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‫]‪<qi‬ن‪+9‬א!א‪l‬ن‪,(,،0+9‬א?‪69‬א‪.‬א‪3‬و‬
‫א‪,H‬א`א‪*b , cW6o‬وא‪O,6o~\<@K‬אن<‪%%‬ن?‪69‬א‪.‬‬
‫א‪،‬و‪،c/E‬و‪O,*،c5 E‬ودول‪ª‬אونא‪K!'e‬و‪,‬‬
‫א‪O, O0‬א و‪ 65W K&c, ,E '%‬א\‪#r , ٪٤١ ~J \ , O, , xbJ‬‬
‫א אد‪ T ”F .‬א‪6‬د‪ ،E‬و‪65, *5U‬א‪ ., ٤٨{٨ .‬دو]‪, <F !,< .‬‬
‫\ ‪ *G !r: , ٪٤٦ ~J‬א אد‪ KE.‬و‪ 6G‬א\‪ , xbJ‬دول ‪ ª‬אون‬
‫א‪ , ٪٢٥ ~J \ , !'e‬א אد‪ T ”F ً 0 .‬א‪6‬د‪ ،E‬و‪r: *5U‬‬
‫‪65,‬א‪ ., ٤٨{٩ .‬دو]‪ *G !r: , ٪٤٨ ~J \ , <F !,< .‬א‬
‫אد‪ KE.‬‬
‫‪6‬‬
KO0‫لא‬0‫<سא‬.‫ق‬%,@J”ً(,;%?‫א‬3'+0‫א‬Y[ EWO, !‫ – و‬Cagmas Berhad 4%‫א‬U ١٩٩٦ ‫ م‬u ‫ق א‬% _5^< 6G‫و‬
, ‫ول‬H‫ א‬.‫א‬69?‫ א‬3.69< `‫ א‬،O0‫ א‬+^‫ א‬.5‫ א א‬i
Cagmas9.‫א‬69:‫ون‬K!,<.]‫ندو‬, ٥٠*5U‫א‬
+ ‫ א‬3‫א‬.‫א‬69?‫ א‬3‫وز‬¥ 6G‫ و‬K١٩٩٦ ‫ م‬u '% …‫ א‬6(‫ א‬.‫א‬69?‫א‬
Khzanah 3.69<,6+،١٩٩٧‫م‬u!,<.]‫دو‬.,U‫א‬G
c*Gً9،O,," #U‫א‬.*b%]‫زא‬co Nasional Berhad
،0‫ ل א א‬u ً 6d‫א‬. O, ™E ‫ و‬K!,< .]‫ن دو‬, ٩٨٥{٦
.]‫ندو‬, ٦٠٠*5U‫ول‬H‫!א‬0‫!א‬,"‫א‬.‫א‬69?‫_א‬5^<(
,b†…‫™وא‬H‫א‬.6µ 0‫!א‬O,‫و‬K٢٠٠٢u ‫´ <אم‬60‫!و‬,<
K٢٠٠٩‫م‬uc+0‫אًא‬ci ١٢–‫א‬PB5w 0‫א‬0‫אא‬, ٪٦٠~J \
(Khazanah ‫אول‬6 U5‫א\ א‬Oe‫ א‬9 3.69< ،٢٠٠٦ ‫ م‬u‫و‬
‫אول‬6U5‫א‬V‫و‬H‫א‬,;%?‫אא‬.JU Exchangeable Sukuk)
‫אق‬.‫و‬H‫א‬+žc_5W‫אא`وא‬, ٪٦٠,b<‫*<ن‬K¤‫א‬u
§O,.J_\(Securities Commission Malaysia)O0‫א‬0‫א‬
345‫א‬,+,*!4E‫و‬،.o?‫وא‬./0‫وא‬U.•0‫א‬,
‫و‬،3,6e‫و א‬،.'‫ و א‬،3‫א‬.5‫ وא‬،,‫א‬xW‫א‬0‫ و א‬%%H‫ א‬+J‫•* א‬E
K(Zawya, 2009)‫א‬.O‫وא‬+‫א‬3'+0‫א‬
‫! و‬U‫ ود‬wJ‫ א‬3,( _(‫ א‬،§e‫ א‬u W!'e‫ אون א‬ª ‫ دول‬
q+J‫ א‬#$‫ و‬6G‫ و‬K‫ א‬.‫א‬69: u .‫א‬6‫ن א‬, *Š U‫ א‬3\‫א‬
،٢٠٠١ ‫ م‬u ‫ و‬K ,i sd‫א\‹ و א‬G wJ O0‫א‬
O0‫ א‬q+J‫ א‬sJ9< N( ،‫ق א‬% u O, V: wJ‫א\•*_ א‬
‫ن‬, ٢٥ c*G 9 .‫א‬69U §e‫ א‬54+, u ‫ول‬H‫ א‬.60‫ א‬wJ
˜Jy!\60‫@אنא‬4‫א‬.‫دא‬:4%‫א‬U‫ول‬H‫א‬.‫א‬69?‫نא‬،!U‫د‬u‫و‬K.]‫دو‬
@J‫א‬3‫א‬.‫א‬69?‫א_א‬E&Y,‫و‬،٢٠٠٤‫م‬u!,<.]‫دو‬.,
W!,_+*•E‫و‬،٢٠٠٧™* ‫د‬V:٢٠٠٦+,PB‫;لא‬C!U‫د‬u
Y;Y~E6, –‫\…א‬Z.‫א‬69:™<E‫א‬.,?‫א‬.5‫א‬j+‫א‬i_5^<
K.o:!,<.]‫دو‬.,٣{٥٢*5U،‫<אم‬
.]‫دو‬., ٣{٥*5Uً‫א‬.‫א‬69:،"‫א‬x^+0‫! وא‬U‫א\¶د‬, %³,3.69< K!,<
K!,<.]‫دو‬.,٢*5Uً‫א‬.‫א‬69:!Jo54+,3.69< !,< .]‫ دو‬., ١{٥ *5U ‫ًא‬.‫א‬69: ،DP World i 3.69< K(Zawya, 2010)
7
‫و‪u‬אא‪<،#G‬نم ‪ ٢٠٠٧‬ن‪c/,ً,‬دאً‪69:¡(J +U‬א‪,.‬‬
‫‪ ., ١٠ ~*G‬دو]‪ ., ٧ , I5 , c+, ،!,< .‬دو]‪c JE _n !,< .‬‬
‫‪U‬א‪4%‬א\‪3‬א"‪ K!U6,‬‬
‫و‪u‬א_‪_5^<،‬א‪/‬א'‪.5.‬א‪,١٠٠c*Gً93‬ندو]‪.‬‬
‫<‪u!,‬م‪،٢٠٠٥‬و‪icJE‬א‪!,;%:.*b%‬دא‪.‬א]‪،.*b%‬א`‪3[J‬‬
‫‪,١٥٠˜J,‬ندو]‪ K!,<.‬‬
‫* <\‪ 3[/‬א‪ *0‬א‪ U‬א د ‪% ‬ق א‪0‬ل ‪(Capital Market‬‬
‫)‪u Authority‬م‪،٢٠٠٤‬وא`‪6U،_,G‬و‪%H!*‚+E!G%.^:U،.‬אق‬
‫‪<.‬سא‪0‬لوא‪6‬ن‪K‬و‪u‬م‪6E_5^<،٢٠٠٩‬אول‪%‬قאو א ‪6+‬א‪,XO'3‬‬
‫‪co‬د ‪c+‬ض ‪%[U‬אق ‪<.‬س א‪0‬ل א د‪< * K‬ن א‪ 3/‬א‪،qU% b, ،6d5‬‬
‫وא‪/‬א د‪،XUc‬وא‪q+J‬א دאŠ‪،6+‬و‪i‬دא‪.‬א‪.H‬ن‪*+‬‬
‫א‪ ،.5‬و‪ BU ً 9 3.69< ،«C< 3i‬و‪o. #G‬ل א‪< +‬ن *‬
‫…אא]‪4,/UŽ¥‬د‪u‬א ‪+‬א‪3‬א‪5‬د‪ K(Zawya, 2009),‬‬
‫و‪< ‹( u‬ن ‪%‬ق א ‪W ،~J4U !0‬ن א]‪ * u Ž¥‬א?‪69‬א‪ , .‬زאل‬
‫†‪/\« ,Y[E*K+,3;*I9‬ط‪Ni‬א‪6‬ول‪L‬א‪3;*Ux^+0‬א?‪69‬א‪K.‬‬
‫و‪u،!*W‬אž‪6‬אول<د\Ž‪U‬ن‪Ž¥]U‬א‪N!¸.‬א‪6,‬אدא‪<Y;b‬אمא‪ W@CH‬‬
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‫א*;‪ 3‬א"'&א?‪6U!r‬و]‪.‬א‪3‬א‪ !,H‬‬
