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|1424¶Zzf û1ü Üæg ZâZ

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: ~Š m
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 Zg {Z' y
~g Zh ÅY âZ/£x ÓŠpi ZaÆJL L
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|1424¶Zzf û2ü Üæg ZâZ

ž Ç}Š™ iÃJ 6ŠÅ ~g Zh


y y
gz Z Çá á~ï ™h 
Ð wÅ
y
{z~ [ ZgzZì 1á ~ï LZ™h  aÆ \W6Š ã
IR Ū
»z ä~
( 119 m 7` pæF^jËÖ] àŠu])X ó óVƒLe*
y
h aLZÐ\WIR

: –íq6kZävZ¶gr
 ™£Zæg?*
Ññ
5.’JXì Š
ÅïÆ ÿG {g Ðk
’Uœ„¸Ž å H ̆ŸZt VŒ ä >L L
àŠu])X ó óÇ}Šwu »kZ6äƒ" ïŽ ÇÇ{Òúðà CZaÆ& ¤
U
( 119 m 7` pæF^jËÖ]
ävZ¶g r H†ŸZ {z yZgzŠÆðZzgg » Å>žì ]!
 ™?Ž å Š ªZz Ât VƒH~
sÑ Z yZ/[Z X ¶ÅN @
6NkS ÌUk
’ˆ Æ k°ZgzZ ÌyZgzŠ Æ k°Z ä ~gzZì H™f
: 5Ð wŠ ]Z|Æx‰Zg ZŠpåŠ
1™tÂ6gî ã! Z™NŠ [ ÂÅr
i†ŸZ {zž Zƒ {i Z0 ™
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HiZ0 ’mzˆa kZ¸
Š™i Z0
: •˜Ôc ZÃÇ!
ÃkZñƒ
"An agency agreement is signed by both parties in
which the institution appoints the client as his agent
for purchasing the commodity on its behalf.
The client purchases the commmodity on behalf of
the institution and takes possession as the agent of
the institution.
The client informs the institution that he has
purchased the commodity and simultaneously
makes an offer to purchase it from the institution."
(Islamic Banking:p.127)

5.J 5.g’zZJª) V‹g 0
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 5 .’
|1424¶Zzf û3ü Üæg ZâZ

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VÍßyZg ®Z »! x»ÅVñ»Æn! zZ²ì ‚
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5.žì -
ÐËc Š 3Š: wâ Zƒ Z7
ƒc —‚ä ÿG JHÅ]!
kZÌA Š {à& ¤nÁ!
ƒÌg ZÈ c
Š 3Š:™á•Æe
Xƒc g ¬zz
?ì YYHyEZù6ÔiÅ~g îòsZ~] Ñq {ŠŽññƒDƒÆ] Zç~ ¸yZ
X 57[ ZŽ L…ÐVò´»wZÎÏZ

(On the Basis of Daily Products) Šã


:„Å œ6Åtâuð-X 4
6 Åtâuð- äVËzz%aÆä™{Š âW6äZ™ ¦ƒ ¶g ÌÎgzZZ
Šã  ÃVzg ZŠM3
: •˜~}g !  ™sÑZy Z/X à ïYŶŠ œ
ÆkZr
"Many financial institutions finance the working
capital of an enterprise by opening a running
|1424¶Zzf û4ü Üæg ZâZ
account for them from w here the clients draw
different amounts at different intervals,but at the
same time,t hey keep re turning th eir surplus
amounts.Thus the process of debit and credit goes
on upto the date of maturity,and the interest is
calculated on the basis of daily products.Can such
an arrangement be possible under the musharakah
or m ud arab ah m od es of f inan cing ( Islam ic
Banking.p:177)
If such an arrangement is agreed upon between the
parties,it does not seem to violate any basic
principle of the musharakah.------practically,it means
that the parties have agreed to the principle that the
profit accrued to the musharakah portfolio at the
end of the term w ill be divided based on the
average capital utilized per day,which will lead to
the average of the profit per rupee per day will be
multiplied by the number of days each invester has
pu t hi s mo ne y in to t he b us in es s, w h ic h w i ll
determine his profit entitlement on daily product
basis."(Islamic Banking p:178)

