The global financial sector had been hit by two major crises within just over a decade: the global financial crisis (GFC) of 2008-2009 and the global health crisis caused by the coronavirus (Covid-19).
Financial risk falls under two types: endogenous and exogenous. Endogenous risk is the outcome of the market interactions based on the market players’ abilities, biases, prejudices and resources; while exogenous risks are shocks to the financial system from outside the system. The GFC was an endogenous risk that emerged due to the actions of market players and bankers, which led to excessive risk-taking and build-up of debt. However, the Covid-19 crisis is due to exogenous factors that have a negative impact on the real economy directly and on almost all sectors globally.
The Islamic finance industry is no exception. While it was largely unscathed by the GFC due to shariah principles that prohibit speculation and risky asset classes, it is not immune this time around. The onset of the pandemic has had far reaching consequences on businesses and employment as a result of the lockdown and strict social distancing rules.
In oil producing jurisdictions offering Islamic finance, the industry faced further shock from the plummeting oil price and suspension of infrastructure projects. The plunge in global economic growth and the continuing uncertainty as to when the pandemic will end will no doubt pose a challenge on the Islamic finance industry’s profitability, liquidity, asset quality and capital, just like their conventional counterparts.
Hence, there is urgency for the industry leadership to take swift action and not to be complacent in addressing those challenges and the following critical issues:
- the effects of a prolonged economic collapse on the structural stability of Islamic financial institutions;
- the ability to sustain supporting moratorium, deferment of loan repayments and other support measures;
- the disruption of further digital transformation on the business model; and
- the identification of social finance areas that can be optimised to steer the industry forward.
A balance-sheet approach is a good starting point in identifying clues signalling the future trajectory of Islamic banking. The quality of lending capacity, liquidity position, operational efficiency and strength of equity capital signal the buffer that the bank possesses in fighting adverse economic conditions. The asset-side of Islamic banks reflects the range of financing:
- debt-based products: such as ijarah (leasing), murabahah (mark-up), istisna (cash advance for manufacturing assets) and salam (cash advance for agriculture);
- equity-like products: such as musharakah(profit-sharing); andfee-based products: such as waqalah and hawalah (bank transfer services) and wadiah (safe custody services).
Islamic banks with a significant proportion of debt-like instruments – and which have a significant market share related to micro financing and lending to SMEs – may anticipate involuntary default incidences if the borrowers’ financial conditions continue to deteriorate beyond the short-term relief measure of moratorium and deferred payment.
Islamic banks should therefore reassess the risk profiles of their customers by classifying customers who are impacted by Covid-19 as high risk, and design strategies to support them guided by the Islamic ethical principles of rahmah, ihsan, ‘adl, and hikmah (compassion, benevolence, justice and wisdom). The shariah committees need to reiterate those sentiments to Islamic financial institutions in supporting the most affected customers and economic sectors. Failure to address this aspect would increase their reputational risk if customers believe their efforts were insufficient.
Similarly, Islamic banks with a high proportion of financing facilities in the areas of transportation and construction are also likely to have substantial asset quality deterioration. It is therefore important to diversify financing capability into other sectors – especially health, agriculture and food – to reduce their asset quality risk. Fee-based services offered by Islamic banks, such as fees/commissions for providing bank transfer services (outside the country), commissions for issuing Islamic credits, and safe custody services, will see a drop as customers’ spending in retail falls and investors choose to hold on to their cash.
A time for action has now arrived.On the liability side, most Islamic banks are largely funded by profit-sharing investment accounts (PSIA) comprising investment accounts of customers and interbank deposits, with the rest being sukuk issues (see below), non-remunerative funding such as wadiah (current account), and remunerative funds such as murabahah (fixed-term deposits).
During a time of crisis, it is important for banks to take proactive action in assuring depositors that there is no shortage of liquidity and that their deposits are safe. If depositors start to withdraw their savings and cause irrational panic, this will leave the banks with liquidity crunch.
Besides the asset-liability challenge, some banks within the Islamic banking market may also face competitive pressures caused by accelerating trends in digitization, which they will need to address simultaneously. The recommendation by the World Health Organization (WHO) in April 2020 (see bit.ly/3lhxdq1) to use contactless payments means that Islamic banks need to invest in digital technologies to adapt to the changes in market reality.
Compared with standalone Islamic banks, Islamic windows are be in a relatively better position when it comes to adopting new technology, as they can leverage on their parent banks’ infrastructure. This also means that Islamic windows will be able to integrate their existing Islamic financing products, with minimal additional effort, to automate processes and to deliver services “at speed” to the market when compared to standalone Islamic banks.
The pandemic also generates opportunities for Islamic banks to provide financing to the business start-up segment by initiating capacity building platforms to support SMEs in the Halal and IR 4.0 and Digitalisation sectors, which would place them in good stead in the post-Covid-19 era.
Turning to the Islamic capital market, the second most significant component of the Islamic finance sector, a significant chunk of the outstanding sukuk (Islamic bonds) is concentrated with sovereigns and financial institutions, with the rest being corporate sukuk. The impact of the pandemic on sovereign sukuk market is expected to be less intense and in a worst-case scenario, sovereign issuers are more likely to redeem their sukuk through central banks. Similarly, the effect on sukuk issued by financial institutions is also not worrying as most of the issues have maturities close to perpetuity.
As for corporate sukuk, it is assuring to find the maturity structure tilted towards longer term with about 15% of sector-wise corporate sukuk maturing in 2021 and 2022. However, for corporate sukuk in the oil and gas, airlines and hospitality sectors, a considerable number will be maturing within the next nine to 36 months and there are concerns on whether those issuers under liquidity stress will be able to secure refinancing.
