Dana Gas released the final terms on its restructuring of the $1 billion sukuk that matured on October 31st, and they were within the terms expected. The $1 billion sukuk (of which $80 million was bought back, and will be cancelled) had $70 million in cash paid to sukuk holders with the remainder split between a convertible and non-convertible sukuk, with an average coupon of 8%, due in 5 years. This is not much higher than the 7.5% coupon the original sukuk had, but the conversion price which is not fixed as I understand it, but will come in at between Dh0.75 and 1.00 (the stock is currently trading in the low Dh0.40 range).
Using a back of the envelope calculation with a 20% discount rate, that amounts to about a 30% haircut in present value terms for sukuk holders (excluding the value of the conversion feature for the convertible tranche of the sukuk), which is probably a good deal for sukuk holders if the company can collect on its receivables from Egypt and Iraq (a small portion of which from the latter were received by Dana Gas shortly before the restructuring agreement was made public).
Sukuk holders could have enforced the guarantee on the assets that were put up to secure the sukuk which amounted to the company's assets in Egypt (the company asserted that these gas concessions could be cancelled if sukuk holders enforced on the collateral) and a built but not yet operational natural gas import terminal and processing plant in Sharjah. The latter asset was probably not of much value since it would be time consuming and costly to go through the UAE court system (not to mention not guaranteed to be successful) to take possession of the asset. Not to mention that it has been entangled in a dispute with Iran's national oil company over the agreement to import gas .
There are likely other terms included in the final restructuring agreement that are not yet known, which may include rights (just speculating here) to Dana Gas' 3% interest in MOL, the Hungarian company with which it is operating its assets in Kurdistan, which were not a part of the collateral of the original sukuk (or perhaps a covenant that Dana Gas cannot sell that asset without using a portion of the proceeds to repay creditors). But that is just a guess on my part and I don't have any information about whether it was included (if you know, please email me).
The bigger story here is that there is now precedent set for a restructuring of a UAE-based private sector sukuk. That doesn't carry any weight in the local court system, but it might for future cases where a private sector corporate sukuk issuer runs into trouble. There is now at least one situation that can be used as a point of reference.
The legal environment in the UAE and the limitations on foreign ownership, not to mention the lack of a bankruptcy regime will continue to introduce uncertainty for creditors (even where the sukuk is subject to English law, since English law judgments are not enforceable in the UAE). However, the bankruptcy law being developed has continued to face delays. That is not necessarily problematic if the delays are done in a way that produces something something that is able to translate from law to practice. One can only hope that the delays are due to a desire to 'get it right' and not just dragging of feet or bureaucratic intertia that favors the status quo.
Showing posts with label Iran. Show all posts
Showing posts with label Iran. Show all posts
Tuesday, December 11, 2012
Saturday, April 07, 2012
TheCityUK report on Islamic finance
TheCityUK, the trade group for London's financial services industry released its annual report on the Islamic finance industry, showing the growth of the industry to $1,130 billion in assets at the end of 2010 with an estimated growth in 2011 to $1,289 billion. This report is useful because at this point there are several years of report to look for trends, in part to identify areas where the data are more or less likely to reflect reality. The Islamic finance industry is notoriously opaque, so hard data, even data on the aggregate size of the industry, are unreliable.
For example, on of the areas that I am skeptical of the data is the inclusion of the Iranian financial institutions. The reason why I am skeptical of the Iranian data is that, despite accounting for 36% of total assets and facing tight international sanctions, there has been no spillover to the rest of the Islamic finance industry in terms of growth. Viewed a different way, as of the end of 2006, Iranian Islamic financial institutions had $154.9 billion in total assets as of the 2008 version of this same report. By 2010, this had increased to $388.0 billion, an annualized growth rate of 26%. The Iranian economy was growing during this period (pdf, page 5), but with international sanctions tightening, and limited financial market development and integration with other markets for Islamic finance, it is unlikely, in my opinion, that the Iranian Islamic finance industry grew at a more rapid pace than the Islamic finance industry in the rest of the world. Another factor that casts doubt on the rapid growth is that the banks that would represent much of this growth are specifically targeted by sanctions, and are also large banks (it is much harder for a big bank to achieve and sustain such a high growth rate).