Ð j§kZÃtâulŠ¤
 F
K % iÆ}gZŠ Z ~g !
æLG zg » Ë}g ZŠ Z C1â Ð ¹L L

5.Ð~ T• ï Š wÅM3VZzg q
Z~ ] ‡zZ ZÿG Z » kZž• ï Š
gzZ äZ™ ¦Sg n¾X • Tg D Z™Ì¦tâuåà „B‚gzZ•s ïSg
(Z HXì @ Î [ˆ »ŠÎ6VzŠ ã
Y c ð- gzZì Lg ¸ J
 •Z õg @
¿»% ï
Xì YYHÌ~~g »tâuÅÌ Z%gzZžg xnç
|1424¶Zzf û5ü Üæg ZâZ

‚Ÿ~Š ã
ËÆ• nç, Zy xgŠÆVkg 0
g xÐ kZ ÂñYƒt · Z6 Z
¤
žìt È »kZ6gîiX Cƒ7¿#Å
t · Z6‚ Ÿz {°‡kZ äVkg 0
Šã
ž ǃ„6 WÆ]æ~ D3Æžg xžì 1™
kZ {zƒ Zƒ ¦ œŽ ~y
ǃx¥œáZzäƒÝqBzg °x- °ÐkZXì ZƒwEZtâu Hx- °¹zZ
c
Î ~g ! Ù ~ XÐ ,Š [¢ÐŠ°Æ x c
zg »tâuCZ ä g »tâuC Z yZÃT
ó Xó Ïn YŔŠœ6VzŠ ã
ð- ÐkZXì
Š [ ZŽ »kZÆ™Šg Zz nZ‹Zq
žìt nZ ‹ZX ì c Z „ŠpQ ä r
 ™sÑZ yZ/6kZ
kZ•Tg DZ™ ¦gzZ s ïSgg ZŠM3~x ÂkZ²ì @  ZÑ
ƒD»wÓZkZgÆVrÑ Â~•
CYƒë! Ü z Dƒ 4ZŠ ~•
˜ kZgzZì Cƒ w!g ZlÅtâuÆyZ‰
g xÐ ª
• g xa
˜tž•ë ñƒ ïŠ!Zj »vZ¶g ã‚»)´~[ ZŽÆkZQì
7Å]ˆßÖ] oÖ] o–ËÚ ª
: •˜Xì @
Y„ƒD»g ZlÂì @ y
YZh   èYì
yâ ‚Z
"But the proposed running account of musharakah
where the partners are coming in and going out
every day,nobody has undertaken to contribute any
specific amouut. Therefore the capital contributed
by each partner is unknown at the time of entering
in t o M u s h a r a k a h w hi c h s h o u l d r e n d e r t he
Musharakah invalid.
The answ er to the above objection is that the
classical scholars of Islamic Fiqh have different
views about w hether it is necessary for a valid
Musharakah that the capital is pre-known to the
partners.The Hanafi Scholars are unaminous on the
point that it is not a pre-condition.Al-kasani, the
famous Hanafi jurist writes :
|1424¶Zzf û6ü Üæg ZâZ
''According to our Hanafi school,it is not a condition
for the validity of Musharakah that the amount of
capital is known,while it is a condition according to
Imam Shafi.Our argument is that Jahalah(uncertainty)in
itself does not render a contract invalid, unless it
leads to disputes.And the uncertainty in the capital
at the time of Mus har akah does n ot le ad to
disputes,because it is generally known when the
commodities are purchased for the
Musharakah,therefore it does not lead to uncertainty
in the profit at the time of distribution."(lslamic
Banking:pp.179-180)

