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Sukuk Defaults: Islamic Debt Investors Need Better Data

Rodney Wilson - February 2013

Sukuk are often described as Islamic bonds, but in practice there are many types of sukuk, some indeed being a Shari’ah compliant substitute for bonds, but others serving as alternatives to floating rate notes and treasury bills. All are asset backed as under Shari’ah Islamic law debt certificates cannot be traded, but real assets and rights to those assets can be bought and sold.

Debt trading issues

Trading in debt is regarded as immoral as the debtor is not consulted about who can buy their debt. New buyers may impose more onerous terms on the debtor and be more likely to seize the debtor’s assets, especially if there is ambiguity in the debt contracts over defaults. Such legal or contractual ambiguity is referred to as gharar, which is also condemned as potentially exploitative.

The Shari’ah scholars who validate sukuk documentation have a duty to identify and eliminate any clauses which have elements of gharar. Trading in sub-prime debt is also regarded with suspicion, as the buyers may profit if the debt is traded at a discount, but this brings no debt relief to the debtor. Not surprisingly many Shari’ah scholars saw the sub-prime crisis after the collapse of Lehman Brothers as a vindication of their view on debt trading.

 

Sukuk characteristics

For those involved in sukuk investment, and those seeking Islamic capital market finance, the prohibition of riba under Shari’ah  applies to all forms of interest and not only usury. Hence a sukuk cannot pay interest, but of course investors expect their capital to be repaid and a return earned. For ijara sukuk, the most popular form of sukuk which involves the securitisation of a leasing contract, the payment takes the form of a rent. With this type of sukuk the issuer sells an asset to a special purpose vehicle (SPV), a not-for-profit legal entity or trust, which is established to manage the sukuk payments. The SPV is normally described as the issuer, and all its administrative work is usually undertaken by the law firm which drew up the sukuk contracts. The functions of the issuer include collecting the invested funds, holding the title to the asset, receiving the rents from the originator who obtained the funding and paying these over to the investors.

Ijara sukuk contracts can be regarded as sale and lease back agreements, but they usually run for a fixed period, typically 3 to 5 years. At the end of the period the originator is contracted to repay the principal and in return gets the asset back. The repayment of the principal is made to the investors by the SPV, which is then wound up. If all commitments are honoured from the investors’ perspective the ijara sukuk has the same financial characteristics as a floating rate note, but has the merit of being Shari’ah compliant. The returns can even be benchmarked to conventional indicators such as LIBOR, but as the returns are legally rents, this means the payments are not classified as interest.

 

Credit risk

Where disputes over payments delays or payments failures arise with sukuk the means of redress are potentially more complex than for conventional notes and bonds. In particular under Shari’ah leniency towards debtors is favoured, but this inevitable raises moral hazard problems. There has been a reluctance however to introduce bankruptcy laws in most Muslim majority countries as seizing assets, such as a family home, is regarded as socially and morally unacceptable, not least as some of those living in the property may have been unaware of the debts incurred.

Although sukuk indebtedness is incurred by corporates and sovereign states rather than individual families, there is no distinction in Islamic law between how different categories of debtors are treated. As many large businesses remain under family ownership, especially in the Islamic World, it is difficult to see how such a distinction could be made. However the absence of clear bankruptcy procedures either deters investors or results in them expecting a risk premium.

For sukuk uncertainties arise over the rights of the investors when defaults occur and how they should seek redress. English Common Law concepts and mechanisms are commonly used for sukuk, with the SPV playing a key role as already indicated. The legal provision for sukuk represents a type of marriage between English Common Law, which is largely used for cross border financial transactions, and Shari’ah. Unfortunately marriages often fail when tensions arise, and this can also happen with the different legal and Shari’ah requirements with sukuk as currently structured.

 

The Golden Belt sukuk

The two major sukuk defaults in the Gulf were the Investment Dar sukuk, involving an investment company based in Kuwait, which had raised US$ 100 million, and the Golden Belt sukuk involving a Saudi Arabian company, which raised US$ 650 million. Neither default has been resolved but it is interesting to focus on the latter, as it was for a larger amount, and involved Citigroup as the trustee. The much publicised Nakheel sukuk in Dubai did not default despite investor concerns, and on maturity the funds raised were repaid in full despite the real estate crash in the Emirate.

The originator of the Golden Belt sukuk was the Saad Trading and Contracting Company, a private company involved in real estate development and commodity trading, based in Al Khobar in the Eastern Province of Saudi Arabia, the source of most of the Kingdom’s oil. Like other family businesses in Saudi Arabia it expanded rapidly from the 1970s onward and had a good reputation. It never sought a market listing however, which would have required more comprehensive financial reporting. Nevertheless the sukuk documentation included an audited report by Price Waterhouse Cooper’s Dubai office and KPMG Al-Fozan and Bannaga of Jeddah. The company was managed and owned by Maan Al Sanea one of the leading businessmen in the Kingdom.

The sukuk was launched in 2007 and fully subscribed, as with Citigroup playing the lead role this increased investor confidence. In addition Maan Al Sanea gave a personal guarantee which further increased confidence, especially with his Saudi peers. The financing was for five years, with the sukuk due to mature in 2012 when the investors would get their money returned. The sukuk was arranged in Bahrain, but this did not concern investors, as the island was a major centre for Islamic finance and was nearer to Al Khobar than Riyadh, as there is a causeway linking the island with the Eastern Provence. However other Saudi Arabian sukuk such as those by the Saudi Arabia Basic Industries Corporation (SABIC) and Saudi Electricity have been listed on the Tadawul, the Saudi stock market, and are regulated by the Capital Markets Authority in Riyadh. This was not the case with the Golden Belt sukuk.

