 So, we have already studied Salam as an Islamic mode of financing and we went into quite a lot of details when we covered this topic. In this segment, we are going to relook at Sukuk Salam. Actually, we have already discussed a generic structure of Salam Sukuk and in this one, in this module, we are going to refer to a Sukuk Salam which has for many years been issued by Central Bank of Bahrain on a very frequent basis. Sukuk Salam is used for liquidity management by Islamic banks and financial institutions. The structures may be based on a Salam, parallel Salam structure that involves two back-to-back Salam transactions or may involve another arrangement based on VAD. The example we are going to use, this is not based on Salam, parallel Salam structure, rather it employs the concept of VAD in the structure. So, this structure is the one which is being used by Central Bank of Bahrain to issue frequent Sukuk Salam for the benefit of those financial institutions which are looking for Sharia-compliant liquidity management. This structure, I would explain slowly because it does not have step, so I want to make sure that you understand it properly. Step number one is this one, Ishwar which in this case is Central Bank of Bahrain. Now in this structure, we have not given a reference to an SPB. All other structures, we would give a reference to a special purpose vehicle but in this case Central Bank of Bahrain may find it useful not to set up an SPB to issue Sukuk Salam. So, this Ishwar, Central Bank of Bahrain issues Sukuk and collects investments from the banks. In this case, the investors are actually banks, primarily Islamic banks but other banks which are looking for a Sharia-compliant liquidity management tool may be part of this structure. So, once the money comes to Central Bank of Bahrain, it then enters into a Salam transaction with a lead arranger. This lead arranger is another bank. It could be a bank chosen by the Central Bank of Bahrain to serve as lead arranger. Pursuant to this Salam sale, the Central Bank of Bahrain sells the commodity, sells a commodity to the lead arranger and the lead arranger is actually, buys a commodity from the lead arranger and pays the amount of money now. So, pursuant to this Salam contract, lead arranger would receive money now to deliver the commodity later. So, this Salam commodity would be delivered later. To ensure that this commodity is available to deliver to Central Bank of Bahrain after a certain time period, normally it is a 30-day transaction. The lead arranger enters into a Wad base arrangement with a commodity broker to ensure that this commodity which lead arranger has to deliver to the Central Bank of Bahrain, it is actually here. So, commodity broker pursuant to this Wad arrangement, commodity broker undertakes to sell commodity for dollar plus a profit at T1 after 30 days. So, this is a binding arrangement between commodity broker and the lead arranger in such a way that whenever lead arranger would call upon this undertaking, the commodity broker will have to honour it. Now, 30 days pass in that case pursuant to this Wad, the commodity broker would sell this commodity for a price. This was the price which was mentioned in the Wad and would deliver the commodity to the lead arranger. But before that let me say in those 30 days what has happened? Lead arranger has got money. This would actually be using this money for those banks who would be looking for this liquidity and this could be on Salam basis, another Salam structure over there or it could be based on another Sharia compliant means. Now, at the end of the Sukuk Salam period, this commodity transaction would take place pursuant to this Wad between commodity broker and lead arranger and the commodity would come to the lead arranger and the lead arranger would actually then deliver that commodity to the issuer i.e. the central bank of Bahrain. Now, central bank of Bahrain does not need that commodity. That commodity would actually be sold to the commodity broker and again like the arrangement Wad based arrangement between lead arranger and the commodity broker right from the beginning there would be a Wad based arrangement between commodity broker and the issuer. commodity would be sold and the proceeds of that commodity sale would be given back to the banks as their initial investment. So, this is how a Sukuk Salam structure would work. Just to summarize in case of a Sukuk Salam, a Salam Sukuk is issued by an issuer like central bank of Bahrain. This issuance of Sukuk is backed by two-three arrangements. One could be up another Salam structure which is used by the lead arranger to give the money to the banks which are in need of cash and a couple of Wad structures pursuant to which the commodity broker would give the commodity to the lead arranger who would be the buyer of that commodity and another commodity sale between the issuer and the commodity broker which would generate the cash which would be paid to the investors in this case bankers as their initial investment.