- - ! ! "#$ % &'( )* +(, -.' /(0 1 2 א א/א אא א hgf .ï2eãÔÚe ´ô´1⁄e‰fåvr£eêÜtf´§Ô ) (1אא) א( ) (2אא ) (3אא אא א ) (4א,-כא א'* א'& !"# $%אא ) (5א /0א'* ".א אא 3 4 )(1 )/ 2 (1/1 אא אא א א א "! כ א%א& $א! ' ( *+& ) )%א/ )- ,א( .א0 *012 א4א *3אא* א* (א *%15א* 7כ 813א" 9כא <א;א ) א4=+א& א 813 > )( 2א" 0 9אכ 1א4=+א&? א (!@A/ א א *" Bא "0 0 9אD4א( Cא>א"/+ Cא () > א% E(1Fא;* ) א") G1/( )Dא" "7א א".9 ) 2 (2/1אא אא א' ."3 2א+א ID/ 0א IJאL *=" (1) %כ א<1F ) MאC א4=+א& Q7 I/ =( P*2 *O N10 0א<1Fא:0 C Sאא;. Sא2א( Cא C+Tא.N Sא 0 1Uא.(MF (W V12א X " !;Aא& @ .א* <Y;X I Nא 4א;M( Bא'P (א;א2( C+Z Eא Cא* (א /אX [3 3א& ) Mא( BאFאC א"+כ*").(2 ) (1כ אא אא א+א*"! '& !" #$ %כ א+-כ" ,$א/א .א6 .01כ 34א: 7-א89א א+א*"! א! -א4 #.א <; א>&+כ @>& :א?-C4 8 ;: .א A" Bא: 7-א89א א! >א .אא א> !"0א ,$ D ,א CאאF # -: Eא"! ,$אא7> E '6: MNכ K-Lא HIJ 3א: 7-א89א א>-C ,$ " G'. 8 !"0אB אא #?/L !O # MEאא> #: Eא! Pכ א ,$ !- .א"! אא.!"O ) (2א' MQא8 L 8א MRאא א א אא אא א!-> M Qא>א* אא"! ?O M(8) Aא! אTא .> L 8U Sא>&"! Mאא;W 24V M .25 5 א א/א אא א 6 אא א "!אכ '() %& #$א* $א +,א :01 -%. אאא (א $3 Sא +! 1 4! 2א 1\; *"<( ) 12 + 5אB ] א Q13א &1כ7כ. & Sא$3 07 6א1 2א #א$3 81 1 '%כא א 12 + '5אא (;Xא I%; &1כ* I%; *3 ^- Pאכ* ) `/1 + 1JT _F "3א 0 1U/א .@aא;+א<* L 2( PBכ אאא] LXא כא;Q7 b א(aא cאא* /א' I<a N1 .(aאא * =X 0א* ( < B4א0 B = B4א/ ( dכ) `1כ* @אO ( *3א.(1)N< *3 <כ א =8* 0אא אא א (! ?>) (2כ%@$ 1א:%% $3 S 1א 2א Bאא 6 '%א 8א!א אא #אא+%,& '% C1א8א ef/ ? Pאaא( .א(aא cאא* א כ) @X *; AY/אאC <1` ( Nא"dא ) @* א(aא cאא*. $3 S 2א 2א Dאא א @,! $Eא כ) אFא"א 0אC .g1J ) 2 (3/1אא אא א. ) =8* H (1/3/1אא :'I א+א 0א h 2 *Uא [3 .4Dא N1>( PN1א Yא !3 / (%א 1> :.א 1>( 1YאLX Yא ;( iWכ 1>( PIא! ? :כ 1>( P1א:1Y ? ( jא א>א 1>( PאLX Yא .(3)!; b%%D/ ) H (2/3/1אא ! א*8א:2 א"%א , 2+א+א ;( 0א 2 I P"/כ* אP1 ) (1א' MQא> 7O M8א.23V MXL ) M3:'Y: M, 8" M"-C (2א! אא אכ. Mא? :א* : QאM7Z א M3א\?.182V M2004 M1[ M3. ) (3א' MQא> 7O M8א.22V MXL א א/א אא א 7 1> :%0א I<1א! )- ? Pא%א;( !3 9א7 "W2 &(( PQא א e12/ 3 54א!%0 Pאא א 7א! 0א ! +( PU+ ( Q1/( !-@kאA0 P!0 V14א& 1אא !/ .א 1dא c15אP(1)*3(1Y ( 9Fא"%א אWא א@ l5אא אא [2 [3 *+ !/( .א+א (א ? 1א2א .א "@4; )( N1אא* L [3כ ):(2 Sאא= אכאאm )3 !- 812 0 Cא %3 CאWא* " )(3 א7 ) &4%א א %2אא אא" . Sאא= אא 0 Jא -כ* *3(1Yא1%א ) 8אWא*( (p )(4 כ Iא [3 % -א* !" ) =8* H (3/3/1אא אא א. א ;\ N1א4=+א& א +א /כ) =א [3 *dא ) q1אr אא .אא&( gא rאא .א P?1Yכא אDא 0 .א4=+א& אI P2 א; Q7 b4א\ [3 N1א +א 9כ )7אY )3כ Iא7 POכ " א4=+א& א +כ) א Bא1אא* - [3א */ sא 142א?1Y א&אכא ! א אכ) א1אא אא&? (+ Q-כ &+א א( א! s5 *3 0א* א4=+א&* אLא אכ! /כ) אא= ?1Y .א& 15/ [3 )(5 ( B5/א+א אא& gאYכ Iא q%Dא Vא*5 (L 0כ כ) e12/א+א 0א4=+א& א +א;! " 8L ) (1א' MQא> 7O M8א.60 W 58V MXL ) (2א+-א8 M,אא? M8Cאא א$א! :#א&'()* %א& %אא א! M א: !Qא1א W 3א .8א-א: 7LאO M2006 " W 3:Qא! אTא?אV M,]L M .250 ) (3אכא>א ^& M,א 8אL Lכ- Mא +,אא. ::"L M+,א? אכ Kא"!M1986 M .88V6E ) (4אאכ M,א/א 1- M`:א0אכ 2 .א0אכ Mא : MSa9א?8א א.-א"!M3E M .485V ) (5א' MQא> 7O M8א.58V MXL א א/א אא א 8 א <E( %3אא אא '%אא א@ N8& '($MEכ"$%א @!8%א )(1 א! >P Oא8א Qא"א" ) 2 (4/1א 5#אא אא א' 6 "3א. 9" qא+א 0א4=+א& א 9" B 2א+א 0א4=+א& אY +כ3 Iא 0 9א;! " Vא[ */אא /( .א N(1א +א;! כ) א&אכ 9" *@4Jא+א 0א .J ) 9+א12א u2 8א(<! א%א;* ) א") כא : ) H (1/4/1א.'