However, the rest of the report is worth reading because there are few other sources of data on the industry as a whole. For example, a new table this year (I think) shows a data series of the average management fee of Islamic funds. The interesting thing in the table is that the average management fee has been declining from 2006 to 2011Q1, from over 1.5% to just above 1.0%. This is a positive development for Islamic investors, but may hamper the entry of new fund managers. However, one area where growth is due is in fixed income funds, which only make up 6.8% of total assets under management in Islamic funds. The demand for Islamic fixed income funds is likely to be strong, since there are few offerings and it is difficult for all but the largest investors to invest directly in a portfolio of sukuk. The upside from the fee perspective is that most conventional fixed income funds charge lower management fees than equity funds, so prospective entrants will be less concerned with the dropping average management fee in the Islamic fund space.
For example, on of the areas that I am skeptical of the data is the inclusion of the Iranian financial institutions. The reason why I am skeptical of the Iranian data is that, despite accounting for 36% of total assets and facing tight international sanctions, there has been no spillover to the rest of the Islamic finance industry in terms of growth. Viewed a different way, as of the end of 2006, Iranian Islamic financial institutions had $154.9 billion in total assets as of the 2008 version of this same report. By 2010, this had increased to $388.0 billion, an annualized growth rate of 26%. The Iranian economy was growing during this period (pdf, page 5), but with international sanctions tightening, and limited financial market development and integration with other markets for Islamic finance, it is unlikely, in my opinion, that the Iranian Islamic finance industry grew at a more rapid pace than the Islamic finance industry in the rest of the world. Another factor that casts doubt on the rapid growth is that the banks that would represent much of this growth are specifically targeted by sanctions, and are also large banks (it is much harder for a big bank to achieve and sustain such a high growth rate).
However, the rest of the report is worth reading because there are few other sources of data on the industry as a whole. For example, a new table this year (I think) shows a data series of the average management fee of Islamic funds. The interesting thing in the table is that the average management fee has been declining from 2006 to 2011Q1, from over 1.5% to just above 1.0%. This is a positive development for Islamic investors, but may hamper the entry of new fund managers. However, one area where growth is due is in fixed income funds, which only make up 6.8% of total assets under management in Islamic funds. The demand for Islamic fixed income funds is likely to be strong, since there are few offerings and it is difficult for all but the largest investors to invest directly in a portfolio of sukuk. The upside from the fee perspective is that most conventional fixed income funds charge lower management fees than equity funds, so prospective entrants will be less concerned with the dropping average management fee in the Islamic fund space.
Sunday, December 20, 2009
Dubai World restructuring talks to begin on Monday
The first talks in the Dubai World restructuring will occur on Monday with 90 banks and other creditors sitting down with representatives of Dubai World including its chief restructuring officer Aiden Birkett. According to reporting from Bloomberg, it is unlikely that Dubai World will present a formal standstill request and proposal at this meeting due to the complexity of the restructuring. As The National reports in an article, the restructuring process is likely to take a long time and be expensive to all parties involved.
From the perspective of the Islamic finance industry, the most interesting aspects of the restructuring negotiations--the impact of the Shari'ah-compliance of any restructuring of the sukuk owed by Nakheel and the bank debt owed by Limitless--is unlikely to be discussed immediately. The sukuk are governed by English law, which has in the past dismissed requests for Shari'ah-compliance concerns to be used to challenge enforcement actions by debtors. However, given the attention placed on Islamic finance due to the Nakheel sukuk repayment and the entire Dubai World debt crisis, it will be imperative that this issue be addressed publicly. On the one hand, it will likely be impossible for Dubai World to treat creditors through conventional debt differently from those who invested in sukuk. On the other hand, there could be fallout from any restructuring that is not accepted as Shari'ah-compliant by the Shari'ah boards of any Islamic banks or other Shari'ah-sensitive investors.
This could hurt those institutions relative to conventional financial institutions that invested in the same sukuk. If the restructuring that is approved by the creditors committee were viewed as non-Shari'ah-compliant, it could force Islamic banks holding the sukuk to liquidate their holdings, which would probably be done at a price less than they would get if they held them until a complete resolution of the sukuk. This could create a transmission mechanism for the problems of Dubai World to affect unrelated Islamic banks through the losses they recognize on selling the sukuk holdings. It will indeed be interesting to watch as the negotiations continue and see the impact of some debt being Shari'ah-compliant.
