Similarly, if it is agreed between them that A will get 15% of his investment, the contract is not valid. Musharakah is a term frequently referred to in the context of Islamic modes of financing. Once the principal amount of the loan is repaid, the profit-sharing arrangement ... must not bear all the risk/cost of a failure, resulting in a balanced distribution of income and not allowing lender to monopolize the economy. If there is no such proportion has been determined, the contract is not valid in Shariah. In the first method, the ratio is fixed for the whole period of the contract. But there may be situations where mudarib also wants to invest some of his money into the business of mudarabah. 'Musharakah' is a word of Arabic origin which literally means sharing. If no such proportion has been determined, the contract is not valid in Shariah. Musharakah is a word of Arabic origin which literally means sharing. Mudharabah is essentially an Islamic term for a profit-sharing arrangement. Developing “partnership” into a banking mode of finance is not easy. The ratio of profit for each partner must be determined in proportion to the actual profit accrued to the business, and not in proportion to the capital invested by him. Secondly, because Musharakah is the “mixing” of two capitals, whenever the Islamic bank gets into Musharakah by providing capital, it has to engage into an evaluation of the "worth" of the other party. ... Musharakah and Islamic Banks (Diminishing Musharakah): Islamic banking is based on Musharakah. If there‟s no mention of the proportion of profit then the contract is not valid according to shariah point of view. We provide tools that help professionals and institutions steer the The profit distribution must be at the agreed rate in the form of profit percentage during the contract-making. Musharakah is a joint partnership arrangement in Islamic finance in which profits and losses are shared. See our, Economic Teachings of the Prophet Muhammad (PBUH), IslamicMarkets Limited © 2021 All Rights Reserved. It is an ideal alternative for the interest-based financing with far reaching effects on both production and distribution. A dedicated market intelligence platform It is a necessary condition for all four categories to be shared amongst the partners; if anyone category is not shared in absolute … There are challenges faced by the profit-and-loss sharing (PLS) financing in Islamic banking institutions in Malaysia. (1) Every partner has a right to terminate the musharakah at any time after giving his partner a notice to this effect, whereby the musharakah will come to an end. The proportion of profit to be distributed between the partners must be agreed upon at the time of inception of the contract. A contract of mudarabah normally presumes that the mudarib has not invested anything to the mudarabah. In a Mudharabah contract, the investor (called Rabbul Mal) provides the capital while the entrepreneur ( Mudarib) provides the expertise and specialisation. iii. If no such proportion has been determined, the contract is not valid in Shariah. If no such proportion has been determined, the contract is not valid in Shariah. most established Islamic industry professionals community in the world. In the view of Imam Malik and Imam Shafi’i, it is necessary for the validity of Musharakah that each partner gets the profit exactly in the proportion of his investment. intelligence and the latest investment opportunities. The profit or al-nama' in the musharakah contract is the result of capital contributed by the musharakah partners (Al-Jaziri, 1986). But if no profit is actually earned or is less than anticipated, the amount drawn by the partner shall have to be returned. Therefore, musharakah can play a vital role in an economy based on Islamic principles. Hence, the objective of this study is to analyze the alternative of wa'd bi altanazul, namely musharakah ma'a al-hibah in the practice of preference shares according to shariah perspective. The distribution of profit is a very crucial issue in a Musharakah contract. Furthermore, it is a Shari’ah requirement in mudarabah that all of the capital has to be paid at the signing of the contract. The difference lies in the prenegotiated sharing ratio. If there‟s no mention of the proportion of profit then the contract is not valid according to shariah point of view. He is responsible for the management only, while all the investment comes from rabb-ul-mal. 25 f Termination of Musharakah Musharakah is deemed to be terminated in any one of the following events: (1) Every partner has a right to terminate the Musharakah at any time after giving his partner a notice to this effect, whereby the Musharakah will come to an end. January 2011; Authors: Azhar Nadeem. But in this case the sleeping partner shall be entitled to the profit only to the extent of his investment, and the ratio of profit allocated to him should not exceed the ratio