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\‫و‬U.]‫دو‬
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‫א ;م‬.‫دא‬
‫א ;م‬
!%]‫ دא‬٠
١٢{٩٧
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‫ א›*ع‬٣٤٠٧٥{٥٣ ١٥٣١٠{٨٢ ١٣٦٠١{٠٤ ‫א›*ع‬
Zawya, “History of Sukuk Issues”, Zawya W.60‫א‬
Collaborative Sukuk Report, 2009, p. 43.
‫ن‬W،٪٤٠V: ٣٠‹Uƒ‫אو‬P‫ق‬4\u_‫زא‬,O0‫<ن(א¯_א‬,&U‫و‬
3‫א‬.‫א‬69?‫א‬.b %‫א‬#,،ً‫@א‬Jً+E_+E!,H‫א‬.]‫و‬6‫! وא‬E‫א‬.,?‫&א‬.6‫(א‬
a6“¤ ~\<‚(;,#,‫و‬،٢٠٠٨‫م‬u3‫א‬.‫א‬69?‫א‬#rYw+U!E‫א‬.,?‫&א‬.6U
.]‫و‬6‫ א‬Y[%‫ (‹ א‬u ~\W b0U‫ و‬K٢٠٠٩ ‫ م‬V‫و‬H‫ א‬ci< ‫ א‬u 3‫א‬.‫א‬69: <
‫ م‬u ٪٣٠ , b<‫ و‬،٢٠٠٧ ‫ م‬u 3‫א‬.‫א‬69?‫ א‬, ٪٤٠ N 6O y !,H‫א‬
,(™<!\bUN‚“`‫א*א‬,<‫و‬K٢٠٠٨‫م‬u٪١٠,G<‫\~(ز‬W،٢٠٠٩
…‫ وא‬،‫! אل א د‬cW 3‫א‬.‫א‬69?‫ א‬, ٪١٥ V: – ١٠ ~J \ y < ،3‫א‬.‫א‬69?‫א‬
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3‫א‬6dc6‫‚&א‬,‫ن‬W،‫א‬NW60‫א‬3‫א‬6dUx*W
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N OP‫ א‬#, E٪٤٨{٧F .60‫ \ א א‬, I5 , +E ¡ 6G‫و‬
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K(Zawya, 2009)O,,.‫אد‬3‫א‬.‫א‬69?‫‚&א‬0J +U.Jo:
‫אق‬%[Uo.6,‫א‬3‫א‬.‫א‬69:!r:,E٪١٤F‰5W١٠٨‫…<ن‬U6o‫و‬
o.60‫ א א‬, ‫د‬6 ™< \‫و‬6\?‫ א‬0‫אق א‬.‫و‬H‫ق א‬% «6‫ و‬K0‫אق א‬.‫و‬H‫א‬
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K(Zawya, 2009)E!,<
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N(‫ و‬،١٩٩٧ ‫ م‬d‫ <وא‬L ١٩٩٦ ‫ م‬C‫ <وא‬u V‫و‬H‫ א‬3‫א‬.‫א‬69?‫… א‬+,
K@CH‫א‬3‫א‬+ ‫א‬u9CBU‫و‬،‫א‬. :L‫ق‬BC:3](,‫د‬6a6(،‫אم‬
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K3GBC?‫ ًŠ…Žא‬%%H‫א‬IJ%H‫»א‬U‫م‬65‫و‬،‫א‬3GBC?@CH‫א‬
9
‫قא‬#-+Ud ١ J٣
)-‫&א‬#)‫ `א‬١ J١ J٣
N .60‫ א‬.6G ‫م‬6 ً ,* p ‫ق א‬BC: ‫ن‬W ،+B‫‚ א‬+‫ א‬co‫ و‬,
KcG5w%:o<‹„,6+‫א‬NJo‫אא‬3W6‫א‬,<‫אد‬6%
‫א‬i‫&א‬#` ٢ J١ J٣
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#, ‫دًא‬.‫]ن وא‬y.‫قא‬BC:‫ن‬W،‚+‫(א‬+‫א‬, ‫و‬K,;%?‫א‬/‫א‬
‫ @ <ن‬KcJ%, , &Š 6d‫ אא‬#W‫! א & د‬," ¬ ‫ل‬9< ‫د‬o‫و‬
‫א‬9³ ! ‫ون‬6, /‫ א‬X* ‫ن‬W ،&Y ,‫ و‬Kq‫ ذ‬h;C _JY< @CH‫ א‬a‫א‬6(H‫א‬
Kc5B‫‚א‬+‫א‬co‫و‬,‫א‬. :L‫ق‬BC:‫م‬cB,
!-‫א‬GW‫'א‬#J"‫ א‬٣ J١ J٣
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N( ‫ <و‬3$‫و‬B, u ‫ل‬C6‫ <و א‬،c ‫د‬U ‫م‬5‫ <و א‬،3,‫א‬O?‫ א‬o[ ! ‫א‬
K‫!א‬,(#,d•G3‫ز‬+,
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uV‫و‬H‫א‬3]"‫@– و!א‬CH‫א‬ciH‫א‬ub0‫אא‬,‫د‬6+‫ن‬
W!‫ولא‬6ž‫א‬uo.6,!‫و‬K+‫א‬
‫ع‬45‫ א‬.‫א‬69?‫\عא‬
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‫@ونز‬,_ :
(East Cameron Gas)
!,<
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9`%‫]ن‬
(Lagoon City Sukuk)
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9.‫_دא‬+* B\:
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9١ J_U‫ن‬6
(Goledn Belt-1 Sukuk)
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j+‫א‬9
(Nakheel Sukuk)
W‫…Žא‬,Oo,9‫*!و‬W‫و‬
10
،‫ س‬E u +d‫ وא‬،G4 ‫@ون ز‬, _ : i W٢٠٠٨ U< u
‫_ <ن‬J^‫ و‬،٢٠٠٦ ‫ م‬u !,< .]‫ن دو‬, ١٦٦ c*G ً 9 3.69<
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3W6,‫אد‬6%u AREPCO‫•א‬U5‫א‬/‫_א‬5BC<W٢٠٠٩+u
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_co‫ א` وא‬3U‫ א‬TJ U ~\< ~W µ ‫ ̈ذ‬،٢٠٠٩ ‫س‬., u ?BU .i:?