%$M ( Y s5כ Iאא 0אYא vא+א? א +( +א(* .!3 R,( Sא( 0כ S 0א!Mא Tאא Jא & V($O@ UEQא'($M א I '%א;א Eא 9D( Fא( 1MFא 1m( Fא ) א1Dא.C Sכא ( R,א(Wא א W@ 0אא א '%Pאא(' $Oא I א-+כא (א( wUא 1m( )Uא ) אכא Cא [- *1Dכא אYאv א-א7 ( Pא א\אm ! &<( + xאא 0א *\;+א4=+א&* א.*2 א! 1 ] ) H (2/4/1אא %& 'CRא! $אא Jא! $א.J$ME כא e12/ 0 9%/א+א 0א4=+א& א k0 +א 142א?1Y א-א;א ( Pא (=א( !/כא I%/ + !/א * )3א 142אא&? !3 c/ = I ] *@4J O1/א &" Q1%/ 0 9+א.*1Y ) H (3/4/1א 'OPאא'. א *D4א2א* 3א 0 1א4=+א& א x%0 2א " 9Mא =א;;א &( א3א 1אכ( N1א "א א* ( = q5 ( B ] * א.]+% [(a Sכ א ) 1א 25א !D4 )3 ^DאFא@*. Sכ) 1/כ* א Bא !0 w2 ?7א 1א !3 81/אכ1 )". (1א 3)& M,P Mא אא א.87V M א א/א אא א 9 ) א%D+א=א Cא( *%א<+א *= +( *3א כ 1א ?&1אFא yאbD אLא 1א Q7 3א.% ";+ Sא [3 1>z/ Vא !; 1כ;! <7 ) Mא א7 Bכ k0 א 1א "($א א 'OPאא' א%CCא (> 8%Oא א*Oא8%P Xא Yא@%א"7 Pכ כא א א *{ ) q1א 0 1א4=+א& א( 2א1 א4=+א& א +א* *D4א2א* "&א 0א $אא א (! $Zא> א 'OPאא' &א8Cא %א $אא א (! $Zא8%א &א8Cא " V%O@ [,( Nכ 6אOא". ) H (4/4/1א" '%א! '%E\ '%Eאא. א+א אא IDכא;* (א * כ 0 N1א4=+א& א 2א%א;* B א4=+א& א %%Dא;+א< [-א א4=+א& א e@ 9א;! א=4א& א &%א( א4=+א& אא 7 *Uא א' [3א( !/+א%5/( *2א !/א.*2 >P Sא!Y ]%כ 07אא א (Rא %& 0א + %!Qא\א2 א" '%א(' א א %Oכ;! א%א N3א+א* *%א4=+א&* אWא0 *0א4=+א& א / ( !3 [m+ V ?&z %%Dא( BאFאC א BY/אDא<א Cא( *1Yא4=+א& אא -א<* אא& .א "3 [m+א אWא. < Sכ א $MCאא א" '%אא א א א>[3 1 א4=+א& א !Y %%Dא2+א (א 0 IFא;א Eא(+א Cא Dא<"א א.B )% H (5/4/1א^ כ*א _2אא. ) א 0 V(12אא 3 Cא4=+א& א 2א &Dא Cא+א ( א2א Iא 1= [3 1>z/א א 1א 12אא .2( Ndא.1 0 Sא כ א2א [3 dא+א 12 )3 I% +אא Ndאאd כ ( ?(1 v1Yא .% .2 q%Dכ v1Yכא.0 7 ( Sא א +א !%א 1א א* 12אא0 Ndא Dא[;&+ ! .2אMכא [3 Nא+א .א 12 p( N1אא";+ Ndא א .91D 10 = 1 2 3 4 5 א א/א אא א ) Lאא %& 'Cאא אא א א( אא אא אא אא VLאא'C א א mא||||||א <||||||+א ||||||א 1|||||||2 9אא|||||||א I|||||||% + א*3(1Y |||||||||||||||Y|||||||||||||||; *3(1Yא vא2||||+א& Y||||; ? ||||0אv א|||||||+א |||||||0 |||||||0 +אא? א IDא( אאאC א 14||||||||2א|||||||| <|||| + ?1Yא ||||א 9א|||| א\||||||||| N1א|||||||||[ א14|||||||||2 א%א;|||||||||||* א||||||||||| +א 9א| ?1Yא B *;Oא\N1 (אא&? א[ א 142אא&? א 142אא&? א||||||| *D4א2א|||||||* 1||||||2/ +א +אLא "||||||10א "1/ [- N12א א||||||||||||||||||||||||||||||||||||||||||||||||אאC (א|||||||||||||||||||||||||| *(zאאא Cא4=+א&* א4=+א&*)אMאL 9א.(/ א<+א*3 א *|||||||| aא||||||||* א| *| +א אא א( *||||||||||||| aא*|||||||||||||(a |||||||0א( |||||||Dא|||||||2א||||||||||| dא א|||||||||||%%D *25א+א %א|||||||||| Iא ||||||||||* א=|||||||||| Iא;+א<||||||||| כ|||||||||)||||||||| 1 א+א אא א א%%D =|||||||||||||א rכ|||||||||||||א 12||||||| Nאא( N|||||||dא2א |||||||dא2א |||||dא|||||=.|||||2( B א|||Mכא 12||| (& NאאN|||d א=B א+א א'(1Y 1U (2) ." אא%9 78, א א אא2 (1/2) [(אP(Real investment) %%- ! א[ אא2h - א+ א% :כL I4/ א0((Financial investment) אא א .(Real investment)LאC א%O אא אH (1/1/2) *= ! I@ I ? כP%%- I@ NOא- 0 qD א1 10( א *%%D א.@+ א0 א+ א%%Dא& א4=+ א81( !/אL 0 *&א4=א IJ () > א1 אIJ& ) M/ *0אW *&א4=? =* א7 אx%0 .(1) B %א .(Financial investment) אא אאH (2/1/2) NOא- !3 /1( * אאc(אa אc 0 .א+ אef q2 ( . ( " אI `כ7F %%- 1m אI@a 1א . אא5 :/' א78, א א אא2 (3/2) Investment Substitution. אא אH (1/3/2) r ) אB א[ @ אeW + ?7א א+ ) א9O א%( א א כאLא@* אJ( %א& א4= *<;א+ אN% אN&אO [&? אz I P.