١ ﻉ٣ ﻡ ﺳﻴﻒ ﺍﻟﺪﻳﻦ ﺇﺑﺮﺍﻫﻴﻢ ﺗﺎﺝ ﺍﻟﺪﻳﻦ ﺍﳌﺴﺘﺨﻠﺺ P. A SamuelsonP. Cootner J. M. Keynes ﻣﻘﺪﻣﺔ ( ﺍﻟﻌﺮﻑ ﺍﳌﻌﺎﺻﺮ ﻭﺷﺮﻛﺔ ﺍﳌﺴﺎﳘﺔ ﺍﳊﺪﻳﺜﺔ١) ( ﺍﳌﻔﻬﻮﻡ ﺍﻟﻔﻘﻬﻲ ﻟﻠﺸﺮﻛﺔ٢) )ﺃ( ﺷﺮﻛﺎﺕ ﺃﻣﻮﺍﻝ ()ﺏ( ﺷﺮﻛﺎﺕ ﺍﻟﺼﻨﺎﺋﻊ )ﺃﻭ ﺍﻷﺑﺪﺍﻥ )ﺝ( ﺷﺮﻛﺔ ﺍﻟﻮﺟﻮﻩ )ﺩ( ﺷﺮﻛﺔ ﺍﳌﻀﺎﺭﺑﺔ ( ﺍﻷﺳﺎﺱ ﺍﻟﺸﺮﻋﻲ ﻟﺘﺪﺍﻭﻝ ﺍﻷﺳﻬﻢ٣) ﺍﺧﺘﻼﻑ ﺍﻟﺴﻬﻢ ﻋﻦ ﺑﺎﻗﻲ ﺍﻟﺴﻠﻊ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﺍﻟﺸﺮﻁ ﺍﻷﻭﻝ ﺍﻟﺸﺮﻁ ﺍﻟﺜﺎﱐ ( ﻛﻔﺎﺀﺓ ﺍﻟﺴﻮﻕ ﰲ ﺍﻟﻨﻈﺎﻡ ﺍﻟﺮﺃﲰﺎﱄ٤) Strong from tests Weak from tests ﻓﺎﻟﻨﻮﻉ ﺍﻷﻭﻝ ﺃﻣﺎ ﺍﻟﻨﻮﻉ ﺍﻟﺜﺎﱐ ( ﻣﻌﻴﺎﺭ ﺳﺮﻋﺔ ﺍﻻﺳﺘﺠﺎﺑﺔ ﻟﻠﻤﻌﻠﻮﻣﺎﺕ )ﺍﻟﻜﻔﺎﺀﺓ ﺍﳋﺎﺭﺟﻴﺔ:ﺃﻭﻻﹰ Cootner Random walk Reflecting barriers Pools Hot tips Churing ﻣﻌﻴﺎﺭ ﺍﻟﻜﻔﺎﺀﺓ ﺍﻟﺪﺍﺧﻠﻴﺔ:ﺎﺛﺎﻧﻴ NYSE Third and fourth markets NYSE ﻣﻘﺎﺭﻧﺔ ﺑﲔ ﺍﻷﺳﻮﺍﻕ ﺍﻟﺮﺃﲰﺎﻟﻴﺔ ﻭﺍﻹﺳﻼﻣﻴﺔ:( ﺩﻭﺍﻓﻊ ﺍﳌﻀﺎﺭﺑﺔ٥) ﰲ ﺍﻟﺴﻮﻕ ﺍﻟﺮﺃﲰﺎﻟﻴﺔ:ﺃﻭﻻﹰ Short-selling Long and short Hedge fundspositions Price-gaining Investment portfolio Proxy statements ﺍﻟﻨﺸﺎﻁ ﺍﳌﻀﺎﺭﰊ ﻭﻓﺎﺋﺪﺓ ﺍﻟﺴﻴﻮﻟﺔ Keynes Orthdox finance Fetich ﰲ ﺍﻟﺴﻮﻕ ﺍﻹﺳﻼﻣﻴﺔ:ﺎﺛﺎﻧﻴ ( ﺍﳌﻀﺎﺭﺑﺔ ﻭﻣﺸﻜﻠﺔ ﺍﻟﻘﻴﺎﺱ ﺍﳌﻮﺿﻮﻋﻲ ﻟﻠﻜﻔﺎﺀﺓ٦) Real investor ﻧﻈﺮﻳﺔ ﺍﻟﺘﻘﻠﺐ ﺍﻟﻜﻒﺀ Efficient fluctuation ﻧﻈﺮﻳﺔ ﻛﻴﱰ ﻟﺴﻮﻕ ﺍﻷﺳﻬﻢ Keynes Mass psychology ( ﺗﻔﺎﻋﻞ ﺍﶈﺘﺮﻓﲔ ﻣﻊ ﺍﳊﺎﻟﺔ ﺍﻟﻨﻔﺴﻴﺔ ﺍﻟﻌﺎﻣﺔ٧) Keynes ﺃﳘﻴﺔ ﺍﻷﺧﺬ ﺑﺎﻟﻀﻮﺍﺑﻂ ﺍﻟﺸﺮﻋﻴﺔ ﻛﻴﻒ ﺗﺘﺤﺪﺩ ﺧﺼﺎﺋﺺ ﺍﻟﻨﻤﻮﺫﺝ ﺍﻹﺳﻼﻣﻲ؟:ﺎ( ﻭﺧﺘﺎﻣ٨) :ﺃﻭﻻﹰ :ﺎﺛﺎﻧﻴ :ﺛﺎﻟﺜﹰﺎ ﻣﺎ ﻫﻮ ﺍﻟﺸﻜﻞ ﺍﻟﺘﻨﻈﻴﻤﻲ ﺍﳌﻨﺎﺳﺐ ﺑﺪﻳﻞ ﺳﺪ ﺍﻟﺬﺭﺍﺋﻊ ﺃﻭ ﺍﻟﺘﺴﻌﲑ Unbiased ﺑﺪﻳﻞ ﺍﻟﻨﺼﻴﺤﺔ ﺍﻟﻔﻨﻴﺔ ﳎﺎﻧﻴﺔ ﺍﳍﻮﺍﻣﺶ preemptive right W. Sharp, Investments. Prentice Hall: International Education, 1981, p. 333. W. Sharp (1981) op. cit., p.5. Elton and Gruber, Modern Portfolio Theory and Investment Analysis. N.Y: Wily and Sons, 1981, pp. 362-389. B. Gub, The Basics of Investing. N.Y: Wiley and Sons, 1979, pp. 22-23. Christy and Clednenin, International to Investment . N.Y: McGraw-Hill,1981, p. 1. J. M. Keynes, The General Theory of Employment Interest and Money. London: Macmillan, St. Martin's Press, 1970, p. 155. U. N. Statistical Office, A Manual of National Accounts at Constant Prices . Based on the SNA,1968, pp.10-15. Elton and Gruber, op. cit., p. 366. J. M. Keynes, op. cit., pp. 154-155. J. M. Keynes, op. cit., p.153. J. M. Keynes., op. cit., p. 160. ﺍﳌﺮﺍﺟﻊ ﺍﳌﺮﺍﺟﻊ ﺍﻟﻌﺮﺑﻴﺔ: ﺃﻭﻻ .