{"id":10418,"date":"2026-09-28T09:00:00","date_gmt":"2026-09-28T05:00:00","guid":{"rendered":"https:\/\/matsh.co\/en\/?p=10418"},"modified":"2026-09-27T16:59:24","modified_gmt":"2026-09-27T12:59:24","slug":"islamic-finance-sharia-compliant-business-guide","status":"publish","type":"post","link":"https:\/\/matsh.co\/en\/islamic-finance-sharia-compliant-business-guide\/","title":{"rendered":"Islamic Finance Explained: A Practical Guide to Sharia-Compliant Business"},"content":{"rendered":"<style>\n.mh-section{border-left:4px solid #c0561b;padding-left:14px;margin:42px 0 18px;font-size:1.35rem;color:#3d2408}\n.mh-hook{background:#fdf5ee;border:1.5px solid #ecd0a8;border-radius:16px;padding:30px 32px;margin:0 0 30px}\n.mh-hook h2{margin:0 0 12px;color:#3d2408;font-size:1.35rem;line-height:1.3}\n.mh-hook p{margin:0;color:#4a3a2e;line-height:1.8}\n.mh-pull{border-left:4px solid #c0561b;background:#fdf5ee;padding:20px 26px;margin:28px 0;font-size:1.04rem;font-weight:600;color:#3d2408;line-height:1.7}\n.mh-grid{display:grid;grid-template-columns:repeat(auto-fit,minmax(210px,1fr));gap:14px;margin:22px 0 30px}\n.mh-card{border:1.5px solid #ecd0a8;border-radius:13px;padding:20px;background:#fff}\n.mh-card strong{display:block;color:#3d2408;font-size:.98rem;margin-bottom:7px}\n.mh-card p{margin:0;color:#4a5568;font-size:.9rem;line-height:1.7}\n.mh-table{width:100%;border-collapse:collapse;margin:20px 0 30px;font-size:.91rem}\n.mh-table th{background:#3d2408;color:#fff;text-align:left;padding:13px 14px}\n.mh-table td{border:1px solid #ead8c4;padding:13px 14px;vertical-align:top;line-height:1.55}\n.mh-table tr:nth-child(even) td{background:#fffaf6}\n.mh-step{border:1.5px solid #ecd0a8;border-radius:14px;padding:20px 24px;margin:14px 0;display:flex;gap:16px}\n.mh-step .n{background:#c0561b;color:#fff;width:34px;height:34px;border-radius:50%;display:flex;align-items:center;justify-content:center;font-weight:800;flex-shrink:0}\n.mh-step h4{margin:0 0 6px;color:#3d2408;font-size:1rem}\n.mh-step p{margin:0;color:#4a5568;font-size:.9rem;line-height:1.7}\n.mh-worked{background:#f8fafc;border:1.5px solid #dde3ec;border-radius:12px;padding:26px 28px;margin:24px 0}\n.mh-worked .label{font-weight:800;color:#c0561b;text-transform:uppercase;font-size:.78rem;letter-spacing:.04em}\n.mh-worked h4{margin:6px 0 10px;color:#122f42}\n.mh-worked p{margin:0 0 12px;color:#3a4a5e;line-height:1.8}\n.mh-fail{background:#fdf3f8;border-radius:10px;padding:16px 20px;margin:10px 0;color:#4a1030;line-height:1.65}\n.mh-artifact{border:2px dashed #ecd0a8;border-radius:12px;padding:22px 26px;margin:24px 0}\n.mh-artifact h4{margin:0 0 10px;color:#3d2408}\n.mh-artifact ul{margin:0;padding-left:20px;color:#3a4a5e;line-height:1.9}\n.mh-related{background:#f8fafc;border:1.5px solid #dde3ec;border-radius:14px;padding:28px 30px;margin:34px 0}\n.mh-related h3{margin:0 0 16px;color:#122f42}\n.mh-related-grid{display:grid;grid-template-columns:repeat(auto-fit,minmax(230px,1fr));gap:12px}\n.mh-related a{background:#fff;border:1px solid #dde3ec;border-radius:10px;padding:14px 16px;text-decoration:none;color:#122f42;display:block}\n.mh-related span{display:block;color:#6b7a99;font-size:.8rem;margin-top:4px}\n.mh-cta{background:linear-gradient(135deg,#c0561b,#3d2408);border-radius:16px;padding:36px 38px;margin:36px 0;color:#fff}\n.mh-cta h3{color:#fff;margin:0 0 10px;font-size:1.25rem}\n.mh-cta p{margin:0 0 20px;opacity:.92;line-height:1.7}\n.mh-cta a{display:inline-block;background:rgba(255,255,255,.16);border:1px solid rgba(255,255,255,.35);border-radius:8px;padding:10px 16px;margin:5px 7px 0 0;color:#fff;text-decoration:none;font-weight:700;font-size:.86rem}\n<\/style>\n<div class=\"mh-hook\">\n<h2>Islamic finance is not conventional finance with Arabic labels<\/h2>\n<p>The practical difference starts much earlier than the contract name. A Sharia-compliant transaction is designed around rules concerning interest, excessive uncertainty, gambling, permitted economic activity, ownership, risk and the link between finance and real economic activity. That means the useful question is not \u201cWhich Islamic product replaces this conventional one?