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The Arab Monetary Fund issues the regulatory guide on modern financial technologies

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The Arab Monetary Fund issues the regulatory guide on modern financial technologies Empty The Arab Monetary Fund issues the regulatory guide on modern financial technologies

Post by claud39 on Mon Aug 31, 2020 11:02 am

The Arab Monetary Fund issues the regulatory guide on modern financial technologies



31/08/2020

The Arab Monetary Fund issues the regulatory guide on modern financial technologies %D8%B5%D9%86%D8%AF%D9%88%D9%82-%D8%A7%D9%84%D9%86%D9%82%D8%AF-%D8%A7%D9%84%D8%B9%D8%B1%D8%A8%D9%8A-%D9%8A%D8%B5%D8%AF%D8%B1-%D8%A7%D9%84%D8%AF%D9%84%D9%8A%D9%84-%D8%A7%D9%84%D8%AA%D9%86%D8%B8%D9%8A%D9%85%D9%8A-%D8%AD%D9%88%D9%84-%D8%A7%D9%84%D8%AA%D9%82%D9%86%D9%8A%D8%A7%D8%AA-%D8%A7%D9%84%D9%85%D8%A7%D9%84%D9%8A%D8%A9-%D8%A7%D9%84%D8%AD%D8%AF%D9%8A%D8%AB%D8%A9






The Arab Monetary Fund, in cooperation with the members of the Regional Working Group for Modern Financial Technologies, launched a regulatory guide on “Modern Financial Technologies in the Arab Countries” within the framework of the Fund’s keenness to enhance knowledge of the modern financial technology industry environment in the Arab region through knowledge transfer and exchange of experiences.


The regulatory guide aims to be a gateway to identify the modern financial technology industry in the Arab countries, and includes the regulatory frameworks for the modern financial technology industry in the Arab countries and the related legislation.


It refers to the regulatory and supervisory provisions and procedures, licensing requirements for companies, and the sectoral distribution of companies licensed to practice modern financial technology activities, in addition to introducing the regulatory authorities responsible for industry and their role within the Arab countries.


The guide reviews the incubating environment for the modern financial technology industry, its centers, business accelerators, and the activities and initiatives of modern financial technologies existing in four Arab countries: the United Arab Emirates, the Kingdom of Bahrain, the Kingdom of Saudi Arabia, and the Arab Republic of Egypt.


Dr. Abdul-Rahman bin Abdullah Al-Hamidi, Director General, Chairman of the Board of Directors of the Arab Monetary Fund, said that the issuance of the regulatory guide for modern financial technologies comes to emphasize the great interest that the fund, central banks and Arab monetary institutions attach to promoting the modern financial technology industry in the Arab region .. noting the interest of governors Central banks and Arab monetary institutions, with the work of a group of modern financial technologies, and the prominent role they play as a platform for dialogue, transfer of knowledge and exchange of experiences and expertise among Arab countries in this field.








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The Arab Monetary Fund issues the regulatory guide on modern financial technologies Empty THE ARAB MONETARY FUND ORGANIZES A COURSE (ONLINE) ON "THE ROLE OF FISCAL POLICY DURING THE COVID-19 CRISIS: CHALLENGES AND OPTIONS"

Post by claud39 on Mon Aug 31, 2020 11:05 am

THE ARAB MONETARY FUND ORGANIZES A COURSE (ONLINE) ON "THE ROLE OF FISCAL POLICY DURING THE COVID-19 CRISIS: CHALLENGES AND OPTIONS"




2020-08-30





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Abu Dhabi - United Arab Emirates

 



The training course on “The Role of Fiscal Policy During the Covid-19 Crisis  : Challenges and Options  organized by the Training and Capacity Building Institute of the Arab Monetary Fund, during the period August 30 - September 10, 2020, was opened today  through the method of distance training that the Fund adopted as a continuation of its training activities.