אא (2) .*% אg 'א/ אM/ אCא2 (אC+ א0 א+א Net Investment .אB אאH (2/3/2) !א- ) (כP. אאr ) אB* א[ @ א0א4* א0א+ אI ( .Dא א+א אא (א+ ) אc1א .26V MXL >א7O M8 'אMQ( א1) M7Zא: Q *א: ?א. M א! אא אכM-C 8" M"-C (2) .182V M2004 M1[ M3? אM3א 11 12 א א/א אא א ) H (3/3/2אא ?LאGross Investment . (א+א א<א כ ) א+א א( -+א+א א4אP0 (כ) אא] אL )3 12כ כא : ) `( Lא* !%& #$אא אכ Pאא א. אא אא( אא אא אא א. אא אכP כ|| Iא א; ) iא rא .א|||א .א( C+Tא|||||O &|||2א& Nא5א=|||||* א;+א<|||||* < *2 *O N10 0א *||||%א"כ||||* ||||א [||- CTכ||) ||Oא& Nא||;+אE ( q1|h )|3 [|||||||- N|||||||< &|||||||3א|( Bא;Yא |||||| 1א||||||;+א-( [||||||3 Eא Cא;א<* <N אQ ) 2 (3/2א א אא 78,א'$א א'א<; .=# %א+א -א5%א' א%א ! dא[ ;:)3 ) H (1/3/2אא bא(Private investment)a ( א+א א ! 9% ?7א10+א& א( א1Yכא Cא(= 4 ) 9א;;א א( 013א א;" =5א' Jא.y 13 א אא א/א א (Public investment)= אא אH (2/3/2) .* "א2 אאNM"<aכ* א( אD "א א9%/ /+ Cאא+( א ( אאSאC (` אc\d) )(3 )./ 2 (1/3 ^ א 0 9+אכ ) 1א* [3א+א (כ ! gא&1(אL( Bכ 1%kא אכ ) 1אaא( Cא-+א&^ אא* L [3כ( Pכ) * _F/א+א 0א4=+א& א +כא ):(1 ) 2 (2/3אא >?& :/8.א' /אא@ 6אAא ' א. א ?7א q%D/ [3 Q( 3אJ1א כL( &10 Iכ א`א' -א<! א*-(1 (אכ( *1א*0 Pא+א V"+א[ א`א' אDא<א Cאא&* ;א (א;א "Y Vכ Iאא א[ א`א' אDא<א Cא.*-(1 !3 .% Sא( N4א"9א !PLא אא א א= א_ א(א2 א4כא_") P(2אא אYא E f%O 'P%א_ א Vb gא.(3) V ) 2 (1/3אא 6א 7AאBא כא א' ! ' Dא'א?# ' EאA א8א .;!". 56 Q7 0אDא* x%0כ א+א (א<א / ) !;aא 9אא< א ?7א3א* א;+א ;!z ) + Pא .אא/( rכ" א א[( Pא3א* ) !3 / ; BW/ a "%א- ) "2 ) _FYא C+א.(4)>+ ) 6)!- 7#8bL (1א5א* 4א.א א אP M2E Mכ! א!)X"$ !.אכ!(.76 W 75 M2002 M1[ M ) ,$ 8C O' (2א8 8-א.447/1 M.- L R ) (3א' MQא> 7O M8א.67V MXL )8 M#8bL (4א-א?> 7O Mא.76V M MXL 14 א א/א אא א 15 ) 2 (1/3א א'? G! Fאא D.א & 5 G, E6א '=./ א א.E א bD0 Lא ! *21Yאא+ .א א Q1m .א ! Bאכ אא( .א2אI אL( PQ1 1Fכ q1h )3אWא*)א( א1%א ((8א sא ) אs א.(1)!% )(1 &?> א' /אא@ 6אAא ' Hא )(2 .K' !6א?# JאAא Iא8א ;!". 56 )(3 & 6א Iא' Oא'Nא!. 5.M!' #כ Lא'אE )8 M#8bL (1א-א?> 7O Mא.75V MXL )(4 )./ 2 (1/4 א ) כ כ Iאhא אא 2א Cא+א א} + + א12א ) *3 8אWא( xא-aכא 9א I& 12/א`א&? 1 א ) ! +א"3 V12א ( .7א" 0אM+א" 9א (= =א Q7 אWא( xא-aכא 9א[ א *2א=א 9א 812 .(aאWא-a( xכא 9א2א* (אא; א-( xכא 9א1Yכא( Cאא^ א( xא-כאO 9כא Nא1Yכא( Cא1אB א-( xכא 9א( BאFא pא-( xכא 9כא Cא.1 ) 2 (2/4א' Nא6 P#א,כא א'"א. ) (1/2/4א (7 4%כ /כ א2א5 ? *3(1Y Cא-a *%כא( 9א& $א*21Y א* (א( gא4א& )3 Nא Bא !%א 0אא Idא2א@P N1 (כ7כ /כ 0א .א5א /( P CאFא" ^dא כא = א ).(1 אא 7 I&( Sא אWא ) xא Z1%אכ .= 1א~ /אכ (2/א[ :א א כ"#א &!א & & "789א & & !.(2)<+ א4א012& 3 "46א5 א % '& % כ; - : & , * א & * * )(3 . .=( Sא~ @[ א~ 32 " :( !3א 2 >? @ Aא " . ) G?B9 (2/2/4א @D9 EFא.C 7 W%א אWא3 q%D/ A xא Cא+א א Bא [3 &2 ?7א&1 ;! (כ7כ [3א( PBכ 7א א5/1 Bא % q%Dא@ א*21Y א*( Pכ7כ 2 ? /א* "0א .1 )UP (1א M"-C Mא<)א ;-א5 8 9א 4אאO? 1$ !-> Mא %א\א. M%א? א M#?Qא1א.5Vwww. darelmashora. com M/ M#J ) #?> (2א.168 :#1 ):? (3א.A- H 16 א? -Iא!,?!/Jא + 5אM8Kא א!KL 17 N# 79א"1א (@7 Iא אWא ) xא Z1%אכ .= 1א~ /אכ (2/א[ : )(1 א& * * -PL & א?7א<Q && & & ,,R 79א"1א א & A א,7א 3 א O"?8 א & A * & N# 32 א"?9א א * ' ( . ["; %א~ @[ א~ ) *3 )3 ( !3א2א";a Cא 1 /אא Iא2א 0 Iא D( P1Fא( P1MFא*( Pא( P9א@aאP9 (א4א( Pאא>( PIאכ( Psכ אא ) א;Mא( B( Pא b=( lא*P (א 0 12אaא31` N12 N(1 ( cא)=( P (2א [@ .