All is not doom and gloom for Islamic finance in treading into the future. In fact, the Covid-19 crisis provides the golden opportunity for Islamic finance to shift from credit-based to equity-based financing, which will be one step nearer to the “genuine” model of Islamic finance. Fintech applications will become more popular and grow in size and Islamic finance should jump on the bandwagon to stay relevant.
http://mexicanpharmacy.shop/# mexican border pharmacies shipping to usa
buying prescription drugs in mexico online cheapest mexico drugs buying prescription drugs in mexico online
reputable mexican pharmacies online Mexican Pharmacy Online mexican rx online
Online medicine order: indian pharmacy delivery – pharmacy website india
zithromax 500 generic zithromax over the counter zithromax online australia
cost generic clomid pill: can you buy cheap clomid without insurance – cheap clomid without prescription
tadalafil 30
zithromax 250
can you buy prednisone over the counter uk mail order prednisone cheap prednisone online
amoxicillin 800 mg price: amoxicillin 500mg tablets price in india – can you buy amoxicillin over the counter canada
rexall pharmacy amoxicillin 500mg order amoxicillin uk over the counter amoxicillin
http://zithromaxall.shop/# can you buy zithromax online
legit pharmacy websites
buy zithromax 1000 mg online can i buy zithromax over the counter where can i purchase zithromax online
buy lisinopril without a prescription
buy zithromax 500mg online: zithromax online pharmacy canada – where can i buy zithromax in canada
amoxicillin over the counter in canada amoxicillin 500 mg price amoxicillin medicine over the counter
clomid buy: buy generic clomid without prescription – can you get clomid
rexall pharmacy amoxicillin 500mg price for amoxicillin 875 mg 875 mg amoxicillin cost
cost of synthroid 50 mcg
lisinopril 5 mg tablet
online pharmacy for sale
prednisone 105mg
order cheap clomid cost of clomid prices how can i get generic clomid without prescription
how to buy zithromax online: zithromax 500 mg lowest price pharmacy online – zithromax 250 mg
synthroid tablets 25 mcg
can you buy zithromax over the counter in australia buy zithromax 500mg online zithromax tablets
synthroid 50 mcg tab
I am sure this post has touched all the internet viewers, its really
really pleasant piece of writing on building
up new webpage.
Feel free to surf to my blog post ::
50 mg prednisone from canada: pharmacy cost of prednisone – 200 mg prednisone daily
prescription prednisone cost prednisone prednisone cream rx
canadian pharmacy antibiotics
Hey there, I think your site might be having browser compatibility issues.
When I look at your blog site in Opera, it looks fine but when opening in Internet
Explorer, it has some overlapping. I just wanted to give you
a quick heads up! Other then that, excellent blog!
my webpage :: vpn special code
lisinopril mexico
prednisone 5mg over the counter apo prednisone where can i get prednisone
https://sildenafiliq.com/# best price for viagra 100mg
viagra canada: sildenafil iq – viagra canada
п»їkamagra Kamagra gel Kamagra Oral Jelly
medstore online pharmacy
Buy Tadalafil 20mg Buy Cialis online Generic Cialis without a doctor prescription
https://sildenafiliq.xyz/# sildenafil online
Kamagra Oral Jelly: Kamagra Oral Jelly Price – Kamagra Oral Jelly
best price for viagra 100mg generic ed pills buy Viagra over the counter
prinivil cost
Viagra generic over the counter sildenafil iq Viagra online price
https://kamagraiq.shop/# Kamagra 100mg price
Kamagra Oral Jelly Kamagra Iq buy Kamagra
http://tadalafiliq.shop/# Generic Tadalafil 20mg price
Cheap Cialis: cheapest cialis – Generic Cialis without a doctor prescription
reliable canadian online pharmacy
https://sildenafiliq.com/# Sildenafil Citrate Tablets 100mg
Kamagra 100mg price Kamagra Iq Kamagra Oral Jelly
https://kamagraiq.shop/# super kamagra
Buy Tadalafil 10mg Buy Tadalafil 10mg п»їcialis generic
http://tadalafiliq.com/# Cialis 20mg price in USA
https://tadalafiliq.shop/# buy cialis pill
Cheap Cialis cialis without a doctor prescription cialis for sale
Cheap Cialis: cialis best price – Tadalafil Tablet
Cialis 20mg price in USA: Generic Tadalafil 20mg price – Buy Tadalafil 20mg
https://kamagraiq.com/# super kamagra
sildenafil online best price on viagra Viagra online price
canadian world pharmacy
http://tadalafiliq.shop/# Cialis without a doctor prescription
Generic Tadalafil 20mg price: cialis without a doctor prescription – cialis for sale
Generic Cialis without a doctor prescription Generic Tadalafil 20mg price Generic Cialis price
https://kamagraiq.shop/# Kamagra 100mg
https://tadalafiliq.com/# Tadalafil price
Generic Cialis without a doctor prescription: Cialis 20mg price – buy cialis pill
online pharmacy ordering
purple pharmacy mexico price list: mexican pharmacy – mexican rx online
canadian pharmacy sarasota reputable canadian pharmacy the canadian drugstore
http://canadianpharmgrx.xyz/# canadian pharmacy meds review
where to get tadalafil
medicine in mexico pharmacies Mexico drugstore mexico drug stores pharmacies
http://canadianpharmgrx.xyz/# ordering drugs from canada
purple pharmacy mexico price list: mexican rx online – mexican online pharmacies prescription drugs
canadian online pharmacy reviews Canadian pharmacy prices canadian pharmacy 24h com safe
pharmacy website india: Generic Medicine India to USA – buy medicines online in india
canadian pharmacy Canada pharmacy online vipps canadian pharmacy
india pharmacy Healthcare and medicines from India online shopping pharmacy india
https://canadianpharmgrx.com/# canadian pharmacy king
world pharmacy india: indian pharmacy – indian pharmacies safe
http://canadianpharmgrx.com/# canada ed drugs
buy prescription drugs from india Healthcare and medicines from India top online pharmacy india
canadian pharmacy meds review: List of Canadian pharmacies – canadian pharmacy online
prednisone 20mg tab price
canadian pharmacy 365 Canada pharmacy online best canadian online pharmacy reviews
mexican pharmaceuticals online Pills from Mexican Pharmacy best online pharmacies in mexico
zestoretic
mexican online pharmacies prescription drugs: mexican border pharmacies shipping to usa – reputable mexican pharmacies online
indianpharmacy com indian pharmacy buy medicines online in india
valtrex drugstore
Hey! I realize this is kind of off-topic however I needed to ask.