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KcJEP0‫א‬3,‫א‬O]‫אوא‬
u _5BC< c\< .*b%]‫ א‬.‫ دא‬،`‫ א‬.*b%]‫ א‬i _+< W٢٠٠٩ , u
.]‫ندو‬, ١٠٠c*G˜JE`‫א‬c93‫دא‬ci!,".‫ندو‬U‫אد‬6%
K!,<
‫אد‬6 U &5E ¤ ,6+ ‫ א د ¾*ل‬6% * _5BC< W٢٠٠٩ ™*W\ u
¹…‫אم א‬O"‫ א‬U x0‫‹ و א‬+% , xw 0‫\! א‬b‫ن א‬U‫א‬
u 5,‫ و‬،!,< .]‫ن دو‬, ٦٥٠ c*G ˜JE `‫( א‬Golden Belt-1)
_% ,6+ ،٢٠٠٩ ~\ u 3U9 ~o‫א‬E 6% * 3<6U 6G‫ و‬KwJ‫א‬
_%.< ،q‫ ذ‬6U‫ و‬KoH‫@ א‬G ‫ א‬u 3U9 6U c\‫?د د‬
a‫א‬6(< , 6O, ‫ع‬G‫ و‬#, ‫‹ א‬,< , ?BE a‫א‬6(<? ‫ع‬GU 3‫א‬.i:
b, ‫א‬3GBE?3c\‫א‬/E‫†<ن‬a‫א‬6(<V:ًW$:،B‫א‬
K.\‫אو‬P¯:u˜+6E6%/U50‫\\א‬5‫א‬3‫א‬X‫א‬o?‫א‬
5w 0‫א‬3W6‫א‬h5: 0‫!א‬U6U‫ א‬j+‫ א‬i_J^W٢٠٠٩™*W\u
‹"!,<.]‫دو‬., ٥{٢٥c*Go.60‫ א‬c93‫א‬.‫א‬69:,Y;YN
‫[ن‬/U‫ق‬BC?‫א‬UU_J+¥&Y،(“Islamic finance”, 2010)Š‫دא‬:
, 6 , c5E I5< u !,< .]‫ دو‬., ٤{١ c*G c¿ 9
K(Waki, 2010)¹±U<,d.^
•
•
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‫א‬X#G#-+#\‫א‬%#\‫ א‬٣ J٣
‫ <و‬IJ%H‫ א‬, ‫د‬6 ‫د‬B‫ א‬3GBC?‫ א‬3]( ‫אض‬%‫ א‬/
W!*WcB+E†‫و‬Ka‫א‬6(H‫…Žא‬X‫א‬.‫و‬P/0‫&א‬%‫א‬5‫א‬
"#‫א‬#"‫ א\زא‬١ J٣ J٣
_'\ `‫ א‬٢٠٠٨ ‫ م‬0‫ א‬0‫ א‬,‫ز‬H‫ و א‬.5‫وض א‬5‫אق א‬%< 3‫א‬.c\‫א‬
34G u ً , ً i*\‫ وא‬،!0‫د א‬G; ‫@ًא‬J ً o‫א‬E 36ci q‫ذ‬
‫אن‬65W&ÀC‫و‬،@J‫א‬+J‫א‬,‫د‬6‫ق‬BC:V: Ž…‫אض‬G?‫ א‬3,‫<ز‬3‫<د‬6G‫و‬K‫*ل‬H‫א‬
11
‫א‪ N5b‬א‪45‬عא‪XŸ<#ru!0‬א‪K¤‬و;(‪<²‬ن‪.YZ‬א‪H‬ز‪b,،,‬א‪u3U‬‬
‫‪ JE‬א*‪،‬و‪BC:‬قא‪6‬א‪،‹+d‬وא‪BS‬ضא‪«6T4‬א*;‪<،X‬د‪5%V:3‬ط‪,@b‬‬
‫א‪ ،3/‬و]‪ qE *%‬א` ‪4G u *E‬ع א@‪ W‬وא‪ ،0‬وא` ‪3] u *E‬‬
‫<‪b,،ً•<«C‬א‪3/‬א‪<*K.5‬نא‪+J‬א‪ 'e‬وא`\_‪,‬א‪d e‬‬
‫‪V:_“،0«C<+Jc$ETJ U‬א‪%H‬אقא‪ J‬א‪,H‬אل‪< ]:K‬ن…Ž‬
‫א‪ 3 %³0‬א‪ ،0‬وא` ‪ d e ً '\ _B$‬وא‪BS‬ض ‪o , c% 3 ,‬א‪X‬‬
‫א‪H‬ز‪E¤،,‬دא‪uً*d‬و‪,c+†#$‬د&א‪0‬א‪.‬دא`‪,cE[J‬א‪%H‬אقא‪,‬‬
‫‪;C‬لא‪BC: sJ9<”،‬ق…Žא‪,<3 %³0‬אً]‪+,‬ص‪&GBE#,~+,‬א‪#$‬‬
‫א]‪G‬دאم‪ K‬و‪W،&Y,‬نא‪d e‬אא‪%‬א‪4+‬ق‪، Ux*W‬و‪65W‬אن‪5Y‬‬
‫א‪o,*b 0‬א‪X‬א‪H‬ز‪,‬א‪0‬א‪0‬א`و‪+9u3YÀ <،٢٠٠٨™*J%6U_G‬‬
‫א@‪ W‬א?‪ TJ U ,;%‬א? ‪.‬א‪ 3‬وא?‪ 3GBC‬و‪:‬د א‪6‬ن ‪(Murdch,‬‬
‫)‪ K2009a‬‬
‫‪ ٢ J٣ J٣‬א‪#jGn!C,‬عא‪'#‬א‪ X‬‬
‫\‪4GN‬عא‪.5‬א‪X+Y<3‬א‪H‬ز‪,‬א‪0‬א‪0‬א‪،@CH‬و‪Áq…ً'\ًJ%3Y[E‬‬
‫‪,‬א‪3/‬א‪.5‬وא‪3 %³0‬א‪0‬ذא‪3‬אضא‪…Š@J‬אא‪45‬ع‪K‬و‪u‬אא‪،#G‬‬
‫‪W‬ن زد אض ق א‪< .5‬د« ‪ V:‬א‪BS‬ض ‪o u‬د א‪9H‬ل ‪ /U‬م ‪‹U‬‬
