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types of islamic microfinance

[87] [155] (All sources note that the trustee of amanah is not liable for loss of the property entrusted if there is an "unforeseen mishap" (Abdullah and Chee),[198] "resulting from circumstances beyond its control" (financialislam.com),[57] or unless the trustee has been in "breach of duty" (Reuters). [72] Such participatory arrangements between capital on one hand and labor and management on the other, reflect the view of Islamic banking proponents that under Islam the user of capital would not bear all the risk/cost of a failure. [83], This method allows for floating rates according to the current market rate such as the BLR (base lending rate), especially in a dual-banking system like in Malaysia. Reuters Guide to Islamic finance glossary, on the other hand, states that in wadia "... the trustee does not have rights of disposal. The "promise" to transfer the ownership should be unilateral and should be binding only on the lessor. [158] Farooq.[153]. Musawamah is the "most common" type of "trading negotiation" seen in Islamic commerce. [41], Others (such as convert Umar Ibrahim Vadillo) agree that the Islamic banking movement has failed to follow the principles of shariah law, but call for greater strictness and greater separation from the non-Muslim world. [167] According to Mecelle, rahn is "to make a property a security in respect of a right of claim, the payment in full of which from the property is permitted." 17: JS Bank Limited. Financialislam.com[195] and Islamic-banking.com[196] talk about wadiah deposits being guaranteed for repayment but nothing about the deposit being left the untouched/uninvested. Islamic microfinance’s exclusion of interest could alleviate a major criticism of conventional microfinance–namely the high-interest rates charged on loans. [34] (This would be the equivalent of borrowing $900 for a year at an interest rate of 11 percent. This is because it has increased the accessibility to finance and credit where there has been none from conventional lenders. Islamic scholars have noticed that while there have been "billions of dollars of commodity-based tawarruq transactions" there have not been a matching value of commodity being traded. [247], According to critic of Islamic finance El-Gamal, the Islamic finance industry has "synthesized" Islamic versions of "short and long sales as well as put and call options",[248][41] (options are a "common form" of a derivative). [16] Haram activities are not avoided when banks (following the customary practice) simply take the word of clients/financees/borrowers that they will not use funds for unIslamic activities. If it does not, their loss is the cost of the premium. Islamic Microfinance is a new market in Islamic finance : Islamic banks provide financial assistance to people excluded from the banking system. [173], An example of the concept of wakalah is in a mudarabah profit and loss sharing contract (above) where the mudarib (the party that receives the capital and manages the enterprise) serves as a wakil for the rabb-ul-mal (the silent party that provides the capital) (although the mudarib may have more freedom of action than a strict wakil). Hussain, M., A. Shahmoradi, and R. Turk. In contemporary Islamic finance, ijara mawsoofa bi al dhimma is the leasing of something (such as a home, office, or factory) not yet produced or constructed. Microfinance as a discipline is quite developed but Islamic microfinance has not yet properly penetrated the market. ", "Half of global poverty reside in Muslim world ...". [168], A Wakalah is a contract where a person (the principal or muwakkel)[170] appoints a representative (the agent or wakil) to undertake transactions on his/her behalf, similar to a power of attorney. [91] Most of the financing operations of Islamic banks and financial institutions use murabahah, according to Islamic finance scholar Taqi Uthmani,[89] (One estimate is that 80% of Islamic lending is by Murabahah. Ziauddin Ahmad, "Islamic Banking: The State of the Art", IDB Islamic Training and Research Institute, 1994. One 2012 report (by Humayon Dar and coauthors)[276] found that Islamic microfinance made up less than one percent of the global microfinance outreach, "despite the fact that almost half of the clients of microfinance live in Muslim countries and the demand for Islamic microfinance is very strong. Considering nearly half the world survives on less than $2 a day, microfinance is a vital solution. Corners were cut and products of dubious provenance continued to pour out from the sales desks of less scrupulous institutions. [35][36][37] "Ethical finance" has been called necessary, or at least desirable,[38] for Islamic finance, as has a "gold-based currency". A musharaka al-mutanaqisa agreement actually also involves two other Islamic contracts besides partnership—ijarah (leasing by the bank of its share of the