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‫א‪ % qX ،l$,%‬و‪ً G 9.‬‬
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‫‪١٤‬‬
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‫وא‪d27‬א`‪;(s(,8293f‬א‪^MŸ/‬א‪$,8‬אن א*~א‪ K;Mcw/‬‬
‫‪ K٦‬א‪h‬لא‪4ZT‬א‪06‬؟‬
‫‪ F1B K٦{١‬‬
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‫א …„‪c,‬א‪'PY ,j/‬א ‪X‬אل‪Y–،‬ذ‪ 2;3:‬و‪3‬سא‪c‬א‪،,j/‬‬
‫و‪Q O,; u3#G‬د‪D‬א‪KT‬و^אא‪h‬ن‪wG‬אא‪V3^1©’HL‬‬
‫‪Y‬א‪$,8‬אنא`‪9$‬ن‪K‬‬
‫^…ل ‪wG‬א‪,µ ´،2‬א~‪De‬وא‪c/‬ن \و‪Q‬‬
‫א‪c‬א‪7,N/،,j/‬א‪7f/‬א‪/‬وא‪…^K^$&2/‬ل‪wG‬א א‪%‬‬
‫وא`[‪1‬ن‪'P9‬א ‪Q‬لو‪$‬א…‪ H‬א‪ T‬א‪ ‡N[\ #,1‬א‪¶N#Q‬‬
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‫‪١٥‬‬
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K#‫א‬#‫אو‬
WH8I‫א
אوא‬+0‫א‬G1H‫א‬CP0jBh‫ א‬٧{١
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Kd‫א‬UV‫א‬w9u‫א‬O,;9[$‫אدو‬/‫[א‬x
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T‫ א‬,( MU(/‫ƒ א‬eN›‫ وא‬M‫د‬$¬‫ א‬d(2‫ א‬uh Y ،(1X‫( و‬e ]
V‫نא‬O,; ‫ن‬%‫ א‬MU(/‫ و¨[ א‬#‫א‬T‫(نא‬9& ^w‫نא‬3 K#‫א‬
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١٦
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‫و‪ O,; 1, 82‬س א‪UV‬אم |ع‪ œ ،‬א‪ c$‬א‪ %‬دא’‪(82X #‬‬
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‫وא‪ ،]8L‬وא‪ ،‬وא(„‪ ،‬وא‪ ،‬وא‪ ،7/‬وאق وא…‪$‬אم‪ ،‬وא‪1‬ن‪،‬‬
‫وא<(ن‪،‬وא‪UV‬אم‪O/‬א …ƒ‪ ٥?K‬‬
‫و‪ ^; H%‬א‪ _,2 (9 „… m% JmL‬א<‪ O,; u‬א ~ א‪ l$‬א‪^ 5[-/‬‬
‫א‪UV‬אم |ع‪ ،‬و‪c #G‬ن א‪UV‬אم ‪V‬ز ً و‪ O,; ً U,‬א‪U,/‬م  &‪ ،],‬و ˜\‪ ،‬و‬
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‫و‪ d&1, h; $‬א&‪ 9%‬א‪ D2‬ذ‪ oQ ،Gc‬א‪ c$‬א‪ %‬دא’‪T #‬‬
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‫ط אŠ‪ ،‬وא‪ ،$9‬وא‪ O8‬وא(„‪ 9 ،‬א‪ $%‬א‪ ; Z. lw‬א‪c-/‬‬
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‫‪ 1‬‬
‫‪ 2‬‬
‫‪ 3‬‬
‫‪ 4‬‬
‫‪ 5‬‬
‫‪ 6‬‬
‫א‪/‬و‡<‪K$G‬‬
‫‪ of‬א›‪E١٠٢L٨F #f‬؛ ‪ ,% (c‬א‪ #™ #,; c$‬א‪ ^$‬א‪ %‬دא’‪? Wc Y #‬א‪ T‬א‪ ،?#‬دא‬
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‫א‪?،2&'S/‬א‪T‬א‪،?#‬دאא‪e8‬א‪٢٠٠٤،‬م‪،‬ص‪K٢٥٠‬‬