 

The sukuk default

The payments default occurred in November 2009, two years after the launch of the sukuk. There had been extensive dealings between Maan Al Sanea and the Al Gosaibi family, another well- known Saudi Arabian business group. Ghazi Al Gosaibi, who died in 2010, was the Saudi Arabian ambassador in London from 1984 to 2002 before being recalled to Riyadh to serve as Minister of Water and Electricity, and later until his death, as Labour Minister. Unfortunately when the Saad Trading and Contracting Company lost significant funds due to the deteriorating conditions after the global financial crisis, it was unable to meet its financial obligations to the Al Gosaibi family, and the latter consequently faced financial ruin. In response the Saudi Arabian government froze the assets of both family businesses, which meant there were no funds which could be paid to the Golden Belt sukuk investors.

Over three years after these events little has changed as the assets remain frozen and Maan Al Sanea is unable to leave the Kingdom to attend the numerous court cases brought by his creditors. Société Générale succeeded in getting a High Court Ruling in London that Saad Trading should pay $50 million for a letter of credit on which the latter defaulted, but this cannot be enforced while the Saudi assets remain frozen. Saad Trading has other assets worldwide, but many are held by companies based in the Cayman Islands, and it is difficult to ascertain the extent or the location of the assets. The possibility of the sukuk investors getting their funds returned seems remote, even though they have agreed that the trust which holds the assets be dissolved. At present the sukuk are trading informally at 25 cents to the dollar, which is an indication of the minimal likelihood of repayment.

 

The implications of the default

Not surprisingly concerns were expressed that the default of the Golden Belt sukuk would undermine the reputation of this class of asset, and indeed Islamic finance more generally. It was also asserted that it demonstrated the weakness of the Saudi Arabian legal and regulatory system and would negatively impact on future sukuk issuance in the Kingdom. Neither is the case. Rather at least some of the blame for the failure rests with the banks involved in the arranging for a lack of due diligence, notably Citigroup, and the auditors who did not object to a rather narrow view of the activities of the Saad Group appearing in the prospectus.

There have been numerous controversies over sukuk structures, including the role of the issuer versus the originator, shari’ah compliance, investor rights to the assets in the event of dissolution and the valuation of the assets used to underwrite the sukuk; in the case of the Golden Belt sukuk, 40 per cent of the value of the capital raised. However, even if the sukuk had been better structured, the default would have still occurred, given the vulnerability of the Saad Group to the spin-off effects of the global financial crisis for the Gulf. The Saad Group was already highly leveraged before the crisis, and taking on additional debt, even if Islamic, was always going to be risky.

As already indicated other sukuk in Saudi Arabia are traded on the Tadawul and regulated by the Capital Markets Authority, which has a good reputation and much knowledge and expertise in Islamic finance. By choosing to issue the sukuk offshore there was less regulatory surveillance, which should have sent a danger warning to the investors. Furthermore all sukuk issuance in Saudi Arabia today is rated, whereas the Golden Belt sukuk was not rated. Only the Caravan sukuk, the first in the Kingdom in 2004, on behalf of Hanco, Saudi Arabia’s leading car rental and vehicle leasing company, was unrated, but it was also offshore. In its case the investors obtained the expected returns and had their capital redeemed in full.

The Golden Belt default has not deterred sukuk investors, with 2012 being a record year for global issuance which exceeded $42 billion. Over half of the issuance was in Malaysia which has an active sukuk market that is well regulated by the Securities Commission. In Malaysia there have been 25 sukuk defaults, but the courts have now extensive experience of dealing with these, and although investors inevitably suffer losses, if asset values permit they receive reasonable recompense. All Malaysian sukuk are rated, as this is a regulatory requirement, but this can be by one of the two local rating agencies, Rating Agency of Malaysia (RAM) and the Malaysian Rating Corporation (MARC). Their rating is much less expensive than those from international agencies such as Standard and Poor’s, so even small value sukuk can be viably rated.

 

Lessons from the debacle

Investors in sukuk should seek advice on the credit worthiness of the originator and not simply rely on the reputation of the investment banks involved in the arranging, especially as many, in any case, have a rather tarnished reputation in the aftermath of the financial crisis. The launch of the Golden Belt sukuk preceded the crisis and was in an era when standards of credit risk appraisal were more relaxed.

Sukuk investors are entitled to accurate information on the underlying asset, but they should be aware that the main purpose of the asset backing is to ensure Shari’ah compliance, not to make the sukuk senior debt. Although investors, or their legal representatives, should always consider worse case scenarios, and have a view on the worth of the underlying assets, when a default occurs there will inevitably be significant losses.

Saudi Arabia is a well regulated environment for sukuk issuance, so the difficulties with the Golden Belt sukuk should not deter future investors. Bankruptcy is a controversial issue in the Kingdom however because of Shari’ah concerns about debtors being exploited. Therefore in practice most commercial disputes are handled by the Board of Grievances which aims to bring about “amicable conciliation” between the parties. If international hedge funds aggressively pursue sukuk defaulters in most jurisdictions in the Islamic World they are likely to be disappointed with the outcome, and this will certainly be the case in Saudi Arabia.