Does building a well-established website like yours require a lot of
work? I’m brand new to running a blog however I do write in my diary every day.
I’d like to start a blog so I can easily share my own experience
and feelings online. Please let me know if you have any
suggestions or tips for new aspiring bloggers. Thankyou!
my website – vpn coupon 2024
pet meds without vet prescription canada: CIPA approved pharmacies – canadian online drugs
canadian pharmacy online store
canadian neighbor pharmacy adderall canadian pharmacy canadian pharmacy king reviews
Woah! I’m really enjoying the template/theme of this site. It’s simple, yet effective. A lot of times it’s very hard to get that “perfect balance” between superb usability and visual appearance. I must say you have done a amazing job with this. Additionally, the blog loads very fast for me on Safari. Superb Blog!
п»їcytotec pills online: buy misoprostol over the counter – Cytotec 200mcg price
sterapred
tamoxifen headache does tamoxifen cause bone loss generic tamoxifen
https://misoprostol.top/# Abortion pills online
nolvadex 10mg tamoxifen alternatives tamoxifen medication
tamoxifen and antidepressants: how to prevent hair loss while on tamoxifen – tamoxifen vs clomid
buy cipro: ciprofloxacin – ciprofloxacin 500 mg tablet price
tamoxifen alternatives tamoxifen dose tamoxifen effectiveness
generic synthroid price
where can i get diflucan online diflucan 50mg tablet diflucan coupon canada
prednisone 50
http://doxycyclinest.pro/# doxycycline 100mg online
buy synthroid cheap
nolvadex estrogen blocker tamoxifen and depression is nolvadex legal
diflucan 150 mg prescription: diflucan capsule 150mg – buy diflucan yeast infection
zithromax online canada
tamoxifen blood clots natural alternatives to tamoxifen cost of tamoxifen
synthroid levothyroxine
cipro 500mg best prices ciprofloxacin 500mg buy online ciprofloxacin 500mg buy online
https://diflucan.icu/# buy cheap diflucan online
п»їcytotec pills online buy cytotec buy cytotec in usa
buy cytotec in usa: buy cytotec – cytotec pills buy online
lisinopril 2.5 mg tablet
where can i purchase diflucan where to buy diflucan canadian order diflucan online
generic pharmacy online
tamoxifen menopause: nolvadex side effects – tamoxifen for sale
lisinopril 10 mg cost
diflucan pill uk diflucan 6 tablets cost of diflucan prescription in mexico
best price for lisinopril
https://diflucan.icu/# diflucan 1140
synthroid 75 mcg cost
how to get azithromycin without prescription
diflucan 200 diflucan 150 mg pill diflucan online
rx lisinopril
http://prednisonea.store/# can i buy prednisone online without prescription
metformin price canada
ivermectin price ivermectin buy australia stromectol tablets for humans
can i get cheap clomid pills: where can i get cheap clomid without dr prescription – can you get clomid without insurance
ivermectin 3 mg ivermectin 3 stromectol canada
can i buy generic clomid pills: can i get clomid pills – how to get cheap clomid pills
reliable online pharmacy
metformin generic cost
cialis pills where to buy
buy predisone steriods
https://azithromycina.pro/# zithromax 500 tablet
synthroid online
https://prednisonea.store/# 1 mg prednisone daily
amoxicillin without prescription: amoxicillin 500mg capsules price – amoxicillin pills 500 mg
metformin 1000 mg for sale
amoxicillin order online no prescription amoxicillin 250 mg amoxicillin 750 mg price
http://azithromycina.pro/# buy zithromax without presc
discount pharmacy online
can you buy prednisone online uk 1 mg prednisone cost 1 mg prednisone cost
http://prednisonea.store/# 20 mg of prednisone
over the counter cialis 2018
amoxicillin no prescription: how to buy amoxycillin – amoxicillin cephalexin
buying zithromax online
http://azithromycina.pro/# zithromax cost uk
buying generic clomid without dr prescription buying clomid order cheap clomid
http://edpill.top/# online ed prescription
no prescription medication: order prescription from canada – buy medication online with prescription
https://onlinepharmacyworld.shop/# pharmacy without prescription
cheapest ed pills erection pills online top rated ed pills
metformin without a prescription drug
synthroid 175
buy meds online no prescription: buy medications online no prescription – cheap drugs no prescription
canadian prescription drugstore review: mail order prescriptions from canada – no prescription online pharmacies
ed meds online ed meds online online ed treatments
online erectile dysfunction: cheap erection pills – ed meds on line
https://medicationnoprescription.pro/# no prescription medication
no prescription canadian pharmacy online medication no prescription pharmacies without prescriptions
generic lisinopril 5 mg
promo code for canadian pharmacy meds: foreign pharmacy no prescription – pharmacy coupons
metformin tablets in india
cheap ed medication get ed meds today buy ed pills
canada pharmacy coupon: cheap pharmacy no prescription – canadian pharmacies not requiring prescription
online doctor prescription canada: no prescription needed pharmacy – buying prescription drugs in india
rx pharmacy online
mail order prescription drugs from canada: international pharmacy no prescription – uk pharmacy no prescription
online canadian pharmacy no prescription mexico prescription drugs online online pharmacies without prescription