Other News
From the perspective of the Islamic finance industry, the most interesting aspects of the restructuring negotiations--the impact of the Shari'ah-compliance of any restructuring of the sukuk owed by Nakheel and the bank debt owed by Limitless--is unlikely to be discussed immediately. The sukuk are governed by English law, which has in the past dismissed requests for Shari'ah-compliance concerns to be used to challenge enforcement actions by debtors. However, given the attention placed on Islamic finance due to the Nakheel sukuk repayment and the entire Dubai World debt crisis, it will be imperative that this issue be addressed publicly. On the one hand, it will likely be impossible for Dubai World to treat creditors through conventional debt differently from those who invested in sukuk. On the other hand, there could be fallout from any restructuring that is not accepted as Shari'ah-compliant by the Shari'ah boards of any Islamic banks or other Shari'ah-sensitive investors.
This could hurt those institutions relative to conventional financial institutions that invested in the same sukuk. If the restructuring that is approved by the creditors committee were viewed as non-Shari'ah-compliant, it could force Islamic banks holding the sukuk to liquidate their holdings, which would probably be done at a price less than they would get if they held them until a complete resolution of the sukuk. This could create a transmission mechanism for the problems of Dubai World to affect unrelated Islamic banks through the losses they recognize on selling the sukuk holdings. It will indeed be interesting to watch as the negotiations continue and see the impact of some debt being Shari'ah-compliant.
Other News
- Singapore will see its first listed Shari'ah-compliant REIT in the second half of 2010.
- With all the negative attention in the news about Dubai, I found it very interesting to see a travel article about the rest of the UAE that was published by the Guardian.
- Gulf Finance House appointed a new deputy CEO for investment banking, Ted Petty. The new group CEO was formerly an Executive Director at Macquarie Capital. Marquarie recently purchased a $100 million convertible murabaha from Gulf Finance House.
- Iran is issuing sovereign, euro-denominated Islamic bonds and the "government of Iran guarantees the bonds' interest". Not to be a bit flippant about it, but it is not a typical practice to describe the periodic payments on Islamic bonds as 'interest'.
- An article on Islamic finance provides a brief overview with all of the misstatements that have been common in much of the reporting on Islamic finance. The article describes that Islamic finance does not allow leveraged investments. In reality, there are many ways for leverage to be used within Islamic finance either through the natural leverage that accompanies Islamic banks' use of debt financing through sukuk and increasing the size of their balance sheet through customer deposits (which provides leverage over the banks' capital). There is also frequent use of leverage in real estate development where equity investments are made into a development company that builds a property with additional Shari'ah-compliant debt financing but separates the equity and debt components through a lease.
The article also provides a description of the prohibition of riba: "Following the Quranic verse: 'Allah made legal commerce, and illegal interest,' Islamic law prohibits usury, known as riba." This description, while common in many articles about Islamic finance, does a poor job of explaining the implications of the prohibition. I have read countless articles that provide a similarly unhelpful overview, so I do not want to place too much of this criticism on this specific article. However, it does perpetuate a misunderstanding that Islamic finance is solely concerned with 'interest-free' financing, without explaining how Islamic finance actually works in practice. Perhaps it is too much to expect that a short, introductory article could provide the nuances and actual workings of the industry.
Friday, November 23, 2007
Shari'ah issues with 85% of Gulf sukuk, NY Times article, and others
A personal finance website in the U.K. analyzes the subprime crisis and compares it to the outcome possible using ethical (and Islamic) finance. The upside is that Islamic finance places restrictions on credit creation, but at the possible expense of limiting credit. The managing director of an ethical and Islamic finance company in Nigeria, Lotus Capital believes that West Africa is fertile ground for expansion of ethical and Islamic finance.
The Shari'ah board of Bahrain-based AAOIFI, the standards setting body for Islamic financial institutions (along with Malaysian-based IFSB) has put the Shari'ah-compliance of up to 85 percent of GCC region issued sukuk at risk by criticising the repurchase agreements included in them. Under the repurchase agreements, the issuer agrees to repurchase the sukuk at facee value upon maturity or default. According to Shari'ah board chairman Taqi Usmani, "risk is not shared and reward is not shared according to the actual venture proceeds". Prohibiting or limiting repurchase agreements would make sukuk "more of a profit sharing instrument ... from a debt-like instrument to equity, and that's a fundamental change of mindset for investors and issuers" according to Harris Ifran, a director at Deutsche Bank in Dubai. Meanwhile, the Consul General for Saudi Arabia in Hong Kong encourages the introduction of sukuk in Hong Kong to "catch up with the rest of global financial markets".
