 We continue with the practical issues in profit-sharing investment accounts. We have already discussed three practical issues with the help of the answers to these three questions. Question number one, on the permissibility of opening a profit-sharing investment account with a conventional bank. And question number two, permissibility for a bank to change the profit-sharing ratio unilaterally. And question number three was about the treatment of the funds, excess funds left in profit equalization reserve and investment risk reserve. Question number four, which is for this module to answer, is it permissible for an Islamic bank to offer guarantee of capital and return on profit-sharing investment accounts? To answer this question, we have to again go back to the principle of Mudaraba or the contract of Mudaraba. By now, I hope that you have memorized the definition of Mudaraba, which I am going to repeat once again for your benefit. Mudaraba is a contract between two parties or more in such a way that one party provides capital and the other party manages the business on the condition that if there is any profit, that is shared between the two parties in accordance with a profit distribution ratio pre-agreed between them. If the loss occurs, that is going to be borne by the party providing capital. This is the definition of Mudaraba, which all of you must memorize by heart. Now, when we look into this definition of Mudaraba, the answer to this question simply is no. The bank cannot guarantee the capital or it cannot offer a fixed return, i.e., there is no guarantee of capital and there is no guarantee of return in case of profit-sharing investment accounts based on the principle of Mudaraba. Now, question arises, with the help of profit equalization reserve and investment reserve, Islamic banks actually end up offering the guaranteed capital and they offer a rate which is more or less like a fixed rate. Now, these are the technical technicalities of the profit-sharing investment accounts. There is no guarantee even in the presence of a profit equalization reserve or an investment risk reserve. These are the techniques which allow Islamic banks to smoothen their profit rate. Otherwise, there is no guarantee of the return even in the presence of profit equalization reserve and investment risk reserve. These two reserves actually in many cases are regulatory requirements. In some countries it is a regulatory requirement to maintain these two reserves, TER and investment risk reserve. In other countries only one of these is allowed and in some countries actually these two reserves are not allowed at all. In case of Saudi Arabia, for example, where unrestricted profit-sharing investment accounts are not allowed, only restricted profit-sharing investment accounts are allowed. There the banks are not allowed to have either PER or IRR. So, there in Saudi Arabia there is no tendency of offering a fixed return or even guaranteeing the capital of the Mudarba profit-sharing investment account holders at all. So, the simple answer to this question is that it is not possible for any bank to offer guarantee of capital or guarantee of a fixed return. In certain jurisdictions actually this is a regulatory requirement that profit-sharing investment accounts should be managed as if they were deposits. In case of deposits of course there is guarantee of capital. So, those regulators, those central banks which require Islamic banks to manage their profit-sharing investment accounts as if they were deposits. The outsiders may think that profit-sharing investment accounts actually offer guaranteed capital and guaranteed return. From a regulatory viewpoint, this might look right. However, from Sharia viewpoint, in order to achieve this one, a very strict regime of profit equalization reserve and investment risk reserve is required.