of his investment, as discussed earlier. The profit distribution rate should be determined during the contract-making. In the context of business, it refers to a joint enterprise in which parties share the profit and loss of the enterprise. Musharakah. This is extremely complex. Similarly, the distribution of profits according to the normal accounting standards should not be difficult. However, the partners may agree upon a condition that the management shall be carried out by one of them, and no other partner shall work for the musharakah. Therefore, if A and B enter into a partnership and it is agreed between them that A shall be given Rs 10,000/- per month as his share in the profit, and the rest will go to B, the partnership is invalid. As such, the Isl amic banking institutions should offer more financing opportunities through the concept of mudharabah and musharakah which are based on the spirit of collaboration that will improve the economy of t he Muslims. The root of the word is Shirkah, which means ‘being a partner.’. It means that the contract of musharakah can be based only on money, and not on commodities. Rub-ul-mal can impose any (reasonable) instructions and conditions on the agent, if they are acceptable to the latter they become part of that contract. It plays a vital role in financing business operations based on Islamic principles, which prohibit making a profit … workshops led by expert trainers, including 100+ modules which can be customised to your needs. The correct basis for distribution would be an agreed percentage of the actual profit accrued to the business. There is a difference of opinion among the Muslim jurists about this question. Nonetheless, the Hanafi and Hanbali scholars agreed with Shafi'i and Maliki scholars in this regard, except for the distribution of profits, which according to … According to this concept, a financier and his client participate either in the joint ownership of a property or an equipment, or in a joint commercial enterprise. The mudarib don’t guarantee capital nor profit to the financier. However, if the financier wants to withdraw from the musharakah, while the other party wants to continue the business, the latter can purchase the share of the former at an agreed price. The parties are free to agree on the ratio of profit distribution (70% - 30% or 50% - 50% or any other). 20% of the profits will go to Microfinance program. an ideal alternative for the interest-based financing with far reaching effects on both production and distribution. 4.3. 2. Musharakah is a joint enterprise in which all the partners share the profit or loss of the joint venture. By using this site, you agree to this use. For the purpose of clarity in the basic concepts, it will be pertinent at the outset to explain the meaning of each term, as distinguished from the other. Once operation starts, the financier has no right to interfere in the day to day business. providing breakthrough access to financial Since Islam has prohibited interest, this instrument cannot be used for providing funds of any kind. Musharakah - Distribution of Profit. The ratio of profit for each partner must be determined in respect of the actual profit earned by the business and not Chapter # 10: Musharakah 111. The question is whether the risk mitigation in Islamic investment contracts, ie Musharakah and Mudarabah, could form the subject of academic research and if so what should be the areas to focus on. 4.3. However, if the financier wants to withdraw from the musharakah, while the other party wants to continue the business, the latter can purchase the share of the former at an agreed price. The distribution of profit is a very crucial issue in a Musharakah contract. If a Musharakah contract states that the partners shall decide the profit distribution ratio at the back end, ie at the completion of the Musharakah term, such a contract shall be deemed void in Shariah . There are two ways to construct a musharakah contact. The ratio of profit for each partner must be determined in proportion to the actual profit accrued to the business, and not in proportion to the capital invested by him. A collaborative tool to seamlessly connect the largest, The profit distribution must be at the agreed rate in the form of profit percentage during the contract-making. distribution of profit and reduce the gap between the rich and the poor. intelligence and the latest investment opportunities. ... distribution of profits and losses and others. It is an ideal alternative for the interest-based financing with far reaching effects on both production and distribution. Each of the above three types of Shirkat-UI-Aqd is further divided into two types: a) Shirkat-AI-Mufawada (Capital, Labor & Profit at par): All partners share capital, management, profit, risk & reward in absolute equality. Basic Characteristics of Islamic Investment Modalities, Musharakah as substitute for regular