You have given a ruling that buying a house on mortgage in non-Muslim countries is permissible, but you provided no source of evidence. Or are they charging a fee like interest but calling it something else? How To Buy A House, In 7 Steps The journey to buying a house can lead you down some perilous roads, past pushy real estate agents, self-interested bankers and … As you can see in the definition, interest is conveyed through mortgage. The rental income that the co-operative gets from these homes, as well as any profits from they get from the sale of homes is then distributed as dividends for the shareholders. It's very possible that due to the economic slow-down, the house price drops to $230,000. Islam states that borrowing money and paying interest is not allowed. University of Toronto and has a keen interest in islamic Finance. This would leave the home buyer with nothing. The following banks and brokerage institutions offer Islamic, or no riba', home mortgages which are compliant with Islamic law.This is not a trivial business practice - the Prophet Muhammad is said to have cursed the consumer of interest, the one who pays it to others, the witnesses to such a contract, and … A. Facebook Twitter Youtube LinkedIn Pinterest, Copyright © 2021 Muslim Link. With house prices starting in the hundreds of thousands of dollars, how is it possible to buy a house without borrowing money through an interest-based mortgage? Eid Mubarak, I pray that you and your family are in good health and spirits and that Allah continues to aid you in your journey and guides you to the path of fulfillment and peace. There have been a number economic The issue of speculation in contracts is much more complicated, however the prohibition against exploiting the weak, needy and indigent is far more clear. To explain, Nasim gives an example of two friends who decide to buy a $100,000 apartment to profit from the rent. It is not permissible to buy a house or anything else by means of riba, whether that is in a Muslim country or non-Muslim country, because of the general meaning of the evidence which forbids riba and curses the one who consumes it and the one who pays it. Join our email list to receive regular updates on Dr. Khaled Abou El Fadl's work at The Usuli We also offer an Islamic mortgage. Take the example of a homeowner who buys a $277,777 house with a 10% down payment and a $250,000 mortgage and then the following year, the economy slows down, she loses her job, gets a new one somewhere else, and then needs to move. With mortgages being so common that home ownership is thought to be impossible without one, the natural question is, how does it work? Buying a house at auction can be a great way to save money and get a great deal. When house prices go up without a corresponding increase in market rents, dividends tend to be lower. Is it religiously allowed to buy a house with the mortgage system? So now we talk about another type of loan from the bank you can use while buying house. – Dromana Home Loan Without Deposit - Devastating – Dromana Buying A House With No Deposit Risk From here, the procedures will be the same as if you were buying a house in your home state: the buyer must organize the paperwork, secure the insurance coverage, the title, and the mortgage or loan. After one year (12 monthly payments x $1,454.01 per month), he would have paid the bank $17,448.12. This isn't a new issue. Now, let's say the partner who lives in the apartment would like to one day own all of it himself. All articles, photos, graphics and images on this site remain the copyright of Muslim Link, unless otherwise noted, and should not be copied without prior permission. it may be permissible … In summary, one of the key reasons why Camp A thinks taking a conventional mortgage is permissible is because they think that halal mortgages are not really Islamic. It is the desire of every individual to secure shelter for their family. Now, instead of two friends partnering up to purchase a property, imagine that it's the home buyer and an institution who are partnering to purchase a home together. Now imagine that instead of renting out the apartment to a third party, one of the two partners lives in it himself. perspective. For permission, please write to firstname.lastname@example.org. What he can do is slowly buy out his friend's portion. It starts with finding a lender who is willing to provide you with a mortgage loan and put a number to exactly how much they are willing to lend you, with conditions. When faced with the need to find interest-free financing for Muslims to purchase homes in Canada, the founding members of the Ontario-based Islamic and Ansar Cooperative Housing Corporation (ICHC and ACHC) tried looking overseas for financial support. So the only basis to buy a mortgage is if there’s a need, and finding whichever one is cheapest. advocates. Your position until you are able to pay the price of the home in full is effectively that of a lessee, or a renter. The scholars on our team of advisors are known worldwide and their credentials, and experience, speak volumes in Islamic financing Jurisprudence (shariah financing) and its application to the current business field. If you are a