\u201d but \u201cWhat economic transaction are the parties actually entering into, what do they own, what risks do they carry and how is the return earned?\u201d<\/p>\n<\/div>\n<figure class=\"wp-block-image size-full\" style=\"margin:26px 0 34px\"><img loading=\"lazy\" decoding=\"async\" width=\"1080\" height=\"864\" src=\"https:\/\/matsh.co\/en\/wp-content\/uploads\/2026\/09\/Islamic-finance-and-GCC-business-landscape-photo-by-Kenny-on-Unsplash.jpg\" alt=\"Modern Doha skyline representing Islamic finance and GCC business markets\" class=\"wp-image-10420\" srcset=\"https:\/\/matsh.co\/en\/wp-content\/uploads\/2026\/09\/Islamic-finance-and-GCC-business-landscape-photo-by-Kenny-on-Unsplash.jpg 1080w, https:\/\/matsh.co\/en\/wp-content\/uploads\/2026\/09\/Islamic-finance-and-GCC-business-landscape-photo-by-Kenny-on-Unsplash-300x240.jpg 300w, https:\/\/matsh.co\/en\/wp-content\/uploads\/2026\/09\/Islamic-finance-and-GCC-business-landscape-photo-by-Kenny-on-Unsplash-1024x819.jpg 1024w, https:\/\/matsh.co\/en\/wp-content\/uploads\/2026\/09\/Islamic-finance-and-GCC-business-landscape-photo-by-Kenny-on-Unsplash-768x614.jpg 768w\" sizes=\"auto, (max-width: 1080px) 100vw, 1080px\" \/><figcaption style=\"font-size:.75rem;color:#6b7a99\">Photo by <a href=\"https:\/\/unsplash.com\/@kennymark?utm_source=wpvibe&#038;utm_medium=referral\" target=\"_blank\" rel=\"noopener\">Kenny<\/a> on Unsplash.<\/figcaption><\/figure>\n<p>Islamic finance is now a mainstream part of the financial system in many markets, particularly across the GCC and Southeast Asia. LSEG\u2019s 2025 Islamic Finance Development Report says global Islamic finance assets reached <strong>US$5.98 trillion in 2024<\/strong>. Scale, however, does not make the structures self-explanatory. Professionals still need to understand what makes a transaction Sharia-compliant in substance, not only in name.<\/p>\n<p><a href=\"https:\/\/www.lseg.com\/en\/data-analytics\/islamic-finance\/islamic-market-intelligence\/islamic-finance-development-report-2025\" target=\"_blank\" rel=\"noopener\">Source: ICD\u2013LSEG Islamic Finance Development Report 2025<\/a><\/p>\n<div class=\"mh-pull\">The fastest way to understand Islamic finance is to stop memorising product names and start tracing four things: <strong>the asset, the ownership, the risk and the source of return.<\/strong><\/div>\n<h2 class=\"mh-section\">The four questions behind Sharia-compliant finance<\/h2>\n<div class=\"mh-grid\">\n<div class=\"mh-card\"><strong>1. Is the return tied to a permitted transaction?<\/strong><\/p>\n<p>Islamic finance prohibits riba. A return therefore needs to arise through a permitted sale, lease, partnership, investment or other compliant structure rather than a predetermined interest charge on money lent.<\/p>\n<\/div>\n<div class=\"mh-card\"><strong>2. Is uncertainty controlled?<\/strong><\/p>\n<p>Contracts should not depend on excessive uncertainty or ambiguity. The parties need clarity about what is being sold, leased, delivered, owned and paid.<\/p>\n<\/div>\n<div class=\"mh-card\"><strong>3. Is the activity itself permissible?<\/strong><\/p>\n<p>A technically elegant structure is not enough if the underlying business activity is prohibited under the applicable Sharia framework.<\/p>\n<\/div>\n<div class=\"mh-card\"><strong>4. Are ownership and risk real?