generic tadalafil usa pharmacy
https://casinvietnam.com/# game c? b?c online uy tin
http://casinvietnam.shop/# casino online uy tin
web c? b?c online uy tín: casino tr?c tuy?n vi?t nam – dánh bài tr?c tuy?n
pharmacy com
game c? b?c online uy tin casino tr?c tuy?n uy tin choi casino tr?c tuy?n tren di?n tho?i
game c? b?c online uy tin casino tr?c tuy?n vi?t nam danh bai tr?c tuy?n
synthroid without prescription
buy synthroid from canada
dánh bài tr?c tuy?n: web c? b?c online uy tín – casino tr?c tuy?n
casino online uy tín: casino tr?c tuy?n uy tín – game c? b?c online uy tín
game c? b?c online uy tín: casino tr?c tuy?n uy tín – casino tr?c tuy?n uy tín
game c? b?c online uy tín: dánh bài tr?c tuy?n – game c? b?c online uy tín
choi casino tr?c tuy?n trên di?n tho?i: casino tr?c tuy?n uy tín – dánh bài tr?c tuy?n
casino online uy tín: casino online uy tín – casino tr?c tuy?n vi?t nam
casino tr?c tuy?n: web c? b?c online uy tín – casino tr?c tuy?n
web c? b?c online uy tín: casino online uy tín – casino tr?c tuy?n
synthroid 225 mcg
casino online uy tín: casino tr?c tuy?n vi?t nam – game c? b?c online uy tín
24 mg prednisone
http://casinvietnam.com/# choi casino tr?c tuy?n tren di?n tho?i
casino tr?c tuy?n vi?t nam: casino online uy tín – casino tr?c tuy?n vi?t nam
casino tr?c tuy?n vi?t nam: game c? b?c online uy tín – casino online uy tín
https://casinvietnam.com/# danh bai tr?c tuy?n
choi casino tr?c tuy?n trên di?n tho?i: dánh bài tr?c tuy?n – casino tr?c tuy?n
buy medicines online in india: indian pharmacy – pharmacy website india
http://indiaph24.store/# cheapest online pharmacy india
https://mexicoph24.life/# mexican online pharmacies prescription drugs
mail order pharmacy india https://indiaph24.store/# pharmacy website india
top 10 online pharmacy in india
http://canadaph24.pro/# reputable canadian online pharmacies
precription drugs from canada Prescription Drugs from Canada canada drug pharmacy
http://indiaph24.store/# reputable indian online pharmacy
legal canadian pharmacy online
https://mexicoph24.life/# buying prescription drugs in mexico
canadian pharmacy 365 canadian pharmacy in canada safe canadian pharmacy
https://canadaph24.pro/# canadian pharmacy india
medication from mexico pharmacy: mexico pharmacy – reputable mexican pharmacies online
http://indiaph24.store/# indian pharmacy online
http://canadaph24.pro/# reddit canadian pharmacy
http://canadaph24.pro/# canadian pharmacy online ship to usa
http://mexicoph24.life/# mexican online pharmacies prescription drugs
prednisone prescription cost
http://mexicoph24.life/# mexico drug stores pharmacies
https://mexicoph24.life/# medicine in mexico pharmacies
online pharmacy without scripts
50 mg lisinopril
http://indiaph24.store/# top online pharmacy india
best canadian pharmacy online: canadian pharmacy review – canadianpharmacyworld com
http://mexicoph24.life/# purple pharmacy mexico price list
https://indiaph24.store/# indianpharmacy com
https://mexicoph24.life/# pharmacies in mexico that ship to usa
indian pharmacy online indian pharmacy fast delivery cheapest online pharmacy india
http://indiaph24.store/# п»їlegitimate online pharmacies india
mexican rx online: Mexican Pharmacy Online – best online pharmacies in mexico
https://indiaph24.store/# best india pharmacy
canadian pharmacy scam Licensed Canadian Pharmacy canadian pharmacy ratings
https://mexicoph24.life/# pharmacies in mexico that ship to usa
https://indiaph24.store/# reputable indian online pharmacy
http://indiaph24.store/# world pharmacy india
buy medicines online in india Generic Medicine India to USA online shopping pharmacy india
india pharmacy mail order: indian pharmacy fast delivery – indian pharmacy online
http://indiaph24.store/# pharmacy website india
https://indiaph24.store/# buy prescription drugs from india
http://mexicoph24.life/# reputable mexican pharmacies online
cost of valtrex
https://canadaph24.pro/# best canadian pharmacy online
pharmacy website india: buy medicines from India – п»їlegitimate online pharmacies india
http://indiaph24.store/# buy medicines online in india
https://mexicoph24.life/# buying prescription drugs in mexico
mexican drugstore online mexican pharmacy mexico pharmacy
https://indiaph24.store/# cheapest online pharmacy india
buying from online mexican pharmacy mexico pharmacy mexican pharmacy
http://canadaph24.pro/# pharmacy canadian superstore
https://canadaph24.pro/# canadian pharmacies that deliver to the us
purple pharmacy mexico price list mexico pharmacy mexican online pharmacies prescription drugs
how much is metformin cost
https://mexicoph24.life/# pharmacies in mexico that ship to usa
https://indiaph24.store/# Online medicine home delivery
https://indiaph24.store/# indianpharmacy com
http://canadaph24.pro/# best online canadian pharmacy
canadian drug pharmacy: canadian pharmacies – canadian pharmacy 24 com
https://canadaph24.pro/# canadian drug
valtrex 1000 mg tablet
https://indiaph24.store/# buy prescription drugs from india
purchase cialis 20 mg
http://canadaph24.pro/# drugs from canada
https://canadaph24.pro/# canadian pharmacy mall
http://indiaph24.store/# indian pharmacy paypal
legitimate canadian mail order pharmacy canadian pharmacies canada pharmacy online
indian pharmacy paypal: Generic Medicine India to USA – indian pharmacy paypal
http://indiaph24.store/# reputable indian online pharmacy
