 From this module, we shall start a new topic and the topic is investing in shares and stocks of listed companies. It should be an interesting topic because stock market plays a very important role in any country's economy and understanding if Sharia compliant investors can invest in shares and listed stocks of companies that should be relevant to quite a number of people. But before we look into Sharia compliance or otherwise of investing in shares and stocks of listed companies, we must know what is a share. Now, when we talk about a share, of course, share is an English language word which in Urdu means Hissa. So, as the name suggests, share is actually a share in a company. And it represents an undivided right of ownership in a company and the word undivided is very important. And some people would add it's not only undivided, it is unidentified as well. So, a share does not refer to a specific portion of the company but rather is undivided. When I buy a share in a company, I cannot say that actually I own now this part of the company. No. If there are 100 shares issued by a company, holder of a share will be deemed owner of 100 shares of the company. Overall, if you imagine if we divide it into 100 shares, 100 portions, you would own one of them. But as of now, this is undivided. We are not dividing the company and it's unidentified. So, that is this share. From a Sharia viewpoint, there are some implications of this. Now, before we go to Sharia implications, we should be asking this question, can a share be sold on its own? In other words, can a shareholder sell his or her share in the company? The question is yes, he or she owns that share in the company and they should be able to sell it. However, it's a legal framework. A shareholder can sell their share in the company subject to a consent from the other shareholder. And this is a kind of gesture of goodwill which is required legally in many cases. So, if for example, we start a company with five shareholders and we are friends, we are friends and we are shareholders. One of them would like to exit and he sells his share to someone we don't like. That would create problems in the business and hence consent of the existing shareholders is needed in case of a business. I'm not referring to listed companies as of now. We will go to that point later. So, if other shareholders do not consent to the sale of a share by one shareholder, then there could be problems. The partnership or this working together, doing business together, that would have terms and conditions signed by everyone. So, if there is no provision for someone to exit, in that case, it is quite possible that that business would be dissolved. This person would come out of it, get his or her money out. Another people would make another arrangement amongst themselves. In case of listed shares, however, the things might be different. Shares of the companies listed on a stock exchange would always have a price attached to them. So, whenever you are reading a newspaper or when you are reading a newspaper on the screen and you go to the business section and you check the stock market in your country, you will find company so and so and then the price of that listed stock. So, there is always a price attached to a share of a company listed on a stock exchange. Buyers of the listed stocks or shares, sometimes we call them stocks, sometimes we call them shares. So, I would be using this word interchangeably. So, buyers of the listed stocks, they actually agree to purchase and sale of these stocks to anyone and everyone and anytime. So, there is no need for an explicit consent in case of listed stock because whenever I buy a stock, I sign on these terms and conditions which are very, very small print. There, I actually agree that any other people, other shareholders, they can buy and sell as I am doing right now. Now, what is the Islamic view on holding listed shares? When we say holding, i.e., buying them, keeping them with ourselves and afterwards selling them. This was a very tricky question. A lot of scholars, they would not be happy with trading of the listed stock. They used to say that this is gambling. However, as I said previously in the context of insurance, this view of Sharia scholars was at best based on their incomplete understanding of the way stock markets would work. In the context of Islamic banking and finance, now there is a consensus that it is permissible to buy and sell stocks of listed companies or shares of listed companies as long as they fulfill certain conditions. Basic principles are like this. Primary business of the company should be Sharia compliant. Of course, the company should be buying and selling and producing halal goods. It is not only the goods and services produced by the company which should be halal, but the way it is being financed, the other aspects of the business, they should be halal and Sharia compliant as well. If not all the business activities are Sharia compliant, then certain rules must be observed while investing in the stocks of such companies and we will come to these rules when we go deeper into the topic. There are two types of Sharia screens which are used for investing in or buying and trading, buying and selling listed stock. One is called a business screen. We would describe it in some detail later and financial screen. Business screens make sure that haram activities are weeded out. Alcohol, gambling, non halal food, financial sector, unethical activities, etc. I am going quickly right now because I am going to spend a lot of time on these things later. Then there are some financial screens. These financial screens make sure that interest related activities are taken out. Cash plus interest bearing securities. This is an important aspect which should be considered when investing in the stock of a listed company. Receivables of the company, they are important as well. And in case of mixed businesses, i.e. if not all the activities of the company are Sharia compliant, then there must be a threshold of non halal activities being accepted. There are a number of methodologies being used in the market. We have S&P methodology. We have MSCI methodology. We have FTSE methodology. We have methodologies of securities commission Malaysia. And we have methodology of Pakistan stock exchange as well. And AOFE Sharia standards on the businesses of the companies listed on stock exchange, they serve as guidelines for investing in shares as well. All these things we would be looking into in a lot of detail in the modules to come. Thank you.