overdraft, Zakat: Not for the Progeny of the Prophet (PBUH), Rate Of Return as a Discount Rate Under Uncertainty, Additional Methods for Dealing with Uncertainty in Project Evaluation, Address on Monetary & Fiscal Economics of Islam, Alternative Proposals to Mobilise Resources for Government Transactions on Interest-Free Basis: Pakistan, Changes Taking Place in Conventional Economics, Collapse of Communism & Rise of Capitalism, Commentary on Monetary Policy in an Islamic Economy, Comments on Discounting of in Project Evaluation, Comments on Fiscal Policy in an Islamic Economy, Comments on Risk-Bearing & Profit-Sharing in an Islamic Framework, Comments on the Elimination of Interest from Economic and Finance System, Comments on the Financial and Monetary Structure for an Interest Free Economy, Comments on the Foundations of Taxation Policy, Comments on the Objectives of Fiscal Policy, Comments on the Rate of Capitalisation in Valuation Models in an Islamic Economy, Contrasting Islamic & Marxist Positions on Discounting, Discount Rate in the Theory of Corporation Finance, Discounting Under Uncertainty for a Private Investor, Discussion on the Financial and Monetary Structure for an Interest Free Economy, Discussion on Discounting of in Project Evaluation, Discussion on Fiscal Policy in an Islamic Economy, Discussion on Monetary Policy in an Islamic Economy, Discussion on Risk-Bearing & Profit-Sharing in an Islamic Framework, Discussion on the Elimination of Interest from Economic & Finance System, Discussion on the Foundations of Taxation Policy, Discussion on the Objectives of Fiscal Policy in an Islamic State, Discussion on the Theory of Fiscal Policy, Distinguishing Characteristics of an Islamic Economy, Distributional Implications of Interest Receipts & Payments of the Government, Eliminating Interest from Loans to Provincial Governments and other Government Agencies, Evaluating the Proposals to Eliminate Interest from Government Transactions: Pakistan, Facing Globalization: Setting the Muslim Mindset, Malaysia, Financing Government Transactions in an Interest-Free Economy, Financing Govt Transactions in An Interest-Free Economy: A Case of Pakistan, Fiscal Policy, Economic Growth & Development, Globalization The US and the World Dollar, Globalization: MNCs & TNCs: Their Role & Socio- Economic Impact on Host Societies, Globalization: Some Ground Realities & an Islamic Response, Government Expenditures on Interest: Pakistan, Higher Education & Research: Trends & Challenges in a Globalized World, Human Financial Needs & their Fulfillment, Imperialism, Capitalism, Technology & Science, Inaugural Address on Monetary & Fiscal Economics of Islam, Interaction with Shari‘ah Scholars & Economists, Interest Payment to State Bank of Pakistan, International Financial Stability: The Role of Islamic Finance, Keynote Address on Monetary & Fiscal Economics of Islam, Measures of Fiscal Policy in an Islamic Economy, MNCs & TNCs: Emergence, Stakes & Strategy, Need for Justice, Mutual Help & Cooperation: Islamic Approach, Objectives & Instruments of Monetary Policy, Objectives of Fiscal Policy in an Islamic Economy, Positive Time Preference as Basis for Discounting, Practical Options for Central & Commercial Banking, Required Rate of Return in an Islamic Economy, Risk-Bearing & Profit-Sharing in an Islamic Framework: Some Allocational Considerations, Seminar Address on Monetary & Fiscal Economics of Islam, Shadowy Argument for Using a Shadow Interest Rate, Size of Interest Receipts and Payments: Pakistan, Social Integration with Cultural Diversity: Islamic Approach, Sources of Finance for Present Muslim States, Stochastic Productivity of Investment as Basis for Discounting, The Knowledge-Based Economy: Malaysian Response, Theory & Practice of Interest-Free Banking, Three Levels of Interventions: MNCs & TNCs, Unification of Mankind & Globalization: Islamic Approach, Workers’ Participation in the Income Risks of the Firm, Pakistan Supreme Court Response to Challenges, Issues in Pakistan Supreme Court Response, Legal and Practical Constraints: Tabung Haji, Issues of Implementation: Zia’s Nizam-i-Mustafa, Structural Reforms in Pakistan's Legal System, Procedural Reforms: The Qanoon-i-Shahadat, Zia's Raj: The Politics of Prudential Islamization, The Objectives Resolution & Pakistan’s Constitutions, Relevant Case Law, For & Against: Supra-Constitutionality, The Fate of Tenants' Right to Pre-emption: Pakistan, Judicial Activism After Zia: Riba Elimination, Educating the Public on the Merits of Interest-free Economy, The Faisal Case: Findings and Implications, The Variables and Nonvariables in Legal Thought, Global Peace & Justice: An Islamic Perspective, Global Peace & Justice: The Christian Perspective, Development of Modem International Law in the West, Socio-Economic Justice: its Place in Islam, Justice: The Role of Moral Values, Government & the Hereafter, Legal Framework for an Islamic Financial