 Time for another recap. I am happy that we are now approaching the end of this course, and we have in this process learned quite a lot of new things. We started with some very basic concepts about Islamic banking and finance. We covered quite a number of important contracts being used in Islamic banking and finance in different parts of the world. And of course, we went into details of Islamic modes of financing and we attempted to distinguish between an Islamic contract and an Islamic mode of finance. And we said that an Islamic contract is a singular contract. While an Islamic mode of finance is a composite structure which may involve quite a number of Islamic contracts. Then we moved on to some Islamic banking and finance markets to see how these Islamic contracts and Islamic modes of financing are being implemented in different segments of Islamic banking and finance industry. So there has been a lot of learning in this course and I hope that you have actually learned quite a lot of things out of these lectures and of course by watching videos, reading and accumulating information from around you. Assessment is always a good idea. Self-assessment helps you to see where you stand in terms of your understanding of a discipline. In this case, we adopted a quiz-based assessment approach for you so that after a certain time in this learning process, you should have an idea what is the level of your understanding of Islamic modes of finance, their applications in different contexts and some general knowledge. So today, we shall be continuing with our quiz with one question, four answers, only one of them is correct and you have to pick up the correct one, write it down and see whether your answer is correct. If not, you should be by now a bit worried about your level of understanding of Islamic banking and finance, especially your knowledge of Islamic modes of finance. This is our question today. The most recent addition to Takaful models is a murabha-based Islamic microfinance, b. Mudarbha-based model, c. Waqf-based model, d. Takaful ta'avuni. So we have four answers, one of them is correct and you have to pick up your correct answer. I would be trying to pick up my correct answer. I normally do this thing by way of a random choice and in most cases previously my choice has been correct. So I hope that today I would be picking up the correct answer as well. If I go for murabha-based Islamic microfinance, my guess would be anything to do with murabha cannot be a recent one because murabha has been in application in Islamic banking and finance for a very long time. So if anything was going to be pioneered, murabha would have been one of the first choices to be picked up. So I would not like to go for murabha-based Islamic microfinance. Mudarbha-based model, that could be a choice. Waqf-based model, that could be another one and Takaful ta'avuni. Now Takaful ta'avuni is something I have not heard of and if I have not heard of, you must have not heard of it either. So I would like to go for Waqf-based model and let us see if this is correct. This is absolutely correct. When we studied different models of Takaful, we studied a mudarbha-based model, we studied a wakala-based model, we studied a hybrid model which would involve wakala and mudarbha. Then at the end we mentioned that in Pakistan a new model has been introduced which is based on the institution of Waqf. Now Waqf was used in the context of Takaful because the Sharia scholars in Pakistan deemed that the use of Takaful is more appropriate in the context of donations. Remember when we studied Takaful, we argued that the major or the most fundamental contract in Takaful is donation. In case of conventional insurance, the most fundamental contract or document is the policy. We mentioned that in case of conventional insurance, you pay a price to buy a document along with whatever is written in it and that document would entitle you to different benefits. In case of Takaful, however, you donate certain amounts of money in the case of Waqf-based model into Waqf and because you are part of this community of donors, you should expect some benefits out of it. So the correct answer is Waqf-based Takaful model. A is wrong for obvious reasons. I would not highlight all the reasons but common sense suggests that the question was about Takaful and the answer in A was about Islamic microfinance. So anyone who was not in type C of the students would have picked it up. B is also wrong because Modarba-based Takaful model was actually the first one to be used in the Takaful industry. D is wrong as well because Takaful Tawuni is practiced in Saudi Arabia and this is not the first model of Takaful. When we were covering the topic of Takaful, I did not explicitly mention the use of Islamic insurance in Saudi Arabia. The scholars in Saudi Arabia take a view that conventional insurance is more or less good. It is okay from Sharia viewpoint as long as there are no interest related activities, if there is no gambling and if there is no excessive error in the transaction. So their view is that if the money received by the insurance company is not invested in interest based securities, then it should be okay. Secondly, they say that the uncertainty or error which is presented as an argument by the critics of insurance, this is not valid. This is their view and they say that there has never been an intention of the policy buyers to gamble. It is actually to protect themselves from something bad happening. And this is why they say that in Arabic we use the word atta-mean for insurance which is actually satisfaction or sense of protection. It is from aman, ta-mean and atta-mean atta-awuni is basically cooperative. And they would say as long as there is a legal requirement there, as long as 10% of the profits of the insurance company are distributed amongst the policy holders, we would deem this practice to be Islamic or Sharia compliant.