The Covid-19 pandemic and the ensuing economic downturn has created tremendous pressures on public finances, represented by the exacerbation of fiscal deficits and an unprecedented rise in public debt levels. Unrivaled financial stimulus. The pandemic has also raised the need to move through fiscal policy, which plays an important role in economic activity in general and in Arab economies in particular. On the one hand, this is due to the importance of the public sector in our Arab economies and to the nature of non-tax revenues, especially oil revenues, that flow into the state's treasury and constitute an important part of its budget.


On this occasion, in the speech of His Excellency Dr. Abdul Rahman bin Abdullah Al Hamidi, Director General and Chairman of the Board of Directors of the Arab Monetary Fund:
 

[url=https://www.amf.org.ae/sites/default/files/files/%D9%83%D9%84%D9%85%D8%A9 %D9%85%D8%B9%D8%A7%D9%84%D9%8A %D8%A7%D9%84%D8%AF%D9%83%D8%AA%D9%88%D8%B1 %D8%B9%D8%A8%D8%AF%D8%A7%D9%84%D8%B1%D8%AD%D9%85%D9%86 %D8%A8%D9%86 %D8%B9%D8%A8%D8%AF%D8%A7%D9%84%D9%84%D9%87 %D8%A7%D9%84%D8%AD%D9%85%D9%8A%D8%AF%D9%8A.pdf]Text[/url]




[url=https://www.amf.org.ae/sites/default/files/files/%D9%83%D9%84%D9%85%D8%A9 %D9%85%D8%B9%D8%A7%D9%84%D9%8A %D8%A7%D9%84%D8%AF%D9%83%D8%AA%D9%88%D8%B1 %D8%B9%D8%A8%D8%AF%D8%A7%D9%84%D8%B1%D8%AD%D9%85%D9%86 %D8%A8%D9%86 %D8%B9%D8%A8%D8%AF%D8%A7%D9%84%D9%84%D9%87 %D8%A7%D9%84%D8%AD%D9%85%D9%8A%D8%AF%D9%8A.pdf]https://www.amf.org.ae/sites/default/files/files/%D9%83%D9%84%D9%85%D8%A9%20%D9%85%D8%B9%D8%A7%D9%84%D9%8A%20%D8%A7%D9%84%D8%AF%D9%83%D8%AA%D9%88%D8%B1%20%D8%B9%D8%A8%D8%AF%D8%A7%D9%84%D8%B1%D8%AD%D9%85%D9%86%20%D8%A8%D9%86%20%D8%B9%D8%A8%D8%AF%D8%A7%D9%84%D9%84%D9%87%20%D8%A7%D9%84%D8%AD%D9%85%D9%8A%D8%AF%D9%8A.pdf[/url]







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The Arab Monetary Fund issues the regulatory guide on modern financial technologies Empty THE ARAB MONETARY FUND ISSUES THE ANNUAL REPORT ON FINANCIAL STABILITY IN THE ARAB COUNTRIES FOR THE YEAR 2020

Post by claud39 on Mon Aug 31, 2020 11:11 am

THE ARAB MONETARY FUND ISSUES THE ANNUAL REPORT ON FINANCIAL STABILITY IN THE ARAB COUNTRIES FOR THE YEAR 2020


2020-08-30



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Continuous efforts by central banks and Arab monetary institutions to develop the institutional and legislative framework and prepare the infrastructure for the financial sector to enhance financial stability,

The robustness of the banking sector indicators in the Arab countries despite the risks and challenges

An increase in the average capital adequacy of the Arab banking sector to 17.4 percent at the end of 2019

An increase in the ratio of loan provisions to total non-performing loans coverage to 92.8 per cent at the end of 2019, in contrast to a slight increase in the average ratio of non-performing facilities to total facilities in the banking sector to 7.1 per cent at the end of the same year

Maintaining good profit rates for the Arab banking sector, the average rate of return on assets and return on shareholders' equity was 12.22% and 1.23%, respectively, at the end of 2019.