cash buyer we recommend you read this article - Buying a house without a mortgage 2 Receive contract paperwork and submit ID, proof of funds Your next job is to submit your ID forms as rapidly as possible so your solicitor can start the conveyancing process. # Discovering Islam 322 Articles # Shariah 322 Articles # Videos 322 Articles # Family & Life 322 Articles # Fatwa & Counseling 322 Articles # Muslim News 322 Articles # … Because the house is collateral on the mortgage, if at some point, the home owner isn't able to pay the mortgage payments, the bank can initiate foreclosure proceedings. Whether you're a first time buyer, buying your next home, or investing with buy to let, this guide tells you everything you need to know. To be honest with you, after reading numerous books on Islamic finance and re-reading all fiqh material on ribaal-nasi'a and riba al-fadl, I have come to the conclusion that fixed Your position until you are able to pay the price of the home in full is effectively that of a lessee, or a renter. First and foremost, SoFi Learn strives to be a beneficial resource to you as you navigate your financial journey. rate mortgage loans are Islamically more sound than current so-called Islamic home finance purchases. The diminishing partnership model is first and foremost a partnership between two or more people. The site includes an up-to-date Events Listing and Business and Community Directory for Ottawa Muslims. The money from these shares is used to help members purchase homes. Help us change the world, one beautiful mind, Sorry, your browser cannot display frames! the amount that was originally borrowed from the bank) and the interest. price than the original purchase price. Is it alright, in your judgement, to take a mortgage out to purchase a home? The saying goes, “look before you leap”, and it couldn’t be more true than when considering purchasing a property. Buying your first home can be a bit daunting and you may not be sure of where to start. The second is a cost-plus model (murabahah) where a bank buys the apartment at a price above asking and a buyer pays back the cost over time. whether current so-called Islamic home purchasing options are any less exploitative or oppressive. After ten years, and paying $175,481.20 in payments, he would owe the bank $184,490.69. It is indeed usury. Sawitri Mardyani holds a PhD in Biomedical Engineering from the. I wanted to reach out about a question. To explain, Nasim gives an example of two friends who decide to buy a $100,000 apartment to profit from t… The key is to avoid overextending your budget and buy a home within your financial means. This transaction is offered by riba-based banks or real estate mortgage companies, and this transaction is done when the one who wants to buy a house chooses a house, then he goes to the mortgage company – or to the riba-based bank – to ask them to buy that house and he agrees to pay the money in instalments, plus the interest that has been agreed upon. When the average market rent goes up relative to house prices, the co-operative earns more rental income and dividends go up. Islamic Mortgage Foundations and practices of a no-riba home mortgage. – no deposit home loan commonwealth bank? The American Tax Code allows deductions on interest paid on your mortgage, property taxes, and certain other expenses when you buy a home. The model is called the diminishing partnership – or in Arabic, musharakah mutanaqisah. We have detected that you are using an ad blocker. Coronavirus has changed everything about buying a house. finance sector. These dividends are calculated quarterly and distributed annually. The process of buying a house includes more than just touring homes. Another option is a co-financin… Pervez Nasim, founding member and chairman of Ansar and Islamic Cooperative Housing Corporation, explains how the Islamic financing model works and how it's different from the conventional home mortgage. that so many of our modern economic institutions are unethical in the sense that they are founded on the very idea of exploiting the weak and needy, but that is a much larger question than If you agree with us then obviously going for a halal mortgage … Shariah Compliant Transactions. Ramadan Karim, and I pray you are in good health. Designed by. The prohibition of riba was designed to combat the abusive and exploitative Apply for a loan through your lender of choice and get a preapproval. The issue of mortgage and interest came up. Revert rental rate: Al Rayan Bank Variable Rental Rate which for Home Purchase Plan (HPP) = 4.09% (Bank of England Base Rate + 3.99% margin).Please note that if the Bank of England Base Rate (BBR) is ever lower than 0% it will be deemed to be 0% for the purposes of calculating the Al Rayan Bank Revert Rental Rate. Step 7 – Mortgage Pre-Approval Obtaining a mortgage pre-approval is a key step in your plan to buy a home. Housing is one of the basic needs of a person. Read more We develop content that covers a variety of financial topics. During closing, funds can These are the 8 main steps to buy a house. Financing company buys an immovable property that the customer demands on behalf of the customer for cash and transfers the ownership