ðÕ Tg Dƒ `g {gzZ 4ZŠ: Zizg q


Ñ~ TM3VZzg { iX »žg xp L L
ä™qzÑžg xakZXì ©
7~g ZŠ)f ÅäZ™ ¦¶g³~kZq
ÑÌ
ƒ‡Ãžg xÐzz ÅTì x¥*
g ZlÅ (tâu)w ÓZ kZg »q Ù ‰
ÑC Ü zÆ
Xce*
Y
ñZgs %Z~}g !
kZ »>*ŠÆòsZ}žìt [ ZŽ »nZ‹Z Ñ!
{gÃè
c
ì oÑ * Wa Æ i ZŽ Æžg xžì
ƒ x¥Ð ¬ » w ÓZ kZg Æ Y »Ñ c
: •˜ ò ã‚ »)´ž4g•Xì 7oÑtžì t · Z6
kZ »Y f4X 7
gZlÅw ÓZ kZgžì 7oÑ ðÃt aÆ i ZŽ Æžg x ._ÆÃ}g ø
ª
‹Z&  ˜žìt ?Š ~gøXì oÑt q
Š 4 á x â Zp¤
ÆvZ¶g w• Zƒx¥
X ¶̄ !
» qZ 4
{z Z Ü zÏZsÜÉ Cƒ7Š YïE
 ì Cƒ‰ L 8ñaÆ-Šp
E
èY Cƒ 7̄ !
» q Z4
 ˜ ~ }g !
ª Æ wÓZ kZg ~ qzÑÆžg xgzZ
{z ~ „Å œ Z®ì @
Yƒ D» kZ Âì @ y
Y Zh y â‚ Z
 ( •Æžg x)
ó Xó Cƒ7̄ !˜
Ȼ
|1424¶Zzf û7ü Üæg ZâZ

ëì c
Cä r
 ™sÑZ yZ/~ßñÈŽ »]g „ÅvZ¶g ã‚»)´žì k\Z …
: ì V-]g „ÅvZ¶g ã‚ »)´Xn™7t · ZÐkZ
èÖ^ãqæ è‡^ßÛÖ] oÖ] ^ãñ^–ÊŸ Øe ^ãßnÃÖ ‚ÏÃÖ] ‡]çq ÄßÛi Ÿ èÖ^ãrÖ] á] ^ßÖæ
^fÖ^Ææ ]†a^¾ å…]‚ÏÚ Ü×Ãm äÞŸ è‡^ßÛÖ] oÖ] o–Ëi Ÿ ‚ÏÃÖ] kÎæ Ù^ÛÖ] Œœ…
èÖ^ãq oÖ] p•©m ¡Ê ^â…]‚ÏÚ Ü×ÃnÊ ð]†ŽÖ] kÎæ á^Þ‡çi †nÞ^Þ‚Ö]æ Üa]…‚Ö] áŸ
D 63 ” 6t Äñ^ß’Ö] Äñ]‚eE!èÛŠÏÖ] kÎæ xe†Ö] …]‚ÏÚ
o–ËÚ É Cƒ7úâ Æi ZŽÆ-Šp‹Z&
ª ˜žìt ?Š ~g øL L: ÀF
Ü zÆ-gzZXì Cƒ ú â Ðzz Å äƒ ä‡^ßÛÖ] oÖ]
Åg ZlÅÙ^ÛÖ] Œ]… ‰
Ü zÆh
ëZgŠ èa ‰ yÅ yâ‚Ðgîx ¬èY 7ä‡^ßÛÖ] oÖ] o–ËÚª
˜
Ü zÆ„Å œZ®ì CYƒx¥g ZlÅkZ‰
œ‰ Ü zkZakZì @ Šz
YÑÂÃ.*
ó Xó Sg7w!Ìg ZlÅ
Ü zÆ-žìtŠ Z%ÅvZ¶g ã‚ »)´
ƒD-»g ZlÅtâu‰
Æ-ž ItX 7oÑ *
Ü zÆ~g Zh
èa ‰ y Û ŠpvZ¶g)´ ¶ Š Xì ?Š š ì 7oÑÌDà )Z »g Zl‰
ž• D â •
 Ü z
ëZgŠ {ztž Zƒ x¥X ì @ Ü z kZ Âì @
Yƒì D-žŽ D»g ZlÅyZ ‰ Šz ë ZgŠ
Y Hyiz ».*
Ü zÆ-n¾X σ•
Šzë ZgŠ‰
t ‚.* g xB‚ÆyZž‰ bŠÄgt ‚‰
Ü zÆ-Ž •.*
Šz
~XÆŠ ã á Zs§ÅyQ c
ð- ² Zƒgz¢ÂDà )Z »gZlÅyQÐzz Åäƒ {g • Ðzz Åäƒ
Ü zÆ-
Xì D-:gzZì Dà) ZÂ: »g ZlÅtâu‰
Û zŠ Ái Z Ážì ¸ |ÅwZñÑ!
m 5~-kZ ñâu³LZ & • yÁè•
Ñy
W
X ,™ðbÑÅ œaLZ( ÌÐzzſƒ]gz¢gzZ )6ÅyZgzZB™mºaÆJ
Šã ]æ
YeÎù Z® å7ŠŽz» (Basis of daily products)Š ã
ð-~gzŠÆvZ¶g ã‚»)´
Ü zÆ-p,™ Â- »•
¼ »g ZlÅtâuÃyZ Â: ‰ g x~ :WòŠ WzŠ ~gzŠÆy Zžì Y
~hLZr
 ™sÑ Zy Z/Ã]g „ÅvZ¶g ã‚»)´n¾X ,™ðbÑðÃÅ œ„:gzZƒ {i Z0
Z
 ™sÑZyZ/6(Basis of daily products) Š ã
är  gŠ b§Ët NÑ
ð- Xì 7„
Z„Šp
: ìtŽì HÜnZ ‹ZgzZq
|1424¶Zzf û8ü Üæg ZâZ
"Some contemporary scholars do not allow this
method of calculating profits on the ground that it is
just a conjectural method,which does not reflect the
actual profits really earned by a partner of the
Musharakah. Because the business may have
earned huge prof its during a period w h en a
particular investor had no money invested in the
business at all or had a very insignificant amount
investsd,still,he will be treated at par with other
investors who had huge amounts invested in the
bu s in e ss d u ri n g th a t p er i od . Co n ve r se l y, t he
business may have suffered a great loss during a
period when a particular investor had huge amounts
invested in it.Still,he will pass on some of his loss to
other investor who had no investment in that period
or their size of investment was insignificant."