‫א‪3 %³0‬א‪u0‬א‪/‬قא‪H‬و‪ K(Azzam, 2010)‰%‬‬
‫* <ن ‪%‬ق א‪ ،‬و]‪ 54+, u *%‬א‪ _\ ،§e‬وא‪+* _“ G‬‬
‫‪ .4,‬א‪.5‬א‪ K3‬و‪ #o‬ذ‪< V: ‰5W ª ،q‬ن א‪.5‬א‪9< 3‬ل ‪،cE c‬‬
‫و‪I5<u~\Hً•<º:‬א\‪%<.c‬אقא‪ &c%H‬א‪u'e‬م‪،٢٠٠٦‬نא‪, .5‬‬
‫א‪9H‬لא‪K.*b%; U0‬و …‪,@b ~oE¡ q‬א א‪u•dB‬א‪I954+0‬‬
‫‪#./,‬א‪*+‬א‪K.5‬و ‪<6G‬د«…א‪V:‬زدא\شא‪.5‬א‪u3‬א‪V:ًW$:،54+0‬‬
‫‪,‬و\א‪3*‚+‬א‪\\5‬א‪.*b%]U50‬א‪3‬א‪K.5‬و‪،&Y,‬و‪<JG‬ن‪!c+‬א]زد‪.‬‬
‫א?‪u!*G‬א‪c\u 6/‬م‪X6U6U،٢٠٠٨‬א‪H‬ز‪,‬وא‪BS‬ض<‪.%‬א‪_\،‰B+‬‬
‫א‪.H‬א‪!$‬وא‪9H‬لא‪!.5‬א‪9H‬لא‪69?6\ 0‬א‪.‬א‪3‬א‪K‬و‪6U‬ذ‪،q‬و‪,6+‬‬
‫‪4G N5E‬ع א‪.5‬א‪ 3‬א•‪ #r _\ ،U‬א‪9H‬ل א‪ Ž…Š 6\ 0‬א‪ ،‬و‪،&Y ,‬‬
‫\_‪ci.YZ,‬دא‪3‬א א`\_‪< cU,6,‬وא`\_‪cU4JE,‬‬
‫)‪ K(Kasoloky, 2010‬‬
‫و‪ V: W$?U‬ذ‪ ،q‬و‪%< u‬אق א‪/‬ق א‪H‬و‪ ²„ ¤ ،‰%‬א‪\5‬ن א‪.4U .5‬‬
‫‪ ،h‬و‪ _\ ,6+ NwW ،!U‬א ‪9HU ,6,‬ل‪«6 ¤ ،‬‬
‫א‪.E*b 0‬وא‪5( «6,u s$‬ق‪Ž…cUx*W ً * &c,‬א‪9H‬ل‪<*K‬ن‬
‫‪12‬‬
V: ‫ع‬oU ?‰%‫و‬H‫ق א‬/‫ א‬9? +U &5E ¤ !\*d]‫ א‬+‫ א‬3]‫و‬
KŠ‫אא‬3\\*d]‫א‬X;0‫א‬NX+UcB+À 9*Œ\:‫ل؛و‬9H‫א‬
eJ@‫'א‬#F‫ض‬#-p‫א‬RWA‫אض‬,G‫א‬L‫ل‬J@‫`א‬#‫א‬X#@W"‫ א‬٣ J٣ J٣
.%<3 y ً 5Y‫^ًو‬JE.‫(א*א‬+‫א‬, ‰JE‫ @ א‬E‫ن‬Hً‫\‚א‬
‫ضאم‬BS]‫א‬#,ً•<!_•BS‫א‬U9e‫ א*א‬3]6,‫ن‬W،6dB‫א‬
&. ‫אق‬%H‫ א‬, 0‫د א‬.‫א‬0‫ א‬, 6O, J 3/‫ א‬#W‫ ¬ د‬،6dB‫ א‬.%< u
3‫ و <*ل ذא‬#./, u ‫د‬.‫א‬0‫ …Ž א‬±E N .65‫ א‬V: ‫(ن‬H‫» א‬U u .5W‫א‬
u*b 0‫א‬h^,‫א?*ل‬,.65U‫ن‬PG‫א‬6G‫*<ن…א‬Kw$‫دوא‬G:«‫و‬6o
KŠ*<‫*و‬0‫א‬3/‫א‬%‫א‬.‫د‬uTo‫אא‬xG6‫وא‬6cž‫…لא‬U
A!j"‫א‬q#-‫א‬rU‫'قא‬#@;‫ א‬٤ J٣ J٣
± ،‫م‬٢٠٠٦ ‫'! م‬e‫ אون א‬ª ‫ دول‬u &c%H‫אق א‬%< .c\‫ א‬I5< u
, c+( u ‫ א‬36U‫ و‬K*b * U‫ل אžذ‬9H‫ א‬3 W , G ‫د‬6 +
^j0‫ وא‬،‫•*ن‬0‫~ א‬Ji _Ub‫ א‬C6‫ א‬u b*E —dC , Š y ،U‫ذ‬o b<
•BUcW&Š‫א‬,< .*b%‫א‬N‫*ون‬b 0‫א‬JG< 65W ~‫و‬K‫אول‬6‫א‬UG‫و‬،‫ود‬6‫א‬
KŠ*‫א‬6‫لא‬9H‫وא‬،!,;%?‫א‬c
‫א ق‬.4E‫م‬6&.‫א‬u.*b%?‫א‬N@J‫لא‬JG?‫…אא‬a6(6G‫و‬
# ‫א‬º‫قאو‬%Y‫א‬6(‫*<ن‬KW‫א‬i?‫\\وא‬5‫‚*وא‬+‫א(!א‬+‫א‬,
9W‰E¤,;%?‫א‬/‫א‬#,5W‫א‬,+,Z‫ص‬W‹b(J‫*א‬b *cU‫ذ‬o‫و‬
¹ ‫@א‬Y[‫א‬.4C‫א‬.‫د‬:,0‫א‬3^/+‫א‬NW/0‫א‬,"‫א‬34 W
3/‫א‬JG, E‫•<و‬E‫د‬o‫ق…Žא<وو‬BC:(u*b 0‫א‬N
K*b 0‫Žא‬¥.60‫א‬
‫א‬X#G#-+U'#[s J٤
,;%?‫ א‬0‫ א‬+‫ א‬N Y< P% @CH‫ א‬3GBC?‫ن א‬:
‫אض <ن‬PW‫ * <ن א‬Kc*“ `‫ א‬5J40‫ א‬L 0‫ א‬/‫ א‬g‫د‬J0‫ א‬N‫ و‬،
,6, c\ TJ U 65‫ א‬3'+0‫ א‬, ً \,< b< ! ,;%?‫ א‬0‫ א‬3'+0‫א‬