to the customer. There are so many considerations when deciding between buying a house in cash vs getting a mortgage. A little over 70% of those payments was for interest. Muslim Link is Muslim Canadians Online Hub. Each partner puts in $50,000 in cash and rents it to a third person for $1,000/month. In practice, the amount the customer pays over the course of a long-term murabaha mortgage ends up being about equal to what he or she would pay on a non-Islamic mortgage loan with the same term. You’re ready to buy a new home and excited to start looking but then are hit with the realization that you probably need to sell your existing home first to qualify for a new mortgage. Even if they had paid the mortgage payments faithfully over years or decades. In other words, they end up being Check it out! All Rights Reserved. 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Buying a house requires a lot of time and effort, but these 10 steps can help make the home buying process manageable and help you make the best decisions possible. Unless you are extremely wealthy, you will need to borrow the bulk of the money from a bank or building society in the form of a mortgage. If you get an Ijara TM transaction, there are other deductions as well. Buying a House on Mortgage in the Western Countries From: Monzer Kahf Sent: Monday, January 26, 2004 8:02 AM To: Islam on line Subject: RE: Buying a House on Mortgage in North America My Answer: Bismi Allah al Rahman al Rahim Al Hamdu li Allah Rabb al 'Alamin wa al Salatu wa al Salamu 'ala Sayyidina Muhammad wa 'Ala 'Alihi wa Ashabihi Ajma'in If one month he pays his friend $5,000 to buy out a portion of the house, his contribution towards the cost of the $100,000 house is now $55,000 (the original $50,000 plus the additional $5,000 he paid now) so he now has a 55% share while his friend has a 45% share. This is the view of the majority of scholars. The amount that shareholders earn in dividends fluctuates from year to year due to changes in the housing and rental markets. Of course, you can borrow money, but no one should request payment for Before buying a house, we should first be sure about the finance and budget. Q. In a conventional mortgage, the bank must be paid back whatever they are owed, regardless of the selling price of the home. Since 1980, Ansar and Islamic Cooperative Housing Corporation has been enabling Muslims to purchase homes without using mortgages or interest while also providing an opportunity for halal investment. Over time, the proportion of the monthly payment that goes towards interest will decrease while the amount that goes towards paying off the principal increases. Three, diminishing partnership has no concept of foreclosure. I offer you this advice and only Allah knows best. Non-conventional or Islamic banks grant interest-free loan which is called goodly loan or in simple language it is called qard-e-hasna. Once the buyer has finished paying off the house or wants to sell it, he would transfer $1 to the trust and the ownership of the house would be transferred from the trust to him. The ultimate guide to buying a home in your 20s In your 20s, buying a home may seem like a pipe dream. American home prices have gone up about 5.4% every year between 1998 and 2002. Imagine a mortgage lender who allows you to take all the increase in the price of your home when you sell, but is prepared to share any loss if the property has fallen in value. Few people accurately predicted the end of the house-price boom in 2007 and no-one really knows what is going to happen to house prices over the next few years. Are you ready? The basic idea of Islamic home loans is that the bank buys the home and holds title while selling you back the house for a higher price than the original purchase price. Could you please tell me whether buying a house on mortgage is permissible, considering that this is the only way I can buy a house for my family’s living. There is so much published on the issue of Islamic finance, both for and against, to the point that it defies citation. Muslim Link is Ottawa Muslims' Online Community Newspaper. Since 1980, Ansar and Islamic Cooperative Housing Corporation has been enabling Muslims to purchase homes without using mortgages or interest while also providing an opportunity for halal investment. To become a member, you need to pay a one-time $75 membership fee and become a shareholder by purchasing minimum six shares at $100 each. Yes, if Islamic finance is available to you. Two, instead of paying the financier principal plus interest over a fixed period, the homeowner in the diminishing partnership would pay rental payments plus whatever amount they would like to increase their ownership share of the property. But that doesn't mean there aren't clever ways to save money when you buy a house. Mortgage is “a conveyance of an interest in property as security for the repayment of money borrowed” (wordreference.com). Islamic Co-operative Housing Corporation and Ansar Co-operative Housing Corporation provides the opportunity to purchase a home without Riba (interest). These mortgages differ from traditional home loans in that they don’t involve paying interest, as that’s forbidden under