<\/strong><\/p>\n<p>Many Islamic structures require a genuine relationship to an asset, enterprise or productive activity. The legal form, economic substance and transfer of risk all matter.<\/p>\n<\/div>\n<\/div>\n<p>The IMF describes the core features of Islamic finance as including the prohibition of interest, excessive uncertainty and gambling, alongside risk sharing, fair treatment, real economic activity and Sharia-permitted activity. Exact application can differ across jurisdictions and standards, so a live transaction still requires appropriate legal, regulatory and Sharia review.<\/p>\n<p><a href=\"https:\/\/www.imf.org\/en\/publications\/wp\/issues\/2016\/12\/31\/an-overview-of-islamic-finance-42976\" target=\"_blank\" rel=\"noopener\">Source: IMF, An Overview of Islamic Finance<\/a><\/p>\n<h2 class=\"mh-section\">The main Islamic finance structures, in plain language<\/h2>\n<table class=\"mh-table\">\n<thead>\n<tr>\n<th>Structure<\/th>\n<th>What happens economically<\/th>\n<th>Typical use<\/th>\n<th>Key question<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><strong>Murabaha<\/strong><\/td>\n<td>An asset is purchased and then sold to the customer at a disclosed markup, usually with deferred payment.<\/td>\n<td>Asset or trade financing<\/td>\n<td>Was there a genuine purchase and resale of the asset, rather than simply relabelling a cash loan?<\/td>\n<\/tr>\n<tr>\n<td><strong>Ijara<\/strong><\/td>\n<td>An asset is leased and the user pays rent for the right to use it.<\/td>\n<td>Equipment, property and asset finance<\/td>\n<td>Who owns the asset, carries ownership obligations and receives the rental return?<\/td>\n<\/tr>\n<tr>\n<td><strong>Musharaka<\/strong><\/td>\n<td>Two or more parties contribute capital to a venture and share results according to the agreed structure.<\/td>\n<td>Partnership and investment<\/td>\n<td>Are the capital contribution, profit-sharing and loss-bearing arrangements clear?<\/td>\n<\/tr>\n<tr>\n<td><strong>Mudaraba<\/strong><\/td>\n<td>One party provides capital while another manages the venture, with profit shared under an agreed ratio.<\/td>\n<td>Investment and entrepreneurship<\/td>\n<td>Are the investor and manager roles, decision rights and loss treatment properly defined?<\/td>\n<\/tr>\n<tr>\n<td><strong>Salam<\/strong><\/td>\n<td>Payment is made in advance for goods delivered later under defined specifications.<\/td>\n<td>Commodity and agricultural finance<\/td>\n<td>Are the future goods and delivery terms sufficiently clear?<\/td>\n<\/tr>\n<tr>\n<td><strong>Istisna<\/strong><\/td>\n<td>An asset is manufactured or constructed to agreed specifications.<\/td>\n<td>Construction and project finance<\/td>\n<td>Are scope, specifications, milestones and delivery obligations clear?<\/td>\n<\/tr>\n<tr>\n<td><strong>Sukuk<\/strong><\/td>\n<td>Certificates are structured around ownership interests, assets, usufruct or investment activity rather than a conventional interest-bearing bond claim.<\/td>\n<td>Capital markets and large-scale financing<\/td>\n<td>What do investors actually own or have rights to, and what generates distributions?<\/td>\n<\/tr>\n<tr>\n<td><strong>Takaful<\/strong><\/td>\n<td>Participants contribute to a mutual risk-sharing arrangement rather than transferring risk through a conventional insurance model.<\/td>\n<td>Protection and insurance<\/td>\n<td>How are participant funds, operator fees, claims and surpluses governed?<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>These are families of structures, not plug-and-play templates. The same label can be implemented differently depending on the jurisdiction, standard, asset and contractual details.