to set up an SPV, pehle bi mai batah chuka hu SPV stands for Special Purpose Vehicle, ye ek asi company hoti hai jis ka koi apna karobar nahi hota aur ye ek khas maksad ke liye banai jaati hai, mai pehle batah chuka hu ki ye SPV normally is domiciled in an offshore jurisdiction, ye ek offshore company hoti hai kya? So the party A which owns an asset sets up an SPV which is administered by separate trustees, although party A actually starts the process of setting up the SPV but it does not have any meaningful control on it. So party A sells this asset to SPV, so this is step number two, step one SPV is set up, step two party A sells its asset to SPV, ab ye jo SPV thi jis ne wo asset khreed liya tha wo us asset ko party A ko lease bi kar ditti hai, ta ke party A usko use kar ti rahe. Of course for that use party A would be paying rentals to SPV. This SPV is central to sukuq structures, this actually issues sukuq, baz okaad naam se log dhoka kha jaati hai, party A ka naam agar ho abc holdings and if it wants to raise money through a sukuq structure and the sukuq are issued by SPV, un sukuq ka naam jo hai wo abc holdings sukuq rakha jaati hai normally. And people sometimes say that oh this sukuq is issued by abc holdings, no. From legal viewpoint the SPV issues sukuq which are then sold to the investors, ab ye investors banks bhi hote hain, other financial institutions hote hain, individuals bhi ho sakte hain, jab wo sukuq certificates khreete hain to paise SPV ke paas jaati hain, SPV which has bought this asset from party A, iski price ke tor pe wo paise party A ko derati, is tara party A ka maksad paise raise karne ka poora ho jata hai. Investors are actually looking for some return. That return comes from party A in the form of rentals, remember SPV had leased the asset back to party A. So, party A pays frequent rentals on a quarterly basis, on a six-monthly basis or on an annual basis. These rentals are then paid to the investors and they become the return of these sukuq holders on their investments. At the end, if this sukuq was issued for three years, at the end of the period, three years period, SPV then sells the asset back to party A aur wo jo kheemat usko milti hain, wo kheemat wo sukuq holders ko paapas karte hain. Is tara sukuq holders they receive their capital sum back and during the period of the sukuq, they earn returns. Main point sukuq is all about using an asset by way of selling it to raise fund, abhita ke story ye hai, kuch cases mein ye asset nahi hoga and we would go into those details. An arrangement like leasing is used to pay regular returns to investors. The asset is then sold back to the fund raiser to redeem sukuq. Redeem sukuq ka matlab yeh hote hain ki sukuq holders apne paise vaapas leh.