 In this module, we would look at an application of ISTISNA in the context of private public partnerships, which are also known as PPPs. A number of governments in countries, including Pakistan, are looking for financing for big infrastructure projects like construction of dams, construction of roads, construction of airports, etc. So these big projects, they require big amount of money. In many cases, amounting to billions of dollars. ISTISNA has a relevance to this growing demand for infrastructure finance. And because the governments are looking for partnerships with the private sector organizations, this offers an opportunity to Islamic financial institutions to come up with an Islamic PPP structure, Islamic public-private partnership structure. We are going to use an example whereby the target is to develop some scientific facilities. And these scientific facilities in the modern era are considered by many as a backbone for innovation and of course for the growth in the economy. Let's see how this can happen. There is a private sector syndicate. This private sector syndicate could comprise Islamic banks, conventional banks which have an appetite for Islamic finance, other corporates or any other entity which has got money and would like to invest in long-term infrastructure projects. Of course if this is a syndicate, this syndicate may have 20 members and if it's a very large syndicate it may have 100 members. Now they would have to then appoint an investment agent and if this is a Sharia compliant transaction which happens to be the case, the investment agency contract between the syndicate and the investment agent would be based on Wakala. This investment agent then would be responsible for developing the facility and because this is a technical facility, this would take a long time and it could be proposed to develop this scientific facility on the basis of Istisna. The benefit of Istisna is that this allows this syndicate to provide money bit by bit in this kind of activities when there is nothing on the ground many investors may not believe in it. Once the construction starts and the things start cropping up, this syndicate may actually receive more members. You know they would be more believers. So once this scientific facility and the related equipments have been developed, they would be delivered to the private sector syndicate through investment agent as per the Istisna agreement signed between the investment agent and the developer. Now this private sector syndicate would own this facility and operate it for certain time period and this certain time period is not just one year, two years, it could be 10 years, it could be 15 years or more. So this is a kind of build, own and operate and then later on transfer this to the government if the government would like to have control of this facility. If this facility is of strategic public interest for the government, government would eventually like to have control of this one. So this could be an example of an Istisna application in the context of a large infrastructure project which could be important for economic growth in a country like Pakistan.