 

Further reading

Hafizi Ab Majid, Shahida Shahimi and Mohd Hafizuddin Syah Bangaan Abdullah, Sukuk Defaults and its Implications: A Case Study of the Malaysian Capital Market, Paper presented at the 8th Annual Conference on Islamic Economics and Finance, Doha, December 2011. (http://www.iefpedia.com/english/wp-content/uploads/2011/12/Hafizi-Ab-Majid.pdf)

 

Vijay Rabindranath, An Overview – Sukuk Market in Saudi Arabia, Watheeqa Capital Company, Kuwair, 21st March 2010. (http://www.watheeqa.com/App_Themes/watheeqa/pdf/An_Overview_-_Sukuk_Market_in_KSA.pdf)

 

Rodney Wilson, Legal, Regulatory and Governance Issues in Islamic Finance, Edinburgh and Columbia University Presses, 2012. UK, EU readers: http://www.euppublishing.com/series/EGIF, North America readers http://cup.columbia.edu/book/978-0-7486-4505-3/legal-regulatory-and-governance-issues-in-islamic-finance

 


 
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DO YOU NEED A LOAN?? Hi, My name is Mr Greg Smith. I am a private lender who give out loan to private and corporate individuals. Have you been turned down by so many banks? Do you need finance to establish your business? Do you need finance for the expansion of you business? Or do you need a personal loan? My loan ranges from personal to business loan. My interest rate is very affordable and our loan process is very fast as well. I am very willing to make all your financial troubles a thing of the past. If you are really ready to get your financial problems solved,Then search no further and apply for a loan today. If you are interested fill the DATA FORM so that i can give you my terms and conditions. BORROWERS DATA FORM: 1)YOUR NAME.......... 2)YOUR COUNTRY.......... 3)YOUR OCCUPATION.......... 4)YOUR MARITAL STATUS.......... 5)PHONE NUMBER.......... 6)MONTHLY INCOME.......... 7)ADDRESS.......... 8)PURPOSE.......... 9)LOAN REQUEST.......... 10)TELEPHONE.......... 11)LOAN DURATION.......... My email address is stated below: I look forward to doing business with you. ========== Thanks Mr Greg Smith Reply Email:: globalfinancailreviewunit1@aol.com

Mr.Greg
16 August 2014 07:17
DO YOU NEED A LOAN?? Hi, My name is Mr Greg Smith. I am a private lender who give out loan to private and corporate individuals. Have you been turned down by so many banks? Do you need finance to establish your business? Do you need finance for the expansion of you business? Or do you need a personal loan? My loan ranges from personal to business loan. My interest rate is very affordable and our loan process is very fast as well. I am very willing to make all your financial troubles a thing of the past. If you are really ready to get your financial problems solved,Then search no further and apply for a loan today. If you are interested fill the DATA FORM so that i can give you my terms and conditions. BORROWERS DATA FORM: 1)YOUR NAME.......... 2)YOUR COUNTRY.......... 3)YOUR OCCUPATION.......... 4)YOUR MARITAL STATUS.......... 5)PHONE NUMBER.......... 6)MONTHLY INCOME.......... 7)ADDRESS.......... 8)PURPOSE.......... 9)LOAN REQUEST.......... 10)TELEPHONE.......... 11)LOAN DURATION.......... My email address is stated below: I look forward to doing business with you. ========== Thanks Mr Greg Smith Reply Email:: globalfinancailreviewunit1@aol.com

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Mr.Greg
16 August 2014 07:16
DO YOU NEED A LOAN?? Hi, My name is Mr Greg Smith. I am a private lender who give out loan to private and corporate individuals. Have you been turned down by so many banks? Do you need finance to establish your business? Do you need finance for the expansion of you business? Or do you need a personal loan? My loan ranges from personal to business loan. My interest rate is very affordable and our loan process is very fast as well. I am very willing to make all your financial troubles a thing of the past. If you are really ready to get your financial problems solved,Then search no further and apply for a loan today. If you are interested fill the DATA FORM so that i can give you my terms and conditions. BORROWERS DATA FORM: 1)YOUR NAME.......... 2)YOUR COUNTRY.......... 3)YOUR OCCUPATION.......... 4)YOUR MARITAL STATUS.......... 5)PHONE NUMBER.......... 6)MONTHLY INCOME.......... 7)ADDRESS.......... 8)PURPOSE.......... 9)LOAN REQUEST.......... 10)TELEPHONE.......... 11)LOAN DURATION.......... My email address is stated below: I look forward to doing business with you. ========== Thanks Mr Greg Smith Reply Email:: globalfinancailreviewunit1@aol.com

Jennifer Walker
8 days ago
I am Jennifer Walker from Ohio here in USA, I wanna advise all those looking for a loan to contact Abu Abdullah Loan Firm cos that is where I got a loan from three days ago without credit check and low interest rate of 4% and there was no cosigner, if you need loan then contact them with this email abuabdullahloanfirm@gmail.com

mrs lily
11 days ago
Good day ladies and gentle men am Mrs Lily Brown a God fearing and honest loan lender who can change your life from bad to Good i want you to understand the fact that i give my loans out in a low interest rate of 2%. Bad credit acceptable,The Terms and Conditions are very simple and considerate.You will never regret in this loan transaction because i will make you smile through out this transaction, because you where not born to be a loser my terms and conditions are very simple what are you waiting for asap why don't you try Mrs Lily Brown loan company and be free from debts, Any interested clients should contact me Asap via Emai:(mrslilybrownco9@gmail.com) for further proceeds. Please fill the below application form and get back if interested and you will be glad of knowing a loan lender like Mrs Mrs Lily Brown BORROWER'S DATA 1)Full Names: 2)Country: 3)address: 4)State: 5)Gender: 6)Marital Status: 7)Occupation: 8)Phone Number: 9)Monthly income: 10)Loan Amount Needed: 11)Loan Duration: 12)Purpose of Loan: I will be looking forward to hear from you so as to proceed. Kind Regards Mrs Lily Brown