א~ " :( !3 !S +א Sא א GR GR +! T 0# Aא.(3)" 0# A ) 34U ! (3/2/4אא Jא V8F9 8אא N2 QאFא.,K (L [2כ 2 ? /א* /אאJ N [X sא@* ( 3א* aאI@a 0א2א q%D/ CאאL I&( P (4)B0כ: Sא =א! <א 1א~ . B !; !3א~ @[ א~ 3 !3א9 א 32 " :.%א EU X 0"K Aא Wא 8א ZWאYא I%0 T"Xא .א~ 9D` b :א* " [5 !;k0א א) ( ) "א א& (4 אא" rא =א "[ " :.א= > " Xא [@ .א~ \ " :( !3א >9א Aא"]T )(5 32א -# X Aא["#^_ X"Bא U -P Tא"` _כ"#א " 0P =( Sא .כ7כ d +! " :א @7א Xא?4אa1 b]" 07 N8 cא1 )(6 !6 `fW8 +א ? -B?9 ,אא " eaU N# (7 9%א אWא [3 xא%א N3א *"%א & " :.%/אא [3 9% < אא."B0 ) (4/2/4אBא N# gא!"א.J (L 2כ ;! [3א 7JAאaא 0 sא2א Cאא* א ) #?> (1אא*.2 !Y :#8 )UP (2א> 7O M"-C Mא.7V MXL ):? (3א Hא.`I )UP (4א> 7O M"-C Mא.8V MXL ):? (5א Hא9א?`. ):? (6א Hא0א ,$ ,א\.d>: 18 א? -Iא!,?!/Jא + 5אM8Kא א!KL D/אא ) .א"כ (F !12/ 93א 1hאא* א* א [X &%/ אWא' Pכא 7Fאא 1אD *Oא [3 *\0אא ) .א( *=1אM+אO (א` %( P (1)N`1א אL [X Z1%כ: & &אא> Uכ& & * U - "!hא * !"אכ * - _9כ"#א * א +f .= 0 Sא~ :I<( M3א א )(2 D9אi + e &9 3 2כ"& 3 9א & !כ. .- ' * % ",9א & Uא & N2 Uכ& & * U - &אא> * D !=( Sא;! (2/א[ * : !"אכ * - _9כ"#א * )(3 & !"א& J _8כ"#א & & % אא & & U &א -PL . < 3"#79 אBכא * & X * -81 ! & * + ?א ' * * ** @( %( Sא;א .א~ @[ א~ ( !3אDא [3 *\0אaאP . %0א! 3] >8\ +! . ." :.א.(4)" ,R " 0 [@ !=( Sא~ 3 " :( !3א Aכ` 2כ\ >\ :jP -אS2 T Jא )(5 אא T Jכ eMאlIא" J ) (5/2/4אZ8א ,U XאU Xmא-m 3 9%/א Cא+א 3 *4א* x [3א2א dא( *DWאכ אFא( Nא 7Jaא52א 7 ( Pא א 0 !3 q5כ א !%א " :אU -mאT Xm אWאU nאCא7 2( P" 3א א2א% dא +( P *DW/ Iכ <" +( P <" כ; )( PאL ELכ ) א Z1%אכ *%@ 1אא B Nא~ 0 א"א& :^- && א +!l &_3 א+!& O8R = SאD .א;! (2/א[ 32& :אA !"א U - * -IF1 * * * א.(6)<D - x( Sא [@ .1א~ ) ( !3א"א& ( BO/אUא.d )UP (1א> 7O M"-C Mא.9V MXL ) #?> (2א-א^.29!Y : ) #?> (3א.188 !Y :#1 )." X (4 ):? (5א Hא9א?` .A-: ) ) (6א.(111 :!L א? -Iא!,?!/Jא + 5אM8Kא א!KL 19 אא א א אא א אא ) 2 (2/7א,כא א'Qא!"# 0א Iאא. ) (1/2/7אZ8א"CU Xא oUאכא Xאכא.5 אYאכא\ ) 1"\ Cא 1א2א( ( ) m1/( BY/ IDאYא' ^ .%א~ 2/א[ 0א ^Dא:%"א1א Pא pאכ! +א [, +W -א Yאqr T0א 6א[, 3א Yא0 U +! s^6א"7( Pכ ?1/אא 0 *Dכ%5/ ) 1א CאYאכ*7 ( Pא אY BYאכא B d Cא 0 (& ) !&z/א=א* אYא Bא+א* א? -Iא!,?!/Jא + 5אM8Kא א!KL 20 א 0 *FWא 14DאDא ( 1א 12א3 )3 "%א Cא+א =א (-א).(1 ] ) (1/1/2/5אZ8א Xא Q"#Kא"כא. 0כ( Iא ) -א1Yכא !014/ 12א .א1Yכ* (כ] )3אL( P)1JTכ 1Yכא ) א1Yכא- q%D Pכ א1Yכ* א) s5 כ א א& אV14 ] %3א ( א1`+אכ 0א P1א Lכ) כ( Iא( " -כ 0 Q1m )3 1Yכא 4J+א ) yא`1אQ + !; q- 0 @( !%כ א 1אא&] .!D1 2 % 1 ) X"?9 (2/2/2/5אאכא N# 5אא] ! +Uאכא# 3כ 0כ> .c ^ I%/אא .א1Yכא ) א Mא[ א0 P'Yכ כ1` Iכ ' 0(א-א ( 812/ rאא% .א 14 4( P!4-אא .אvF ] Fא Nא כא א%א] -א1Yכא. )8 M#8bL (1א-א?. א? -Iא!,?!/Jא + 5אM8Kא א!KL 21 ر % ! رة % ) (3/2/5א8Rאכ אא cאR I1 b_U VUא# GF8 7uא. 0א [W% B [0א1Yכ* ? ` v1א( @ B5%/ Nא1`+אכ 0אa P1 [ אYאכ* א1`+אכ .!0 ) oU (4/2/5אIWא eא,?U s7\ 3א א#! vaBכ !אJ אכ. ( %אMא 9אWא 0א1Yכא Cא "0 pא rאL( .כ - aא* hאdא [3א *4Dאכ* ID0 Pכ Iאכ א !4D qD אFא1 12/ Nא ] ( I% +א;"א 3 a PQ1Uאכ (א;! [3אכ!. ) (6/2/4אZ8א E,U XאZכא eא"א^ )wכא eאכא.(5 א &||||%2א|||| "||||3 q||||5/א א-כ||||א 9א||||Mכא||||3 ||||0 Nא Cא||||+א mא||||א |||| &||||%3א||||Yאכא ||||( PCא||||Mא||||L ||||0 9כ |||| )|||| *3א||||א& gא"א||||* ( ):(1 "! o#6א Jאכא.x * (" 4%א 2א Iאא .