A spokesman at the UK Debt Management Office says that a U.K. government sukuk would enable the expansion of retail Islamic finance in the country.
The New York Times provides a well researched piece on Islamic finance, that unlike many other news stories digs a little deeper into Islamic finance beyond just the prohibition of interest and also describes the historical similarities between the Islamic prohibition of riba and Christian and Jewish (and Aristotelian) teachings.
The Korean central bank is studying ways to attract money from the Gulf by using Islamic finance. Despite having a long-standing requirement for banks to be Shari'ah-compliant, the first 'interest-free' bank recently opened in the country.
Two articles from Dinar Standard look at Islamic finance in the U.S. and Islamic private equity.
The Shari'ah board of Bahrain-based AAOIFI, the standards setting body for Islamic financial institutions (along with Malaysian-based IFSB) has put the Shari'ah-compliance of up to 85 percent of GCC region issued sukuk at risk by criticising the repurchase agreements included in them. Under the repurchase agreements, the issuer agrees to repurchase the sukuk at facee value upon maturity or default. According to Shari'ah board chairman Taqi Usmani, "risk is not shared and reward is not shared according to the actual venture proceeds". Prohibiting or limiting repurchase agreements would make sukuk "more of a profit sharing instrument ... from a debt-like instrument to equity, and that's a fundamental change of mindset for investors and issuers" according to Harris Ifran, a director at Deutsche Bank in Dubai. Meanwhile, the Consul General for Saudi Arabia in Hong Kong encourages the introduction of sukuk in Hong Kong to "catch up with the rest of global financial markets".
A spokesman at the UK Debt Management Office says that a U.K. government sukuk would enable the expansion of retail Islamic finance in the country.
The New York Times provides a well researched piece on Islamic finance, that unlike many other news stories digs a little deeper into Islamic finance beyond just the prohibition of interest and also describes the historical similarities between the Islamic prohibition of riba and Christian and Jewish (and Aristotelian) teachings.
The Korean central bank is studying ways to attract money from the Gulf by using Islamic finance. Despite having a long-standing requirement for banks to be Shari'ah-compliant, the first 'interest-free' bank recently opened in the country.
Two articles from Dinar Standard look at Islamic finance in the U.S. and Islamic private equity.
Wednesday, February 07, 2007
KFH to buy UBG stake in RHB
Kuwait Finance House and Utama Banking Group Bhd have agreed to the sale of the 32 percent stake of RHB currently owned by UBG. As a part of the deal, for which KFH agreed to pay RM2 per share of RHB which closed at RM1.68 after the deal was announced, Utama will join in the consortium headed by KFH with a 20 percent share. The total purchase price will be RM2.16 billion(US$ 618 million). KFH plans to inject significant funds into the heavily-indebted bank in the hopes of turning it into an Islamic mega bank. The following three news stories provide similar analysis of the sale: [Reuters] [International Herald Tribune] [The Edge Malaysia]
Islamic Development Bank to create an institute for financial and trade contribution
The Iranian national news agency, IRNA, reports that the Islamic Development Bank will begin an institute for financial and trade contribution on February 24th. While the name of the organization is not mentioned in the article, the likely organization, according to the IsDB website is the International Islamic Trade Finance Corporation, an organization originally created at the 2006 IsDB meeting.
4th Islamic Financial Services Board Summit to address cross sectoral supervision of Islamic financial institutions
The 4th Annual Islamic Financial Services Board Summit, which will be held in Dubai from May 15-16, 2007, will address cross-sectoral approaches to the supervision of Islamic financial institutions. Speakers include ten Central Bank governors, Rodrigo de Rato, Managing Director of the International Monetary Fund and Former Prime Minister of New Zealand, Mrs Jenny Shipley.
This conference is listed within the Institute of Halal Investing conference calendar, which is organized chronologically and includes a link to the conference when it is available.