mrs lily
11 days ago
Good day ladies and gentle men am Mrs Lily Brown a God fearing and honest loan lender who can change your life from bad to Good i want you to understand the fact that i give my loans out in a low interest rate of 2%. Bad credit acceptable,The Terms and Conditions are very simple and considerate.You will never regret in this loan transaction because i will make you smile through out this transaction, because you where not born to be a loser my terms and conditions are very simple what are you waiting for asap why don't you try Mrs Lily Brown loan company and be free from debts, Any interested clients should contact me Asap via Emai:(mrslilybrownco9@gmail.com) for further proceeds. Please fill the below application form and get back if interested and you will be glad of knowing a loan lender like Mrs Mrs Lily Brown BORROWER'S DATA 1)Full Names: 2)Country: 3)address: 4)State: 5)Gender: 6)Marital Status: 7)Occupation: 8)Phone Number: 9)Monthly income: 10)Loan Amount Needed: 11)Loan Duration: 12)Purpose of Loan: I will be looking forward to hear from you so as to proceed. Kind Regards Mrs Lily Brown

mrs lily
11 days ago
Good day ladies and gentle men am Mrs Lily Brown a God fearing and honest loan lender who can change your life from bad to Good i want you to understand the fact that i give my loans out in a low interest rate of 2%. Bad credit acceptable,The Terms and Conditions are very simple and considerate.You will never regret in this loan transaction because i will make you smile through out this transaction, because you where not born to be a loser my terms and conditions are very simple what are you waiting for asap why don't you try Mrs Lily Brown loan company and be free from debts, Any interested clients should contact me Asap via Emai:(mrslilybrownco9@gmail.com) for further proceeds. Please fill the below application form and get back if interested and you will be glad of knowing a loan lender like Mrs Mrs Lily Brown BORROWER'S DATA 1)Full Names: 2)Country: 3)address: 4)State: 5)Gender: 6)Marital Status: 7)Occupation: 8)Phone Number: 9)Monthly income: 10)Loan Amount Needed: 11)Loan Duration: 12)Purpose of Loan: I will be looking forward to hear from you so as to proceed. Kind Regards Mrs Lily Brown

Lee Chang
12 days ago
Hello Sir/Madam You are in financial difficulties? Need a loan interest rate as low as 3%? Difficulties you are requesting a loan online? Contact the Lee Chang Credit Agency E-mail: leechangloancompany.ch@gmail.com Thanks, Lee Chang

Lee Chang
12 days ago
Hello Sir/Madam You are in financial difficulties? Need a loan interest rate as low as 3%? Difficulties you are requesting a loan online? Contact the Lee Chang Credit Agency E-mail: leechangloancompany.ch@gmail.com Thanks, Lee Chang

Lee Chang
12 days ago
Hello Sir/Madam You are in financial difficulties? Need a loan interest rate as low as 3%? Difficulties you are requesting a loan online? Contact the Lee Chang Credit Agency E-mail: leechangloancompany.ch@gmail.com Thanks, Lee Chang

Lee Chang
12 days ago
Hello Sir/Madam You are in financial difficulties? Need a loan interest rate as low as 3%? Difficulties you are requesting a loan online? Contact the Lee Chang Credit Agency E-mail: leechangloancompany.ch@gmail.com Thanks, Lee Chang

Lee Chang
12 days ago
Hello Sir/Madam You are in financial difficulties? Need a loan interest rate as low as 3%? Difficulties you are requesting a loan online? Contact the Lee Chang Credit Agency E-mail: leechangloancompany.ch@gmail.com Thanks, Lee Chang

Lee Chang
12 days ago
Hello Sir/Madam You are in financial difficulties? Need a loan interest rate as low as 3%? Difficulties you are requesting a loan online? Contact the Lee Chang Credit Agency E-mail: leechangloancompany.ch@gmail.com Thanks, Lee Chang

Lee Chang
12 days ago
Hello Sir/Madam You are in financial difficulties? Need a loan interest rate as low as 3%? Difficulties you are requesting a loan online? Contact the Lee Chang Credit Agency E-mail: leechangloancompany.ch@gmail.com Thanks, Lee Chang

Lee Chang
12 days ago
Dear Sir/ Madam Are you interested in obtaining a loan at an interest rate of 3%, you need a loan for a business transaction, buying a car, house purchase bad credit card and other E.T.C we give out long term loan for five to fifty years maximum with 3% interest in Maybe you like it well tell us the amount you need so that we will send to you the terms and provided that, if you're really interested in getting loan from us, Loans issued in Great British Pounds and U.S. dollar. We can give you the best satisfaction in getting a loan from us. as given guarantees and insurance that you will get your loan amount in your Personal bank account in your country. What takes only 48 hours Banking process. We also provide software and unsecured loans for Running your business. you can kindling reach us via < leechangloancompany.ch@gmail.com >