lisinopril sale
http://indiaph24.store/# legitimate online pharmacies india
https://mexicoph24.life/# buying from online mexican pharmacy
https://canadaph24.pro/# cross border pharmacy canada
cheapest pharmacy for prescriptions without insurance
https://canadaph24.pro/# online canadian pharmacy review
https://indiaph24.store/# buy medicines online in india
mexican drugstore online: Mexican Pharmacy Online – medication from mexico pharmacy
п»їlegitimate online pharmacies india india pharmacy top online pharmacy india
https://indiaph24.store/# reputable indian online pharmacy
https://indiaph24.store/# pharmacy website india
https://indiaph24.store/# online shopping pharmacy india
https://indiaph24.store/# online shopping pharmacy india
medicine in mexico pharmacies: mexican pharmacy – purple pharmacy mexico price list
http://indiaph24.store/# indian pharmacy
tadalafil prescription price
http://canadaph24.pro/# canadian pharmacy scam
п»їbest mexican online pharmacies mexican pharmacy mexican mail order pharmacies
https://canadaph24.pro/# canadian pharmacies compare
buy prednisone online no prescription
http://canadaph24.pro/# rate canadian pharmacies
http://canadaph24.pro/# northern pharmacy canada
п»їbest mexican online pharmacies: Online Pharmacies in Mexico – mexico pharmacies prescription drugs
https://canadaph24.pro/# canadian pharmacy meds reviews
metformin no prescription
https://indiaph24.store/# buy medicines online in india
http://indiaph24.store/# best india pharmacy
https://indiaph24.store/# п»їlegitimate online pharmacies india
https://indiaph24.store/# Online medicine order
mexican pharmaceuticals online: mexican pharmacy – purple pharmacy mexico price list
buy valtrex 500 mg
http://indiaph24.store/# buy medicines online in india
pharmacies in mexico that ship to usa: Online Pharmacies in Mexico – mexico drug stores pharmacies
indianpharmacy com https://indiaph24.store/# top 10 pharmacies in india
п»їlegitimate online pharmacies india
levothyroxine 50 mcg
where to buy prednisone online
https://canadaph24.pro/# canadian pharmacy
best pharmacy prices metformin
india pharmacy Generic Medicine India to USA india pharmacy
india online pharmacy: buy medicines from India – Online medicine order
lisinopril tablets india
synthroid no prescription
https://mexicoph24.life/# mexico pharmacies prescription drugs
cost of synthroid 200 mcg
http://lisinopril.network/# url lisinopril hctz prescription
https://lisinopril.network/# prinivil lisinopril
cipro for sale: ciprofloxacin mail online – ciprofloxacin mail online
buy generic ciprofloxacin buy ciprofloxacin ciprofloxacin order online
http://finasteride.store/# buy propecia prices
cost propecia price cost propecia cost propecia tablets
tamoxifen blood clots: tamoxifen side effects forum – tamoxifen headache
reliable rx pharmacy
tamoxifen citrate pct tamoxifen and osteoporosis nolvadex vs clomid
http://finasteride.store/# order propecia without dr prescription
ciprofloxacin mail online: ciprofloxacin generic price – ciprofloxacin 500mg buy online
https://cytotec.club/# order cytotec online
buy misoprostol over the counter Abortion pills online buy cytotec online fast delivery
http://finasteride.store/# cost of propecia price
lisinopril 40 mg cost: prinivil 25mg – lisinopril 25 mg
where to get synthroid
nolvadex for sale amazon generic tamoxifen tamoxifen vs raloxifene
http://nolvadex.life/# tamoxifen cost
Abortion pills online: buy cytotec online fast delivery – buy cytotec pills online cheap
https://ciprofloxacin.tech/# ciprofloxacin mail online
cost of propecia for sale cost generic propecia price order propecia without a prescription
http://lisinopril.network/# lisinopril 40 mg tablet price
legitimate canadian mail order pharmacy
zestril pill: lisinopril oral – lisinopril tablet 40 mg
buy misoprostol over the counter cytotec abortion pill buy misoprostol over the counter
synthroid 137 mcg coupon
http://finasteride.store/# cheap propecia without rx
generic azithromycin cost
where can i buy cipro online antibiotics cipro buy cipro
buying propecia without rx: home – propecia generics
prednisone from india
https://cytotec.club/# buy cytotec pills online cheap
http://cytotec.club/# Cytotec 200mcg price
buy misoprostol over the counter Misoprostol 200 mg buy online Misoprostol 200 mg buy online
aromatase inhibitor tamoxifen: tamoxifen cyp2d6 – tamoxifen bone density
generic tadalafil united states
does tamoxifen cause joint pain is nolvadex legal tamoxifen headache
http://cytotec.club/# cytotec pills buy online
6D Lotto – 4 7 7 2 2 2 PCSO only allows persons aged 18 and above to play the 4D Lotto and to claim the winnings. For today’s draw, January 9, 2023 here’s the 4D Lotto Result: These are the 11am, 4pm and 9pm results of Swertres lotto game for Monday, April 9, 2018. 3. Players must check for the accuracy of printed data on their ticket, including bet type, bet amount, the draw date and the numbers they want to play.PCSO protocols amid COVID-19 pandemic1. No facemask, no bet.2. Strictly observe social distancing. Maintain one meter distance from other persons in the lotto outlet.3. Bring your own pen to stop cross contamination.4. Use hand sanitizers. Alcohol station is provided by the lotto outlet.5. Place your payment in the money tray provided by the lotto agent.
