 Time for a Salem-based Islamic microfinance model. We have already discussed Mudarbha-based, Musharaka-based, Murabha-based, and quite a few modules back. Actually, we had one complete module on Akhawut's model of Islamic microfinance, which is based on Karthasan or interest-free loan. So, you can appreciate that Islamic microfinance industry uses quite a number of structures depending on the circumstances and depending on the needs of the recipient party, i.e. the recipient of microfinance. In case of a Salem-based microfinance model, obviously a commodity is involved and wherever a commodity is involved, we can think about agriculture. So, Salem-based Islamic microfinance is popular in the agrarian economy. It is used for financing small farmers, not necessarily in their farming activities, but in some cases small farmers, someone having just one acre or two acres, three acres of land, they want to have some additional source of income but they don't have money. To help financing such people, Salem-based Islamic microfinance model is used. So, in case of Islamic microfinance based on Salem, the finance provider buys merchandise from the finance recipient on a Salem basis as the name suggests. The finance recipient based on Salem uses this Salem price to buy certain goods and services, especially to buy the goods which it would like to sell and earn some profit. So, in this model, the finance recipient is normally a farmer as I previously mentioned and would like to start a small additional business like a dhukan. Farming toh bo bichara karta hi hai, uske saad apne gawam ek totisi dhukan bhi khor lega because small farmers with one, two, three acres of land, they have a lot of time at their disposal and if they have an additional source of income, that should stabilize their income. At the time of the harvest, because it's a farmer, the recipient is a farmer, they would actually sell something which they have already cultivated. Of course, in the Salem contract, the reference to the field of the land cannot be made because it is a condition of Salem that any commodity, any produce of a given field cannot become subject matter of Salem. This is a Sharia or juristic requirement of Salem. So, this is a simple model of Islamic microfinance based on Salem. In this case, Islamic microfinance provider buys a commodity X on a Salem basis from this recipient who is very likely to be a farmer. But this person could be someone else as well. So, we are not just limiting Salem based Islamic microfinance to farmers. This could be used by anyone else who would have access to a commodity which they can deliver on a later day. So, pursuant to this Salem contract, Islamic finance, Islamic microfinance provider would give 50,000 rupees to this recipient as Salem price. So, this guy would then use this 50,000 to do some small business and would generate some additional income or income from this activity if the person does not have any other source of income. Now, in this particular case, the recipient actually has to deliver this commodity to the Islamic microfinance provider. So, there is no profit sharing or there is no monthly kind of thing in this case. So, whatever this guy earns, he retains with himself. When the delivery comes, this could be three months, six months, nine months, one year. The person would be buying that commodity if he hasn't already grown it from the market by paying certain amount from his earnings and would deliver this commodity to Islamic microfinance provider. Now, the Islamic microfinance provider in this case who happens to be a microfinance company, microfinance bank, they would not like to have exposure to this commodity for a very long time. So, these guys, Islamic microfinance provider based on Salem, they may actually enter into a parallel Salem to limit their exposure to the commodity. So, whatever I haven't mentioned over here in this simple diagram, this could be added by you. We have previously done so. Now, we had this Salem transaction and then in the next slide, if I remember, we superimposed another parallel Salem to make sure that you understand what is the use of parallel Salem in case of, for example, risk management. So, this is another model which is used by Islamic microfinance providers in countries where agriculture is a major activity, although I must emphasize that Salem based Islamic microfinance may not be limited to just farmers.