Ž… ‫ “ول‬,6+ 9C ‫ و‬q/‫ א‬, @bU ‫ن‬l‫~ א‬: ‚+ sJ9< ,< ‫د‬6z ‫ل‬9[U
‫ق‬BC:NJEP0‫א‬.Yl‫»א‬U‫א‬3‫א‬5B‫دא‬.E‫و‬K65‫א‬3'+0‫א‬z3'+0‫א‬
K‫א‬3‫א‬.‫א‬69:»U
‫ل‬YtAj"‫אא‬eA#‫ل‬YtA"‫ אא‬١ J٤
»J (P50‫د אŠ א‬:‫ و‬،‫ א‬.6,̈ »U . : co‫א‬, u
,sJ9<6G‫و‬K,‫ول‬H#G‫ضאא‬.<N‫א‬.JC‫א‬°،‫א‬
13
‫; ‪ y‬א‪9H‬ل‪K‬‬
‫אא‪O, Ÿ N s$‬א‪< 6‬ن ‪6‬دًא ‪6z‬ودًא ‪ ,‬א *‪ً W #‬‬
‫*<نא ق<‪BE_wJ9‬ق*ً‪‹U‬אא‪9[U,60‬لوאא‪4JE0‬‬
‫‪9[U‬ل‪ K‬‬
‫و‪< &.‬ن א‪ /‬א?‪P/E ,;%‬ط <ن ن * ‪ u *b‬א (‪5‬ق ‪u‬‬
‫<‪9‬لא–‪<N+y‬ن…Žא‪<!J+‬ن‪JE‬عŠ& و‪<!J+‬ن̈‪ÂwE‬لא‪/‬‬
‫א‪,.µ60‬א‪9H‬لŠ&–‪<6¯+\<]:‬نא‪…+,u‬א‬
‫‪5E‬م‪Nc*‚,u‬א?‪JE.‬طא‪9HU!/‬لدونو‪o‬دد‪‘V:!55(#UN‬‬
‫א‪K‬و ‪]،q…*'+‬ن* ‪u*b‬אא‪9[U 4JE0‬ل‬
‫(‪5‬ق ذא‪<3‬و<و(‪5‬ق א‪,‬ز‪9<N‬لא‪<U K‬نא‪9H‬لذא‪3‬א‪E‬د‬
‫*‪ .6‬א‪ !9H‬א… <‪ Kً B, sJ9‬و‪ ,‬و‪ co‬א‪ ‚+‬א‪E ،\\5‬ن‬
‫‪*b ,3J40‬א\‪« ,ªB‬א‪H‬و‪6‬א‪‹+d‬א‪ K‹65‬‬
‫‪u ٢ J٤‬א‪X#G#-H‬א‪ #‬‬
‫‪n‬א]‪3GBE‬א‪\\5‬א‪<V: ً ,* U9e‬ن‪E‬ن‪ ,ً\65,‬و‬
‫‪@b‬א‪qU/‬وذ‪,@buc\Hq‬א‪(H‬ن“ولא‪‹UxW‬א‪3J40‬א‪,/‬‬
‫‪co‬و‪‹U‬א‪3J40‬א‪co,\\5‬א‪«C‬وא`‪™E‬א*‪<,ً \ً ,‬دوא‪3‬‬
‫א* ذא‪ 3‬א‪ 6d‬א‪6‬د‪ K‬و …‪W ،q‬ن ‪ &‚,‬א‪69‬א‪.‬א‪ 3‬א ‪6JE‬و ‪,‬א‪#, 5W‬‬
‫‪ @,‬א‪0‬א‪o‬وא‪3 %³*J%‬א‪0‬א?‪(,,;%‬א‪(,]/‬‬
‫א‪*•0‬ن‪ KEMoody’s, 2009F‬‬
‫و‪[/U!$5o(N•,*W+¤‬ن‪69:‬א‪.‬א‪ 3‬א‪،‬و~‪W‬ن‬
‫א?^‪.‬א‪z¤!\\5‬א‪<6UK.JC‬ن(]‪3‬א?‪BC‬ق‪u‬א ‪6‬אد‪،‬و‪:‬د‬
‫‪< ،‬د‪ V: 3‬א(‪6‬אم אž‪6‬ل (ل א‪ J4‬א‪ \\5‬א"‪ K 55‬و‪3.Y< 6G‬‬
‫(]‪3‬א? ‪%u.‬قא<‪(w, %‬ل‪+, EB‬ز‪3‬א‪،‬‬
‫وא‪ B‬א` & ‪ ‘ ,, cU‬א ‪ ‘ #, \.50U‬א‪6‬ن א‪u 65‬‬
‫*‪:3‬دאŠ<وא?‪;W‬س‪ K‬‬
‫‪ ٣ J٤‬א\&א‪D‬א‪X#G#-+Uv!w‬א!‪'Fn‬ضאא‪ BG‬‬
‫‪ ,‬א‪ (+‬א‪E ,6+ ،‚+‬ن א ‪,‬א‪ / 5W‬ن ‘‬
‫א‪,&…d6+‬א‪9H‬لא`‪5E‬م‪Ž…c‬א‪،‬ونŠ&א"‪x‬‬
‫‪ u‬א"ل ‪ cE5W6E N‬א‪ ،65+‬ون ‪[i ,‬ن ‪BC:‬ق א‪< .60‬ن ن "*‬
‫א א"ل ‪ N‬א‪9H‬ل و א‪6j%‬א‪6% u c,‬אد א‪ ˜J0‬א‪ ]: K&Š 5w 0‬א\~ ‪u‬‬
‫אא‪#G‬א‪W،!B‬ن(]‪3‬א?‪BC‬قא`‪»UcU_+,‬א‪u‬א‪l‬و\א‪36ci@CH‬‬
‫‪i‬وع ‪ .6,‬א ‪: 3* u‬د אŠ‪ ،‬و د‪C‬ل ‘ א ‪u‬‬
‫א‪ 6*¥3GBE‬א‪”#,،#$‬א‪ .60‬و‪3W6UXW«C< d%‬א‪،U40‬‬
‫‪14‬‬
‫دون < †‪.‬س ‘ א * ‪PB,‬ض (‪5‬ق ‪ u &c,‬א‪9H‬ل א‪6‬א*‬
‫‪ K&c‬‬
‫و …א ‪ u‬א"‪X \ +° 55‬ل ‪ ,‬א‪ «C‬א"‪ 55‬אž و‬
‫‪ Kc‬‬
‫‪; ٤ J٤‬אنא‪ x‬‬
‫‪65‬ن‪<c\<N‚+‬دوא‪,3‬א‪#,5W‬א‪/‬وŠ‪d3\,:‬‬
‫‪ J‬א‪0‬א‪.‬د ‪ ,‬א ق ‪5‬م ‪.*b%U‬א‪ً6d x5“ 6 3‬א * ‪ *b‬و ‪u & E‬‬