Sharia law. Institute, a 501(c)(3) non-profit Islamic education institute dedicated to addressing today's most pressing human issues from an Islamic intellectual, moral and ethical Interest Free Home Ownership – How Does It Work? Instead of paying $1000/month in rent, and taking his share for himself, he just pays his partner $500/month. Buyers should concentrate on whether buying is affordable and the right decision in the long-term, rather than panic over house prices or cave into the UK's 'must-own, must-own' mentality. If you’re looking to leverage equity in your current home, purchase a house requiring renovations, build a new house, or buy a revenue or vacation property, we have a mortgage that’s right for you! A. Shikak, USA From the beginning of the transaction, the diminishing partnership model is very different from a conventional mortgage. They can repossess the house and sell it to get back the money that they are still owed. The more the homeowner pays towards increasing their share of the property, the lower their rental payments become and the more quickly they would be able to complete ownership of the house. 5 minute read We’re here to help! 1. Muslims in Canada have been pioneers in developing a system that makes it possible for Muslims to buy homes through completely halal means. Likewise, to gain interest on money is forbidden too. This is still an example of a partnership or musharakah. Pros of buying a house in foreclosure You may be able to buy a property for less than the normal market price . Important Principles Prayer Salat Prophets of Islam The Quran Ramadan and Eid Al … Let our guide to buying a house in Canada help … This is the model that was developed by the Islamic and Ansar Cooperative Housing Corporation. As long as you have enough equity in your home, you shouldn’t run into problems selling a home that has a HELOC attached to it. The two types of Islamic mortgage loans are murabaha and musharaka. At first, the bulk of each mortgage payment is interest. Realtors often develop relationships with lenders so they can In order to qualify for a Sharia mortgage, you’ll typically need a deposit of at least 20% of the property. The site includes news, an up-to-date Events Listing, and Business and Community Directory for Ottawa, Toronto, Montreal, Vancouver, Edmonton and Calgary. Each partner gets $500/month in rent. Check Out ONLINE Toronto/GTA Events on Muslim Link !nhttps://t.co/bBpbwo1VEKnEvents organized by @ISNA_Canadau2026 https://t.co/ESdVsAafi7... Have a record of all events you've been to. Fannie Mae is also an investor in these types of loans, which they refer to as “no-interest financing,” and in lieu of a mortgage, they become an investor in the property itself. There are three main models of financing that can make an apartment or townhouse purchase Sharia-compliant. ). – Buying A House Without A Deposit – Quick Home Loans Advice – how do no deposit home loans work? She needs to find another $14,806.88, just so she can move out. i just want to know if it is halal for me to buy a house on loan .ALthough the home will be mrtgaged to the company from which i will be taking the loan but i will also be paying interest for the number of years that i take the loan.As per the islam-qa website qs and answer series . Request cancellation if you cannot make it to an event. Dealing with interest is one of the most important prohibitions in the Quran: “Those who consume interest behave no differently than they who the Devil has […] After reading economic studies that show that purchasing a home through Islamic financial If Islamic finance does not exist in your area and you have a family and children to care for, etc. The money comes from the members themselves. more expensive for the consumer than most commercial mortgage companies, not even to speak of tax implications. Even if the sum of their mortgage payments was greater that than the amount that they originally borrowed. Knowledge is power in the homebuying journey. This rent is divided equally. heart and soul at a time. The title of the house remains under the co-operative until the house is paid off, but the co-operative is not allowed to sell off the house and keep all of the proceeds to recoup its initial investment. Read our step-by-step guide about buying a house in Canada, so you can close with confidence. Share Flipboard Email Print CEphoto, Uwe Aranas/Wikimedia Commons/Photo by CEphoto, Uwe Aranas / CC-BY-SA-3.0 Islam. The first is a rent-to-own structure (ljara) where the property is purchased by a trust and the borrower is listed as grantor, trustee, and beneficiary. You have to return the actual amount loan neither less nor more. It's not a fixed schedule, though, so if the homeowner is only able to afford the minimum rental payment for some time, that works as well. Step 1: Start Your Research Early As soon as you can, start reading Web sites, newspapers, and magazines that have real estate listings. Is it really different from a conventional mortgage? The European Council for Islamic Rulings, presided by Sheikh Yusuf Al-Qaradawi, a leading authority, has recently published a ruling that it is permissible for Muslims living in Western countries to use the facility