אכ ( )>+כ ) 1א1Yכא 2א* אא. )UP (1אU: 1$ M"-C Mא>! Zכא #אQכא. Mא? א.www. darelmashora. com M#?Q א? -Iא!,?!/Jא + 5אM8Kא א!KL 22 אא -אD/+א& 0א@(aא( Vא\A/( PV(1א L [3כ \ [X 1א. א1Yכא כ";Aא א( .אL( -כ ) :^- -1א..D ( -2א3א. ( -3א4א.s ( -4א*. ( -5א%א. L I&( Sכ ) = .א"%א ;! O +א +( B ) *=1א) B 0 c1אFא1ma (1)*5א- 8א sאMכא [2 PNא B )5Fא"א 0א.*=4 (3א Dא %אא< [3א1Yכ* כD P*% *2 *4FY ; 4כ1` Iכ ! % -א r 0 !4-אא&A ! 9%( .א( !d &X 8א Nא1Yכ* 7כ -א-aא.. -Sא!"א JאZכ". ( W/ ! 4%אaא .אMכ* "W2 [Xא א I Pu2אWא[X *3 א [3א [X( 1Uא( %א - 0כ Lכ I( Pא Bאaא .אMכ* (+ ) d' 8 ` (1אא ,$ %אQכ!. א? -Iא!,?!/Jא + 5אM8Kא א!KL 23 \ 1U/ [X 1א .Jא0 P.Dא"% N12א "; 0א!).(1 79אא.>Yy (2)x (7 4%כ א ) ; *5Yא1Yכ* אO ) *Fא&/ ( Nכא>/ ( 1א ( א - 0כ Lכ ) ;א' אא Wא [X Vאא .א @aא @1אN (א+א [X 1\( Pא ) !; [3 Bאaא .אMכ* (אN-( I ?7 (א.N- )UP (1א> 7O M"-C Mא.XL )O (2א^ C ,$א .? !"PאUא? J: Wכ Kא e ,$ W !"Uאא^ ,$ :א J Qא:3 $ M`81: M,1"1Cא ,1"1UאfאL #.אא: 8אא> :אא?א: Mא `81כ אfאL #.כ 3אא 8 : H8 ,$ %א* .א.+ א? -Iא!,?!/Jא + 5אM8Kא א!KL 24 א aWא8א #כ. (7 4%כ 1Yכ* כ N-א=4א&* ` *4Fא3א* )3 *%אכ"אP D0אMכא [3 Nא1Yכ* א3א א ( N-א*L 2 > Pכ [3 'O/א1Yכא *4-כ r 0 " Iאא "4 .א *25א *4FYא3א אMכאN3א& _F/ Nא1Yכא. כ אכ % א'RכאT א' א%A א'*Q א%א. א'!D '!*כ כ אכ % ) 2 (3/7א'Rא N#א6 P#א,כא א'"א S Oא'"א!5 )I9 3 (1/1/3/5א ,א_ eא7א!> ! N 07S Nכא 3א >7אא@K @Iא!כא1א,\ 09א 09א\9 08כ! 0F#א .G4 S . .%א~ @[ א~ 6" :( !3אכ @Iכ , @Iאq2 >7א 25 !KLא אM8K א+ 5!א,?!/J א-I?א (1) " Va1 0zzzz#[ zzzz{ Nzzzz2 zzzz! א,zzzzK אq2" :כ7||||||||! (|||| כ3 ~ @||||[ א.||||%( S ."אI אg81א +! 0!,? !אx"S N ]א7 אcg |> אN >!א7 ^ א3" כ3 (1/1/3/5) *א3 Iא2 כ א+( P <" כ+( P"< כ0 .,^ g% אc&א4 אIא2 א1< NAY אpF/ + כאPI2 +( כ .&א אא7"0 P!%- eאכ & א:[א2/( !;אD ~ א.= כL I&( S 3אZא * & "א & * Jאכא * X"\ * & & * א & &* U & & "אM79 "א אאIW9 .(2) <+,IF! * * * -[xאR * * oI?&א * * (3) . <+["^ +7S 3r& :[א2/( אכ/ !=( S +["9} -כ * * * * 09 א^אO8 3 E48I N8 >!א7 ^ אxא42 N >D78( א2/1/3/5) .7א M0אD (אB0 ) א(אI%( " אx Iא2 1<aא א53X [0 1JA אa "א4 " :!= ( !3 ~ א~ @[ א.1 *\2 () א@אא אI2[ א3 (4) " 0\ ~D 3 >\ ^א .( ( )א1) .[85 : ] (2) .[6 :( ]א3) .(( )א א א א4) )(5 *21Yא% *+א@ א* 0א .א+א ( */אא*@J ( . א Q1א7 ) 9+א אYא vא( ?Dא"א0 M<;( 9א Q7 u2א%א@ (אUאא.C 1א G49 N2 7Iא 7א !KLאDא 5א\a8א]. 0א- [3 1>z .א Nאא( rכ" (;Yא (& P"hא15+א א 0אא C+א.*1D 2אK I9 N# >7א Qא VUא.JB 0א 3O .אא dא 1 *1אא sא"|/AY; *3 I P1א ] 0אכ (Lכ ) q5אא א0 *1D q5א dאכ כ;|"א ) א1א א !1- ?7א *21Yא* (;|".(1)!3 b } 3א J6 +! >,8א G48א!2 N# #7כא 1א" א\a8א].!y b ) .Jא %א-A q5כא 9א *21Yא* (;\"א א4=+א&*B P א+א& Nא +א=/ uכ א-aכא ) 9אא sא4=+א&* .1U S 4א# 7Iכ 9 @Iאא X, Jאכ8א.`w +א ) *=2א (אא" )2 *( *=3 .א m + !0 [3א* " IUYא):(2 S )(3 =א . .א~ @[ א~ 2;" ( !3אא .א4א 1א4א" 3 )3( Sא~ ) = !3 )3 -א= :.א . .א~ @[ א~ +"( !3 rAא ) [Uא [%/א~ ( PI<( M3א ) *D4א [%/א~ ) 1J I<( M3אP[U ) (1א!א א א אא אא אא א*' א&א א%א"# $א א 0א& /א -א 2005 +,כ /אכ /א5כ /א& /3א& .5 6 21 /2 ) /38 (2א 7א !" /38 2א א א א&; א&א 95כ א3@3A 0א א 20א? א>= א20כ.2331 2008 2< /3 .197/4@ A 0 ) F (3אDEא Aא BCא132 9 G 26 א? -Iא!,?!/Jא + 5אM8Kא א!KL 27 ( hא ) pא.(1)"2 5א,78Kא] B#א^א 5אBא אBא^א 5א.(2)#?8I () 5א Cכא* א;+א Dא<א 0 !/אDא Nא;א א + [2א אא! ("/א 0א "א [3אכF vD( !