YÃj§kZƔŠœY f)ëPL L
Zt ~w ìÆyZèY B7^
¡q
žìtzzX @
ƒ7x¥œÇZƒ c ÑË~žg xÐTìi§g
¾ »q
Âc Ð }u »qÑq  ƒ Zƒ~ V⊠yZ œ{Š c
Z Z i¹ ~g ! zg »žì et
Y »Ñ}uzŠ yZÃkZŠŽz!
ÆkZXƒ: „™f ÿLE ƒ:ŠŽñ„tâu
&‡ž ZhðÚ Z ƒ c

Îtâu~g Zl~(¹ ~ ]æ kZ ä V2 Ç ñY Œ'


ÆkZ Xƒ c  Æ
Z'
Ñq
q  ƒ Zƒy v{Š c
ZZ i¹~]ækZ »g ! 
zg »žì et~]gß@'
Š™vÃY »ÑvŠy Zyv¼ »kZŠŽz!
XÇñYc ÆkZXƒ Îtâu{Š c
i¹»
ó Xó ƒ™f ÿLE
&‡* ƒ:tâu̼~]ækZ»
Ž Zhð¹Âƒc
Cƒ 7x¥g Zl 9Å œªZzÆq
ÑËÐ j§kZžìt Ýq »nZ‹Z • ë ë
|1424¶Zzf û9ü Üæg ZâZ

Ù kŠ ä–gzZg ZD
¦g ZD Ù õ 0
ä/~ „ qzÑÆ]æXì yŠÎq
Z]æ ÀÅ• Û èY
g x,™n•
Ù õ0
ˆyŠ kŠgzZ ñZ™ ¦g ZD i~¨ £ÆyZX ðZd: ¶g¼~]æ~g7gzZX ñZ™
~ qzÑäh
XbŠ Z™ ¦Q9zgg ZD
Ù õ 0
~V⊠kŠÆy
WX n Zd{z
ÄÑ!Ή‰‰‰‰‰‰Zƒtâu »VâŠÎyZ
( ÄÑ5) 500,000=yŠ 100<9zg 5000 Æ/ª
( ÄÑ10 ) 10,00,000=yŠ 100 <9zg 10,000Æ–gzZ
( ÄÑ1) 100,000=yŠ 20 <9zg 5,000Æh
igzZ
Ù 16 ~yŠq
ZXìg~wEZ9zggZD
À¤ Z Âìg~ wEZ9zgÄÑ16 À~ yŠ 100
igzZ 9zg 5000 Zƒ »–gzZ 9zg 2500 Zƒ œ » /Ð [ˆÆ Š ã
Zƒ »h ð-ƒ 9zg 8000 œ
V⊠kŠ kŠÆy
Wz qzÑgzZƒZƒ~ V⊠4ZÆyxgŠ œ»9zg 8000 žì et [ ZX9zg 500
„,ZX ‰ ï9zg 500 Ð ~ œáZz äƒ6V-âuÆ VzuzŠzz š Ãh
iXƒ Zƒ: œÌ¼~
Xì Yƒ~]gßÅyv
: •ï ŠV-[ ZŽ »nZ ‹ZkZr
 ™sÑ ZyZ/
"This argument can be refuted on the ground that it
is not necessary in a Musharakah that a partner
should earn profit on his own money only.Once a
Musharakah pool comes into existence all the
participants,regardless of whether their money is or
is not utilized in a particular transaction earn the
profits accruing to the joint pool.This is particularly
true of the Hanafi school,which does not deem it
necessary for a valid Musharakah that the monetary
contribution of the partners are mixed up together."
(lslamic Banking:p178)