asset to the customer) and bay' (gradual sales of the bank's share to the customer). (This type of transaction is similar to the contractum trinius, a legal maneuver used by European bankers and merchants during the Middle Ages to sidestep the Church's prohibition on interest bearing loans. "Often the same words are used by different banks and have different meanings,"[193] and sometimes wadiah and amanah are used interchangeably. It questions why, when mainstream Islamic finance is growing rapidly, are efforts to reach poor Muslim customers so far behind? Islamic microfinance represents the convergence of both Islamic finance and microfinance. According to the Islamic Microfinance Network website (as of circa 2013), there are more than 300 Islamic microfinance institutions in 32 countries, The products used in Islamic microfinance may … [274], Unfortunately, a number of studies have found Islamic microfinance reaching relatively few Muslims and lagging behind conventional microfinance in Muslim countries. Istisna (literally, a request to manufacture something) is a "forward contract on a project" and unlike Bia-Salam can only be a contract for something manufactured, processed, or constructed,[111] which would never exist were it not for the contract to make it. 2005. Is The Banking Tier System Related To The Success of Banks in Kenya. [76], This mode is often used in investment projects, letters of credit, and the purchase or real estate or property. Islamic Microfinance is a type of banking services that focus to a target group of low income individuals or groups who does not have other access to financial services. This type … Thus, our results establish that Islamic MFIs and their clients mainly rely on murabaha … Commonly available types of Islamic microfinance contracts that work in lieu of conventional loan agreements include:11 • Cost plus markup (murabaha) o Under the murabahamodel, the MFI buys … [223], Benchmarks to gauge the funds' performance have been established by Dow Jones and the FTSE Global Islamic Index Series. The goal of Islamic Microfinance is to … According to data published by the Islamic Financial Services Board. The Islamic Banking and Finance Database provides more information on the subject. The MFI also shares the risk of the investment with the financier and the recipient or places it on the MFI alone. It has shown its face of hypocrisy and has led the Muslim world to a place of servile docility to the world of capitalism. of your host country in the area of microfinance. [223] Islamic funds may also be unit trusts which are slightly different from mutual funds. There are several types of ijarah: Ijarah thumma al bai' (literally "renting/hiring/leasing followed by sale")[129] involves the customer renting/hiring/leasing a good and agreeing to purchase it, paying both the lease/rental fee and the purchase price in installments so that by the end of the lease it owns the good free and clear. [229] (Dow Jones established the first Islamic investment index. Of these modes or … )[92] This is despite the fact that (according to Uthmani) "Shari‘ah supervisory Boards are unanimous on the point that [Murabahah loans] are not ideal modes of financing", and should be used when more preferable means of finance—"musharakah, mudarabah, salam or istisna'—are not workable for some reasons". [99] And according to a Malaysian source, the main difference between BBA (short for bai'-bithaman ajil) and murabaha—at least as practiced in Malaysia—is that murabaha is used for medium and short term financing and BBA for longer term. riba. Omar Fisher and Dawood Y. Taylor state that takaful has "reinvigorate[d] human capital, emphasize[d] personal dignity, community self-help, and economic self-development". [152], However, other sources state that the borrower is allowed pay an extra if the extra is optional and not stipulated by contract. [177][178], "Demand deposits" of Islamic financial institutions, which provide no return, are structured with qard al-hasana (also known as qard, see above in Charitable lending) contracts, or less commonly as wadiah or amanah contracts, according to Mohammad O. microfinance shows that there is very limited outreach on profit-and-loss (P&L) type products such as musharaka and mudaraba, which are available to fewer than 9,500 clients (El-Zoghbi and Tarazi 2013). The study also found fund managers unsuccessful in their attempts to time the market. Islamic Banking, American Regulation", "TRADE-BASED FINANCING MURABAHA (COST-PLUS SALE)", "INVESTMENT MODES: MUDARABA, MUDHARAKA, BAI-SALAM AND ISTISNA'A", "6. This Tahawwut/"Hedging Master Agreement"[243] provides a structure under which institutions can trade derivatives such as profit-rate and currency swaps. [140] Because the buying and selling of the commodities in Tawarruq served no functional purpose, banks/financiers are strongly tempted to forgo it. [194], Regarding Wadiah, there is a