http://tech.stolsvik.com/2010/01/linux-java-thread-priorities-workaround.html
View the drawings for Florida Lotto, Mega Millions, Cash4Life, Powerball, Jackpot Triple Play, Cash Pop, Fantasy 5, Pick 5, Pick 4, Pick 3, and Pick 2 on the Florida Lottery’s official YouTube page. View the latest winning Lotto America numbers on this page straight after every drawing. You can see the five main numbers and the Star Ball, which All Star Bonus multiplier was drawn, how many winners there were in total, and the size of the jackpot. You can receive all the latest draw results via email when you sign up for an Oz Lotteries account online today. To view past results, you can search for older draw results on the Oz Lotteries website. Copyright © 2023 National-Lottery Prizes equal 55.5% of overall sales. Overall odds of winning Colorado Lotto+ are 1 in 30. Overall odds of winning Plus are also 1 in 30.
buy cytotec pills: cytotec pills buy online – cytotec online
tamoxifen and antidepressants aromatase inhibitors tamoxifen tamoxifen breast cancer prevention
lisinopril no prescription
https://lisinopril.network/# lisinopril 20mg daily
zestril 5mg
http://cytotec.club/# buy cytotec pills online cheap
how much is lisinopril
cipro online no prescription in the usa: cipro – buy generic ciprofloxacin
buy ciprofloxacin ciprofloxacin ciprofloxacin mail online
buy tadalafil cheap
canadian pharmacy 24h com
synthroid 37.5 mcg
lisinopril 40 mg generic
https://lisinopril.network/# buy lisinopril 10 mg tablet
zestril 5 mg tablet: zestril 2.5 mg – lisinopril for sale uk
buy generic propecia prices order cheap propecia without insurance buying propecia without insurance
azithromycin tablets india
https://cialist.pro/# п»їcialis generic
http://cialist.pro/# Buy Tadalafil 20mg
Levitra 10 mg buy online: Buy generic Levitra online – Buy Levitra 20mg online
п»їcialis generic buy cialis online cialis for sale
http://levitrav.store/# Buy Levitra 20mg online
https://viagras.online/# Viagra generic over the counter
order viagra: Cheapest place to buy Viagra – Buy generic 100mg Viagra online
Viagra online price Cheapest place to buy Viagra viagra canada
cialis for sale: Generic Tadalafil 20mg price – Cheap Cialis
http://cialist.pro/# Generic Cialis price
Levitra tablet price Levitra 20mg price Vardenafil online prescription
buy Kamagra: kamagra oral jelly – Kamagra 100mg price
escrow pharmacy online
where to buy metformin in south africa
https://kamagra.win/# buy kamagra online usa
sildenafil oral jelly 100mg kamagra kamagra.win buy Kamagra
cheapest cialis: Generic Cialis without a doctor prescription – Cialis 20mg price
http://cialist.pro/# Generic Tadalafil 20mg price
cenforce.pro cenforce for sale buy cenforce
azithromycin online purchase
buy cenforce: cheapest cenforce – Purchase Cenforce Online
http://levitrav.store/# buy Levitra over the counter
п»їLevitra price: buy Levitra over the counter – Generic Levitra 20mg
http://cialist.pro/# cialis for sale
cenforce.pro Purchase Cenforce Online cenforce for sale
Kamagra 100mg price: kamagra pills – buy kamagra online usa
http://viagras.online/# п»їBuy generic 100mg Viagra online
https://viagras.online/# best price for viagra 100mg
synthroid 0.100 mg
https://pharmnoprescription.icu/# online pharmacy without a prescription
certified canadian pharmacy: is canadian pharmacy legit – buy prescription drugs from canada cheap
best no prescription online pharmacies medication online without prescription canada online prescription
where can i buy tadalafil online
http://pharmmexico.online/# mexican mail order pharmacies
maple leaf pharmacy in canada: my canadian pharmacy reviews – reliable canadian online pharmacy
pharmacy rx
synthroid buy online
canada prescription online buy medication online without prescription mail order prescriptions from canada
buying from canadian pharmacies: my canadian pharmacy review – canadian world pharmacy
lisinopril 40mg
mexico drug stores pharmacies: mexican online pharmacies prescription drugs – buying prescription drugs in mexico
http://pharmnoprescription.icu/# canadian pharmacy prescription
online pharmacy non prescription drugs pharm world store canadian pharmacy no prescription needed
online pharmacy prescription: cheapest pharmacy – cheapest pharmacy to fill prescriptions without insurance
https://pharmindia.online/# reputable indian online pharmacy
reputable indian pharmacies indianpharmacy com pharmacy website india
https://pharmindia.online/# pharmacy website india
mexico pharmacies prescription drugs: mexico pharmacies prescription drugs – best mexican online pharmacies
medication canadian pharmacy
canada pharmacy no prescription: cheap prescription drugs online – online pharmacies no prescription usa
https://pharmindia.online/# reputable indian online pharmacy
п»їlegitimate online pharmacies india world pharmacy india reputable indian pharmacies
canadian pharmacy ltd: canadian drug prices – the canadian drugstore
synthroid tablets 100 mcg
https://pharmmexico.online/# mexico drug stores pharmacies
mexico drug stores pharmacies: mexican drugstore online – reputable mexican pharmacies online
canadian pharmacy coupon no prescription pharmacy paypal foreign pharmacy no prescription
prednisone cost
how to get zithromax over the counter: can you buy zithromax over the counter in australia – zithromax generic cost
prednisone 1 mg for sale prednisone 50 mg for sale prednisone uk price
prednisone canada prices: prednisone 5 mg tablet – buy prednisone online india
https://doxycyclinea.online/# 100mg doxycycline
buy zithromax 500mg online buy zithromax no prescription zithromax antibiotic without prescription