<( Iא 1hאDא( Nא\ V(1א5א ( *d ,- 4%א 0 pא *21Yא.*+ (אDא<א Cא 3 *%כ 1א) א( א k0 Cא א &( א9 [ 0א ) 2א<"א Cא* אFא@* 7כ "א: =א !3 .א( N4א1/ "9כ (>כ mא ) 1Jא 3 "3/א* כ אא.(3)"r 3 )3( Sא *Ydא~ "3א =א" :bכא] +! 3א xא N#Yא-#K 0# A א bfכא] א :0, 3א -#א^ >7א\w EKכ , #כ Kא4?1א b \.(4)"#^ Q L )( Sכ א@* א1Fא 2 Cא0אJ Nא@* א *=4אא*)20 .א~ @[ א~ " ( !3אqא !א 5אI1א 3א 0# + E4?1א !TjP + )(5 ^ \,YאY , T0U EF8 -# Tא"0 ", V ) F (1אDEא Aא BCא 134 9א>אכ Aאכ I58א">.3>3 ) /38 (2א 7א M 2א.2361 L ) F (3אDEא OA >3>P AאEא.269/7N+ ) (4א א א3Qא א RPאא.4181 7 ) =2 $2 (5א א F @ AאECא @ O3>P 93Qא6 111 .50/2 403 !KLא אM8K א+ 5!א,?!/J א-I?א (אM8K! אK א7 א,Y !?א7U VS" o4W!) 28 אא/א אא ôèfvÚeãÔÚe ‰fåvr£eÃóÔÜíÔÏ Fiqh of investment contracts (Sharikat)5 אכא0? (1) (Mudaraba)UאC א0? (2) (Sharecropping)אZ א0? (3) (Irrigating)eא\אI א0? (4) (Agricutural)Kאm א0? (5) 29 30 )(1 ) U."& 2 (1א'*כ. )(1/1אכ :m @ Iא1Yכ* 0א BO/ *Uא ) Yא>) A0כ *"< [3 1א.(1)'Y ) (2/1אכ א4Yא: 40א3א - M+ ^D Pא ( PQ1m )3כ) e12/ א)4; vJ ] א1Yכ* א;"א "א<א' `A0 )4Fכ 0 1א%Dא.(2)"V14/ ( c ) 6* 2 (2א'*כ. *3(1Y [3 .א1Yכ* כ:) I ) (1/2אכ8א:Q א^ ) )\ (1/1/2א79 Jא k0 :Nכא;א כ ) 1 Rכא 0 x 2 Lכ "0 (@* ) Wא 3 א~ (א~ @[ "א ( &) 1m ).(3(@* } ] )(4 ^ 0א +! ,א :א~ 2/א[ < I2אא>) כ* Xכא;א כ) 1 (א ) -א1Y NJכ) 0א^ L .0כ *3(1Y [3א1Yכ* 0א.92 ;2כ [X ( X fכ ;2א<! כ1א )\ (2/1/2א79 Jא :N zא . =א . % ] ) (1א #$ 2SQא&!%א א)(א' , *+א.א -אא א&א5 /3כא Bא0 א&; א&א 95כ א 0א2א Tא5כ /א& /3א& 1995 3< /2 .2011 ) (2א M 2SQא.2011 L ) = (3א@א 12 /2U Nא 8 W>' /2Vא3א;3A Wא '" Y O2א Xא!כ./ ) (4אכ A :כ Zא /\5א^,א כ /אכ_ 7א Bא = ,כ@;א א& A `5א & = F Aא F `3א' א b Q a2 2א@ 8 cd Eאכ,A /א :7 א? 0 e3א 5&YAאא `35כ אA O3>P 3 ,א bאכ" / MY2א א Wא &3 Wא. 31 א? -IאMא ]"? 0?/1אM8Kא 32 ) * & (=I א4#WאU (1)x "W2 Zא א4אDא C א )7 +X u2 [3 (3א )(2 א (& )fא(& ;א 0א0 Qא! 1U (;א. s אכ2א (] 1J ^ 0zא +z! z,א& :zא(& !|3א||` 9א [|Xא|1Yכ* `X b0אB !/ א||כ( PCא||"|| I4א || ||0א ||||" q2א *3(1Y|| [||3א||1Yכ* ||0א||*||( P כא;< 1m bא" B NMdא. ) (2/2א:I ) )3 N11 )3 S (1/2/2א ;! =א= :.א .א~ 2/א[; ) :א >א^ א1Yכ) א - )Fא @אJ k0 P!-א " ) b<1Jא ().(3 ^ 0א +! ,א :p,Bא Dכ ! )3א~ 2/א[ אכ 1Yכ) `1כ"א א - )Fא @א7 ( P!-א < [3 .א Oא1Yכ* 0 א*. ) (3/2א^Lא: b2< %0א< [3 *aא Oא1Yכ*2/( Pא" Iא אא 143 7 rא [X Oא;א 7א ( PכL 1כ 7 ( P-א א<א' < [3א Oא1Yכ* א*. )(4 )8 2 (3א א'*כא6 Iא,כאא. %/א1Yכא 0 Cא1א א= [X "%א *310( *d 9כ) "D/א כא : ) (1א!כא.N ).24 /2U 1 = (2 ) (3א א א@.3383/ j2א Aכא אgאf ) + (4א אgא fא #א c% 3\5h/א אgא 5,Q fא @ G 561אgא@ fא I58א Xא!כ /א@ bC /5Yאכ & kא!כא? א MY2 I58אXא ^ c%כ /א . א? -IאMא ]"? 0?/1אM8Kא 33 )R (1/3כ אULא. )R (2/3כ א#כ :+I\ N2 -I?9 )1` S (1/2/3כ* אJא*. )1` S (2/2/3כ* <Xא*. )R (3/3כ אI\ PP N2 -I?9 ,?7א:X )1` S (1/3/3כ* אaא.)= [X %/( . )1` S (1/1/3/3כ* אא(*. )1` S (2/1/3/3כ* א2א. )1` S (2/3/3כ* א3aא ) .אaא(. )1` S (3/3/3כ* א<.Q )!I\ ES" o4Wא Xאכא(5 (0א ` Q7" I4 l1א=aא"3(10( 9א: ) (1/3א? -Iא# JכאR [ 5כ אULא. 1` [/כ* אא 0 *-א%א; א 2אכ א2א ( 9א`aא א2א*. ( 2/א`1אכ < Bאא ) rא2א* ( / q- 0כ א`aא אא *-א א? -IאMא ]"? 0?/1אM8Kא 34 0 bא I@aכא .-a אR >Yכ אULא \"79 0א:N & א & כ! -א & & • [" & "Iא[+ ^7א א bf אIא x * * G#6 * -P א N2 & O"8K % )(1 i i & xR "Kא&U "[ 5כ> . -# * EK '& * : & & & & & & & & qכ • WK 32 ! & 0 א ^7א * % !