 The importance of following up the development of non-bank financial institutions and enhancing coordination between the various supervisory and supervisory authorities in the non-banking financial sector

An increase in the value of the Arab Financial Stability Index for 2019 to 56.4 percent

Motivational and preventive measures taken by central banks and Arab monetary institutions to limit the impact of the new Corona virus on financial stability, which have preserved the strength of the financial sector in accordance with the rules of sound financial and banking work

 



 

The Arab Monetary Fund issued the third edition of the Financial Stability Report in the Arab Countries, which was prepared in cooperation and coordination between the Arab Monetary Fund and the Financial Stability Working Group in the Arab Countries, emanating from the Board of Governors of Central Banks and Arab Monetary Institutions.



The report, in its ten chapters, dealt with several economic and financial aspects of interest to Arab countries in their endeavors to enhance financial stability. The first chapter dealt with regional and international economic developments and their implications for Arab financial stability. This chapter has shed light on the challenges facing the economies of Arab countries and the impact of the expected repercussions of global economic developments, taking into account the repercussions of the new Corona virus. The report emphasized the importance of the role of policy makers and central banks in implementing structural and financial reforms to enhance economic growth, which would positively affect financial stability.



As for the second chapter,It dealt with developments in legislative and institutional frameworks for financial stability and strengthening the infrastructure of the financial sector in the Arab countries, as the report showed the efforts of central banks and Arab monetary institutions aimed at developing institutional and legislative frameworks to enhance financial stability, including coordination efforts with other supervisory authorities. The chapter also touched upon the developments of the infrastructure systems of the financial and banking sector in the Arab countries, as part of its endeavor to achieve financial stability by establishing, developing and supervising a strong financial and banking infrastructure that is compatible with the latest international practices, including modern banking and monitoring systems that achieve development and increase Reliability in services provided by financial and banking institutions. The report showed continuing efforts in developing payment and settlement systems, credit information systems, macro and partial prudential policies, transparency, accountability and disclosure, financial stability and systemic risks.



The third chapter dealt with developments in the performance of the Arab banking sector and the potential risks, as the report showed the most prominent financial indicators related to the Arab banking sector, whose assets amount to about $ 3.6 trillion, representing 139 percent of the gross domestic product of all Arab countries. In this context, the ratio of coverage of loan provisions to total non-performing loans increased to 92.8 percent at the end of 2019. On the other hand, the ratio of non-performing facilities to total facilities in the banking sector increased slightly, to 7.1 percent. The slight increase in the average ratio of non- performing facilities to total facilities is due to the start of a number of Arab countries to implement the International Financial Reporting Standard (IFRS9)., Whose scope of application includes both good and not good credit facilities. It is noteworthy that the application of the aforementioned standard will lead to enhancing the robustness and solvency of banks, hedging potential shocks and improving the quality of the assets of this sector. 



In contrast, the report showed a marked Arab banking sector is high financial solvency, as capital adequacy rate of capital of the Arab banking sector to a rate of 17.4 per cent at the end of 2019, a higher proportion of those targeted internationally as the standard of the Basel Ⅲ  amounting to 10.5 per cent, Which indicates that the Arab banking sector enjoys high solvency and enhances its ability to absorb any potential losses.



As for the performance of this sector, the report showed a slight decline in the rate of return on assets to reach 1.23 per cent at the end of 2019, this positive rate gives an indication of the efficiency of the process of granting credit in the banking sector and its ability to preserve and develop assets by achieving appropriate returns on them. This enhances the flow of investments to the banking sector and increases the degree of confidence in its safety. On the other hand, the rate of return on equity decreased slightly to reach 12.22 percent at the end of 2019. Despite their decline, these two percentages reflect the good performance of banks, their efficiency in employing their assets, their effectiveness in using their capital and their ability to face losses that may be exposed. Have a future.



As for the fourth chapter, it dealt with developments in the non-banking financial sector in the Arab countries and the potential risks. The chapter included an analysis of the performance of: the insurance companies sector, the Arab financial markets sector, the microfinance institutions sector, crowdfunding companies, and other financing companies, in addition to the exchange companies sector. The chapter concluded that the non-banking financial sector in the Arab countries, despite its small size compared to the banking sector, is solid and stable. In this regard, the report emphasized the importance of organizing all sector institutions, especially finance companies, providing a clear definition of it and providing the largest possible amount of data and information about it, in order to accurately determine its risks and challenges. The report also called for following up efforts to develop non-banking financial institutions and instruments in Arab countries, given the small contribution of the non-banking financial sector to financing Arab economies.