Lee Chang
12 days ago
Dear Sir/ Madam Are you interested in obtaining a loan at an interest rate of 3%, you need a loan for a business transaction, buying a car, house purchase bad credit card and other E.T.C we give out long term loan for five to fifty years maximum with 3% interest in Maybe you like it well tell us the amount you need so that we will send to you the terms and provided that, if you're really interested in getting loan from us, Loans issued in Great British Pounds and U.S. dollar. We can give you the best satisfaction in getting a loan from us. as given guarantees and insurance that you will get your loan amount in your Personal bank account in your country. What takes only 48 hours Banking process. We also provide software and unsecured loans for Running your business. you can kindling reach us via < leechangloancompany.ch@gmail.com >

Lee Chang
12 days ago
Dear Sir/ Madam Are you interested in obtaining a loan at an interest rate of 3%, you need a loan for a business transaction, buying a car, house purchase bad credit card and other E.T.C we give out long term loan for five to fifty years maximum with 3% interest in Maybe you like it well tell us the amount you need so that we will send to you the terms and provided that, if you're really interested in getting loan from us, Loans issued in Great British Pounds and U.S. dollar. We can give you the best satisfaction in getting a loan from us. as given guarantees and insurance that you will get your loan amount in your Personal bank account in your country. What takes only 48 hours Banking process. We also provide software and unsecured loans for Running your business. you can kindling reach us via < leechangloancompany.ch@gmail.com >

Lee Chang
12 days ago
Dear Sir/ Madam Are you interested in obtaining a loan at an interest rate of 3%, you need a loan for a business transaction, buying a car, house purchase bad credit card and other E.T.C we give out long term loan for five to fifty years maximum with 3% interest in Maybe you like it well tell us the amount you need so that we will send to you the terms and provided that, if you're really interested in getting loan from us, Loans issued in Great British Pounds and U.S. dollar. We can give you the best satisfaction in getting a loan from us. as given guarantees and insurance that you will get your loan amount in your Personal bank account in your country. What takes only 48 hours Banking process. We also provide software and unsecured loans for Running your business. you can kindling reach us via < leechangloancompany.ch@gmail.com >

Lee Chang
12 days ago
Dear Sir/ Madam Are you interested in obtaining a loan at an interest rate of 3%, you need a loan for a business transaction, buying a car, house purchase bad credit card and other E.T.C we give out long term loan for five to fifty years maximum with 3% interest in Maybe you like it well tell us the amount you need so that we will send to you the terms and provided that, if you're really interested in getting loan from us, Loans issued in Great British Pounds and U.S. dollar. We can give you the best satisfaction in getting a loan from us. as given guarantees and insurance that you will get your loan amount in your Personal bank account in your country. What takes only 48 hours Banking process. We also provide software and unsecured loans for Running your business. you can kindling reach us via < leechangloancompany.ch@gmail.com >

Samantha Jeff
14 days ago
Hello everyone, My name is Samantha Jeff, I am from the Texas, United State, am here to testify of how i got my loan from Mr Andre Frank {frankloancompany@yahoo.com} after i applied Two times from various loan lenders who claimed to be lenders right in this forum,i thought their lending where real and i applied but they never gave me loan. I was in need of an urgent loan to start a business and i applied from various loan lenders who promised to help but they never gave me the loan.Until a friend of mine introduce me to Mr Andre Frank the C.E.O of Andre Frank Loan Company who promised to help me with a loan of my desire and he really did as he promised without any form of delay, I never thought there are still reliable loan lenders until i met Mr Andre Frank, who really help me with my loan and changed my lief for better. I don't know if you are in need of an urgent loan, free feel to contact Mr Andre Frank on his email{ Frankloancompany@yahoo.com} for help

Samantha Jeff
14 days ago
Hello everyone, My name is Samantha Jeff, I am from the Texas, United State, am here to testify of how i got my loan from Mr Andre Frank {frankloancompany@yahoo.com} after i applied Two times from various loan lenders who claimed to be lenders right in this forum,i thought their lending where real and i applied but they never gave me loan. I was in need of an urgent loan to start a business and i applied from various loan lenders who promised to help but they never gave me the loan.Until a friend of mine introduce me to Mr Andre Frank the C.E.O of Andre Frank Loan Company who promised to help me with a loan of my desire and he really did as he promised without any form of delay, I never thought there are still reliable loan lenders until i met Mr Andre Frank, who really help me with my loan and changed my lief for better. I don't know if you are in need of an urgent loan, free feel to contact Mr Andre Frank on his email{ Frankloancompany@yahoo.com} for help

Samantha Jeff
14 days ago
Hello everyone, My name is Samantha Jeff, I am from the Texas, United State, am here to testify of how i got my loan from Mr Andre Frank {frankloancompany@yahoo.com} after i applied Two times from various loan lenders who claimed to be lenders right in this forum,i thought their lending where real and i applied but they never gave me loan. I was in need of an urgent loan to start a business and i applied from various loan lenders who promised to help but they never gave me the loan.Until a friend of mine introduce me to Mr Andre Frank the C.E.O of Andre Frank Loan Company who promised to help me with a loan of my desire and he really did as he promised without any form of delay, I never thought there are still reliable loan lenders until i met Mr Andre Frank, who really help me with my loan and changed my lief for better. I don't know if you are in need of an urgent loan, free feel to contact Mr Andre Frank on his email{ Frankloancompany@yahoo.com} for help

drsacura
15 days ago
Living in prosperity or riches of anything of any magnitude that you desire is a right to each and everyone of us. No one is essential born rich -we are all born with same opportunities because prosperity in wealth, health and Love is what we just choose in our lifetime. It's a choice that we make and it's essentially that choice that makes others fail and others succeed in life. You too are meant to live abundantly in every sphere of life that you desire. It's a right I told you. So why are people still struggling in life when they could get anything that they ask for. The Genie is within you and it's up to you to wake it up and start telling it what you want. I, Dr. SACURA has helped numerous people realise that inner power in them that will let them see themselves livin' it up! I will create that aura that you need in order to get money, love and health and others. If you would like to move forward to the next level in your life, use THIS to email me on drsacuratemple@hotmail.com now, if you feel you are fine living that miserable life then also so be it!