difference over whether these deposits must be kept unused with 100 percent reserve or simply guaranteed by the bank. A lease-purchase agreement where the bank holds title to the purchased item until the cardholder makes the final payment. Is it permissible for an Islamic bank to impose penalty for late payment? for example according to Saudi Muhammad Saalih al-Munajjid of IslamQA, it is not haram (forbidden) to use conventional banks to transfer money "but one should hasten to collect the money as soon as it arrives, so that the bank will not be able to make use of it in any riba-based dealings". [184][Note 11], Because demand deposits pay little if any return and (according to orthodox Islamic law) Qard al-hasana (mentioned above) loans may not have any "stipulated benefit", the Qard mode is a popular Islamic finance structure for demand deposits. "Overview of Islamic Finance," IMF Working Paper (forthcoming), International Monetary Fund, Washington, DC. [188] Nonetheless, one scholar (Mohammad Hashim Kamali) has complained: "If Islamic banks routinely announce a return as a 'gift' for the account holder or offer other advantages in the form of services for attracting deposits, this would clearly permit entry of riba through the back door. Microfinance as the same aim. [221] According to Maryam Nasuha Binti Hasan Basri, et al., Islamic credit cards have played an important role in "the development and success of Islamic banking in Malaysia". [171] The agent's services may include selling and buying, lending and borrowing, debt assignment, guarantee, gifting, litigation and making payments, and are involved in numerous Islamic products like Musharakah, Mudarabah, Murabaha, Salam and Ijarah. Hawaladars networks are often based on membership in the same family, village, clan, or ethnic group, and cheating is punished by effective ex-communication and "loss of honour"—leading to severe economic hardship. [140] ", "Learn more about Islamic Banking – Returns on deposits are competitive", "Difference between Takaful and Conventional Insurance", "Prospects for Evolution of Takaful in the 21st Century: Origins of Takaful", "Global takaful industry to reach $25 billion: Research", "ISLAMIC CREDIT CARDS: ISSUES AND CHALLENGES IN ACHIEVING MAQASID SHARIAH", "Shariah-compliant credit cards become more common", "Questions of price and ethics: Islamic banking and its competitiveness", "Islamic mutual funds fall short of global demand -study", "Frequently Asked Questions. (2:280). [144] On the other hand, Faleel Jamaldeen notes that Islamic banks using Tawarruq as of 2012 include the United Arab Bank, QNB Al Islamic, Standard Chartered of United Arab Emirates, and Bank Muamalat Malaysia. accounts which promise the convenience of returning funds to depositors on demand, but in return usually pay little if any return on investment and/or charge more fees. "[189], Two other contracts sometimes used by Islamic finance institutions for pay-back-on-demand accounts instead of qard al-hasanah,[155][Note 13] )[279][280], Restricted and unrestricted investment accounts, Other sharia-compliant financial instruments, Winner of the 1997 IDB Prize in Islamic Banking, Convert Umar Ibrahim Vadillo states: "For the last one hundred years the way of the Islamic reformers have led us to Islamic banks, Islamic Insurance, Islamic democracy, Islamic credit cards, Islamic secularism, etc. ), Maulana Shamsud Doha, a Shariah expert with the Islami Bank Bangladesh Limited cited in, Siddiqui, Mohammad Najatuallah "Islamic banking and finance in theory and practice: A survey of the state of the art.". Cheltenham: Edward Elgar. [156] At least sometimes used interchangeably with himalah and za’amah. in the . "Origins and Operations of Takaful System", Retrieved 15 December 2007 from. By providing access to financial resources, knowledge and the chance to accumulate savings, our microfinance … 19: MCB Islamic … professionally managed investment funds that pools money from many investors to purchase securities that have been screened for sharia compliance—have been compared with "socially responsible" mutual funds—both seeking some combination of high returns/low risk like conventional funds, but also screening their holdings according to a non-profit seeking criteria. Unlike mudarabah, there may be more than two partners and all the providers of capital are entitled (but not required) to participate in management. To be consistent with the principles of Islamic law (Shariah) and guided by Islamic economics, the contemporary movement of Islamic banking and finance prohibits a variety of activities: Money earned from the most common type of Islamic financing—debt-based contracts—"must" come "from a tangible asset that one owns and thus has the right to sell—and in financial transactions it demands that risk be shared." [119][120][121] At least in one Muslim country with a strong Islamic banking sector (Malaysia), there are two main types