Introduced the fifth chapterFor the first time, an analysis of the risks of non-financial companies that consist of industrial, service and real estate companies. The analysis showed that the non-financial corporate sector maintained its financial position. It turns out that he has a good level of solvency. Likewise, the results of the analysis of the size of credit facilities for the non-financial companies sector, and the ratios of non-performing debts to the total credit granted to these companies did not indicate the existence of systemic risks, which are within their natural limits in the Arab countries, as the percentage of non-performing debts reached an average of 6 percent by the end of 2019. The coverage rate of bank interest for non-financial companies in the Arab countries reached more than 296%, which is high and safe, and indicates the ability of borrowing companies to pay their debts and cover the interest expense of the loans granted to them using the revenues of the current period. 



Regarding the sixth chapterHe presented an analysis of the results of stress tests in the Arab banking sector, as these tests are considered important tools to measure the ability of the Arab banking system for any country to withstand shocks, and to discover imbalances and weaknesses, and the results of stress tests can be used in the capital planning process through the internal assessment of adequacy. capital. In addition to the tests carried out under the instructions of the central banks, the Financial Stability Working Group conducted partial and total sensitivity tests (at the state level), on a sample of banks representing about 80 percent of the total assets of the banking sector, where assumptions were formulated in light of developments The economic risks associated with the Coronavirus, which may result in an increase in sovereign credit risk, as well as credit concentration risks, exchange rate risks, return rates, and liquidity.



As for the seventh chapter , it presented an analytical view on the banking crisis management system and the role of deposit insurance institutions in the Arab countries. Many Arab countries took the initiative to develop tools that could help solve the crises or at least mitigate their effects on the economy. The experiences of Arab countries, as revealed in the report, reflected a clear interest in the system of crisis management in central banks, including interest in having a deposit guarantee system in accordance with best practices. The chapter also stressed the importance of having a banking crisis management committee in central banks, continuing to strengthen the deposit insurance system in the Arab countries, enhancing the awareness of the Arab public of the role of deposit insurance institutions, and preparing the legislative environment for the crisis management system to ensure that appropriate solutions are provided in a timely manner smoothly, and the issuance of a management guide Crises in central banks approved by the Board of Directors.



Browse Chapter 8The issue of cybersecurity and electronic threats and their effects on financial stability, as the rapid development of electronic threats has led many central banks and supervisory authorities to take regulatory and supervisory steps aimed at avoiding the impact of cyber risks on the banking and financial sector and stimulating financial institutions to enhance their capabilities to face these risks . Central banks and Arab monetary institutions have also strengthened measures to protect the information security of the banking sector in light of the rapid technical progress and the continuous pursuit of benefiting from the advantages of modern technologies in the banking and financial sector. Therefore, many central banks are setting up a framework to deal with electronic risks. It should be noted that the majority of central banks and Arab monetary institutions have issued regulatory and supervisory legislations related to cybersecurity and risk management of electronic threats as part of monitoring licensed financial banking institutions, which indicates the extent of the importance of legislation in enhancing the ability of banking agencies to bear these risks and hedge against them, through Taking steps aimed at avoiding the impact of cyber risks on the banking and financial sector. The chapter also indicated that there is an increasing interest from central banks and Arab monetary institutions in encouraging the establishment of financial technology companies, and at the same time working on developing control procedures and controls to reduce the risks that may arise.