‫א‪ *+‬א]‪G‬د ‪6‬ول א?‪ K,;%‬و ‪ _\ 65‬א ! א(‪ 6‬א‪.e‬א‪ 3‬א‪*c0‬‬
‫* ‪‚\*b‬אً‪,~U& E0‬د‪ 5 ,C‬و
^‪6z‬ود‪%_'%،~q… K‬ق‬
‫א‪º‬אً‪4,‬دאًوא™‪69:‬א‪.‬אو‪<†*c,%‬ن‪5E‬مא"‪3,‬‬
‫<وא‪ JUŠ;C,3/‬א‪,H‬אل‪,‬א‪,ŸN*b 0‬א‪،/xW‬و‪&Y,‬‬
‫‪°‬א‪6j%‬אم…Žא‪,H‬אل*‪u@J*+E#./,‬א›]‪3‬א?‪G‬دא‪KBj0‬‬
‫‪<6U‬ن(]‪3‬א‪ b‬א`‪cU_+,‬א‪u‬א‪l‬و\א‪@CH‬ز‪5Y_O‬א‪u*b 0‬‬
‫…Ž א‪ 354+0‬א‪ ‚+‬و <‪ً @b 3.Y‬א ‪ ,‬אž‪6‬ل (ل ‪ Z‬א و ‪c,X;, «6,‬‬
‫ن<دوא‪*+Wn3‬א]‪G‬د‪,‬א‪#,5W‬א‪/‬א?‪ K,;%‬‬
‫‪ ٥ J٤‬א]‪y#W‬א"‪#‬وא"‪Jx@W‬ونא"@‪[t‬ون‪ #PA‬‬
‫‪ , ~\< #,‬א‪ &'( 66“ ً ( T‬א‪ d e‬א‪ 0‬א‪ B‬א‪3]( r+‬‬
‫א‪3GBC‬א‪u‬א‪l‬و\א‪‚\@CH‬אً‪H‬نא‪^H‬א‪h‬א‪OE]+0‬אل̈‪NÃ4Ä E‬א‪_G‬א;زم‬
‫‪5‬م ‪: I5< u #W6U‬د אŠ‪ ،‬و\‪ 5‬א]‪ «C< %³, V: .*b%‬و@ ‪,‬‬
‫א‪,~\<]:،.,H‬אא‪< s$‬نא‪*5‬א*‪‚\BE,‚Ed j‬אً‪&'(™V:‬‬
‫‪%‬قא‪ KK‬‬
‫و" א"‪65W،²‬ن‪*b ,&‚,‬א‪,‬א‪,]3 %³0‬א‪WH‬אدو‬
‫‪#G!U‬אنن‪3GBC:d e‬א‪@Y[E‬אً‪6z‬ودאً‪Ž…N‬א‪]:K3 %³0‬‬
‫<\~\‚אًžذ‪U‬א[دא ‪<,‬دوא‪3‬א‪C6‬א‪6‬دوא‪0‬א‪#,5W‬א‪~\W،/‬‬
‫‪ #G‬زد ‪6‬د א‪WH‬אد א‪4, /U cU *b 0‬د ‪ 9C‬و <ن ‪6‬دًא ‪O,‬א‪ً 6‬א ‪,‬‬
‫א‪3 %³0‬א‪i6G0‬ع‪+9ƒ^u‬د‪x‬א‪KU.*b%‬و‪T°!U‬א‪@B‬‬
‫‪ T\o , 6o /U‬א‪ +‬א‪ 0‬א?‪ ‘ X4: u ,;%‬א™ ‪*b 0‬‬
‫אو‪9C‬א‪WH‬אد‪&c+,‬وא…‪*b 6G‬ون ‪.6G‬אً‪@J‬אً‪C6,,‬א‪&cE‬א‪0‬‬
‫א`‪JE‬א‪cru‬ز‪%uً;^ً+,‬ق‪3'+,‬א‪ K‬‬
‫‪15‬‬
‫‪ J٥‬א'وسא"‪#-@W‬دوא@‪ X#Y‬‬
‫‪\ ! *W‬ض ‪ , ً •U‬א‪.6‬وس א‪B 0‬د و א‪ 3(P50‬א` \« <\‪6o *c, c‬אً‬
‫‪%.4‬قאوא"‪N±B‬א‪*+‬وא‪60‬א‪+G‬א‪0‬א?‪ K,;%‬‬
‫‪' ١ J٥‬א‪X‬א‪q#P-‬وא!‪#h‬نא‪'eA#i‬א‪X‬א‪W‬ق ‬
‫;\‪9<,ً ¥‬ل(‪55‬‬
‫‪‚+‬א‪V:Xc5B‬א‪<cB9U‬دوא‪x5“,3‬د‪ً C‬‬
‫‪69: &6E‬א‪.‬א‪ ‚+ ‹( u ،cE‬א ق ‪ V: ً W‬א ‪< c\< N‬دوא‪ 3‬دن “‪x5‬‬
‫د‪N!%%</U6*ً UYً;C‬א‪+‬א?‪!\*d‬א‪.60ƒ+*0‬א‪ K‬‬
‫و;(‪<+²‬نא*‪sEً,‬א›ل‪#U^OO‬א‪C6‬א‪ً]6U_Ub‬‬
‫‪,‬א‪#U4‬א‪!/‬א‪50‬د‪Kc+,‬و\‪_B‬א‪[E,6+~\<V:+‚+‬زمא‪.,H‬و‪[ ,.bE‬‬
‫אא‪#,xW‬א‪W،/‬ن‪*b ,‬א™ون<نא'نא‪!/‬א`‪E‬ن‬
‫‪³ ,‬وא‪c\u,H‬א‪ Kh40‬‬
‫…א\‪<+!9‬ن‪!E‬א'نא‪/‬א*‪cUًB•,ً,‬אو<ن&‬
‫א[‪,6‬אŠ?א"‪?55‬و‪?ª‬א‪?.‬א`‪5‬م‪69:c‬א‪.‬א‪*K‬‬
‫\‪< ً •< !9‬ن ن ‪< 6( +‬د\‪BE© N‬ق א‪( !c5B‬ل א•א‪ ‰U‬א‪ %%H‬ن‬
‫‪69:‬א‪.‬א‪ 3‬א ‪,‬א‪ / 5W‬و ذ‪ …jE ] N( q‬א?‪ 3W;C‬א‪ c5B‬א‪J4‬‬
‫ذ‪*?.‬د¿ج‪<#U^V:U‬دوא‪3‬א‪6‬نא‪ K65‬‬
‫‪g ٢ J٥‬و'א@‪eYt‬א‪'#WULX#G#-+IP-‬א ‬
‫‪,‹JE65‬אא‪#G‬א*!<ن‪+9‬א‪cB,c6ª‬م‪6z‬دو‪‰J•+,‬‬
‫‪BC: 0‬ق‪ . : L‬א ‪ ,‬א‪ (+‬א‪ c5B‬א‪< * KwJ‬ن ‪ً@b +‬א ‪,‬‬