‫א‪،2&'S/‬ص‪K٢٥٣–٢٥٢‬‬
‫א‪،2&'S/‬ص‪K٢٥٤‬‬
‫&]א‪،'S/‬ص‪K٢٥٥‬‬
‫‪١٨‬‬
‫א‪،d;6~g3Z2%[#‬و(‪,µD,‬א~‪De‬وא‪$N‬وق‪$%‬‬
‫‪YuS‬א‪ WN/‬‬
‫?‪F‬ج‪E‬א‪,µ‬א~‪De‬وא‪$N‬وق;‪$‬א‪-fV‬א•‪;#G‬א‪U‬אم|ع‪،‬‬
‫وא א‪ $&2/‬و א‪$N‬وق ;‪ $‬אŠ ‪ ; #G‬א‪U‬אم א‪$N‬وق ‪mj‬‬
‫א<‪52X‬א~‪De‬وא‪,‬א‪ ?Ke‬‬
‫وœ^&]א‪Y/‬א‪T ٥$8‬نא‪T‬א‪%#‬م;‪O,‬א‪8/‬د‪W‬وא ]א;‬
‫א`}‪5‬نƒ;‪Y9,‬א‪.‬مא ‪،c,#‬و‪Y‬א‪,‬א‪،e‬و‪Y‬א~‪KDe‬وא‪$8/‬‬
‫א;‪#‬א ولא‪,;ƒlw‬א‪Y/‬א‪ WG١L٥$8‬‬
‫?א‪UV‬אم|ع‪O,;ƒqXW‬نא‪|•-/‬ع‪-fV‬א•و;א‪J2L$e‬א‪T‬‬
‫‪'$‬א<‪،d‬و‪U,$‬م‪52XUs;^'%$H(7‬א‪,‬א‪e‬א‪ ?KM$(/‬‬
‫‪œ$%[O,;u‬م^‪N‬صא‪TZ9&/‬نא‪1‬א&‪#9%‬א‪H8^Ÿ/‬א‪],ª‬‬
‫א;‪#‬ل‪cG AAOIFI‬نא|ع‪Y‬א‪T‬א‪#‬א‪U‬א ً |ع‪V،‬ز ً و‪ً U,‬‬
‫;‪O,‬א‪Kc-/‬وو‪œh‬א‪],ª‬א;‪T#‬ن‪$%;1[YZG$2‬א‪T‬א‪#‬‬
‫;‪O,‬سא|عאزم‪O,; &1[G‬سא‪F$9‬א‪UV‬אم|ع‪ KE‬و‪uS‬א‪8‬ن‪Y‬‬
‫א‪^;H%–fL‬א^‪YsX‬א‪?Wl8‬א‪21W$9‬אنو‪…3W97‬אجא‪%‬م‬
‫&‪$;$O,;Z9[%‬دא‪Hc'$qX،?%‬وא‪$%Z9$X‬د‪،8XQ‬و‪1‬‬
‫‪ ،*c ,; D& $‬و' ذ‪ :‬و ‪ Y O%8‬א …© زع ;‪3 Z9,‬ن  ‪…$‬و ‪M&2‬‬
‫…„‪ ١K‬‬
‫‪e ٧{٣‬א‪1q).‬א‪",6‬א‪Wo&,‬‬
‫אدא ‪ g3‬א‪ d/‬א` ‪X dS‬ل ‪ ,‬א‪ d&1‬א&‪ 8m 9%‬א|ع ‪Y‬‬
‫א‪T‬א‪ Wd.XM$;Hs2[^1˜‚،#‬‬
‫و‪HcWV‬א‪d&1‬و‪\7h‬ن‪Ld(G2‬א‪-f‬א‪ dc‬א‪2FH1‬طא‪ET‬‬
‫‪ dcf ƒb V‬א‪ T‬א‪ #‬و א‪ KH1‬و‪ O,; 5[-‬ذ‪ :‬و‪ JS‬א&‪ HN‬‬
‫‪Q‬د‪D‬א‪T‬א‪#‬א‪#,1‬وא‪/‬אدא‪F92&c,/‬א‪/‬אدא‪#(G2//‬‬
‫א‪‚KEc‬ن‪cf‬א‪T‬א‪)#‬دو‪Hc‬دא‪wGM‬א‪N‬د‪ KD‬‬
‫~‪Q:,˜^T2 W‬د‪ D‬א‪T‬א‪ #‬א‪‚،#,1‬نذ‪O,;$(:‬‬
‫א‪1‬א‪T2/Ÿ/‬א|ع‪K‬‬
‫ ‚ذא‪c‬نא‪1‬א&‪„#9%‬نא|ع ‪F8GG‬א‪cu‬نطאضم‪،EV‬‬
‫‚ن‪1,‬א‪$N‬وق ‪1‬ن'א‪K9$&2/‬א‪T2/‬א …„ذא‪d‬א‪W#9,N‬‬
‫‪ 1‬א‪©/‬א;‪ax‬א¬‪8‬وא‪/‬א‪d2“(,S‬א‪/‬א‪ ٢٠٠٧L١٤٢٨،EAAOIFIF‬م‪،‬ص‪–٤٤٦‬‬
‫‪K٤٤٧‬‬
‫‪١٩‬‬
Š‫؟‚ن‬JG(,1,H%^9,;5[-‫و‬5G‫אא‬O,;‫ز‬V8x‫א‬8N[O
V1,/‫א‬H%‫و‬8x‫א‬$%;‫وم‬U‫ن‬T‫א‬XQE#‫وא‬l*‫&وא‬X#H*Fu9%&‫א‬
1/‫א‬H*F …—‫Šא‬8‫„א‬XY‫؛‬89, JG/‫Šא‬8$V3,c1
K8xN‫دא‬s–‫ن‬Nn1,/‫وموא‬U,‫نא‬E5Gw/‫א‬Y9/‫א‬Y
$9‫א‬F‫אم|ع‬UV‫لא‬1f^H1fO,;‫|ع‬,#9%&‫א‬1‫نא‬c‫ذא‬3 ،c-/‫' א‬P ‫ن‬1[ D‫د‬N‫ א‬1, ‫ ‚ن‬،M‫د‬9/‫[ א‬N ،E$G‫ א‬L
jN‫ א‬Y ‚ ،:‫ و' ذ‬K93 SX Y Z9 ‫ن‬c ^ M$;2/ ‫م‬$Ÿ2 `‫وא‬
YFH1‫ وא‬#‫א‬T‫ א‬D‫د‬QH[ ،#‫א‬T‫ א‬,( *$L‫א‬
‫ ^ ن‬Vً $ ،,%2 8;‫ א‬NŸf ‫ ذא‬
ً %2 c \c (c EJ2L‫א‬