Touched chapter nineTo the Arab Financial Stability Index, which was launched according to a methodology prepared by the Arab Monetary Fund in cooperation with the Financial Stability Working Group. The launch of this annual indicator comes in light of the importance of having a quantitative indicator that measures the level of financial stability objectively and acts as a tool for guidance and early warning, as it alerts decision-makers and policy-makers of the possibility of the financial system being exposed to a financial crisis before it occurs, to take the necessary preventive and proactive policies and measures. In this context, the value of the Arab Financial Stability Index at the end of 2019 was about 56.4 percent, compared to 54.8 percent at the end of 2018, noting that the value of the index reached 52.7 percent, 40.6 percent and 32.1 percent at the end of the years. 2017, 2016 and 2015 respectively. The results of the index analysis showed that there is a general trend in the Arab countries towards adopting conservative precautionary policies that have contributed to enhancing financial stability. The results of the index also reflected the strength and resilience of the Arab banking sector and its ability to absorb potential financial shocks, despite a number of risks and challenges, in addition to improving the operational efficiency of the banking sector through achieving good profitability and relying on the main business of the bank. The increase in the index during 2019 is also a result of the Arab banking sector’s implementation of Basel requirementsIII  and IFRS 9, which reflected positively on the banking sector indicators, as it contributed to raising the value of the Arab Financial Stability Index during 2018 and 2019, in light of the fact that capital and liquidity requirements in accordance with Basel III  are two important tools that enhance the ability of banks to bear Financial and economic shocks and the high risks that you may be exposed to, especially since the decisions of the Basel standard included enhancing and improving the quality and quantity of capital in banks through the maintenance of high-quality and high-quality capital by banks characterized by a high ability to face risks and absorb losses.



 On the other hand, the results of the analysis of the credit gap of the Arab banking sector showed that credit facilities are directed to the productive economic sectors more than consumption, which will positively affect economic growth and enhance financial inclusion. The results of the index analysis also showed a slight positive impact of macroeconomic indicators and a greater impact of capital market indicators on the financial stability index, reflecting the existence of economic stability and improvement in economic activities, an increase in the capital of companies listed in the capital markets, an influx of new foreign investments, and an enhanced confidence Investors.



 Finally, take up Chapter TenAnd finally, the repercussions of the Corona virus on the foundations of financial stability, as many central banks and Arab monetary institutions have taken incentive and preventive measures to preserve, on the one hand, the durability and continuity of the financial sector in accordance with the rules of sound financial and banking work, and on the other hand to preserve the sustainability of the business sector, especially micro-enterprises. And small, medium and productive sector and protect individuals from default. The report indicated that central banks pumped liquidity into the banking sector by reducing the prices of monetary policy tools and mandatory monetary reserves, in addition to strengthening the loan guarantee system in support of productive sectors, which helped the banking sector to postpone loans to individuals and companies. With regard to macroprudential policy tools, central banks and Arab monetary institutions sought to liberalize or reduce some of them, in addition to other measures that were to place restrictions on the distribution of annual profits and bonuses.



 On the occasion of the issuance of the third report, His Excellency Dr. Abdul Rahman bin Abdullah Al Hamidi, Director General and Chairman of the Board of Directors of the Arab Monetary Fund, expressed his pleasure at the completion of the third edition of the Arab Financial Stability Report, which includes topics and issues of interest to the Arab supervisory authorities to enhance financial stability and reduce the accumulation of systemic risks in the financial sector In general, and banking in particular, in order to enhance the role of the financial sector in achieving sustainable development . His Excellency noted that the issuance of this report came in cooperation with the Financial Stability Working Group in the Arab countries emanating from the Board of Governors of Central Banks and Arab Monetary Institutions, stressing the importance of continuing efforts to develop the report in future releases to keep pace with developments and developments related to financial stability issues, to present a clear picture of The state of financial stability in the Arab countries, and the determinants and challenges they face in the context of the supervisory authorities' efforts to achieve financial stability, to contribute to supporting the precautionary decision-making that contributes to the safety and resilience of the Arab financial and banking sector. His Excellency renewed his wishes that our dear Arab countries and the countries of the world would be saved from this epidemic, and that the repercussions of this crisis would quickly be overcome.
 