א * * אIאא 5 כ! -א * אi & 5 i F8כ.(2) 3 ?" X * & !8אא & I#א.(3) <e א7 Bא!0 > כ,Y - • & כ - * * * * * % (כ7כ =! @[ א~ : ( !3אא1` rכא :*>> 0אא xאכ yאא. (/א(1` .כ* אא *-א`aא א2א* א 1Yכ < Bאא 0 rכ"א (א " lאYא' א2א"א ( א"כ"א ( : ( אא! > xא xא! Bא xא] א g7כ א> ]^ #אFא5 א][{ 3א ( Pא א *&(aאFא@* ( P * ( *1%א א( 2אTא 0 א 1m 8aאכ* .-a ( sאכ "[ yא ( Bא Y2א 1m 8 0 b ?7כ* (אאC א 8 0 ! b ?7כ* א ;X !25%א. ( Eאא א] Uא א @4Bא 04B bfאא ( Pכ Iא ! BאWאN (א0א (א@. 5 & ( א7א] 3א E4?9 8כא V#א?8! oFא( P 09אכ-( b1א א-1א (אJ1א( 9אכ( IDאא= 1m( Cא. א1א q0א2א* ( א;+א3א Cא1Yכ* א B/א4Jא yאD &1א"/Oא כאYא' (אא< (א1אhא B( P Cאא&? (/1כ uא2( , IF ) = (1א.29 /2U =,E ) = (2אYא.13 /2U /3a ) = (3אא.96 /2U =l א? -IאMא ]"? 0?/1אM8Kא 35 א4א ( Pא א( P Iא( 3אDא( qdא Mא Cא2א* ( ,א1א* (&( אDכ* ( Pא rא(* (Yא"/א (<"א (`אL Qכ. )(1 ) (2/3א? -IאMא# 1כאR 5כ א#כ )Rכ א(+7 Partenership of ownership(sharikat al - milk). Q7 9%/א1Yכא [3 Cכ א>) ( כ 1א ) )& ( .אs אכ ( א) "0 pא = 4א1+א 4% b( lאא;X( Nא -א[3 NO א7( 'Yכ 0א א( 1אFא"0 Nא כ _4- Dאכ*).(2 )I\ (1/2/3אR Xכ א#כ. 1` %/כ* אכ 1` )= [Xכ* אJא* (`1כ* <Xא* (0א I4/ Lכ: ) (1/1/2/3א? -Iא Jכ א#כ :אכ א86א. ( א 3 AY/א כ א>א ( כ3 1א ) א3aא ) אs 2א" / ( Pא5F ( Pא א"א 4% pא/+א ).(3 אכ כ1Y Aא א ] ) (2/1/2/3א? -IאMא 1כ א#כ :אכ א^Lא. ( אא`* )3א1א ( א@* )3 ( Pא vJא) ( Xא& Nאכ"א אhJא] +כ) !2א" I4א).(4 ) R (2/2/3כאR Xכ א#כ. 1Yכ* אכ `-( v(1כא0 &D/ N3 9א : )^ (1כ /א5כ ;2א;,9א; Nא כ3%א אכ 9א א^gא= ;3nא ^ oDכ /א& ,א ,8א FאPא א!כ5 p!@' /כ I58 => 38א! ' 0 f 3אא cא ;א אא G ' ;א ^כ /א& ,אא;lא qא In 7 >2 7א? .b 2 ,Q a ) > (2א 2א א א /8 YאEכ /א"1< /3A 5 2007כ /א.103 1 2>E ) E8 =r (3אא אא אא א א / /8 Y 8h אEכ = /א& .371 2007 /2 ) E8 =r (4אא Mא.371 L 36 א? -IאMא ]"? 0?/1אM8Kא ) ca9 (1/2/2/3כ> ! +אכ.+ 1Y|||||| O|||||| +כא 1||||||` ||||||0כ* א||||||כ א||||||1||||||` 4||||||; ||||||0 V14כ! +X 1` Lkכ!).(1 ) 3q2 (2/2/2/3אכא! EU xכ אכ. Oכ1` Iכ 1` 0כ* אכ 1Y !4; Bכ! (1` 1Uכ! ( .! LX ) (3/2/2/3אF81א. 1` B X O +כ אכ אא .א1Yכ 1` Lk +Xכ!. )q2 (4/2/2/3א א8א nא#כ א8כ N2א , NU ?Fאכ01r + ?.-I LXא כא =א] ( P*%כ) %אא 9% .א1Yכ א l@k 1JTא!k0 P כ) =א] 1< *%א [3 Bא.*% )1` "/ (5/2/2/3כ* אכ *%א3aא ( *%אא ) B0א".(NA ) (3/3א? -IאMא# pכאR 5כ א.(2) ,?7 Contract partnership(sharikat al - aqd). ( Q7א1Yכאk / Cא&"0 p( *%3 Nא <";A V12/( 1א ) %3 אYאכ) r 0אא 0( .א 0 ( 1א Q7 %/( x%0 1א1Yכא[X C >>* =א:(3)9 ) (1/3/3א? -Iא Jכ אR :,?7כ א!"א.J ( xFא>א א"א 4%א1+א %/( Plאaא r * lאא. א %א L VJ [3כ)1` %/( P(4כא Cאaא )d )= [X .א )_ (1כ oDא M3Eאgא=. ) s& (2א;,9א^ b",2 Nכ /א& u9 tn @8 ,א!כ /א!כ /אYא"# /2א u95א!כ^ :/כ /א&;QC ,א א!כ /א ' /3@ ",אא 7א ^כ /א5כ ;A אr 7*' f 3^ /אEא Inא /E"Q S33' /,א!כא.N ) > (3א M 2א.1041 L ).=r (4 א? -IאMא ]"? 0?/1אM8Kא 37 `1כ* אא(* (`1כ* א2א. ) (1/2/3/3א? -Iא Jכ א!"אR :Jכ אFא.S ( `1כ* [3 9%/א rאא(א ) Nא1Yכ) 0אא( .א( V14א) (7 bכ aכ( Iא ) -א1Yכא 1 8א 0 V14א1Yכ* [X @א [3 !-א ) *%Y "0 chא ) ( uא [2 8אא(? +א א1Yכ) :0 S 1א.V14 S 2אא.. S 3אWא. S 4א.1 ) R (2/2/3/2כאR Xכ אFא.S "89 3 S 1א כ> ! +אכא #[ xאכFא. ";aא )W/כא* כ( Iא 0 1J " -א אא.N I8 3 S 2א Oאכא xא.+, ) 4/ 0א ( 1mא. 9 3 S 3כ" F#U 3אFא + Nm TSא,W8Kאf[ Xא אq F#כ Rא כ#א. ( כ א1Yכא Q7 [2 3 [3א1Yכ* ("2hא a Pא 0 N12א&%2 א2א; +אaאLk0 Pא ; v(1` ) v1` _%אא(* א C13א1Yכ* `1כ* 3א. )(2/3/2א? -IאMא 1כ א!"