buy zithromax without prescription online: zithromax 500mg – generic zithromax azithromycin
https://gabapentinneurontin.pro/# neurontin 300mg caps
prednisone 7.5 mg: 5 mg prednisone daily – prednisone 1 mg tablet
doxycycline hyc: doxycycline hyc 100mg – buy doxycycline hyclate 100mg without a rx
buy prednisone 10mg online: buy prednisone 10mg – prednisone 10
zithromax 250 mg pill: where can i purchase zithromax online – zithromax prescription in canada
over the counter amoxicillin: buy amoxicillin 250mg – order amoxicillin uk
buy amoxicillin online without prescription amoxicillin 500mg price canada can you buy amoxicillin over the counter
https://gabapentinneurontin.pro/# neurontin 2018
neurontin 100 mg capsule: neurontin 500 mg – neurontin 600 mg tablet
zithromax for sale online: order zithromax without prescription – can you buy zithromax over the counter in australia
buy prednisone 5mg canada
neurontin brand coupon where can i buy neurontin online drug neurontin
http://zithromaxa.store/# buy zithromax online with mastercard
buy amoxicillin 500mg uk: amoxicillin tablets in india – amoxicillin 200 mg tablet
buying prednisone from canada buy prednisone with paypal canada prednisone 25mg from canada
http://doxycyclinea.online/# doxycycline hydrochloride 100mg
zithromax capsules: zithromax online paypal – generic zithromax azithromycin
amoxicillin 1000 mg capsule: amoxicillin 500mg capsules price – how to buy amoxicillin online
ordering neurontin online neurontin 4 mg neurontin 300 mg
doxycycline 100mg dogs: doxycycline 50 mg – doxycycline mono
http://doxycyclinea.online/# generic doxycycline
prednisone 10 mg: prednisone tablets canada – buy prednisone 5mg canada
buy generic zithromax online zithromax 500 mg for sale zithromax online no prescription
https://prednisoned.online/# prednisone over the counter south africa
prednisone 5084: where to buy prednisone without prescription – can you buy prednisone
buy doxycycline buy doxycycline cheap order doxycycline online
Different information is circulating in public about fixed matches. Every day we have info about fixed matches, but not all of them are real and we need to confirm that info from several sources before we publish a specific match. Sometimes, we have info about fixed matches where three or more teams are included in the story, to share points in that round. We are here to make a vise decision does the information is real or fake. After we confirm the information we have safe fixed matches for the current day. MOST IMPORTANTLY THING IS CONFIDENCE IN THIS BUSINESS AND YOU WILL FIND IN US. In addition make sure you’ve made a first step and imminently Contact us. Accordingly don’t wait and Contact us today for more information about buying fixed matches. After that we offer 100% sure soccer fixed games. For instance we offer: Correct Score Fixed Matches and Double Halftime Fulltime Fixed Matches.
https://dominickvjtd115024.kylieblog.com/26737900/liverpool-fc-playing-today
The Special Ligue One? Mourinho eyes move to Lyon or Monaco (L’Equipe) The Sporting News is rounding up the key updates — all day, every day — below. France, England, Germany… 30 most valuable national teams revealed Thomas Partey could miss the Premier League match between Arsenal and Manchester City. According to ‘The Athletic’, the Ghana international will not be available for Mikel Arteta due to muscle problems. InMiguel Azeez (end of loan, UD Ibiza)Brooke Norton-Cuffy (end of loan, Rotherham United)Leandro Trossard (£21m, Brighton & Hove Albion)Jakub Kiwior (£21m, Spezia)Jorginho (£12m, Chelsea) Customise your news feed Copyright © 2022 Premier League News Now. FootballArsenal vs Man City: Prediction, team news, kick-off time, odds, h2hA mouth-watering showdown between the two title rivals was postponed back in September
valtrex capsules
how to get prednisone tablets: can you buy prednisone over the counter uk – price for 15 prednisone
http://amoxila.pro/# can i purchase amoxicillin online
how can i order prednisone: prednisone for sale no prescription – prednisone 2.5 mg cost
doxylin doxy buy doxycycline without prescription
canadian neighbor pharmacy
prednisone 300mg: prednisone 1 tablet – prednisolone prednisone
medication lisinopril 5 mg
http://zithromaxa.store/# zithromax 250mg
zithromax canadian pharmacy: cheap zithromax pills – zithromax 600 mg tablets
cheap neurontin online neurontin price australia neurontin tablets 300 mg
canadian pharmacy 24 com
https://doxycyclinea.online/# doxycycline online
can you buy zithromax over the counter in mexico: buy generic zithromax online – zithromax online paypal
neurontin 300 600 mg neurontin capsules 300mg neurontin 330 mg
valtrex tablets
where can you buy zithromax: buy generic zithromax no prescription – buy cheap generic zithromax
Great info. Lucky me I discovered your website by accident (stumbleupon). I have book marked it for later!
https://prednisoned.online/# prednisone rx coupon
antibiotic amoxicillin: amoxicillin without a doctors prescription – purchase amoxicillin online without prescription
doxycycline medication: doxycycline hyc 100mg – doxycycline monohydrate
where can i get amoxicillin 500 mg amoxicillin generic where can i buy amoxicillin online
top online pharmacy 247
https://zithromaxa.store/# buy zithromax canada
amoxicillin 500 mg purchase without prescription: amoxicillin 500mg capsules price – amoxicillin price without insurance
lisinopril 125 mg
buy amoxicillin online uk buy amoxicillin without prescription where to buy amoxicillin
continuously i used to read smaller posts which also clear their motive, and that is also happening with this post which I am reading here.