Al Rajhi Bank plans Malaysian expansion
According to AMEinfo, Al Rajhi bank plans to expand its operations into Malaysia. The bank would follow the Kuwait Finance House and the Asian Finance Bank, which was funded by Qatar Islamic Bank
Recent articles from the Financial Times
U.K. based newspaper, the Financial Times has been quite active relative to most Western newspapers in writing stories about the growth of Islamic finance and there are three that have appeared within the past week:
• Challenge of a financial product with a religious dimension(February 6)
• Britain leads secondary market for Islamic bonds(February 5)
• Degrees of difficulty for recruits to Islamic banking(February 1)
MoU for small project financing in U.A.E.
Sharjah Islamic Bank and Abu Dhabi Islamic bank have signed a memorandum of understanding to cooperate in offering Shari'ah-compliant financing to small and medium sized projects. The article describing the MoU highlighted the importance of these types of projects (as they were in the U.S. and Europe) for providing support to economic growth.
Indian prime minister discusses feasibility of an Islamic bank in the country
The Indian PM Manmohan Singh agreed that it is worth taking another look at the feasibility of Islamic banking in India, but critics were sceptical.
Kuwait Finance House and Utama Banking Group Bhd have agreed to the sale of the 32 percent stake of RHB currently owned by UBG. As a part of the deal, for which KFH agreed to pay RM2 per share of RHB which closed at RM1.68 after the deal was announced, Utama will join in the consortium headed by KFH with a 20 percent share. The total purchase price will be RM2.16 billion(US$ 618 million). KFH plans to inject significant funds into the heavily-indebted bank in the hopes of turning it into an Islamic mega bank. The following three news stories provide similar analysis of the sale: [Reuters] [International Herald Tribune] [The Edge Malaysia]
Islamic Development Bank to create an institute for financial and trade contribution
The Iranian national news agency, IRNA, reports that the Islamic Development Bank will begin an institute for financial and trade contribution on February 24th. While the name of the organization is not mentioned in the article, the likely organization, according to the IsDB website is the International Islamic Trade Finance Corporation, an organization originally created at the 2006 IsDB meeting.
4th Islamic Financial Services Board Summit to address cross sectoral supervision of Islamic financial institutions
The 4th Annual Islamic Financial Services Board Summit, which will be held in Dubai from May 15-16, 2007, will address cross-sectoral approaches to the supervision of Islamic financial institutions. Speakers include ten Central Bank governors, Rodrigo de Rato, Managing Director of the International Monetary Fund and Former Prime Minister of New Zealand, Mrs Jenny Shipley.
This conference is listed within the Institute of Halal Investing conference calendar, which is organized chronologically and includes a link to the conference when it is available.
Al Rajhi Bank plans Malaysian expansion
According to AMEinfo, Al Rajhi bank plans to expand its operations into Malaysia. The bank would follow the Kuwait Finance House and the Asian Finance Bank, which was funded by Qatar Islamic Bank
Recent articles from the Financial Times
U.K. based newspaper, the Financial Times has been quite active relative to most Western newspapers in writing stories about the growth of Islamic finance and there are three that have appeared within the past week:
• Challenge of a financial product with a religious dimension(February 6)
• Britain leads secondary market for Islamic bonds(February 5)
• Degrees of difficulty for recruits to Islamic banking(February 1)
MoU for small project financing in U.A.E.
Sharjah Islamic Bank and Abu Dhabi Islamic bank have signed a memorandum of understanding to cooperate in offering Shari'ah-compliant financing to small and medium sized projects. The article describing the MoU highlighted the importance of these types of projects (as they were in the U.S. and Europe) for providing support to economic growth.
Indian prime minister discusses feasibility of an Islamic bank in the country
The Indian PM Manmohan Singh agreed that it is worth taking another look at the feasibility of Islamic banking in India, but critics were sceptical.
Thursday, January 25, 2007
Islamic banking, GIFF, Pakistani government to promote Islamic financial products
Islamic banking
In an interesting opinion piece (with a discussion over at washingtonpost.com), a professor at Durham University in the U.K., Rodney Wilson, contemplates whether Islamic banking should be embraced as a positive development in banking or shunned as a tool for 'financial ghettoization'. Along the way to explaining why he believes it is provides a net benefit to the community, he writes:
While Professor Wilson's argument largely makes sense in terms of injecting a new ethical constraint into mainstream banking, I find one aspect of his argument a bit troubling.