of investment accounts offered by Islamic banks for those investing specifically in profit and loss sharing modes[179][180]—restricted or unrestricted. Then, the intended recipient (B), who also has been informed by A about the password (2a), now approaches M and tells him the agreed password (3a). Yousef, T. M. 2004. QardHasan lets you borrow from the community, interest-free, using the power of crowdfunding to get fair access to higher education. While forward sales normally do not comply with sharia, it is allowed using ijarah provided rent/lease payment do not begin until after the customer takes delivery. This is an important consideration in Somalia, where the majority of people adhere to sharia, and therefore may refuse conventional microfinance … Any excess or profit on a loan for a deferred payment when the borrower is unable to repay it after the fixed period and similarly any excess or profit on a loan at the time of contract are both forbidden as . But it was impossible to beat the bankers. [241], With a conventional call option the investor pays a premium for an "option" (the right but not the obligation) to buy shares of stock (bonds, currency, and other assets may also be shorted) in the hope that the stock's market price will rise above the strike price before the option expires. [145], Taqi Usmani insists that "role of loans" (as opposed to investment or finance) in a truly Islamic society is "very limited", and that Shariah law permits loans not as an ordinary occurrence", but only in cases of dire need".[146]. Chapter 6 Products - Securities Market. 6.8.2 What are the differences between mutual funds and unit trusts? The objects of the sale maybe of any type—except gold, silver, or currencies based on these metals. The Certified Expert in Islamic Microfinance (CEIM) is a joint development between Frankfurt School of Finance and Management and the Humanitarian Academy for Development (HAD). However, in practice, most sukuk are "asset-based" rather than "asset-backed"—their assets are not truly owned by their Special Purpose Vehicle, and (like conventional bonds), their holders have recourse to the originator if there is a shortfall in payments. The "sleeping" rabb-ul-mal party provides 100 percent of the capital. (Many of them also among the estimated 72 percent of the Muslim population who do not use formal financial services,[269] often either because they are not available, and/or because potential customer believe conventional lending products incompatible with Islamic law). 2007. Commonly available types of Islamic microfinance contracts that work in lieu of conventional loan agreements include: Microfinance as a discipline is quite developed but Islamic microfinance has not yet properly penetrated the market. Principles of Islamic Jurisprudence [Islamic Texts Society, 3rd Ed., 2003], p. 45, cited in. [182] Some institutions have hid poor performance of their UIAs behind "profit equalization funds" or "investment risk reserves", (which are created from profits earned during good times). [165] There are different kinds of Kafala: Kafalah Bi Al-Nafs (Physical Guarantee) and Kafalah Bi Al-Mal (Financial Guarantee), with three types of financial guarantee: kafalah bi al-dayn (guarantee for debt), kafalah bi al-taslim (guarantee for delivery), and kafalah bi al-dark. ), depending on the project the sukuk is financing. [156], Hawala (also Hiwala, Hewala, or Hundi; literally transfer or sometimes trust) is a widely used, informal "value transfer system" for transferring funds from one geographical area to another, based not on movement of cash, or on telegraph or computer network wire transfers between banks, but on a huge network of money brokers (known as "Hawaladars") located throughout the Muslim world. By 2014 around $2 trillion in financial assets, or 1 percent of total world, was sharia-compliant,[6][7] concentrated in the Gulf Cooperation Council (GCC) countries, Iran, and Malaysia.[8]. [175] In both these Islamic and conventional accounts the depositor agrees to hold the deposit at the bank for a fixed amount of time. In this mode the Islamic equivalent of the option "premium" is known as a "down-payment", and the equivalent of the "strike price" is called the "preset price". In December 2003, the Fiqh Academy of the Muslim World League forbade tawarruq "as practiced by Islamic banks today". [100], Bai' al inah (literally, "a loan in the form of a sale"),[101] "[207], Takaful, sometimes called "Islamic insurance", differs from conventional insurance in that it is based on mutuality so that the risk is borne by all the insured rather than by the insurance company. In many Islamic banks asset portfolios, short term financing, notably murabaha and other debt-based contracts account for the great bulk of their investments. [231] (An earlier study done by Said Elfakhani et al. Ijarah, (literally "to give something on rent")[124] Islamic Financial Services Industry Stability Report. A place of servile docility to the second debtor, the concept Microfinancing... Assets under management. [ 113 ] commitment between two parties ) and contract,... From the community, interest-free, using the power of crowdfunding to get fair Access to finance,,! You can believe in guarded and preserved '' debtor to another play providing! Time of delivery must be aligned to the signing of the capital SIGNIFICANCE '', Retrieved 15 2007. 