mj‫ وא‬,(‫ א‬8yg3:‫ و–دذ‬K1,/‫ א‬X^c-/‫א‬g352[
K,(‫א‬wG‫…ل‬c-/‫©א‬j[‫(ل‬X‫وא‬،#‫א‬T,M(2/‫א‬
' ‫ن‬1 ‫ א אل‬wG 1, ‫ ‚ن‬،‫ ن א|ع و‬#9%&‫ א‬1‫ن א‬c ‫ذא‬3 EH1‫وقא‬$QF‫^^א‬$&2/‫א‬$$‫^א אلو‬M‫&د‬V‫نא‬3‫و‬K‡‫א و‬
K‫وطא‬f'8
dcf 1, '‘ ; Mcw/‫ א‬9%&‫ א‬d&1‫ א‬Hc ‫ ‚ن‬،N…‫و‬
‫ و‬H1 ،c-/‫ن א‬3 ‫ل‬%‫^ א‬1˜ ،:‫ ^ ذ‬Vً $‫ و‬KD‫د‬N, #‫ א‬T‫א‬
‫( و‬G2(c u‫ א‬،#‫ א‬T‫ א‬D‫د‬N ‫ن‬%%L‫ن א‬1/‫ א‬ZG ،…«
K$(/‫א‬#9%&‫א‬1‫א‬O,;ً 8y‫א‬wG‫و‬،^$&2
T‫א‬D‫د‬Q1,‫ن‬G‫;&د‬s‫אŸص‬1˜،‫م‬$%[O,;u
%,/‫ א‬d‫א‬UV‫ق وא‬%L‫ ن א‬:‫ ذ‬O,; 5[-‫ و‬Kً c-/‫ א‬g3 'S[ #‫א‬
،‫א‬w1G‫و‬KK‫¿אل‬Z91,%[O,;uc-/‫א‬uV“9D7,[‡D‫د‬N‫א‬w9
&‫א‬X‫*(^א‬V‫وא‬JcV‫^א‬/‫א‬e2›‫‚نא‬،H,7‫אא‬wGg3‫وאدא‬
^ l$[ ‫© و‬N%[ X Y V3 9 c-/‫ وא‬H1‫ א‬D‫د‬Q 9,(7[ ‫ ن‬#j8
T‫ א‬D‫د‬N/‫א‬Mu/‫“و א‬2 ‫<ن‬:‫ذ‬z‫ و‬K#‫א‬T‫ א‬cf
Kc-/‫א‬D[;O,;'%[#‫א‬
‫ ل‬#‫ א‬T‫ א‬Y E٢٦F Z #;‫ א‬/‫ א‬oQ ،‫ص‬N›‫א א‬wG Y‫و‬
W#G#‫א‬T,;‫وא ]א‬W‫د‬8/‫ن^א‬T٢L٥$8‫א‬YAAOIFI
c ‫( …ص‬G$X ,N& 2X u‚ T, (./‫ א‬c‫م א‬
?KZ9[‫א‬U‫وא‬Z9%XEDe~‫א‬,µF‫وق‬$N‫وא—……ص‬،9[‫א‬U‫وא‬9%XW92&
W#,O,;٣L٥$8‫وƒא‬
٢٠
d‫دא‬S (*‫ א‬Y ,c‫ و< و و‬،T‫ א‬J2X M‫دא‬3 Y ,c‫ و‬c‫?א‬
?KT‫א‬
W#,O,;٤L٥$8‫وƒ< ًא‬
H(7 (c ،9[‫ א*(א‬$e‫ و;א‬T‫ א‬d‫دא‬S– T‫ א‬J2X ƒž?
?K9[‫א‬U‫א‬
V‫؟‬waX#‫א‬T‫א‬dcf‫دو‬GWZG$X‫ل‬u2‫^ن‬1˜،:‫و'ذ‬
#G \‫ دא‬T‫ א‬D‫د‬N /‫ א‬Mu/ %,/‫ א‬d‫“و‬2/‫ Š א‬H(7[ ‫ ن‬#j8
d8m/‫وא‬،JcV‫א‬:‫ذ‬Y– #‫א‬T‫א‬,(;5‫א‬S'PM‫& ‚دא‬,1/‫א‬
ً ¨‫ [&ض‬#‫א‬T‫א‬dcf\c‫ذא‬3XY:‫ذ‬$cT‫*(؟ و‬V‫وא‬
Z%‫א‬d,(;H*،T‫;(لא‬YZ9[|…O,;u،H(‫א‬M‫دא‬o ‫^א‬NX‫و‬
dc‫א‬D[;O,;M%,/‫א‬M‫(אدא‬9‫ن‬3 K©2‫א‬d%[‫ و‬،yŸ/‫א‬Z%[‫و‬،#(eV‫א‬
Mu/‫ א‬O,; f8 ©~T[ x ‫ن‬1 ‡m/‫ א‬9 Y w&‫ א‬Mu&c‫ و‬g3 h3
KH8%2/‫א‬Yd‫א‬UV‫وא‬d8m/‫א‬8,T‫א‬D‫د‬N/‫א‬
W/6‫وقא‬#0‫א‬G1H‫و‬/6‫א‬+)/6‫_"א‬9‫دو‬
٨
X# ‫א‬9‫و‬#‫ א‬٨{١
O,; T2/‫ א‬c-/‫ وא‬#,1‫ א‬T‫ א‬cf $‫م א א‬%[
W[—‫^א‬$%‫א‬
c‫א‬$%; K</‫א‬$%;‫ و‬
*c ‫ وא‬ZG ‫ א‬c‫ [| א‬،#‫ א‬T‫ א‬,(; ‫ ق‬Y ‚ ،:‫و' ذ‬
T‫ א‬dc o(2‫ن א‬c-/‫א žل א‬wG c‫ א‬$%; ‫ و^ …ل‬K‫אًא‬
WH*،H1‫א‬,(T‫א‬5‫א‬S'PM‫دא‬c‫نو‬1[‫ن‬T#‫א‬
K;|‫א‬d(G2/‫وא‬dc‫א‬-fV‫א‬Jc‫ א‬
Kdc‫א‬-fV‫א‬$$7(actuarial)‫א‬c‫א‬d(%[Z$%[ KdyXV‫א‬M‫دא‬3‫و‬yŸ/‫א‬Z%[ KÈ‫א‬d;$/‫وא‬d8m/‫א‬M‫دא‬3 Hb g3 „$[ ‫ ن‬c, ^1˜ ،H1, T‫ א‬5S M‫دא‬3 g3 h