<\/p>\n<h2 class=\"mh-section\">How a business should choose between structures<\/h2>\n<div class=\"mh-step\">\n<div class=\"n\">1<\/div>\n<div>\n<h4>Start with the real business need<\/h4>\n<p>Do you need to buy equipment, finance inventory, lease an asset, bring in an investor, fund construction, raise capital or insure a risk? The economic need should determine the structure, not the other way around.<\/p>\n<\/div>\n<\/div>\n<div class=\"mh-step\">\n<div class=\"n\">2<\/div>\n<div>\n<h4>Identify the asset or productive activity<\/h4>\n<p>Map what is being bought, leased, built or invested in. If nobody can explain the underlying asset, ownership path or productive activity clearly, the structure needs closer scrutiny.<\/p>\n<\/div>\n<\/div>\n<div class=\"mh-step\">\n<div class=\"n\">3<\/div>\n<div>\n<h4>Map ownership, cash flow and risk<\/h4>\n<p>Draw the transaction. Who buys? Who owns? Who leases? Who sells? Who bears loss if the asset is damaged? What event creates the return? A one-page flow often reveals more than a long product description.<\/p>\n<\/div>\n<\/div>\n<div class=\"mh-step\">\n<div class=\"n\">4<\/div>\n<div>\n<h4>Check Sharia, legal, tax and regulatory requirements together<\/h4>\n<p>A structure can make sense conceptually but still require jurisdiction-specific treatment. Sharia review should not be treated as an isolated final stamp after the commercial and legal structure has already been fixed.<\/p>\n<\/div>\n<\/div>\n<div class=\"mh-step\">\n<div class=\"n\">5<\/div>\n<div>\n<h4>Test the substance, not only the documents<\/h4>\n<p>Ask whether the actual operational steps match the contracts. If the documented ownership or asset transfer never occurs in practice, the compliance analysis is incomplete.<\/p>\n<\/div>\n<\/div>\n<div class=\"mh-worked\">\n<span class=\"label\">Illustrative scenario<\/span><\/p>\n<h4>A manufacturer in the UAE needs new production equipment<\/h4>\n<p>Suppose a company needs machinery but does not want conventional interest-bearing borrowing. One option could be a murabaha structure in which the financier purchases identified equipment and resells it to the company at a disclosed markup with deferred payments. Another could be ijara, where the financier owns the machinery and leases its use to the company.<\/p>\n<p>The choice is not simply \u201cwhich one is cheaper?\u201d The parties need to consider ownership, maintenance obligations, cash-flow profile, tax treatment, regulatory requirements, operational practicality and the relevant Sharia governance process. This example is illustrative, not transaction advice.<\/p>\n<\/div>\n<h2 class=\"mh-section\">Sukuk: why \u201cIslamic bond\u201d is useful shorthand but not the full explanation<\/h2>\n<p>Sukuk are often described as Islamic bonds because they occupy a similar capital-market role for many issuers and investors. Structurally, however, the important question is what the certificates represent. The World Bank describes sukuk structures as linking investors to underlying assets and economic activity rather than simply creating an interest-bearing debt instrument.<\/p>\n<p>For example, in a sukuk al-ijarah structure, certificates can represent interests connected to leased assets and the distributions are linked to rental cash flows. The details vary significantly by structure and jurisdiction.<\/p>\n<p><a href=\"https:\/\/ppp.worldbank.org\/overview-assets-recycling-through-islamic-finance\" target=\"_blank\" rel=\"noopener\">Source: World Bank PPP Resource Center, Islamic Finance and Sukuk al-Ijarah<\/a><\/p>\n<h2 class=\"mh-section\">Sharia governance matters as much as product vocabulary<\/h2>\n<p>One of the easiest mistakes is to treat Sharia compliance as a product checklist. In practice, governance matters. Organisations need a process for interpreting applicable Sharia standards, reviewing structures and documentation, monitoring implementation and resolving questions when commercial practice changes.