ﺍﺑﻦ ﻗﺪﺍﻣﺔ ﻋﺒﺪ ﺍﻟﻌﺰﻳﺰ ﻋﺰﺕ،ﺍﳋﻴﺎﻁ ﺻﻔﻌﻖ،ﺍﻟﺮﻛﻴﱯ ﺍﻟﺸﺎﻓﻌﻲ ﳏﻤﺪ ﺑﺎﻗﺮ،ﻟﺼﺪﺭ ﺍﻟﺼﺪﻳﻖ ﳏﻤﺪ ﺍﻷﻣﲔ،ﺍﻟﻀﺮﻳﺮ ﻤﻊ ﺍﻟﻔﻘﻬﻲﺍ ﺭﻓﻴﻖ،ﺍﳌﺼﺮﻱ ﺍﳌﺮﺍﺟﻊ ﺍﻹﳒﻠﻴﺰﻳﺔ: ﺎﺛﺎﻧﻴ Christy and Clednenin, Introduction to Investment. N.Y: McGraw-Hill, 1981. Elton and Gruber, Modern Portfolio Theory and Investment Analysis. N.Y: Wiley and Sons, 1981. Gub, B., The Basics of Investing. N. Y.: Wiley and Sons, 1979. Keynes, J. M., The General Theory of Employment, Interest and Money. London: Macmillan, St. Martin's Press, 1970. Sharpe, W., Investments. N.J: Prentice Hall International Education, 1981. U. N. Statistical Office, A Manual of National Accounts at Constant Prices. Based on the 1968 SNA. Towards an Islamic Model of Stock Market S. I. TAJ EL-DIN Department of Economics College of Economics and Administration King Abdulaziz University, Jeddah, Saudi Arabia ABSTRACT. The normative rules governing exchange in an Islamic stock market are discussed and the free enterprise capitalist model of stock market is evaluated from the Islamic and economic points of view. Exchange of financial claims is found more vulnerable to hazard and to lack of information, both contrary to Islamic rules of exchange. The efficiency criteria of capitalist stock markets are critically examined in the light of the theories of P. Cootner, P. A. Samuelson and J. M. Keynes. The dominance of speculative motives (vs. that of real investment) and the nature of interaction among "professional" and "non-professional" market players, deprive the capitalist stock market of internal stabilizers and undermine its efficiency. Efficiency in the financial market cannot be ensured by leaving it free and ungoverned. It is necessary to reinforce Islamic rules. Some regulatory measures are indicated.
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