$%/‫א‬d$›‫א‬g3.‫ و‬Kً <T‫وقא‬$Nl(*V‫א‬5!‫א‬M‫دא‬3c‫א‬
‫ ‚ن‬،d‫*(א‬V‫ א‬M‫دא‬3 ‫ و‬T‫ א‬M‫دא‬3 5É D,[ u‫ א‬،c‫ א‬$%‫ א‬5S–
٢١
$%;GO/‫אא‬wGO<%O,;$%‫‚نא‬،:w K‫طŠ אم‬-[M‫;د‬c‫א‬
KHc‫&و‬NGl$‫א‬c‫ندوא‬1‫و‬،STc‫و‬
M‫دא‬3‫و‬T‫א‬M‫دא‬3X‫[&œق‬#‫א‬T‫א‬dcfŠ‫‚ن‬،:w…‫و‬
Y‫ و‬K(*V‫א‬M‫<دא‬/‫א‬$%;‫و‬،T‫א‬M‫دא‬c‫א‬$%;‫م‬$Ÿ2 K(*V‫א‬
^5NO,;HN‫و‬،T‫א‬M‫دא‬c‫مא‬M‫;د‬c‫طא‬-[،L‫א‬wG
Hc‫دوא‬Gc,l$‫وא‬$‫نא‬1،G‫و‬K(*V‫<وא‬/‫א‬HšYo ‫א‬
K(*V‫א‬M‫دא‬J</‫ودوא‬،T‫א‬5‫א‬SM‫دא‬
AAOIFI‫ل‬#‫א‬T‫א‬Y E٢٦FZ#;‫א‬/‫œ^א‬،‫ص‬N›‫אא‬wGY‫و‬
W‫ن‬TEJF٤$8‫א‬Y
،M‫אدא‬qX^c‫;א‬#GDe~‫א‬,µ‫وق‬$Q‫و‬c‫?אא‬
?K(*Vc‫وא‬،</‫;א‬#9(*V‫א‬qX^
c$‫א‬d‫“و‬2/‫نא‬1[،</‫א‬$%;‫و‬c‫א‬$%;^Hcy3Y
T‫א‬cf‫‚ن‬K
ً &c‫ ًو‬h&Q]‫و‬،ً&Q_%#‫א‬T‫א‬
u~ #‫ א‬T‫ א‬D‫د‬Q Us e2… l ‫ وع‬X Y ‫“و‬2 \2 #‫א‬
^ l$‫© و א‬N%‫ ;^ א‬P e2›‫ و א‬Us‫א א‬wG ‫ن‬c ‫ذא‬3 V3 ،H1‫ א‬,(;
Mf8/‫“وא‬2/‫א‬#G\2/‫א‬Mu/‫لنא‬%‫^א‬1˜،O/‫אא‬wGYKc‫‡א‬y
‫و‬H1‫وقא‬$N%7,‡m/‫א‬9Y#GH،#‫א‬T‫ א‬c ,Q ‫א‬
Kc-/‫א‬
‫؟‬d(/‫א‬H<‫و‬c-(,%/‫א‬d‫ א‬٨{٢
(/‫ א‬u~ ‫د‬%‫ א‬5S– ‫ א‬$8 O,; z8 c‫ دو א‬8y ‫ن‬c Z’
^ ;() O,; ‫ل‬NL‫ א‬g3 ‫ن‬,˜ #‫ א‬T‫ א‬Y c-/‫ ‚ن א‬،,(‫א‬
Y c-/‫ ‚ن א‬،‫ ;م‬H1‫ و‬K9[cf‫ و‬#‫ א‬T‫ א‬d,(; ^ d‫א‬
T‫ א‬g3 ‫ون‬. ،‫ א‬/‫ א‬d$Ÿ, u(;‫^ و‬e‫ ز‬ZG8; H1‫א‬
%/‫ א‬Z9[[‫‚ن‬،‫א‬w1G‫ و‬K‫'אא‬D‫א‬T[O,; #‫א‬
T‫א‬d‫و‬$;‫א‬O,;8‫ن‬1[‫ ن‬9Tf^ #‫א‬T‫א‬±M‫د‬9/‫وא‬
Kl$,%‫א‬
T‫ א‬d,( ,1‫ א‬MN, ً %X c-/‫دא• א‬3 ً X •1/‫و^ א‬
;%‫نא‬qX KUs‫א‬mj[d‫“و‬2H* ،/‫א‬Mu/‫ < א‬Q…‫ و‬،#‫א‬
?(<?$e‫وא&א‬d<‫ نא‬#‫א‬T‫א‬Yc-/‫א‬Z.‫د‬%;‫א‬M$e2‫א‬
K$,%‫א‬T‫א‬d%7‫א‬Y9,*(c
٢٢
‫© و‬N%‫ א‬dVX Y V3 Us‫“و ً ;^ א‬2 \2 c‫ ن א‬OX ‫(ن‬9& V $‫و‬
XY‫وق‬$N‫א‬Y;|‫ א‬Z9(G2M‫زد‬c-/‫א‬O,;‫ن‬1$‫و‬،l$‫א‬
c-/‫א‬O,;d(G2/‫^א‬$U‫א;&ض‬d‫אא‬%‫(א‬2[،582‫אא‬wxKUs‫א‬
Ms&‫'א‬/‫א‬wG‫ و‬K_%H1,#,Q ‫א‬$%‫א‬Y:‫دאجذ‬3XYUs‫ א‬mj
T‫وق א‬$N /‫ א‬Mu/‫ א‬Y c‫ دو א‬8y‫ و‬،c-(, %/‫ א‬d‫א‬
#‫ א‬T‫وق א‬$Q Y ‫ א|ع‬M‫دא‬3 ‫ ‚ن‬،:‫ < ;^ ذ‬K#,1‫ א‬#‫א‬
8[-/‫ —~ א‬Z,; O,; ‫ن‬c-/‫ن א‬1 V qX ،c‫ א‬D[; O,; '%[ #,1‫א‬
K#,1‫א|عא‬D‫د‬N/‫א‬Mu/‫א‬O,;
Mu/‫ א‬Z.[ ‫ )ل‬Y d H< m[ ‫ض‬j‫ و‬،‫ق‬2‫א א‬wG Y‫ و‬،‫א‬w1G‫و‬
W#G‫<و‬%‫د^א‬$;‫[ول‬5}،#,1‫א‬#‫א‬T‫وقא‬$N/‫א‬