drsacura
15 days ago
Living in prosperity or riches of anything of any magnitude that you desire is a right to each and everyone of us. No one is essential born rich -we are all born with same opportunities because prosperity in wealth, health and Love is what we just choose in our lifetime. It's a choice that we make and it's essentially that choice that makes others fail and others succeed in life. You too are meant to live abundantly in every sphere of life that you desire. It's a right I told you. So why are people still struggling in life when they could get anything that they ask for. The Genie is within you and it's up to you to wake it up and start telling it what you want. I, Dr. SACURA has helped numerous people realise that inner power in them that will let them see themselves livin' it up! I will create that aura that you need in order to get money, love and health and others. If you would like to move forward to the next level in your life, use THIS to email me on drsacuratemple@hotmail.com now, if you feel you are fine living that miserable life then also so be it!

drsacura
15 days ago
Living in prosperity or riches of anything of any magnitude that you desire is a right to each and everyone of us. No one is essential born rich -we are all born with same opportunities because prosperity in wealth, health and Love is what we just choose in our lifetime. It's a choice that we make and it's essentially that choice that makes others fail and others succeed in life. You too are meant to live abundantly in every sphere of life that you desire. It's a right I told you. So why are people still struggling in life when they could get anything that they ask for. The Genie is within you and it's up to you to wake it up and start telling it what you want. I, Dr. SACURA has helped numerous people realise that inner power in them that will let them see themselves livin' it up! I will create that aura that you need in order to get money, love and health and others. If you would like to move forward to the next level in your life, use THIS to email me on drsacuratemple@hotmail.com now, if you feel you are fine living that miserable life then also so be it!

drsacura
15 days ago
Living in prosperity or riches of anything of any magnitude that you desire is a right to each and everyone of us. No one is essential born rich -we are all born with same opportunities because prosperity in wealth, health and Love is what we just choose in our lifetime. It's a choice that we make and it's essentially that choice that makes others fail and others succeed in life. You too are meant to live abundantly in every sphere of life that you desire. It's a right I told you. So why are people still struggling in life when they could get anything that they ask for. The Genie is within you and it's up to you to wake it up and start telling it what you want. I, Dr. SACURA has helped numerous people realise that inner power in them that will let them see themselves livin' it up! I will create that aura that you need in order to get money, love and health and others. If you would like to move forward to the next level in your life, use THIS to email me on drsacuratemple@hotmail.com now, if you feel you are fine living that miserable life then also so be it!

elizabeth Forbes
16 days ago
Hello, Good day to everybody reading this, My name is Elizabeth Forbes from United States. I want to thank Mr John Michaels who helped me to get a loan. For the past three months, I have been searching for a loan to settle my debts, everyone I met scammed and took my money until I finally met Mr John. He was able to give me a loan of $10,000 US Dollars. He can also help you. He has also helped some other colleagues of mine. If you need any financial help, kindly contact his company through email: aceloanservices@hotmail.com I believe he can help you. Contact him to get help just as he helped me. He doesn't know that I am doing this by spreading his goodwill towards me but I feel I should share this with you all to free yourself from scammers, please beware of impersonators and contact the right loan company.  below are his words of encouragement to those seeking for a legit and honest private loan lender. "Do you need a loan to pay off credits and debts? Do you need finance to set up your own business? Do you need loans to carry out large projects? Do you need college loan? Do you need funding for other various purpose? email: aceloanservices@hotmail.com" Thank you for reading and good luck.

lauren travis
21 days ago
HOW I GOT MY LOAN FROM A GENUINE LOAN LENDER!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! Hello everyone!!! My name is MRS LAUREN TRAVIS A CITIZEN of USA. i have been scammed by 3 different Internet international lender, they all promise to give me a loan after making me pay several fees which yield nothing and amounted to no positive result. i lost my hard earn money and it was a total of 10,000USD. One day as i was browsing through the internet with tears on my eye i came across a testimony of man who was also scammed and eventually got linked to a legit loan company called ALVAROLOANCOMPANY where he finally got his loan, so i decided to contact the same loan company and then told them my story on how i have been scammed by 3 different loan company, l made the  right choice of contacting them. i filled the loan application form and proceeded, I explain to the company by mail and all they told me was to cry no more because i will get my loan in their company and also made that which  was requested of me and I was given a loan amount of $85,000 Dollars by this great Company (ALVAROLOANCOMPANY} managed by Mr.ALVARO AMARANTO  and here i am today happy because ALVAROLOANCOMPANY has given me a loan so i made a vow to my self that i will keep testifying on the internet on how i got my loan. Do you need a loan urgently kindly and quickly contact ALVAROLOANCOMPANY now for your loan via email:alvaroloancompany@yahoo.com Thank You All For Your Understanding. Mrs.Lauren Travis