The full version of the report is available at this link 

 








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The Arab Monetary Fund issues the regulatory guide on modern financial technologies Empty MEMBER STATES

Post by claud39 on Mon Aug 31, 2020 11:18 am

MEMBER STATES
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the Hashemite Kingdom of Jordan

United Arab Emirates

Bahrain

Republic of Tunisia

The People's Democratic Republic of Algeria

Republic of Djibouti

Kingdom of Saudi Arabia

Republic of Sudan

Syrian Arab Republic

Federal Republic of Somalia

The Republic of Iraq

Sultanate of Oman

State of Palestine

Qatar

United Republic of Comoros

Kuwait

Lebanon Republic

State of Libya

The Egyptian Arabic Republic

The Kingdom of Morocco

The Islamic Republic of Mauritania

Republic of Yemen




https://www.amf.org.ae/ar/page/%D8%A7%D9%84%D8%AF%D9%88%D9%84-%D8%A7%D9%84%D8%A3%D8%B9%D8%B6%D8%A7%D8%A1
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The Arab Monetary Fund issues the regulatory guide on modern financial technologies Empty OBJECTIVES AND MEANS

Post by claud39 on Mon Aug 31, 2020 11:21 am

OBJECTIVES AND MEANS
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The Arab Monetary Fund is a regional Arab financial institution that was established in 1976 and began to operate in 1977, and the number of its member states is 22 Arab countries, namely: 
Jordan, United Arab Emirates, Bahrain, Tunisia, Algeria, Djibouti, Saudi Arabia, Sudan, Syria, Somalia, Iraq, Sultanate of Oman, Palestine, Qatar, Kuwait, Lebanon, Libya, Egypt, Morocco, Mauritania, Yemen, the Republic of Comoros.

Fund goals


The fund aims to contribute to achieving the following objectives:
[list="box-sizing: border-box; margin-bottom: 10px;"]
[*]Correcting the imbalance in the balance of payments of the member states
[*]Work to remove restrictions on current payments between member states
[*]Establishing policies and methods of Arab monetary cooperation
[*]Provide advice, upon request, in relation to foreign investment policies
[*]Development of Arab financial markets
[*]Work to create conditions conducive to the creation of a unified Arab currency
[/list]

Means of achieving the fund’s objectives


In order to achieve its objectives, the fund depends on the following means
[list="box-sizing: border-box; margin-bottom: 10px;"]
[*]Providing short and medium term facilities to member states to help finance the overall deficit in their balance of payments
[*]Coordinating the monetary policies of the member states and developing cooperation between the monetary authorities in these countries
[*]Liberalizing and developing commercial exchanges and current and consequential payments, and encouraging the movement of capital between member states
[*]The fund allocates enough of its resources paid in the currencies of member states to provide the necessary credit facilities to settle current payments between member states in accordance with the rules and regulations approved by the Board of Governors and within the framework of a special account opened by the Fund for this purpose
[*]Managing any funds entrusted to him by a member state or member states for the benefit of other parties
[*]Holding periodic consultations with member states regarding their economic conditions and the policies they pursue in order to help achieve the goals of the Fund and the countries concerned
[*]Carrying out the necessary studies to achieve the goals of the fund
[*]Providing technical assistance to the monetary and banking agencies in the member states
[/list]

The member states shall cooperate among themselves, and between them and the Fund to achieve its objectives, and each member shall in particular: 
[list="box-sizing: border-box; margin-bottom: 10px;"]
[*]Reducing restrictions on current payments between member states, as well as restrictions on the transfer of capital and its returns between them, with the aim of removing the aforementioned restrictions completely
[*]Work to achieve the necessary level of coordination between policies, especially financial and monetary ones, in a way that serves Arab economic integration and helps create conditions for the creation of a unified Arab currency
[/list]

The Fund cooperates with similar Arab institutions in achieving its objectives and cooperates with similar international organizations when necessary.
The fund provides aid and technical services in monetary and financial fields to member states that conclude economic agreements aimed at reaching a monetary union between them as a stage of achieving the fund’s goals.
The Fund, upon a decision of the Board of Governors, shall use any other method that helps to achieve its objectives.
 

The Arab Monetary Fund issues the regulatory guide on modern financial technologies Application-pdf The Agreement Establishing the Arab Monetary Fund





https://www.amf.org.ae/sites/default/files/Files/Article-of-Agreement.pdf





https://www.amf.org.ae/ar/aboutamf
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