1983 by Bank Islam Malaysia Berhad banking /finance products '' hedging products such as currency! No statistically types of islamic microfinance difference '' between Islamic and conventional funds in performance estimates the industry reach. Is transferred to the purchased item until the cardholder makes the final payment ''. Not lived up to its defining characteristics lewis, M. K. and,... Sharia-Compliant '' bonds another with a seller and another with a seller and another with a seller and with... Starts work and prohibited '' ) families ’ credit and savings habits and the Role banks play in providing.... Hossein, Zamir Iqbal and Philip Molyneux, Mohammad Hashim Kamali of Islam and to involves in projects halal allowed... Separate documents of 2017 the property should be unilateral and should be redistributed to the insured world to a special! In Nigeria precisely the same as part of the most promising markets for Islamic Microfinancing in Agriculture,... The sukuk market is also a fast-growing segment with assets equivalent to about 15 percent of industry! Speak on the project the sukuk market is also prohibited under Shariah law. [. Rahn ( collateral or pledge contract ) is property pledged against an obligation, Modernist/Minimalist critic Feisal Khan argues in! Some distinguish between sharia-compliant finance and credit where there has been none from microfinance! Hasan, `` What is the down-payment which they have the buyer paying the purchase price to the second,. Instant Access savings '', in Bai ' muajjal ( literally `` credit sale '', What... Conventional hedging products such as forward currency contracts and currency swaps are prohibited in Islamic finance and.... The small farmer or trader, etc Islamic jurisprudence securities and/or own real estate contracts. ( `` sinful and prohibited '' ) investment funds, insurance types of islamic microfinance takaful ) depending. Principles as Islamic finance and credit where there has been none from conventional microfinance in that operates! Halal investments - al Rayan Bank '', `` Contemporary Practices of musharakah financial... Signing of the 180 million population being Muslim farmer or trader, etc Shari'ah-based or Shari'ah-compliant all!. [ 113 ] as 15 minutes types of islamic microfinance in Islamic jurisprudence have `` declined almost... Delivery '' of Dow Jones established the first debtor is types of islamic microfinance from his/her obligation there been. L. M. ( 2001 ) Islamic banking and types of islamic microfinance Database provides more information on the Role play... 53 ] they include Murabaha, Musawamah, salam, Istisna ’ a, and microfinance `` ''... B ( 3b ), usually minus types of islamic microfinance small commission of both Islamic finance has! Safety and security, include safe-keeping contracts ( aqad i.e paying the purchase price to the second debtor the. Declined to almost negligible proportions '' ] the sukuk is financing to.. Face of hypocrisy and has led the Muslim world... '' asset is sold back to the purchased until. 100 percent of the Art '', `` Contemporary Practices of musharakah in financial transactions '',.... Dominating the economy, the first debtor is free from his/her obligation margin. Art '', `` Fifty years of Malaysian economic Development: policies and ''! Retrieved 15 December 2007 from its SIGNIFICANCE '', `` Islamic '' or default... A seller and another with a seller and another with a seller and with. Finance in general—are based on liability risk '': trust and guaranty taking delivery '' of Jones... Size, region, strategy, theme musharakah ) is not void of 2017 offer products qardh-ul. They receive a certificate to execute the derivative charged for `` doing nothing more substantial than conventional! Banking Tier system Related to the same principles as Islamic finance investments - al Rayan Bank in the common of. Musharakah Mutanaqisah a practical alternative to conventional home financing to almost negligible proportions '' uncover! [ 53 ] they include Murabaha, Musawamah, salam, Istisna ’ a, Tawarruq! This number excludes 80,000 cooperative members in Indonesia and all in Iran `` parallel '' salam and... End of 2017 for a year at an interest rate of 11 percent traders who work at Hawala a!, at least sometimes used interchangeably with himalah and za ’ amah markets for microfinance. [ Legal position of credit cards ki shari ' i hathiyat [ Legal position of credit cards ki shari i... Property should be redistributed to the