<\/p>\n<div class=\"mh-grid\">\n<div class=\"mh-card\"><strong>Product design<\/strong><\/p>\n<p>Bring Sharia considerations into the transaction early, while commercial options are still open.<\/p>\n<\/div>\n<div class=\"mh-card\"><strong>Documentation<\/strong><\/p>\n<p>Make sure the contracts accurately describe the asset, ownership, rights, obligations and sequence of steps.<\/p>\n<\/div>\n<div class=\"mh-card\"><strong>Execution<\/strong><\/p>\n<p>Verify that the operational process actually follows the approved structure.<\/p>\n<\/div>\n<div class=\"mh-card\"><strong>Ongoing review<\/strong><\/p>\n<p>Monitor changes in standards, regulations, products and the underlying business activity.<\/p>\n<\/div>\n<\/div>\n<h2 class=\"mh-section\">Common mistakes when professionals first learn Islamic finance<\/h2>\n<div class=\"mh-fail\"><strong>Mistake: \u201cIslamic finance just means no interest.\u201d<\/strong> The prohibition of riba is central, but the framework also deals with excessive uncertainty, gambling, permitted activity, ownership, risk and fair dealing.<\/div>\n<div class=\"mh-fail\"><strong>Mistake: \u201cEvery product has one universally identical structure.\u201d<\/strong> Standards, scholarly interpretations, regulation and market practice can differ. A label is not a substitute for reading the actual transaction.<\/div>\n<div class=\"mh-fail\"><strong>Mistake: \u201cSukuk are simply bonds with a different name.\u201d<\/strong> Their capital-market function may look familiar, but ownership, asset linkage and contractual structure need separate analysis.<\/div>\n<div class=\"mh-fail\"><strong>Mistake: \u201cSharia review belongs at the end.\u201d<\/strong> If the commercial structure is already locked before review begins, fixing a substantive issue can become expensive or impractical.<\/div>\n<div class=\"mh-fail\"><strong>Mistake: \u201cA course makes me a Sharia adviser.\u201d<\/strong> Training builds working fluency. Live structuring still requires appropriately qualified Sharia, legal, tax and regulatory professionals.<\/div>\n<div class=\"mh-artifact\">\n<h4>A practical due-diligence checklist<\/h4>\n<ul>\n<li>What is the economic purpose of the transaction?<\/li>\n<li>What asset, service or productive activity sits underneath it?<\/li>\n<li>Who owns the asset at each stage?<\/li>\n<li>Who bears which risks, and when?<\/li>\n<li>What event or activity generates the return?<\/li>\n<li>Are price, delivery, obligations and material uncertainties clearly defined?<\/li>\n<li>Is the underlying business activity permissible under the applicable Sharia framework?<\/li>\n<li>Which Sharia standards, board or advisers govern the decision?<\/li>\n<li>Which jurisdiction-specific legal, tax and regulatory rules apply?<\/li>\n<li>Does actual operational execution match the approved documentation?<\/li>\n<\/ul>\n<\/div>\n<h2 class=\"mh-section\">Who needs working fluency in Islamic finance?<\/h2>\n<p>Deep specialist knowledge is not necessary for every role, but working fluency is increasingly useful for finance teams, corporate treasurers, bankers, lawyers, compliance professionals, investment teams, insurers, entrepreneurs and executives operating in markets where Sharia-compliant finance is commercially significant.<\/p>\n<p>The goal is not to memorise Arabic terminology. It is to be able to look at a transaction and ask better questions about ownership, risk, return, asset linkage and governance.<\/p>\n<div class=\"mh-related\">\n<h3>Related MATSH reading<\/h3>\n<div class=\"mh-related-grid\">\n<a href=\"\/en\/islamic-finance-statistics-2026\/\"><strong>Islamic Finance Statistics 2026<\/strong><span>Current market size, sukuk and growth data with source and scope kept visible.