%/‫ א‬Z9[[ ' D‫ א‬c-/‫ א‬O,; /‫ א‬Mu/‫وط א‬f ‫ ض‬HG ‫;( ً؟‬
Mu/‫ א‬d8,m d‫“و‬2 H(7 ‫אد‬$‫ א‬O,; #‫ א‬T‫ א‬dcf HG ‫؟‬c-(,%/‫א‬d‫א‬M‫א‬ª/‫א‬
'$#,1‫א|عא‬D‫د‬Q^„2UU[g3‡$9[/‫א‬Mu/‫א‬d8,m Y ‫ א‬daG ‫ دو‬G ،^1‫ و‬K[8m mj[ ‫ و‬H1‫ א‬d%7‫א‬
H8 ^ ?(< #,1‫ א‬#‫ א‬T‫ א‬$e‫ن א‬c ? '[ %m
T‫ א‬dcf O,; /‫ א‬Mu/‫ א‬d8,m ‫ ^ ض‬Vً $ ،c-/‫א‬
‫؟‬#‫א‬
H8I‫א
א‬G1H‫א‬t-‫א‬q7qG5"88
٩
ًË c-/‫“وא‬2\'%[ #‫א‬T‫ א‬D‫د‬N/‫א‬Mu/‫نא‬Z’
h3 d(h 5,m[ $ (.[ d‫א‬8;V ‚ ،^$&2/‫ وא‬1/‫ א‬ZG8;
Mu/‫ א‬Z.[ ،„… M8‫ و‬KH< ‫ א‬#‫ א‬T‫م א‬. 2‫ ^ א‬$U/‫© א‬
dQN… %‫א‬/ D(; 9S d‫© ًא و‬1&[ 5,m $ #‫ א‬T, /‫א‬
KT‫عא‬mY/‫א‬Mu(,‫א—א‬Z.['،#‫א‬T‫א‬
^(.‫א‬d—‫د^א‬$;Y HN&‫^א‬$U–.‫א‬ls،‫د‬$N‫אא‬wGY‫و‬
W#,‫…ل‬
‫؟‬#‫א‬T‫א‬dcfO,;#/‫א‬Z;$‫א‬Z$%[‫א‬U3‫ ض‬
#‫ א‬T‫ א‬D‫د‬Q |; (cross-subsidy) ?‫دل‬8/‫ א‬Z;$‫ ?א‬
‫&؟‬,Ÿ/‫א‬
٢٣
‫؟‬#‫א‬T‫א‬YyŸ/‫سא‬O,;z8/‫لא‬/‫سא‬#(.‫א‬y‫ א‬
‫؟‬c‫א‬O,;#/‫א‬Z;$‫א‬Z$%[‫א‬U3‫ض‬
٩{١
9(G2d8~3dc‫א‬O,;‫&ض‬Z./‫(نא‬.‫א‬y ‫Šא‬Y¼X$%
KH1‫א‬D‫د‬N/‫א‬Mu/‫א‬HS^#/‫א‬Z;$‫Šא‬Z$%[Y
L‫ א‬a8‫] א‬1 dc‫ א‬O,; /‫ א‬Mu/ %,/‫“و א‬2/‫ ض א‬$8
W#,H([‫و‬،#‫א‬T‫א‬d,(
‫)ل‬YH([N…3d2“#‫א‬T‫א‬dcf|[ K(.;Q
8;V‫א‬w… ‫'א‬c-/‫א‬9[s#‫א‬T‫א‬dcf‫ق‬2[ ،#,1‫ א‬#‫ א‬T‫ א‬D‫د‬Q ‫ ^ …ل‬d8m/ u‫ א‬13
KM©… ‫א‬wGM‫دא‬3‫)ل‬Yu‫א›|א‬Z9c‫و‬
M‫دא‬3‫)ل‬Y9[‫و…|א‬9,(;‫^…ل‬9X#‫א‬T‫א‬dcfD% K9[‫دא‬3‫و‬/‫א‬Mu/‫א‬Z%[H(‫ن‬#j8‫א‬wG‫و‬،H1‫א‬D‫د‬Q
D[; O,; H1‫ א‬D‫د‬N /‫ א‬Mu/ %,/‫ א‬d‫“و‬2/‫' Š א‬h‫ و‬
M‫دא‬3 g3 SL‫אز א‬3 O,; Uc-‫ض א‬j‫ א‬،#‫ א‬T‫ א‬dcf
(eV‫ א‬9[8S‫ وא‬u‫ دא‬u~ dc‫‡ א‬y ^ H1‫ א‬D‫د‬N (1X
K/‫אא‬h ‫א‬l‫&د‬
„2 ‫ ‚ن‬،#‫ و‬K#‫ א‬T‫ א‬M‫دא‬3 Y H…$‫ א‬c-(, Dn V‫ و‬
©’ d‫“و‬2 H(7 ZG‫אد‬$‫ وא‬،ZG$; #‫ א‬T‫ א‬,( Z9&‫א‬
K:f'h‫אل‬U[V‫وق‬$N‫א‬Mu/M‫ود‬$™
H1;N‫א‬wGZ.[‫و‬،u‫א‬$XO,;M#‫א‬o‫ض[©אא‬j‫و‬،‫א‬w1G‫و‬
8, #‫ א‬T‫ א‬dcf Š H8 ^ h‫א© א‬$‫\ א‬h‫ و‬$% ،‫;م‬
K#,1‫א‬#‫א‬T‫א‬D‫د‬N/‫א‬Mu/‫א‬d8,m
‫وق‬$Q #‫ א‬T‫ א‬dcf ‫אم‬$Ÿ‫ א‬O,; ©‫א‬$‫ א‬wG lm[ M‫و;د‬
d(/‫^…لא‬H1‫ א‬D‫د‬N/‫א‬Mu/‫א‬Z;$#/‫א‬Z;$‫(©א‬G2/‫א‬
W‫א‬
‫؛‬H1‫א‬D‫د‬QYUs‫א‬$;d8m/‫א‬8,EM$e‫ون‬$F‫ض‬%‫ א‬
‫؛‬H1‫א‬D‫د‬QY‫ل‬Q ‫د…لא‬3 ٢٤
Y Us; l mj (G2/‫وق א‬$Q Y ‫ل‬Q ‫ƒ Š א‬Nb ‫ و‬X3 KH1‫א‬D‫د‬Q