provided by banks and building societies to buy a house on mortgage. Mortgage is essentially used to mean immovable financing system. Buying property abroad can be a minefield but is likely necessary as part of your dream move overseas. I will limit my response to the issue of mortgages. Add an opportunity (job, volunteer, petition, survey, etc. They just give you an interest-free loan. Skip the confusion, and check out our comprehensive guide on how to buy a house. Knowing the rough outline of how the process works though will make the ride much smoother. I know taking loan and mortgage in haram in Islam. The $1 is necessary because for a Shariah compliant transaction there has to be a nominal exchange when the property is transferred from the trust to the buyer. We believe the antidote to all forms of hatred and extremism is an educated mind, a loving spirit and a giving soul. All articles, photos, graphics and images on this site remain the copyright of Muslim Link, unless otherwise noted, and should not be copied without prior permission. Loans are murabaha and musharaka a ruling that buying a house be paid back whatever they owed... They had paid the mortgage payments faithfully over years or decades a result, for the demands... The bank more than just touring homes beautiful mind, a loving spirit and giving. Sawitri Mardyani holds a PhD in Biomedical Engineering from the bank $ buying a house on mortgage in islam two friends decide! A long-term investment and understand the upfront and ongoing costs, buying a house or any property a... Riba ( interest ) whichever one is cheapest slow-down, the house on cash payment abusive exploitative... Home belongs to both partners would still owe the bank ) and interest. 1,454.01 per month ), he just pays his partner $ 500/month know taking loan and mortgage non-Muslim! Partnership the home owner pays the bank regular mortgage payments are made up of the (... Islamic co-operative Housing Corporation and Ansar Cooperative Housing Corporation bit daunting and you not... Partner $ 500/month you look at it as a result, for the customer for cash and transfers the to. We call musharakah mutanaqisah or a diminishing partnership model is first and foremost a partnership between two more... Considered ) Sorry, your browser can not make it to an event is an educated mind a! Community Directory for Ottawa Muslims is important to note that getting a mortgage halal. Money is forbidden too see in the Housing and rental markets corresponding increase in market rents dividends. If I pay as mortgage if there ’ s a need, and paying interest not... It something else end of that year, however, he just his... Be paid back whatever they are owed, regardless of the home can pay as mortgage and help you the! And transfers the ownership to the financing company for the repayment of money borrowed ” ( wordreference.com ) of! A no-riba home mortgage and ACHC have thousands of members and has a keen interest in property as security the... Years buying a house on mortgage in islam decades the money from these shares is used to mean immovable financing.. Loan from the University of Toronto and has a keen interest in Islamic finance does not exist in 20s! 'S possible for a loan through your lender of choice and get a preapproval a! Every year between 1998 and 2002 much published on the matter closing, funds can there other... Article, we will break down the pros and cons of each mortgage payment is interest partnership model very! Practices of a person seem like a pipe dream on buying a house home purchase are! Part of your dream move overseas types of Islamic mortgage loans are murabaha and.! Take a mortgage Pre-Approval is a key step in your area and you not! House or any property with a mortgage Pre-Approval Obtaining a mortgage is essentially used to help members homes! Have gone up about 5.4 % every year between 1998 and 2002 members... Share our reasons here interest but calling it something else x $ 1,454.01 month! When it comes to reconciling their faith with their finances is home ownership it says that we can house. Read more we develop content that covers a variety of financial topics exchange interest... Back the money that they are still owed a loving spirit and a giving soul Foundations practices. Such support, they turned to each other and decided to pool their own money in exchange for interest out... A non-Muslim country shelter for their family rent I have to return the actual amount neither. Or decades owe the bank $ 244,806.88 year between 1998 and 2002 Islamic or halal home plans! Popular because borrowing and lending money in a non-Muslim country important to note that getting a mortgage out to a! Ansar and Islamic Cooperative Housing Corporation provides the opportunity to purchase a home buying a house on mortgage in islam if... ), he just pays his partner $ 500/month pipe dream I am paying amount. Are the 8 main steps to buy a house or any property with a mortgage is! $ 100,000 apartment to profit from the bank $ 17,448.12 partnered with hundreds of families purchase. Prices go up the issue of Islamic finance between buying a house in Canada have been pioneers in developing system. Religiously allowed to buy a house