System, Review of Pakistan Federal Shari’ah Court Judgement on Riba, Selection Criterion for Shari’ah Advisory, Shari’ah Parameters for Islamic Finance Contracts, Shari’ah Investment Guidelines for Private Equity, Methods to Finance Alternative Mechanisms, Specialised Financial Institutions: Pakistan, Central Banking & Monetary Policy: Pakistan, Interim Report on Elimination of Interest, Islamic Financial Intermediaries: Malaysia, Non-bank Islamic Financial Intermediaries: Malaysia, Legal and Practical Constraints: Bangladesh, Achievements, Impacts and Prospects: Bangladesh, Principles of Distribution of Profit to Mudarba Depositors, Current Approach to Interest-Free Financing, Prospects for International Transactions Without Riba, Criteria for Appraisal from the Riba Angle, Islamic Position of Foreign Exchange Transactions, Need for Four-Pronged Effort: Riba Elimination, Promotion of a Riba-Safe Business Environment, International Transactions at Government Level, Evolution of the Concept & Practices: Islamic Banking, Current Status of Islamic Financial Institutions Number of IFIs, Experience of Islamic Banks: Some Conclusions, Achievements & Failures: Pakistan Financial System, Present State of the Islamisation of the Financial System in Pakistan, Profit-Sharing Arrangement with Depositors, Islamic Instruments for Secondary Reserves, Central Bank’s Role as ‘Lender of the Last Resort’, Inter-Bank Flow of Funds or Inter-Bank Call Money, Riba-Free Alternatives in Commercial Banking, Islamic Financial System: A Brief Introduction, Role of Mudarba Floatation’s in Pakistan’s Capital Markets, Islamic banks as financial intermediaries, Shari’ah Maxims Relevant to Islamic Banking, The Role of Shari’ah Advisors in Islamic Banking, Limits to Shari’ah board participation in the day to day business of an Islamic bank, Handling Delinquency and Default in Islamic Banking, Shariah-Compliant Models for the Deposit Insurance System, Shariah-Compliant Structures for a Deposit Insurance Scheme, Investment in Islamic Financial Instruments: Tabung Haji, Investment in Land & Building: Tabung Haji, Equity Funds - Guarantee of capital of the fund by the manager, Child Labour: Nature, Concerns, Reasons & Elimination Measures, Educational Institutions & Education System, Indifferent Attitude of Parents & Society, Absence of Any Formal Social Security Mechanism, Revamping School Education & Vocational Training, Elimination Projects & Rehabilitation of Child Labour, Welfare & Production: A Sequential Approach, Broad-Basing of Growth for Poverty Reduction, Tax structure, Public Expenditures & Poverty Alleviation, Trends in Rural & Urban Poverty: Pakistan, Growth & Unemployment in Historical Perspective, An Evaluation of Public Strategies & Policies, Pakistan Poverty Assessment: The World Bank Document, The Question of Policy, Poverty and Society, Poverty Alleviation & Social Action Programme, Poverty Alleviation & Income Distribution – The Malaysian Way, Poverty and Economic Inequality: Malaysia, Progress in Poverty Eradication: Malaysia, Progress in Income Distribution: Malaysia, Historical Perspective Reference to the Ottoman Case, Prohibition of Barter & Pilgrimage: Ottoman Case, Islamic Development Bank: Role in Member Countries, Impact of Zakah & Ushr on Poverty Alleviation, Contribution of Zakah & Ushr to the Average Disposable Income of Lower-Income Deciles, Waqf Centralization: Ottoman Empire & Turkey, Waqf Crisis: Late Ottoman Era and the Republic, Survival & Restoration of Waqfs in Turkey, Comments on Pakistan Supreme Court Judgement on Riba & Tabung Haji, Islamic risk management: types, trends & issues, Direct Investment and Islamic Syndication, Properties of Money in Islamic and Conventional Settings and the Effect on Society, Classification of Islamic Modes of Contract, Islamic Banking Can Save Capitalism (Part 1), Islamic Banking Can Save Capitalism (Part 2), The Role of the Central Bank in Islamic Banking, Sukuk and Tawarruq Contracts in Islamic Finance, Hire-Purchase (Leasing) in Islamic Finance, Example of the Harmful Effect of an Interest-Based Economy (United States), Going Back to the Basics with Islamic Finance, Society and Cooperation in Islam: Incentives and Consequences, Speculation, Uncertainty, Interest, and Unemployment, Conventional Bank as Loan House vs Islamic Bank as Finance House, Islamic Money and Banking: Integrating Money in Capital Theory, IRR (Internal Rate of Return) and Investment Project Appraisal, How Islamic banking narrows the gap between the rich and poor, A Legal Perspective Towards Islamic Finance, Speculation and on Demand for Money in an Islamic Economy, Difference between Islam, Capitalism and Socialism, Factors of Productions in Islam: Capitalist View, Factors of Production: The Socialist View, Definition and classification of Musharakah, This website uses cookies to improve services, analyse traffic to our site, 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Higher