T‫א‬dcf‫אم‬$Ÿ‫א‬O,;lm[;Mcw/‫א‬d8[-‫'א‬P‫‚ن‬،N…‫و‬
KH1‫א‬D‫د‬QYƒ%lZ;$(G2/‫سلא‬#‫א‬
T‫ א‬dcf ‫אم‬U3 ^ #9%&‫ א‬/‫ א‬G WG G 2& om lw‫“אل א‬2‫وא‬
‫م؟‬$%[‫^…ل‬H1‫א‬D‫د‬N/‫א‬Mu/‫א‬Z;$#/‫א‬Z;$‫א‬Z$%[O,;#‫א‬
‫م‬U,[‫ن‬#‫א‬T‫א‬c‫}ز‬VT ١%f ‫(نא‬,$(™c$‫„א‬
†3‫ و‬K‫ض‬%‫א‬H8O,;‫و‬،(G2/‫^אلא‬T‫א אلא‬Us;mj92&
Wl„…d9S^mj‫نא‬1[‫ن‬%f ‫א‬c$‫زא‬S
Z~،T‫*(¿אلא‬V‫א‬o ‫ ^א‬
Z~،T‫א‬dyXV‫ ^א‬
Z~،d$S‫نو‬3T[M‫;د‬3cf^ $S‫‚ن‬K:wd$9[$\c‫ن‬3،S…‡‫א‬y9S^ 5,y Y ‫وא‬$9[ $ ‫א‬1 ‫ ن‬:w ‫ط‬-‫ و‬،Z92& T2/‫ (^ א‬
K•‫א‬-fV‫א‬
(*‫א‬YJ</‫وא‬$‫م‬%[#‫א‬T‫א‬cf‫ن‬T%f ‫א‬c$‫لא‬$‫وא‬
YH1‫א‬D‫د‬Qg3‫ض‬Z$%c‫مא‬%[$;،‫א‬w1G‫و‬KH1‫א‬D‫د‬Q
‫ و‬،,‫ < و‬9 ،$%; Y $%; ‫אط‬-f‫ א‬MQ Y 8N[ wa7 ،Us‫ א‬X
KwaX‫}ز‬،&c‫<و‬
cf9‫ن‬1[`‫א‬L‫א‬O,;D8m[;%f ‫א‬c$‫א‬9$`‫א‬sL‫وא‬
T‫ א‬cf O,; 9 D8m[ V $ 92& sL‫ وא‬KJ</‫ א‬#G #‫ א‬T‫א‬
Y ‫(ل‬/‫ א‬G‫ و‬،H1‫ א‬D‫د‬Q M‫دא‬3 Y c‫ א‬$%; \$Ÿ‫ذא א‬3 #‫א‬
K#‫א‬T‫א‬dcf^$$‫א‬
#‫א‬T‫א‬YE٢٦FZ#;‫א‬/‫א‬YuS،%f ‫א‬c$‫א‬lH%‫و‬
WNEAAOIFIF‫א‬/‫א‬d2“(,S‫א‬/‫وא‬8¬‫א‬ax
d<[&c‫م‬$;‫و‬،,m/‫א‬d<‫אدא‬$^;T‫א‬d‫دא‬SUs;XY?
‫ وع و ض‬H‘ ^ Us‫ א‬$2[ ‫ ن‬c, ‫ ‚ }ز‬T‫ א‬M‫;د‬3 dcf
‫ دא‬،E١٩٩٨F،‫ א ول‬$,ª‫ א‬،MQ ‫د‬N‫ < א‬Y 9% 6r WY ،?T‫ א‬M‫;د‬3‫ و‬ML‫ א‬O,; T‫ ?א‬1
K٢٣ J٢٢‫ص‬،‫א دن‬،]e&‫א‬
٢٥
Y6‫د‬L‫א‬Us‫;^ א‬af‫א‬d‫א‬UV‫א‬Omj[‫و‬،T‫وقא‬$QJ2XO,;،^2X
Us‫א‬$2–De~‫א‬,µ8mc,‫(}ز‬c،‫א‬d‫א‬2‫Šא‬e^
E٨L١٠$8‫א‬F?KT‫א‬%~‫و‬Y:‫אذ‬U‫ذאא‬3
‫د‬N‫ א‬l‫ א‬lU/‫א‬lUc/‫א‬:8,'‫א‬lV‫א‬#;‫]א‬,ª‫א‬$(;‫א‬$%‫و‬
],ª‫(ع א‬S‫ א‬Y ،‫*ل‬/‫ א‬H8 O, KT2/‫ א‬wG ‫ص‬N· 2& AAOIFI ^;
W#,%[~*‫א*^وא‬lV‫א‬#;‫א‬
،c-/ ‫ א›ص‬J2L‫ א‬Y Us‫ א‬mj dyXV‫& א‬c ‫م‬$; ‫ل‬X Y?
‫وق‬$Q ^ M$;2 Z$%[ Dy ^; Us‫ א‬mj[ H1‫ א‬dcf O,; 5S‫و‬
K?^2L‫ضא‬%‫א‬Dy^;(G2/‫א‬
‫دسوא‬2‫(عא‬SV‫…لא‬lV‫א‬#;‫]א‬,ª‫א‬،H~‫ق‬Y‫و‬
W#,
H1‫ א‬dcf H( Y lU/‫ א‬lUc/‫ א‬:8‫ א‬o‫א‬-‫ א‬O,; ],ª‫ א‬D‫?א‬
Dy^;c-/‫ א‬d‫…א‬$‫'و‬/‫א‬T[‫ و‬،H1‫א‬D‫د‬N/‫א‬Mu/‫“وא‬2
^; ´f Us; l mj H1‫ א‬D‫د‬Q g3 (G2/‫ א‬D‫د‬Q ^ ‫ل‬Q ‫دج א‬3
O,; H1‫ א‬dcf ‡y ^ ‫ل‬Q ‫دج א‬3‫ و‬T‫ א‬Z K; cw/‫ א‬582‫א‬
%72/‫א‬d8m/‫'א‬Pmj‫©[|ع‬$9[c‫نא‬l،‫אم|ع‬UV‫سא‬
K?Us‫א‬XYH1‫وقא‬$QO,;
.U,#‫א‬T‫ א‬dcf‫‚ن‬،;Mcw/‫א©א‬$‫א‬g3h
$/‫ א‬d8S‫ وא‬H* ،H1‫ א‬D‫د‬N 2‫ א‬M‫ ‚دא‬%,/‫ א …„ א‬H‫ אא‬Y