ž7„ì ~gz¢Ât ~žgxžì YYHŠg6Šã


kZÃ?Š ðƒ ~Š ÅY fyZLL
|1424¶Zzf û 10ü Üæg ZâZ

YƒðžgxiŠq
kZY »Ñ„xÓÂì @  X ñ¾ œ6tâuLZsÜq
ZZ Ñ
ì ZƒwEZtâu»yZ~-m{ËžñƒD™ÃsÐ
ÝqОgx7c
¸{Šc
èYì W Š4
iq ÆÃ6 tX •DƒgZŠz~œáZzäƒ
gîm{]!
óXó ñYc
Š™o‘ÃV-âuÆY»ÑxÓžì7oÑtaÆiZŽÆžgxVŒÆyZ
q Ù ž7~gz¢t ~•
ÑC g xžìt Ýq »[ ZŽ kZÆr
 ™sÑ ZyZ/•ë ë
vŠ~ œpƒZƒ wEZtâu »q
Ñq
ZsÜp¤  ZÑX}™Ýq œ6tâuLZsÜ
ZˆÆ•
X •Dƒq
ÑÌY »Ñ
ÆyŠ kŠZ
 äh
ižñ0
™7t‹»kZ {zpc
C‚Ÿ»•
g xär
 ™sÑZyZ/
CYƒ»„• Ù ªX 7c
 ZÑ ÂÐb§kZžìC „g ̹!
 ZÑ~ÃÅ<Ñ c
• W Âà Zd¶g KZˆ
Xáá :ZzÐActive partnertâuÀCZ {zgzZƒ Sleeping partneržZ
 îSì
 Ú6 ÆV- âuèY ˆƒë!
Ѓ • áZd:Zz Ûá: :ZztâuÀ¤
g x—‚ÌA Z
X σ]gz¢Å-6
g¨ÃòŠWŽ • ïŠ ?ŠgzZq
Z {z~y W%ZX •Š ã " bÑŠ xÓÆr ™sÑZ yZ/n¾
6 Zy›•ÆÜûãô›ôæû †ö •ö ‚øßûÂô áøçû Ûö ×ô ŠûÛö Öû]øg
kZ¤ ugzZì]gßh]Ztžt{zgzZìC™g66
q ä™
: •˜ {zXì7úâðÃÐg(ZÆkZCW7xiÑ*’Åw'gzZ¹ÅxZw˲ÂB™t·Z
"In the proposed system,all the partners are treated
at par.The profit of each partner is calculated on the
basis of the period for which his money remained in
the joint pool.There is no doubt that the aggregate
profits accrued to the pool is generated by the joint
utilization of different amounts contributed by the
participants at different times.Therefore,if all of
them agree with mutual consent to distribute the
pro fit s o n d ail y p rod uc ts bas is, th ere is no
injunction of shariah w hich makes it
|1424¶Zzf û 11ü Üæg ZâZ
impermissible,rather it is covered under the general
given by the Holy Prophet Ü׉æ än× ä×# Ö] oבguidelines in
his famous hadith,as follows:"Muslims are bound
by their mutual agreements unless they hold a
permissible thing as prohibited or a prohibited thing
as permissible."