‫א‪ h;e‬و אž‪6‬ل (ل א‪ N+0‬א‪ 3GBC? !c5B‬א و ذ‪< V: ‚+U q‬ن ‘‬
‫א&‪u‬א‪,c+‬א‪9H‬لא‪69:cU,60‬א‪.‬א‪3‬א‪ K‬‬
‫…‪6\q‬א‪Xc5B‬وא'نא‪</‬نא‪o‬א‪cB,‬م ‪BC:‬ق‪. :L‬אو‬
‫<ن&‪,~9[E‬א‪(+‬א‪c5B‬و“‪$66‬א‪6z‰U‬د?‪BC‬ق<و‪. :‬א‬
‫‪ ccU‬א‪60‬د ‪E‬ن ‪ + ً o,‬א‪ 0‬א?‪< !9\ * K,;%‬ن ‪ &E‬د‪.‬א‪%‬‬
‫א‪.e‬א‪3‬א‪!,"/‬א‪3](u‬א?‪BC‬ق<وא? ‪ K.‬‬
‫‪# ٣ J٥‬د{א‪eA#i‬א‪X#G#-‬א‪ #‬‬
‫‪,‬א‪<&c0‬ن‪™E‬א]‪ 3GBE‬وא‪xdY‬א‪69?\\5‬א‪.‬א‪ 3‬א ‪@JE‬אًوא‪ًw$‬و‬
‫د‪J,ً5G‬د‪g‬א‪/‬و‪$‬א‪‰U‬א'نא‪#,/‬א‪.N‚W‬وƒא‪J0‬د‪g‬א‪/‬‬
‫‪u‬א‪3;,0‬א?‪,;%‬و‪±ª‬א‪K‰5W‬و‪:~\W55"U‬ذא‪OE¤‬مאŠא‪0‬‬
‫ و‪,cU,‬א‪U3GBE‬وƒא‪sJ…d6+،/‬א‪*b 0‬ونא‪b(J‬ن‬
‫א‪.*b%‬א‪,3‬א‪•ً$/5W‬وא?‪;%‬ل‪ K‬‬
‫‪16‬‬
‫و‪…u‬אא›ل\‪<!9‬ن‪5E‬مא‪6‬ولא?‪69U,;%‬א‪\\G3/E.‬وא‪w$‬و‬
‫‪6z‬د ?‪69‬א‪.‬א‪ 3‬א ‪. cW N+JE‬وƒ א‪J0‬د‪ g‬א‪ /‬و ‪ 695,‬و ذ‪N( q‬‬
‫ن‪E+‬א‪Ž…‹UxW‬א‪J0‬د‪g‬א‪co,/‬وא‪3/‬א‪K«C<co,\\5‬‬
‫*\‪!9‬אن‪Ž…N+JE‬א‪$3/‬א‪(‰U‬ز‪!,(*",‬אوא"‬
‫دون א‪6j%‬אم <دوא‪ 3‬א א?‪< 3i * ,;%‬و \‪ E B$ 3‬‬
‫<‪,‬אلא‪*b 0‬و‪C6,#•E‬א‪ K&cE‬‬
‫‪ ٤ J٥‬א^א|وא‪`A#G‬א‪X#j!W‬א"}@ ‬
‫] † ‪% H‬ق <ن ‪ XBU *E‬دون و‪o‬د ‪G‬א‪ *‚+E 6‬وא‪c•E w$‬‬
‫א‪ OcoH‬א‪ u j0‬א‪6‬و‪ K‬و @ ‪ ,‬א‪%H‬אق‪“ ،‬ج ‪%‬ق א ‪G V:‬א‪6‬‬
‫و‪ 3*‚+E‬وא‪“ * w$‬ج ‪ , #W. « , V:‬א?‪i‬א‪ h‬א‪ JG , B‬א‪OcoH‬‬
‫א‪uj0‬א‪6‬و‪º&6‬و‪ K.4E‬‬
‫…א\‪!9‬א‪OcoH‬א‪uj0‬א‪6‬ولא?‪,;%‬و@‪,‬א‪6‬ولא`‪69Us* E‬א‪.‬‬
‫א ‪%< u‬א‪ cG‬א‪< 0‬ن “‪6‬د ‪69: N h/E ,( ½. 3 ‬א‪.‬א‪3‬‬
‫אو‪E‬א‪TG‬א‪3^/+‬א‪Bj0‬وא*‪3‬א‪%<u0‬אقא‪ K‬‬
‫‪ ٥ J٥‬א‪'#[4‬א"@‪n!G‬א)‪#‬א"‪#‬א
‬
‫‪³%Å‬אل‪+!J+‬א‪0‬א?‪<,;%‬ن‪E‬א‪,@J.65U~co‬א‪WB/‬‬
‫و‪J%z‬א‪ªB+‬و ‪:,‬ذא\_…Žא‪h6cE+‬א‪.‬א‪H‬دوא‪3‬א‪ 0‬א‪65‬‬
‫; ‪< 4‬دوא‪.? ªE , 3‬وƒ? א‪ /‬و ‪: K695,‬ن ‪< +‬ن‬
‫<م <\‪ً W N E c‬‬
‫\‪< hP‬ن א‪ +‬א‪ 0‬א?‪ ,;%‬אم ‪ z N c*‚, u OE‬א‪H‬دوא‪3‬‬
‫א‪ ™ 65‬אž*‪ 3* , 65, % ‹U #‬א‪ #J‬و א‪/‬א‪ X‬و ‪;^:‬ق <½‪U X‬‬
‫‪ Kc‬‬
‫و…‪< ™\ +\W q‬ن <ز‪ 3GBC: ,‬א ! ‪G Uby‬ع 'س ‪ ً r +‬و‬
‫\‪< o‬ن‪ E‬א‪+‬א‪0‬א?‪Ž…cE\jy,;%‬א‪H‬ز‪o,‬ع ‪V:4C‬‬
‫א‪.‬א‪X‬و‪o:‬א‪5*,a” X‬ود‪.‬א‪¯:¡0•B ,3%‬زŽ(‪N‬א‪l‬نو‪¡ ,‬א?‪BC‬ق‬
‫‪~W‬وذ‪<JG\X4C<,&\N(q‬ن‪3B‬א‪H‬وאنو\‪+E*5Y65B‬א`‪_±‬و‪W‬‬
‫ودא*‪q(<uN(+‬א‪H‬و‪ K3G‬‬
‫‪17‬‬
‫‪Y
+ ٦ J٥‬א@‪X#Y‬‬
‫‪< ١ J٦ J٥‬ن ‪ !E‬א'ن א‪ /‬א*‪ cU ً B•, ً ,‬א و <ن &‬
‫א[‪ , 6‬אŠ ?א"‪ ?55‬و‪? ª‬א‪ ?.‬א` ‪5‬م ‪69: c‬א‪.‬‬