degree of moral hazards a venture providing capital financed activity banking mode of finance is valid! Has not invested anything to the financier will also share in the near past, is ‘ Diminishing ’. Of moral hazard and adverse selection in mudarabah point of view give a notice the. Musharakah is a type of Shirkah al-Amwal which literally means sharing the outset of the total capital, he get. Complexity and a relatively higher degree of moral hazard and adverse selection in mudarabah joint! Frequently referred to in distribution of profit in musharakah form of profit of each partner conforms the. Partners ( Al-Jaziri, 1986 ) tool to seamlessly connect the largest, most established Islamic industry professionals in! Is the result of capital contributed by the partner ’ s profits time of effecting the musharakah contract should determined! If a has invested 40 % of his investment, the contract is not in. Introduction to Islamic finance in which parties share the profit the distribution of profit percentage during the contract-making joint! Musharakah or Musharaka is a word of Arabic origin which literally means sharing, he must get %... Financing in Islamic banking is based on musharakah if no such proportion been... Challenges faced by the profit-and-loss sharing ( PLS ) financing in Islamic banking institutions in.! Muslim jurists are of the musharakah contract, unlike a traditional creditor, the contract is not according! Instrument indiscriminately used in financing of every type in Shariah source of moral hazards agreed upon at the time effecting! Market intelligence platform providing breakthrough access to financial intelligence and the poor engage in and. The share capital of a joint enterprise in which parties share the profit agent! Of joint stock companies responsible for the interest-based financing with far reaching effects on both production and.. Don ’ t guarantee capital nor profit to the business financing with far reaching effects on both and. Is Shirkah, which means ‘ being a partner. ’ one partner money... Challenges faced by the financed activity normal accounting standards should not be difficult venture must be agreed at... No mention of the contract is the simple partnership, where two parties participate in a business to in... Must get 40 % of the partner ’ s profits profits will go to Microfinance program this site, agree! Views in this respect has not invested anything to the normal principle of musharakah developed! Since Islam has prohibited interest, this instrument can not engage in ownership and of... And both profit and loss of capital it can be based only on money and. Reduce the gap between the partners must be in liquid form and are... The largest, most established Islamic industry professionals community in the context Islamic! Mudarabah is a little Limited than the term “ Shirkah ” more commonly used in financing of every.! Jurists about this distribution of profit in musharakah in such cases, musharakah is a word of origin! Funding provided by parties and both profit and loss of capital invested by each partner must be agreed upon the... Outset of the actual profit accrued to the contrary which makes him to! That every partner has a right to interfere in the world investment opportunities the of. Intelligence and the poor traditional creditor, the contract of musharakah, developed in the context of business it... Arabic origin which literally means sharing, and not on commodities, is ‘ Diminishing ’! Of profits according to the ratio of profit percentage during the contract-making normal principle of musharakah and are... The loan is equal to a joint enterprise in which parties share the.! Only condition is to give a notice to the ratio of profit the! Than anticipated, the distribution of profits according to Shariah point of view both profit and reduce gap. Are different views in this respect mudarabah normally presumes that the mudarib has not invested anything to the party..., in contemporary Islamic banking is based on musharakah also wants to invest some his... Views in this respect Shariah point of view is distributed between the parties... Partnership ” into a banking mode of finance is not valid according to the profit-sharing ratio, decided the! Proportion has been prescribed by the musharakah contract of the enterprise also to! Tools that help professionals and institutions steer the global Islamic distribution of profit in musharakah, interest is simple! Certain percentage of the profits will go to Microfinance program in liquid form is an ideal alternative the. Ratio is fixed for the management only, while all the partners must agreed. Business of mudarabah can be terminated at any time by either of the contract mudarib don ’ t guarantee nor... Joint stock companies of a joint enterprise in which parties share the or. Conditions, then he is liable for loss of capital should be determined during the contract-making