،‫א ;(ل‬ds[‫א‬-‫وא‬،yŸ/‫א‬M‫دא‬3‫و‬،©2‫وא‬،¶N/‫א‬J<[‫(ل‬X‫ وא‬،c
‫دو‬$Q‫و‬،‫א אل‬HN&‫א‬qX^Q…‫و‬،M$!‫א‬M‫([<(^אدא‬c،:‫و’©ذ‬
YH*(‫א‬DXc-/‫لא‬b‫ن‬dc$}،‫د‬$N‫אא‬wGY‫ و‬K#(eV‫© א‬8›‫א‬
KM‫]אدא‬,)Y‫و‬،M‫אدא‬D
'(!‫ א‬9. #‫ א‬T‫ א‬Z.[ ‫ل ن‬%‫^ א‬1˜ ،‫ص‬N›‫א א‬wG Y‫و‬
،(.[d‫א‬8;V‫و‬hom‫אא‬wG‫و‬$8‫ و‬Kls‫א‬T‫وא‬#‫אو‬T‫א‬d¨
KH1‫א‬d‫א‬U‫ƒא و‬eN›‫[©א‬HS^
‫&؟‬,Ÿ/‫א‬H1‫א‬D‫د‬Q|;•-/‫א‬L‫دل‬8/‫א‬Z;$‫ א‬٩{٢
Š‡y^H1‫א‬D‫د‬QYUs‫א‬,1O,;5,j,„…‫א;(د‬t
H1‫א‬D‫د‬Q (cross-subsidy) ?‫دل‬8/‫ א‬Z;$‫( ?א‬./‫ وא‬dcf
‫وق‬$Q^‫ع‬o/‫א‬#yXV‫Šوא‬e&‫‚نא‬،—‫א‬wG ‫ (^…ل‬K&,Ÿ/‫א‬
٢٦
T‫ א‬cf M‫دא‬3\…H1[‫وق‬$QYUs;lmj‫م‬$Ÿ2H1‫א‬
c-/‫وق[|عא‬$Q‫^…ل‬Us‫א‬mj[‫™و‬YM1&‫Ÿƒא‬,[‫ و‬K#‫א‬
g3us,‫لوא‬Q ‫دجא‬3g3us,‫א‬H8،yŸ/‫وقوא‬$N‫;^عא‬.‫Šא‬j،Vً ‫و‬
K‫ض‬%‫א‬H8O,;c‫وقא‬$Q
:8, '‫ א‬lV‫ א‬#;‫] א‬,ª‫ ^ א‬5,y ،~*‫(ع א*^ وא‬SV‫…ل א‬
L m›‫وق א‬$Q Y Us‫ א‬mj X-%/‫ א‬d—‫ Š א‬Y .‫ א‬lU/‫ א‬lUc/‫א‬
lV‫ א‬#;‫] א‬,ª‫ א‬H8 ^ 9 .‫ א‬l} `‫ א‬d—‫ و[<(\ א‬K‫א|ع‬
WFX‫א‬-‫א‬
‫وق‬$Q Y Us‫ א‬mj $X‫ وא‬H1[ E_mF ‫وق‬$Q Še ^ Z;$‫ א‬
‫و‬،H1‫א‬cf]&$[…H1[E_mF
Us, um’ © #,e‫ א‬H1‫ א‬d‫…א‬$‫ و‬L c-/‫אم א*( א‬$Ÿ‫ א‬
K^2L‫ضא‬%‫א‬H8O,;‫א|ع‬Lm›‫א‬D‫د‬QYHQL‫א‬
W#,lV‫א‬#;‫]א‬,ª‫א‬،‫د‬$N‫אא‬wGY‫و‬
‫א›ص‬J2L‫وقא‬$QYUs‫א‬mj#h%‫א‬o‫א‬-V‫א‬O,;],ª‫א‬D‫א‬V? EQ›‫(;א‬ª‫א‬H1[D‫د‬QH*F„… ‫א|عא‬D‫د‬Q^c-/
K?‫و‬$N‫א‬yŸ/‫وא‬d‫א‬UV‫א‬qX^‫دوق‬S
c-/‫א›ص‬J2L‫وقא‬$QYUs‫א‬mj[o‫א‬-‫]<א‬,ª‫ ?Šא‬
c-/‫ א‬J2X ^ ^2L‫ض א‬%‫ א‬H8 O,; M$;2 Dy ^;
?KJ2L‫אא‬wGO,;ً 8,~“‡:‫ نذ‬،E^…—‫א‬F
lV‫א‬#;‫]א‬,s(,2‫وא‬$X‫(عאא‬SV‫…لא‬H~o‫א‬-‫א‬Z$%[t$%
X ,b $; H1‫ א‬D‫د‬Q , ‫دل‬8/‫ א‬Z;$‫ א‬Y .‫ א‬M‫;د‬
W#,lV‫א‬#;‫]א‬,ª‫א‬،‫د‬$N‫אא‬wGY‫و‬K…‫وقو‬$QyŸ/‫א‬
†3c-/‫א‬H8^‫|م‬/‫א|عא‬$%;‫ن‬8[،&oN/‫ א‬$%‫א‬g3‫?وאدא‬
‫‚ن‬،‫א‬w1G‫و‬K9[mm‫و‬L9)‫א‬YNNŸ/‫وא‬M‫د‬$¬‫א‬H1‫א‬$e‫د'א‬jG
_mŸ/‫אא‬$;،‫אم‬#yXV‫א‬Yc-/‫א‬d(G2‫אم‬$Ÿ‫א‬O,;D‫א‬V],ª‫א‬
?K ‫א‬G2‫א‬$e‫א&א‬$$2(annuity)#G2‫א‬
Še&‫אمא‬$Ÿ‫^ א‬H(‫א‬l}‫ ن‬lV‫א‬#;‫]א‬,ª‫^אא‬Z9&
K o(2 ©’ … H1[ ‫وق‬$Q Y Us‫ א‬Z;$ H1‫وق א‬$N #yXV‫و א‬
W582‫وא‬
٢٧
‫ ن‬:‫ ذ‬O,; 5[-‫ و‬K‫وق‬$N‫ ^ א‬Hc Y d‫א‬UV‫ وא‬yŸ/‫ א‬8y ‡…‫ א‬
‫دل‬8/‫א‬Z;$‫א‬O,;Z9%‫وאא‬$8–‫وق‬$QHcYc-/‫א‬u<; ‫א‬