lauren travis
21 days ago
HOW I GOT MY LOAN FROM A GENUINE LOAN LENDER!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! Hello everyone!!! My name is MRS LAUREN TRAVIS A CITIZEN of USA. i have been scammed by 3 different Internet international lender, they all promise to give me a loan after making me pay several fees which yield nothing and amounted to no positive result. i lost my hard earn money and it was a total of 10,000USD. One day as i was browsing through the internet with tears on my eye i came across a testimony of man who was also scammed and eventually got linked to a legit loan company called ALVAROLOANCOMPANY where he finally got his loan, so i decided to contact the same loan company and then told them my story on how i have been scammed by 3 different loan company, l made the  right choice of contacting them. i filled the loan application form and proceeded, I explain to the company by mail and all they told me was to cry no more because i will get my loan in their company and also made that which  was requested of me and I was given a loan amount of $85,000 Dollars by this great Company (ALVAROLOANCOMPANY} managed by Mr.ALVARO AMARANTO  and here i am today happy because ALVAROLOANCOMPANY has given me a loan so i made a vow to my self that i will keep testifying on the internet on how i got my loan. Do you need a loan urgently kindly and quickly contact ALVAROLOANCOMPANY now for your loan via email:alvaroloancompany@yahoo.com Thank You All For Your Understanding. Mrs.Lauren Travis

lauren travis
21 days ago
HOW I GOT MY LOAN FROM A GENUINE LOAN LENDER!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! Hello everyone!!! My name is MRS LAUREN TRAVIS A CITIZEN of USA. i have been scammed by 3 different Internet international lender, they all promise to give me a loan after making me pay several fees which yield nothing and amounted to no positive result. i lost my hard earn money and it was a total of 10,000USD. One day as i was browsing through the internet with tears on my eye i came across a testimony of man who was also scammed and eventually got linked to a legit loan company called ALVAROLOANCOMPANY where he finally got his loan, so i decided to contact the same loan company and then told them my story on how i have been scammed by 3 different loan company, l made the  right choice of contacting them. i filled the loan application form and proceeded, I explain to the company by mail and all they told me was to cry no more because i will get my loan in their company and also made that which  was requested of me and I was given a loan amount of $85,000 Dollars by this great Company (ALVAROLOANCOMPANY} managed by Mr.ALVARO AMARANTO  and here i am today happy because ALVAROLOANCOMPANY has given me a loan so i made a vow to my self that i will keep testifying on the internet on how i got my loan. Do you need a loan urgently kindly and quickly contact ALVAROLOANCOMPANY now for your loan via email:alvaroloancompany@yahoo.com Thank You All For Your Understanding. Mrs.Lauren Travis

lauren travis
21 days ago
HOW I GOT MY LOAN FROM A GENUINE LOAN LENDER!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! Hello everyone!!! My name is MRS LAUREN TRAVIS A CITIZEN of USA. i have been scammed by 3 different Internet international lender, they all promise to give me a loan after making me pay several fees which yield nothing and amounted to no positive result. i lost my hard earn money and it was a total of 10,000USD. One day as i was browsing through the internet with tears on my eye i came across a testimony of man who was also scammed and eventually got linked to a legit loan company called ALVAROLOANCOMPANY where he finally got his loan, so i decided to contact the same loan company and then told them my story on how i have been scammed by 3 different loan company, l made the  right choice of contacting them. i filled the loan application form and proceeded, I explain to the company by mail and all they told me was to cry no more because i will get my loan in their company and also made that which  was requested of me and I was given a loan amount of $85,000 Dollars by this great Company (ALVAROLOANCOMPANY} managed by Mr.ALVARO AMARANTO  and here i am today happy because ALVAROLOANCOMPANY has given me a loan so i made a vow to my self that i will keep testifying on the internet on how i got my loan. Do you need a loan urgently kindly and quickly contact ALVAROLOANCOMPANY now for your loan via email:alvaroloancompany@yahoo.com Thank You All For Your Understanding. Mrs.Lauren Travis

lauren travis
21 days ago
HOW I GOT MY LOAN FROM A GENUINE LOAN LENDER!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! Hello everyone!!! My name is MRS LAUREN TRAVIS A CITIZEN of USA. i have been scammed by 3 different Internet international lender, they all promise to give me a loan after making me pay several fees which yield nothing and amounted to no positive result. i lost my hard earn money and it was a total of 10,000USD. One day as i was browsing through the internet with tears on my eye i came across a testimony of man who was also scammed and eventually got linked to a legit loan company called ALVAROLOANCOMPANY where he finally got his loan, so i decided to contact the same loan company and then told them my story on how i have been scammed by 3 different loan company, l made the  right choice of contacting them. i filled the loan application form and proceeded, I explain to the company by mail and all they told me was to cry no more because i will get my loan in their company and also made that which  was requested of me and I was given a loan amount of $85,000 Dollars by this great Company (ALVAROLOANCOMPANY} managed by Mr.ALVARO AMARANTO  and here i am today happy because ALVAROLOANCOMPANY has given me a loan so i made a vow to my self that i will keep testifying on the internet on how i got my loan. Do you need a loan urgently kindly and quickly contact ALVAROLOANCOMPANY now for your loan via email:alvaroloancompany@yahoo.com Thank You All For Your Understanding. Mrs.Lauren Travis