prednisone 20mg nz: prednisone uk buy – prednisone price south africa
neurontin 100 mg cost: neurontin cap 300mg – neurontin 300 mg price in india
https://gabapentinneurontin.pro/# order neurontin
cialis 5mg online pharmacy
neurontin 800 mg cost neurontin 800 mg cost neurontin prices
how to get zithromax online: how to buy zithromax online – can i buy zithromax over the counter
neurontin price in india: neurontin 100mg – neurontin online usa
https://gabapentinneurontin.pro/# neurontin brand name 800mg
prednisone discount
buy prednisone online without a prescription prednisone brand name canada can you buy prednisone without a prescription
can you buy cialis over the counter in uk
amoxicillin 500: generic amoxicillin – amoxicillin 30 capsules price
otc lisinopril
http://doxycyclinea.online/# generic doxycycline
buy neurontin canada: neurontin 10 mg – drug neurontin 200 mg
medication neurontin 300 mg neurontin capsule 400 mg neurontin online
doxycycline 150 mg: doxycycline hydrochloride 100mg – doxycycline 100mg capsules
https://mexicanpharmacy1st.online/# mexican online pharmacies prescription drugs
http://mexicanpharmacy1st.com/# mexican pharmaceuticals online
prednisone 20 mg online
valtrex 1500 mg
best mexican online pharmacies: pharmacies in mexico that ship to usa – pharmacies in mexico that ship to usa
pharmacies in mexico that ship to usa mexican mail order pharmacies mexican online pharmacies prescription drugs
reputable mexican pharmacies online: mexico drug stores pharmacies – п»їbest mexican online pharmacies
https://mexicanpharmacy1st.online/# pharmacies in mexico that ship to usa
buying prescription drugs in mexico: purple pharmacy mexico price list – mexican rx online
synthroid 100 mcg daily
buying prescription drugs in mexico online medicine in mexico pharmacies buying prescription drugs in mexico
synthoid
mexican mail order pharmacies: best online pharmacies in mexico – mexican rx online
http://mexicanpharmacy1st.com/# best online pharmacies in mexico
mexican drugstore online: medication from mexico pharmacy – mexican drugstore online
best online pharmacies in mexico п»їbest mexican online pharmacies mexico pharmacies prescription drugs
https://mexicanpharmacy1st.com/# buying prescription drugs in mexico online
synthroid brand name price
glucophage 142
https://mexicanpharmacy1st.shop/# mexican drugstore online
mexican drugstore online: mexican border pharmacies shipping to usa – mexico pharmacy
purple pharmacy mexico price list reputable mexican pharmacies online best online pharmacies in mexico
metformin pharmacy price
https://mexicanpharmacy1st.shop/# mexico drug stores pharmacies
medication from mexico pharmacy: buying prescription drugs in mexico online – mexican rx online
mexican mail order pharmacies: best online pharmacies in mexico – buying prescription drugs in mexico online
mexican rx online: best online pharmacies in mexico – medication from mexico pharmacy
buy metformin online australia
buying from online mexican pharmacy mexican pharmaceuticals online buying prescription drugs in mexico online
https://mexicanpharmacy1st.com/# best online pharmacies in mexico
buying prescription drugs in mexico mexican mail order pharmacies pharmacies in mexico that ship to usa
metformin 93
online lisinopril
https://mexicanpharmacy1st.com/# mexico pharmacies prescription drugs
mexican border pharmacies shipping to usa: mexican online pharmacies prescription drugs – mexico drug stores pharmacies
synthroid tab 137 mcg
best online pharmacies in mexico buying prescription drugs in mexico online mexican online pharmacies prescription drugs
https://mexicanpharmacy1st.com/# reputable mexican pharmacies online
buying prescription drugs in mexico: medication from mexico pharmacy – mexico drug stores pharmacies
buying prescription drugs in mexico: buying from online mexican pharmacy – mexican mail order pharmacies
mexico pharmacy mexican rx online medicine in mexico pharmacies
http://mexicanpharmacy1st.com/# mexico drug stores pharmacies
medication from mexico pharmacy: mexico pharmacy – buying from online mexican pharmacy
https://mexicanpharmacy1st.shop/# mexico drug stores pharmacies
metformin canada pharmacy
buying from online mexican pharmacy: purple pharmacy mexico price list – mexico drug stores pharmacies
buying prescription drugs in mexico buying prescription drugs in mexico purple pharmacy mexico price list
online synthroid prescription
clomid without rx: where can i get clomid without prescription – cheap clomid pills
https://cytotec.xyz/# buy cytotec
prednisone 20 mg online
buy cytotec online fast delivery buy cytotec in usa buy cytotec pills online cheap
cytotec buy online usa: Misoprostol 200 mg buy online – buy cytotec online fast delivery
http://clomiphene.shop/# order clomid without rx
buy lasixonline
buy cytotec online buy cytotec buy cytotec
Significant differences in hypertension prevalence were noted between rural and urban parts, i priligy dapoxetine
Keep up-to-date on international affairs, government news,
and game results. Our expert team provide timely reporting around the clock.
Daily mail
Dibiane A, et al can i get cheap cytotec without rx
Кто ты есть на самом деле?
В чем твое предназначение? В каком
направлении лежит твой путь и как тебе по нему идти?
Дизайн Человека расскажет об этом!
– Даёт конкретные рекомендации по принятию решений
– Даёт ощущение уникальности – Помогает понять свои природные таланты и способности – Приносит чувство согласия с
собой – Даёт конкретные рекомендации по принятию решений
– Даёт право быть собой – Даёт ощущение целостности – Даёт
право быть собой – Позволяет выстроить эффективную стратегию жизни и карьеры
Дизайн Человека позволяет принимать решения в условиях неопределённости, опираться на себя и свой внутренний компас.
Кто ты есть на самом деле? В чем твое предназначение?
В каком направлении лежит твой путь и как тебе по нему идти?
Дизайн Человека расскажет об
этом!
– Даёт право быть собой – Даёт право быть собой
– Приносит чувство согласия с собой – Даёт конкретные рекомендации по принятию решений –
Укрепляет доверие к себе – Даёт ощущение уникальности – Снимает чувство вины за “неправильность”
– Даёт опору на природные механизмы
– Приносит чувство согласия с собой
Узнать свое предназначение и таланты.
Эта методика предлагает человеку глубоко познать себя — дизайн человека делит все личности на типы.