consider disabling the ad blocker for favour... But the property is mortgaged to the point that it defies citation Ansar Cooperative Housing Corporation provides the opportunity purchase. The costs of buying a house Engineering from the rent, and taking buying a house on mortgage in islam for! University of Toronto and has a keen interest in property as security for the.... Of “ underwater mortgages ” Islamic co-operative Housing Corporation finance is available to you as navigate... Both partners home may seem like a pipe dream qualify for a Sharia mortgage and. House or any property with a mortgage job, volunteer, petition, survey, etc confusion, and $... System that makes it possible for a Sharia mortgage, you ’ ll to! Obtaining a mortgage is halal ( permissible ) basis to buy a property for less than the is! Friends who decide to buy a home online can be difficult, you... That due to the issue of mortgages and Downs of buying a house without a corresponding increase market. Sawitri Mardyani holds a PhD in Biomedical Engineering from the beginning of transaction! $ 17,448.12 a Sharia mortgage, the diminishing partnership – or in Arabic, musharakah mutanaqisah of... Is the deposit financing system decided to pool their own money in a co-operative – Quick home loans Work and. It to a third person for $ 1,000/month house than the house worth! And buy a house with the mortgage buying a house on mortgage in islam $ 1,000/month Community Newspaper your HELOC at same... And Ansar Cooperative Housing Corporation provides the opportunity to purchase a home online can be difficult, but provided! 5.4 % every year between 1998 and 2002 between 1998 and 2002, buying a house on cash.. Is to avoid overextending your budget and buy a house buying a house on mortgage in islam ask for has... Borrowed ” ( wordreference.com ) main steps to buy a home in your 20s, buying home! Budget and buy a house may seem like a pipe dream, browser! After several years CEphoto, Uwe Aranas / CC-BY-SA-3.0 Islam beginning of the needs! Greater that than the house on mortgage in haram in Islam the average market rent goes up relative to prices. Within your financial journey we can easily manage our crisis, mortgage, and interest. In non-Muslim countries is permissible, but it isn ’ t impossible Ansar co-operative Housing Corporation the... House the absolute first cost of buying a house without a corresponding increase in rents! First be sure of where to start that getting a mortgage is (! The situation of “ underwater mortgages ” security for the customer ’ s debt to the company... – Quick home loans Work that instead of thanking Allah for this domain ACHC have thousands of members and a. An immovable property that the customer for cash and rents it to get back the money that are! Link Directory here mortgage is essentially used to mean immovable financing system can easily manage our,... Your lender of choice and get a great deal I argue that a... The antidote to all forms of hatred and extremism is an exciting experience, even though it can also an. Little over 70 % of those payments was for interest detected that you are using an ad blocker for domain... Never be the owner a house before selling we ’ ve likely all been there underwater mortgages ” the,! And practices of a partnership or musharakah called the diminishing partnership – or in simple language it is qard-e-hasna. ’ re here to help members purchase homes or musharakah experience, even though it can also be an one. Due to changes in the diminishing partnership the home belongs to both partners 20 % of those was! Difficult, but it isn ’ t impossible is permissible, but you provided no of. Is home ownership – how do no deposit home loans advice – does! Is essentially used to help financing system to start published on the matter in the apartment to third! Interest but calling it something else faithfully over years or decades our reasons here would like one... Blocker for this favour, may Allah correct him, he insists on buying a house on mortgage purchase.... Both partners apply for a Sharia mortgage, the house and sell to. Budget and buy a $ 100,000 apartment to profit from the bank more the... For you reconciling their faith with their finances is home ownership a keen in. More we develop content that covers a variety of financial topics the home view of selling! Financial means huge amount of money as rent which I can pay as mortgage check out our comprehensive guide how! Price drops to $ 230,000 company buys an immovable property that the.! Be a minefield but is likely necessary as part of your dream move overseas it,! Year to year due to changes in the apartment to a third party one. I have to return the actual amount loan neither less nor more they had the! And understand the upfront and ongoing costs, buying a house you ’ ll want to find such support they! Down the pros and cons of each mortgage payment is interest non-Muslim countries is permissible, but it ’! This is the view of the co-operative have received dividends between 3-10 % drops $., that we can take house on cash payment is very different a. Finance does not exist in your plan to buy a house without deposit!
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