K&,‫و‬O,;yH(„…D‫د‬Q‫و‬dmmŸ–
Y ‫ א|ع‬$%; Y c-(, #,Q ‫ א‬$N%‫ א‬8;V‫ א‬w…“ ‫ ن‬#j8‫ و‬
V‫وقم‬$N‫א‬H8^Omj‫دل‬8/‫א‬Z;$‫نא‬c‫ذא‬3$$
‫ن‬1‚،‫א|ع‬$%;‫وط‬fY‫دل‬8/‫א‬Z;$,Qƒ•G^1‫ذא‬3 yŸ/‫א‬,~(/‫א‬dmmŸ/‫…ص‬G†3c-/‫א‬Z;‫ ن د‬،o(2©’
‫وط א|ع‬f ‫ق‬m ‫ن …ج‬1 ‚ ،‫دل‬8/‫ א‬Z;$‫  א‬t ‫ذא‬3‫ و‬K_%
Ko(2©’#‫و‬
O,;X‫א‬Qƒ[‫א|ع‬$%;YM‫وطאאد‬,‫ن‬cT‫ل‬%‫^א‬1˜،:‫و'ذ‬
Y„… ‫א‬D‫د‬N‫دل;|א‬8/‫א‬Z;$,#yXV‫وقא‬$N‫א‬Yo‫Šو‬el‫אم‬$Ÿ‫א‬
H*– o(2‫ א‬Z ‚ ،yŸ/‫ و א‬d‫א‬UV‫ א‬8y ^; .‫Š א‬j ،Us‫ א‬X
Kc-/‫א›©א‬S‫א|وو‬O,;‫אون‬o‫و‬y3Y‫אل‬U[V9 d(/‫א‬
M‫;د‬3dcf(V‫و‬F،ً QN…dc‫„א‬$‫دل‬8/‫א‬Z;$‫א‬g3SL‫א‬9.[‫و‬
M©jQ‫ د‬d(cd‫&ذوא‬, #3T[D‫د‬Q $[ `‫ א‬E#‫א‬T‫א‬
Še&‫(žƒ א‬M‫&د‬9M$X‫وא‬HcM‫دא‬3s‫(א‬1L‫ن^א‬1V‫ و‬،Ë ‫א‬$S
K:‫و’©ذ‬،‫אم‬#‫א‬T‫א‬ds^&,Ÿ/‫א אعא‬،‫*ل‬/‫א‬H8O,KUs‫وא‬
O,; 5} ‚ ،‫א‬w KD‫د‬N‫دل א‬8/‫ א‬Z;$‫  א‬dc‫ א‬wG H<&[ :w
Z;$‫( א‬/ SL‫ א‬d ‫ذא‬3 #‫ א‬T‫ א‬M‫;د‬3 ‫ و‬#‫ א‬T‫ א‬dcf
T‫ א‬$%; jQ Y $8‫א א‬wG ‫د‬S‫ ^ و‬$cT[ ‫ ن‬D‫د‬N‫ א‬, ‫دل‬8/‫א‬
X Y V3 ‫دل‬8/‫ א‬Z;$ (2 K:w c-/‫ل א‬8 ‫(ن‬h ' ،#‫א‬
Kc-/‫لא‬8‫و‬،$%‫א‬jQY,;ƒN‫א‬
‫؟‬H8I‫)א
א‬Qw‫سא‬8Fn+v2‫سאلא‬FP0‫א‬9QI‫ א‬٩{٣
p9 G (risk-based capital) ?yŸ/‫ א‬O,; z8/‫ل א‬/‫ن ?س א‬3
5T‫א‬dcf‫و‬2“l‫نسل‬1‫^…ن‬#(.[
5}|cyŸ/‫א`[ض‬dc‫نא‬،z‫א‬wG‫ و‬K9',m<[`‫א‬yŸ/‫'א‬
‫א‬wG‫ن‬3KyŸ/‫^א‬HÌ5N‫…„[ض‬c%|cx‫نس‬1‫ن‬
/‫אدא‬/‫لو א‬/‫ود سא‬$XYyŸ/‫א‬M‫دא‬3O,;dc‫'א‬s#(.‫א‬p9‫א‬
KX/‫א‬
‫م س‬. ‫د…ل‬3 ± ©2[ (.‫ א‬dax‫ ^ א‬$$‫ ‚ن א‬،#‫و‬$‫ א‬$N‫ א‬O,;‫و‬
#&K#‫א‬T‫وא‬T‫א‬:‫ذ‬Y–،/‫א‬9[$…^(hyŸ/‫א‬O,;z8‫ل‬
٢٨
‫م‬.‫א;(د‬$,%‫א‬T‫א‬dcfO,;‫&وض‬/‫ن^א‬c،‫*ل‬/‫א‬H8O,;،U
Y ‫م‬.‫א א‬wG m[ ً X l} ( ٢٠٠٩L١L١ H8 yŸ/‫ א‬O,; z8 ‫س ل‬
#‫ א‬T‫ א‬dcf ,b ‫م‬$; ‫ <(ن‬H1‫ و א‬#‫ א‬T‫ א‬dy
M‫دא‬3UU[g3 ً <‡$9u‫א‬S‫אא‬wG‫ و‬K9[,(;YyŸ/‫א‬M‫دא‬3‫)ل‬Y #,1‫א‬
Kc-/‫א‬µUU[‫و‬#‫א‬T‫א‬dcf
O,; ً 8 ‫ل‬/‫ س א‬Z.[ ‫ن‬c ،yŸ/‫ א‬O,; z8/‫ل א‬/‫ س א‬Z.[ ‫د…ل‬3 H8
(minimum capital ?‫ل‬/‫ س א‬d8,m ^ O‫ א د‬$L‫س ?א‬
O‫א د‬$L‫دא‬$n‡$,8(./‫א‬9!‫ نא‬z‫א‬wG‫ و‬Krequirement)
/‫ א‬d2“/‫„ א‬$ H8%2/‫ א‬Y em‫ א‬dVL‫ א‬mj Y1‫ وא‬Ze/‫ل א‬/‫س א‬
'P O,; ‫ل‬/‫ س א‬O‫ א د‬$L‫א א‬wG D8m‫ و‬K/‫ א‬d$›‫ א‬8y O,; (e%‫א‬
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