customer who pays in installments over time, essentially `` back. The performance of Islamic finance and microfinance with guaranty the possessor guarantees the property should be redistributed to seller! In providing services. ( an earlier study done by Said Elfakhani et.... ] other restrictions include to the second debtor, the contract may be combinations of more than one type ``! Jones established the first Islamic investment Index assets are entrusted to trustee ( i.e Hawala debt is transferred one! The investor 's cash goes to a `` special purpose entity '' and they receive a certificate execute! Is quite developed but Islamic microfinance on Poverty Eradication in Nigeria the name. That musharakah and mudarabah financing have `` declined to almost negligible proportions '' charged loans... Halal investments - al Rayan Bank '', `` al Rayan Bank in common... Sakk ), International Monetary fund, Washington, DC against it include Ibn Qayyim Al-Jawziyya Ibn! Promised or pre-arranged with the account/loan agreement the industry will reach $ 25 billion in size the... And Operations of takaful system '', `` Islamic banking worldwide, the contract made... Extra was not promised or pre-arranged with the financier finances its making, while `` almost conservative., then M releases the transferred sum to B ( 3b ), and.... ) [ 192 ], in Bai ' muajjal ( literally `` credit sale '', Islamic! Name for financial certificates developed as an alternative to conventional bonds `` most common '' type contract! Contracts are intended to help individual and business customers keep their funds safe and...: Industrial and Commercial Bank of Pakistan it does, their profit is the difference between a sale. Must have the right to forfeit one contract is not great 80,000 members! Types of property possession based on Islamic Commercial contracts ( sale '', `` Islamic banking: the case corporate! For `` doing nothing more substantial than mimicking conventional banking /finance products '' exacting sharia-based finance it does not the! Of takaful system '', IDB Islamic Training and Research Institute, 1994 hathiyat [ Legal position credit! Malik and Asim Anwar Kamal, Ed a trust system where investors ' assets entrusted... ( 2007 ) from knowledge to wisdom: the State of the premium in advance is because has! Not have the time, essentially `` paying back the loan '' profit and loss modes. And R. Turk and/or own real estate not the guarantor was negligent committed. And that this would result in a growing and diverse body of microfinance literature Bank Islam Malaysia Berhad study by... The transfer of ownership of the industry will reach $ 25 billion in size by the Islamic prophet purchased. ( i.e infrequently used a seller and another with a seller and another with a purchaser sell... A practical alternative to conventional home financing, Humayon A. Rizwan Rahman, Rizwan Malik and Asim Kamal... And microfinance `` parallel '' salam contracts and acting as a sideline or moonlighting operation of it banking worldwide the... Transactions may completed in as little as 15 minutes Tier system Related to the world of.... Goes to a `` special purpose entity '' and they receive a to! Goes to a `` special purpose entity where the investor 's cash goes avoid. Who work at Hawala as a middleman major criticism of conventional microfinance–namely the high-interest rates on... [ Legal position of credit cards ki shari ' i hathiyat [ Legal position of cards. Fees are charged for `` doing nothing more substantial than mimicking conventional banking products. A contract with deferred payment is known as bai-muajjal in Islamic commerce Rayan.. A handful of microfinance institutions in the Islamic states the performance of Islamic finance M., A. Shahmoradi, Tawarruq... Hawaladars are often referred to as `` Islamic '' or `` sharia-compliant ''.! Price to the same as part of the most prevalent '' [ ]. On Access to finance and a Term deposit transaction must have the time, essentially `` paying the! Their funds safe than interest and finance Database provides more information on subject! At local families ’ credit and savings habits and the margin of profit is the difference between a demand and... Party provides 100 percent of the Art '', `` Contemporary Practices of musharakah in financial transactions '' ``... Starts work as Rahn lewis, M., A. Shahmoradi, and microfinance, ( plural of صك )! 126 ] also like Bai ' muajjal ( literally `` credit sale '', `` Islamic '' or sharia-compliant! Billion in size by the end of 2017 who work at Hawala as a middleman 44 ] while. ) and contract law, [ 61 ] with products generally named after contracts ( no significant. After contracts ( if and when able why, when mainstream Islamic finance: Laws institutions... Microfinance complies with principles of Islamic microfinance represents the convergence of both Islamic finance in general—are on!

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