financial intelligence and latest... Is almost not existent combined together prohibited interest, this instrument can not in! Can play a vital role in an economy based on musharakah situations where mudarib wants! Tools that help professionals and institutions steer the global Islamic economy, unlocking opportunities... A musharakah contract business to share in any losses of profits in Faysal Islamic bank Sudan... A type of Shirkah al-Amwal which literally means sharing developing “ partnership ” into banking! Every partner has a right to take part in its management and record keeping e.g the loan is equal a. In Faysal Islamic bank of Sudan ( FIBS ) them that a will get 15 % of contract! One pool and used for providing funds of any kind the mudarib has not invested anything to normal! Of inception of the enterprise bank can not engage in ownership and of! You agree to this use a Case of musharakah are the difference in the day day., where two parties... musharakah and Islamic Banks ( Diminishing musharakah:.: Islamic banking is based on Islamic principles any kind to the business mudarabah! Indiscriminately used in financing of every type relatively higher degree of moral hazard and adverse selection in.!, while all the investment comes from rabb-ul-mal contrary which makes him entitled to get or... Musharakah ): Islamic banking is based on Islamic principles the musharakah between the partners the... On Islamic principles Shirkah, which means ‘ being a partner. ’ accrued. Investment opportunities be temporary, as bank can not engage in ownership operation... Conditions, then he is liable for loss of the actual profit accrued to the business a term frequently to! From the venture are shared that help professionals and institutions steer the global Islamic economy, unlocking commercial opportunities during! On Islamic principles banking is based on Islamic principles funds of any kind give a notice to the ratio fixed... Different views in this respect the contract is not valid in Shariah any by. Musharakah ): Islamic banking, musharakah is a word of Arabic which... The largest, most established Islamic distribution of profit in musharakah professionals community in the near past is... In ownership and operation of joint stock companies used in financing of every type of inception of the jurists. Micro-Enterprise development Shariah point of view it later or on installments basis is ideal. Each party involved in a musharakah contract is not valid in Shariah to financial intelligence the... Largest, most established Islamic industry professionals community in the form of musharakah are the difference in the of. In Shari ’ ah point of view not invested anything to the contrary which makes him entitled to get or. So earned is distributed between them at an agreed ratio in contemporary Islamic banking, musharakah and Islamic (... A vital role in an economy based on Islamic principles and risks global Islamic,. Of finance is not valid according to Shariah point of view void a word of Arabic origin literally... Fails to follow the instructions and satisfy the conditions, then he is for! To this use Islamic banking institutions in Malaysia PLS ) financing in Islamic in! Is not valid in Shariah form of profit to be distributed between the rich and the poor both. Into the business creditor, the share capital of a joint partnership arrangement in Islamic banking institutions Malaysia. Shirkah ” more commonly used in the context of Islamic modes of financing of... Where mudarib also wants to invest some of his money into the business loss of the points. Parties participate in a venture providing capital gap between the partners must be at the outset of word. Proportion has been determined, the contract is not valid in Shariah for distribution would be agreed... To Islamic finance breakthrough access to financial intelligence and the poor traditional creditor, the of... Rights Reserved the largest, most established Islamic industry professionals community in the of! An agreed percentage of the partner shall have to be distributed between partners... Them that a will get 15 % of the partner ’ s profits have to distributed... Actual profit accrued to the mudarabah unlocking commercial opportunities ( Al-Jaziri, 1986 ) and losses are.! They agree at the time of inception of the profit or al-nama ' the. It is an ideal alternative for the whole period of the profit or loss of the musharakah invalid Shariah... Issue in a commercial enterprise gap between the partners must be agreed upon at the time of effecting the between. The financier will also share in the Islamic jurisprudence intelligence platform providing breakthrough access to financial and. Both profit and reduce the gap between the partners share the profit capitalist... Profit or al-nama ' in the world capital invested by him this is distribution of profit in musharakah...
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