<\/span><\/a><br \/>\n<a href=\"\/en\/financial-literacy-for-professionals\/\"><strong>Financial Literacy for Non-Finance Managers<\/strong><span>Build the broader finance vocabulary needed to evaluate business decisions.<\/span><\/a><br \/>\n<a href=\"\/en\/professional-training-gcc-africa\/\"><strong>Professional Training in the GCC and Africa<\/strong><span>How to choose capability-building programmes based on real work requirements.<\/span><\/a><br \/>\n<a href=\"\/en\/course\/corporate-governance-training-course\/\"><strong>Corporate Governance Training Course<\/strong><span>Related governance, oversight and decision-rights capability.<\/span><\/a>\n<\/div>\n<\/div>\n<div class=\"mh-cta\">\n<h3>Move from awareness to working fluency<\/h3>\n<p>MATSH&#8217;s Islamic Finance and Sharia-Compliant Business Fundamentals Course is built for professionals who need to understand how the principles translate into real business structures, decisions and governance.<\/p>\n<p><a href=\"\/en\/course\/islamic-finance-sharia-compliant-business-course\/\">Explore the Islamic Finance course<\/a><br \/>\n<a href=\"\/en\/register\/?course=Islamic+Finance\">Register<\/a>\n<\/div>\n<h2 class=\"mh-section\">Sources and further reading<\/h2>\n<ul>\n<li><a href=\"https:\/\/www.imf.org\/en\/publications\/wp\/issues\/2016\/12\/31\/an-overview-of-islamic-finance-42976\" target=\"_blank\" rel=\"noopener\">IMF, An Overview of Islamic Finance<\/a><\/li>\n<li><a href=\"https:\/\/www.lseg.com\/en\/data-analytics\/islamic-finance\/islamic-market-intelligence\/islamic-finance-development-report-2025\" target=\"_blank\" rel=\"noopener\">ICD\u2013LSEG Islamic Finance Development Report 2025<\/a><\/li>\n<li><a href=\"https:\/\/ppp.worldbank.org\/overview-assets-recycling-through-islamic-finance\" target=\"_blank\" rel=\"noopener\">World Bank PPP Resource Center, Islamic Finance \/ Sukuk al-Ijarah<\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>A practical guide to Islamic finance principles, murabaha, ijara, musharaka, mudaraba, sukuk, takaful, Sharia governance and how businesses evaluate compliant structures.<\/p>\n","protected":false},"author":1,"featured_media":10420,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_kad_post_transparent":"","_kad_post_title":"","_kad_post_layout":"","_kad_post_sidebar_id":"","_kad_post_content_style":"","_kad_post_vertical_padding":"","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"_kad_post_classname":"","footnotes":""},"categories":[404],"tags":[],"class_list":["post-10418","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-professional-development"],"_links":{"self":[{"href":"https:\/\/matsh.co\/en\/wp-json\/wp\/v2\/posts\/10418","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/matsh.co\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/matsh.co\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/matsh.co\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/matsh.co\/en\/wp-json\/wp\/v2\/comments?post=10418"}],"version-history":[{"count":2,"href":"https:\/\/matsh.co\/en\/wp-json\/wp\/v2\/posts\/10418\/revisions"}],"predecessor-version":[{"id":10424,"href":"https:\/\/matsh.co\/en\/wp-json\/wp\/v2\/posts\/10418\/revisions\/10424"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/matsh.co\/en\/wp-json\/wp\/v2\/media\/10420"}],"wp:attachment":[{"href":"https:\/\/matsh.co\/en\/wp-json\/wp\/v2\/media?parent=10418"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/matsh.co\/en\/wp-json\/wp\/v2\/categories?post=10418"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/matsh.co\/en\/wp-json\/wp\/v2\/tags?post=10418"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}