‫א‪<ً•<!9\*K‬نن‪<6(+‬د\‪BE©N‬قא‪(!c5B‬ل‬
‫א•א‪‰U‬א‪%%H‬ن‪69:‬א‪.‬א‪3‬א‪,‬א‪/5W‬وذ‪N(q‬‬
‫]‪…jE‬א?‪3W;C‬א‪c5B‬א‪J4‬ذ‪*?.‬د¿ج‪U‬‬
‫‪<#U^V:‬دوא‪3‬א‪6‬نא‪K65‬‬
‫‪6\ ٢ J٦ J٥‬א‪Xc5B‬وא'نא‪</‬نא‪o‬א‪cB,‬م‪BC:‬ق‪. :L‬א‬
‫و<ن&‪,~9[E‬א‪(+‬א‪c5B‬و“‪$66‬א‪6z‰U‬د?‪BC‬ق<و‪. :‬‬
‫א‪ccU‬א‪60‬د‪E‬ن‪+ًo,‬א‪0‬א?‪*K,;%‬‬
‫\‪<!9‬ن‪&E‬د‪.‬א‪%‬א‪.e‬א‪3‬א‪!,"/‬א‪3](u‬א?‪BC‬ق‬
‫<وא? ‪ K.‬‬
‫‪< ٣ J٦ J٥‬ن ‪5E‬م א‪6‬ول א?‪69U ,;%‬א‪ \\G 3/E .‬وא‪ w$‬و ‪6z‬د‬
‫?‪69‬א‪.‬א‪3‬א‪.cWN+JE‬وƒא‪J0‬د‪g‬א‪/‬و‪695,‬وذ‪N(q‬‬
‫ن‪E+‬א‪Ž…‹UxW‬א‪J0‬د‪g‬א‪co,/‬وא‪3/‬א‪\\5‬‬
‫‪<!9\*K«C<co,‬ن‪Ž…N+JE‬א‪$3/‬א‪(‰U‬ز‪*",‬‬
‫(‪ !,‬א و א" دون א‪6j%‬אم <دوא‪ 3‬א א?‪,;%‬‬
‫* ‪< 3i‬و \‪,< E B$ 3‬אل א‪ *b 0‬و ‪#•E‬‬
‫‪C6,‬א‪ K&cE‬‬
‫‪ !9\ ٤ J٦ J٥‬א‪ OcoH‬א‪ u j0‬א‪6‬ول א?‪ ,;%‬و @ ‪ ,‬א‪6‬ول א` ‪s* E‬‬
‫‪69U‬א‪.‬א‪%<u‬א‪cG‬א‪<0‬ن“‪6‬د‪h/E,(½.3 ‬‬
‫‪69: N‬א‪.‬א‪ 3‬א و ‪E‬א‪ TG‬א‪ 3^/+‬א‪ Bj0‬و א*‪ 3‬א‪u 0‬‬
‫<‪%‬אقא‪ K‬‬
‫‪< o\ ٥ J٦ J٥‬ن ‪ E‬א‪ +‬א‪ 0‬א?‪ Ž… cE\ jy ,;%‬א‪H‬ز‪,‬‬
‫‪o‬ع ‪ V: 4C‬א‪.‬א‪ X‬و ‪o:‬א‪ 5*, a” X‬و د‪.‬א‪¡ 0 •B , 3%‬‬
‫‪¯:‬زŽ(‪N‬א‪l‬نو‪¡,‬א?‪BC‬ق‪~W‬وذ‪<JG \X4C<,&\N(q‬ن‬
‫‪3B‬א‪H‬وאنو\‪+E*5Y65B‬א`‪_±‬و‪W‬ودא*‪q(<uN(+‬‬
‫א‪H‬و‪ K3G‬‬
‫‬
‫ ‬
‫‪18‬‬
‫‪ J٦‬א‪ ne‬‬
‫‪ 6E‬א‪ +‬א‪ 0‬א?‪ b6( ,;%‬א‪ 6c‬و‪ @9‬א"'& \ ‪: ً J‬ذא ‪\.G ,‬‬
‫‪ +U‬א‪ 0‬א‪ ™E * K0‬א <دوא‪ & ً J \ 66o 3‬א‪6w%‬א‪u cY‬‬
‫א‪%H‬אقא‪0‬אم‪،‬و‪ Kً •<66oU¥cEGBC:/E‬‬
‫و‪<,[\+\:‬نن…אא‪wJ‬א‪0‬א‪_B6G#$‬א?\‪…*<V:ŽJ‬אא‪$0‬عو‬
‫‪$‬و‪ً 6O,~d;:.‬א‪,‬א‪.6‬א‪%‬وא‪w‬א‪ Kx*0‬‬
‫و <‪@C‬א \[‪< ,‬ن ‪E‬ن א?‪ 3o+%‬و א‪ 39‬א` ‪… Š 9E‬א א‪z wJ‬‬
‫‪+‬وא*م‪3 %³,‬א‪+‬א‪0‬א?‪,;%‬و\‪cE‬א‪ KBj0‬‬
‫ ‬
‫ ‬
‫ ‬
‫ ‬
‫‪i J٧‬و‪ 65E‬‬
‫ ‬
‫<ود<ن<‪65E‬م‪/U‬אž‪O‬وא‪65‬א‪u!d;,O—e‬א‪q+J‬א?‪*+!,;%‬‬
‫א…‪*%‬א‪u!,‬א*‪…N‬אא‪wJ‬و‪6:‬אدŽ‪K‬و \!<نא‪ً;/U—C‬‬
‫‪ W,‬‬
‫ ‬
‫א‪ (LÆH‬د‪@,‬ن‪،‬א‪60‬א‪U0‬دא‪.‬א‪u+Oe‬א‪ q+J‬‬
‫א‪L_CH‬ز‪@Uj‬א\!‪:,،‬دא‪.‬א‪u+Oe‬א‪ q+J‬‬
‫א‪LÆH‬ضאو‪\,<,،!U‬א‪ q+J‬‬
‫ ‬
‫وذ‪!&cE6\ 0q‬و‪co‬د&א‪6:uO*0‬אد…אא‪ KwJ‬‬
‫ ‬
‫و‪N9‬א‪Ç‬و‪6*z+J\N&%‬و‪~ZN‬و‪‹r<~Jw9‬وא"*‪I.Ç6‬א‪ K‹0‬‬
‫‪19‬‬
#o‫א‬0‫ א‬J٨
•
•
•
•
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20
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<hAp://www.reuters.com/arNcle/idUSLDE62A0J420100311>
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