Professor Wilson believes that the effective privatization of Shari'ah boards (i.e. a system where the Shari'ah scholars are employed by Islamic financial institutions individually) contributes to the development of the industry (as opposed to government-controlled Shari'ah boards). I don't believe this is necessarily a net positive. While it is undeniable that countries like Sudan, Iran and, until recently, Pakistan that employed a top-down approach had a less developed Islamic banking system, the appearance of conflicts of interest in the 'privatized' Shari'ah board model harms the appeal of Islamic banks. At the same time, Kuwait has a Shari'ah arbitration group that was created by the government that decides Shari'ah-compliance where the scholars disagree and has around 30 Islamic financial institutions.
Pakistan to promote Islamic finance
The governor of the State Bank of Pakistan, Dr. Shamshad Akhtar (also the Deputy Governor of the Islamic Financial Standards Board (IFSB) for 2007, said the government was ready to promote the further development of Islamic finance in the country. She was speaking at the International Islamic Finance Conference in Karachi. A summary of the conference is available from albawaba.com.
Bank Negara Malaysia to host Global Islamic Finance Forum (GIFF) in March
Bank Negara Malaysia, the Malaysian central bank, announced that it will hold the Global Islamic Finance Forum from March 26 - 29, 2007 in Kuala Lumpur, Malaysia. The forum will be made up of four concurrently occuring forums, the Investors & Issuers Forum (March 27-28), the Financial Regulators Forum in Islamic Finance (March 26-29), the Banking and Financial Law School (March 27) and the IFSB Annual Meetings & Events 2007 (March 24-29).
The conferences will be added shortly to the Institute of Halal Investing's listing of Islamic finance conferences
Japanese Islamic Finance Conference
A summary is available from the IFSB.
Miscellany
AmInvestment received an award from Islamic Finance News for its recent REIT and Mudaraba.
In an interesting opinion piece (with a discussion over at washingtonpost.com), a professor at Durham University in the U.K., Rodney Wilson, contemplates whether Islamic banking should be embraced as a positive development in banking or shunned as a tool for 'financial ghettoization'. Along the way to explaining why he believes it is provides a net benefit to the community, he writes:
Ultimately Islamic banking and finance is about the emergence of a distinctively Islamic form of capitalism that may co-exist and interact with Western, Chinese, Russian or any other capitalism. Such a development should be welcomed and facilitated, and not hindered or suppressed.
While Professor Wilson's argument largely makes sense in terms of injecting a new ethical constraint into mainstream banking, I find one aspect of his argument a bit troubling.
Professor Wilson believes that the effective privatization of Shari'ah boards (i.e. a system where the Shari'ah scholars are employed by Islamic financial institutions individually) contributes to the development of the industry (as opposed to government-controlled Shari'ah boards). I don't believe this is necessarily a net positive. While it is undeniable that countries like Sudan, Iran and, until recently, Pakistan that employed a top-down approach had a less developed Islamic banking system, the appearance of conflicts of interest in the 'privatized' Shari'ah board model harms the appeal of Islamic banks. At the same time, Kuwait has a Shari'ah arbitration group that was created by the government that decides Shari'ah-compliance where the scholars disagree and has around 30 Islamic financial institutions.
Pakistan to promote Islamic finance
The governor of the State Bank of Pakistan, Dr. Shamshad Akhtar (also the Deputy Governor of the Islamic Financial Standards Board (IFSB) for 2007, said the government was ready to promote the further development of Islamic finance in the country. She was speaking at the International Islamic Finance Conference in Karachi. A summary of the conference is available from albawaba.com.
Bank Negara Malaysia to host Global Islamic Finance Forum (GIFF) in March
Bank Negara Malaysia, the Malaysian central bank, announced that it will hold the Global Islamic Finance Forum from March 26 - 29, 2007 in Kuala Lumpur, Malaysia. The forum will be made up of four concurrently occuring forums, the Investors & Issuers Forum (March 27-28), the Financial Regulators Forum in Islamic Finance (March 26-29), the Banking and Financial Law School (March 27) and the IFSB Annual Meetings & Events 2007 (March 24-29).
The conferences will be added shortly to the Institute of Halal Investing's listing of Islamic finance conferences
Japanese Islamic Finance Conference
A summary is available from the IFSB.
Miscellany
AmInvestment received an award from Islamic Finance News for its recent REIT and Mudaraba.
Subscribe to:
Posts (Atom)