@ Î6Š ã
Yc Å]ækZ œ»q Ù Xì @
ÑC YHnçV7ÐY »Ñx Ó~x Â{ iXL L
ZœÀ~žg xž7— ðÃ~ kZX ; g ¦~M3žœtâu »kZ~ Tì
6kZ ŃZa kZX ì ZƒÝqÐ wEZÆV¶g ZˆðZ™ ¦~ ] ‡zZ
¤
+Z ùðÃÅ<Ñ ÂÐ, ™„œ~ :W6Š ã
Åtâuð- {zžƒ ~qŸgb!
ug•q
Åð KZ y›žg Z Å ~ Û^
 Ñ ÂtɃ îŠg Z ŒY*
ÃkZŽì 7
B™: w'Ãq x ZwËgzZ B™: x ZwÃqw'Ë{zJ
Z
 •È0
ÆVîÑðƒ
ó Xó ì 4ZŠ•Æ‚Ÿ{”"
U
Ð
ÃgzZ ËgzZì @ Š}ŠÃ}uzŠ œZƒHÝq »gzZË•Æx ÂkZž•` C6
Yc zQëp
{gÃè Ðzz kZX ì 7^
Y G ] !
t Xì @ Š w Ze ÌuÆ}uzŠz¼ » y váZz äƒ
Y c
Xì 7„  gŠ 't Z]» Üûãô›ôæû †ö •ö ‚øßûÂô áøçû Ûö ×ô ŠûÛöÖû]ø g
uÃ]gß
 ™sÑZyZ/~y
: •˜™ƒ[ú%ÐVzgîgzZVËVYäY: r W
" If distribution on daily products basis is not
accepted,it will mean that no partner can draw any
amount nor can he inject new amounts to the joint
pool. Similarly,no body will be able to subscribe to
the joint pool except at the paticular dates of the
commencement of a new term.This arrangement is
totally impracticable on the deposit side of the
banks and financial institutions where the accounts
|1424¶Zzf û 12ü Üæg ZâZ
are debited and credited by the depositors many
times a day.The rejection of the concept of the daily
products will compel them to wait for months before
they deposit their surplus money in a profitable
account. This will hinder the utilization of savings
for development of industry and trade,and will keep
the wheel of financial activities jammed for long
periods.There is no other solution for this problem
except to apply the method of daily products for the
calculation of profits,and since there is no specific
injunction of Shariah against it,there is no reason
why this method should not be adopted."
Ñðà Â:žì È»kZÂñYH: wJÄŠœ6Š ã
Zd¶gðÃq Åtâuð- ¤
ZL L
ž ǃ: eÌaÆËb§ÏZXì $
Ë YÅï•
á ¶g5ðÃ~-žœ„:gzZì Y
{gHÅäƒ qzÑÆŠ • 5ñZÎn Z™ ¦ ¶g~ -žœ{z
gzZ VËX ~ V:g @
Y V˜ ì ¿ÿLE &‡*Ð }ui§t Ð g ±ZÆ äZ™ ¦Y ~ VzgZŠ Z C1â
¶Š™ŠgÃg¦Ætâuð- X • D ZdgzZ •D Z™ ¦b g!
FF~ yŠq
Z yÇà
gOZV¸{z¬ÐäZ™ ¦ðuåÃ~M3jœËžÐVƒg6yÇàYÐ
Ð b§kZgzZ σ ú â Ð wEZÆVxaƹF
Å]gˆz Å]!
tX ,™
aÆVÂæ sî¼Æ4z]
{z´ÆkZ »XkZXÐ N Y {g™ƒx Y Ç! C1â
kZèa gzZ ñ Y Hg (ZÃi§Ætâuð- aÆä™x¥Ã œžì 7igzZ ðÃ
ó Xó ì7zzðÃÅä™:g (ZÃkZ Z®ì 7ŠŽñùðÃÅ<Ñs ÜÆ
 ™sÑ Zy Z/…ì s ÜÆ<Ñ6gîãZzx  »VzŠ ã
r ð- žˆÆä3Št6
zQ
ƒ Âp ÖZÆy!
•M L ÆkZ ñZÎ7]gz¢Åä™{û¼6k
iÅ,x ¬Ët Lž ½¿â Z kS Å
( ì ~g Y) / / / ó Xó 7Æ,òsZgzZ+ŠÝ¬q
Z

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