 In this segment, once again, we would look into Islamic contracts. In fact, this segment is a summary of the most important Islamic contract. Given the importance of contract in Islamic dealings in Muamalat, in business, in Islamic banking and finance, it is imperative for us to understand different Islamic contracts. There are a number of categories or groups of Islamic contracts. Like we saw in the previous segment, there are sale contracts, there are lease contracts. Of course, there are some investment contracts. We have some contracts which support other contracts called supporting contracts. Then we have gratuitous contracts and in addition to these five groups of contracts, there are some other arrangements which may not be just an independent contract. There may be arrangements based on different contracts. When we look at sale contracts, spot sale contract is the base level contract. Spot sale contract is what? It is a contract whereby one party sells something which is delivered now against a price which is received now. Hence, we call it a spot sale contract, which is the base level contract in Islamic law. Actually, this is the most preferred form of a sale contract. So, that is called the spot sale contract. Now, these spot sale contracts or sale in general could be without profit or with profit. It is possible that you go to a shopkeeper and the shopkeeper sells something without earning profit. That in Islamic law is called Sauliya. You will be very lucky if you have some shopkeeper friends or some friends who are willing to sell certain things to you without charging you profit. There are some other sale contracts where the seller might disclose the profit. It is a requirement of a murabaha contract that the profit should be disclosed. If someone is earning 20% profit from you, they should tell you. This is a requirement of a murabaha sale contract. And a murabaha sale contract in its simple form is actually a spot contract. Although in the context of Islamic banking and finance, murabaha is combined with a deferred payment sale because of which many people think that murabaha is actually a deferred payment contract, which is not the case. The defining feature of a murabaha contract is that the profit is disclosed. Murabaha is derived from a word ribh. Ribh in Arabic means profit. And murabaha means earning profit out of an arrangement in such a way that profit is disclosed. Then we have deferred payment sale, which is also called ba'a mo'ajal. Deferred delivery sale, which is called salam. And then we have commissioned sale contract called istisna. There are some controversial sale contracts like ba'ina and like tawarroq. Ba'ina has historically been used in countries like Malaysia, but even there its use is going down very significantly. Tawarroq on the other hand side is the most commonly used contract in Islamic banking and finance, although to many people it remains controversial. There are some specific sales which we would be referring to in the context of Islamic banking and finance learning. So we would be looking into sale of currency and sale of debt. These are very sensitive sales for which there are separate rulings and they would be subject matter of one of the segments. Lease contracts, simple lease as we said in our previous segment, these lease contracts are used in a number of Islamic financial transactions. Sukuk, which is a form of Islamic bond, the most widely used structure of Sukuk is actually based on hijara. And when the time comes, we would explain the structure of a Sukuk hijara. Higher purchase, this is something used by Islamic banks in a number of products and structures and we would explain these structures in due time as well. Forward lease contract, this is another recognized lease contract in Islamic law. And hijara wa iqtina or lease to gift, this is another variant of a lease contract. Investment contracts, profit sharing contracts, partnership or profit loss sharing contracts. And the third may be an investment agency or wakala istitmar. Profit sharing is known as mudaraba, it could be a restricted mudaraba or it could be an unrestricted mudaraba. The distinctions between these two would be explained in due time. Partnership contracts are quite a number. However, we have listed sharika aqt, milk and wuju and we would be going into the details or their definitions and their characteristics in one of the forthcoming segments. Investment agency or wakala istitmar, this is becoming very popular in Islamic banking with a number of applications. Supporting contracts, wakala, service agency, joala, pledge, rahen, remittance, awala and safe custody wadiya, these are the supporting contracts which are used in almost all the Islamic financial products in one form or the other. The gratuitous contracts and other commercial arrangements, they have their own significance. In case of gratuitous contracts, the one party may benefit without the other party having any meaningful benefit to the contract. For example, in case of gift, gift is an example of a gratuitous contract in which one party, the party which receives gift benefit, the other party actually doesn't have any worldly benefit in it. And other contractual arrangements, we call them arrangements not contracts because technically they are not just one contract. They may be combination of many contracts or in case of wad, actually the arrangement may not be deemed as a contract in Islamic law. So with this one, I would like to stop here with the summary of Islamic legal contracts which are a lot in number and of course they are very significant in scope and scale.