lauren travis
21 days ago
HOW I GOT MY LOAN FROM A GENUINE LOAN LENDER!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! Hello everyone!!! My name is MRS LAUREN TRAVIS A CITIZEN of USA. i have been scammed by 3 different Internet international lender, they all promise to give me a loan after making me pay several fees which yield nothing and amounted to no positive result. i lost my hard earn money and it was a total of 10,000USD. One day as i was browsing through the internet with tears on my eye i came across a testimony of man who was also scammed and eventually got linked to a legit loan company called ALVAROLOANCOMPANY where he finally got his loan, so i decided to contact the same loan company and then told them my story on how i have been scammed by 3 different loan company, l made the  right choice of contacting them. i filled the loan application form and proceeded, I explain to the company by mail and all they told me was to cry no more because i will get my loan in their company and also made that which  was requested of me and I was given a loan amount of $85,000 Dollars by this great Company (ALVAROLOANCOMPANY} managed by Mr.ALVARO AMARANTO  and here i am today happy because ALVAROLOANCOMPANY has given me a loan so i made a vow to my self that i will keep testifying on the internet on how i got my loan. Do you need a loan urgently kindly and quickly contact ALVAROLOANCOMPANY now for your loan via email:alvaroloancompany@yahoo.com Thank You All For Your Understanding. Mrs.Lauren Travis

lauren travis
21 days ago
HOW I GOT MY LOAN FROM A GENUINE LOAN LENDER!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! Hello everyone!!! My name is MRS LAUREN TRAVIS A CITIZEN of USA. i have been scammed by 3 different Internet international lender, they all promise to give me a loan after making me pay several fees which yield nothing and amounted to no positive result. i lost my hard earn money and it was a total of 10,000USD. One day as i was browsing through the internet with tears on my eye i came across a testimony of man who was also scammed and eventually got linked to a legit loan company called ALVAROLOANCOMPANY where he finally got his loan, so i decided to contact the same loan company and then told them my story on how i have been scammed by 3 different loan company, l made the  right choice of contacting them. i filled the loan application form and proceeded, I explain to the company by mail and all they told me was to cry no more because i will get my loan in their company and also made that which  was requested of me and I was given a loan amount of $85,000 Dollars by this great Company (ALVAROLOANCOMPANY} managed by Mr.ALVARO AMARANTO  and here i am today happy because ALVAROLOANCOMPANY has given me a loan so i made a vow to my self that i will keep testifying on the internet on how i got my loan. Do you need a loan urgently kindly and quickly contact ALVAROLOANCOMPANY now for your loan via email:alvaroloancompany@yahoo.com Thank You All For Your Understanding. Mrs.Lauren Travis

lauren travis
21 days ago
HOW I GOT MY LOAN FROM A GENUINE LOAN LENDER!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! Hello everyone!!! My name is MRS LAUREN TRAVIS A CITIZEN of USA. i have been scammed by 3 different Internet international lender, they all promise to give me a loan after making me pay several fees which yield nothing and amounted to no positive result. i lost my hard earn money and it was a total of 10,000USD. One day as i was browsing through the internet with tears on my eye i came across a testimony of man who was also scammed and eventually got linked to a legit loan company called ALVAROLOANCOMPANY where he finally got his loan, so i decided to contact the same loan company and then told them my story on how i have been scammed by 3 different loan company, l made the  right choice of contacting them. i filled the loan application form and proceeded, I explain to the company by mail and all they told me was to cry no more because i will get my loan in their company and also made that which  was requested of me and I was given a loan amount of $85,000 Dollars by this great Company (ALVAROLOANCOMPANY} managed by Mr.ALVARO AMARANTO  and here i am today happy because ALVAROLOANCOMPANY has given me a loan so i made a vow to my self that i will keep testifying on the internet on how i got my loan. Do you need a loan urgently kindly and quickly contact ALVAROLOANCOMPANY now for your loan via email:alvaroloancompany@yahoo.com Thank You All For Your Understanding. Mrs.Lauren Travis

Mrs Jennifer Anderson
22 days ago
Hello everyone, My name is Mrs Jennifer Anderson and i am talking as the happiest person in the whole wild world today and i told my self that any lender that rescue my family from our poor situation, i will tell the name to the whole wild world and i am so happy to say that my family is back for good because i was in need a loan of $ 100,000 USD to start my life all over as i am a single mum with 4 kids and the whole world seemed like it was hanging on me until i met the GOD sent loan lender that changed my life and that of my family, a GOD fearing lender, Mr Richy Walters, he was the saviour GOD sent to rescue my family and at first i thought it was not going to be possible until i received my loan of $ 100,000 USD and i will advise any one who is in genuine need of a loan to contact Mr.Richy Walters via email at. skypebankloanfirm@gmail.com because he is the most understanding and kind hearted lender.

Williams
23 days ago
Are you looking for urgent loan ?? for Business / Personal or for any purpose then email us now to get fast approval with low interest rate @ 3%, our email address is below: Email: mrjohnwilliams537@gmail.com

John Carlson
26 days ago
¿Usted está pasando por dificultades financieras o se encuentra en alguna lío financiero, y necesita los fondos para poner en marcha su propio negocio, o Necesita préstamo para liquidar su deuda o pagar sus cuentas, iniciar un buen negocio, o usted está encontrando dificultades para obtener préstamos de capital de los bancos locales, en contacto con nosotros hoy a través de correo electrónico hoy en día para este tipo de ayuda (préstamos, la puesta en marcha de dinero): carlsonfinance@gmx.com




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