אR Jכ א7א3 Cotractual partnership(sharikat al - inan). )R ~79 (1/2/1/2כ א7א.3 1Yכ א>א ( כ r1 *2 *4D 1אא1 .א ! כ א (א1 "א - [3א"א ( % *; [3א "3א 3א0 v1Y +( P%2 `1כ* א2א /א(? _4-א1Yכא r 0אא.. ) R (2/2/3/2כאR Xכ א7א.3 a ,,B9 1אכא.x *4- D/כ ) Iא1Yכא r 0א .א1Yכ*. 38 א? -IאMא ]"? 0?/1אM8Kא S 2כ" 3אא Jא?K X,א Xאכ אSא m+אdא. (& +א Dא a I4D Eא ) &4%א1Yכ* אL( P1כ א*5 א +( PV14כ) א 0 V14אא .אUא 0 ( dא)/ 0 Pא אYאכ* +X X( !4D/ 2כא א.!0 V14 R I1 ,,B9 S 3א 7uכ> Rכ א "4?! #! ,,B9 w"D VU +! I1אא.J "< +א* א ?&z/ 1א& %3א1Yכ* כא ) )2 j D/א1 B5%א1Yכ*-+ Pא ) I4D + .א +X 1א %א -a )2א1Yכא 0 q%Dא1`+אכ 0א/ O( 1כ ;* א 1א *; B *%0א0 *4D rאא O( .א *; VJא *; )3 1אYאכ*. S 4כ> Rכ GאU ca8אא xא Eא? א E,א4א Uא+, אWא YאD8Kא א"Bא. (כ Iא ) *D4אא q5 Nא1Yכ* ( ) -a pא1Yכא אV14 א [3 !2 &2/+א1Yכ* ( א L )( 1 !0כ 1=Xא 8אא ( .א! '1 ";aא pא ) 81Uא1Yכ*. , S 5אכ ! N#א Jאכ ! ,א.1 0א 0 !3א LX eא א( *-@ Oא.V14 VU G?B9 , S 6א @IBU w" 01א,U , 0# GF8א ? ,אכ. א כא א/+א *; x [3 cא * 1א r 0 *4Dא .א1Yכ*( P אJא ;* .*F I6 j, , S 7א1r eא va @IBU w"9א9 >"8א!א. ( O +א/+א ID/ [3 cאFא ; )3 *F NאYאכ*. S 8אכ א +! >Yא { ]"?7א +! b GB !wאכא xאIF ?U -#7Uאכא.x (= 9Mא1Yכא ;" %א א1Yכ* P*2 Nכא = ";X [3 %א"dא ="/ Iא ( +א> [3 G 1א014א Cא%א0 != *dא > 1א 20& 1א 1W *% )3א1Yכא. , S 9א81א xאכ 8Fa9 -89א Ew"8Uאא.J ( BO/ > ]+אaא D lא/+א.c א? -IאMא ]"? 0?/1אM8Kא 39 q2 S 10א כא[ s1אכ I6א1r eא N# >B9אכא,?U xא -aa א.>"8 I! FW9 S 11א[א -9א,?U e]8Iא אIWאf[ eא I\ NIא!mא.x )^ VS" J,א?אR +U 1כ אFאR Sכ א7א(3 כ אא כ אא אא 1אא אא א אכ א אא )(1 אא אא אא 2אא אכ אכ א"א! #א $א"א!א&'( % !" 3א א# (,א אאא (* ) אאא (* א+ 4א$% א+ /01 -.כ5 2כ /01 -.כ5 2כ 5א('א& / 6אכ7א 89 /כ / 6 8אכא&'( / 6א*) : 1א א<;: א @.א @ Aא B0כ 8אכ ='א ?>8 7א% +א,-. אכ = כ; אכ ) (2/2/3א? -IאMא 1כ אR :,?7כא 5אא ) Jא,Uא.( 3 Sharikat al - A’mal )R ~79 (1/2/2/3כ אא.J `1כ* א3aא .א/א cא>) ( כ ) 1א sא3aא( .א") [3 1Yכא I%/ 0א3aא ) .אא24 ( 2 ( rא [3א1`+אכ 0א כא;! ) א.l R NI9כ אא:3 J ) S (1/1/2/2א I2א rאYאכ* 0א ) א1Yכא. )"0 p S (2/1/22א rא1Y .כא ;X( !0א 1Yכא I2א. ) (1כא ' bvA -,א>@;QS3Y20 /39א. 40 א? -IאMא ]"? 0?/1אM8Kא (1Yכ* א3aא .א : ( N3 • `1כ* אTא. • (W [/א `1כ* אY I%אכ* I%/ 0א3aא ) .אא.r • (W [/א `1כ* א4א a Bdא .א1Yכ) "0א @"2א. ) R (2/2/2/3כאR Xכ אא.J I1 ,,B9 S 1א.VU *; D/כ( Iא ) -א1Yכא. I1 ,,B9 ? S 2א.VU כ אM< 1א Yא3א] א*U p( Pא 35%א]. S S 3א 3א.VU O +א א -א1Yכ) 1א1Yכ א ( 1JTא;1א& QאWא א a Peא1Yכ א;* - 0 +Xא .א ( ?2א.14% 4אZ8אU Xא.>7 אMא 9כ Iא1Yכ) א I2א !% ?7א -א. \ Q"^ S 5א Xכ> ! +אכאU xא.>7 1/ k0כ א -א א I2א5 1J0 Q1m ( M2א! א=k ( I2א* ) k0 !3 I2א Bכא ! א %3 Gא1Yכ*. ) (3/2/3א? -IאMא pכ אR [ ,?7כא 5א"^"` Liability partnership(Sharikat al - wojooh). )R ~79 (1/3/2/3כ א"^"`. `1כ* א< Qא`1אכ א>) ( כ1Y 0 1א א "א 2א א)[3 P א D1א;! כ "א אא(? ( Dא* א &Dא;"א (7 bכ aא1Yכא r " pא +X .א !3 4Dא+א;* <א " g ) "2א.(1)I<a ) 7 ,2 (1אgא -א ^ 8 Fכ /א " q bא;א ;;א AאE20 Qא fא@0n /d3 Aא@א^ I' qכ /א9א^ I' e3כ /א #א 7א ^"^כ/ = א? -IאMא ]"? 0?/1אM8Kא 41 ) R (2/3/2/3כאR Xכ א"^"`. ! I1 ,,B9 +! ,Uא 0#B8Kכ> Rכ א ! +אCא.3 ' 1 ( Oכ Lכ אא(? ( אא - )W A Iא1Yכא ;* )W( %35א I [3 %65 1JTאא.(1). Ew"9 -8 2א VUאIWאU s#a 32 eכ> ! I1 E! GF8אCא3 אWאU Yכ> Rכ. ( "< 3 O +א"%א v1Yא -aא1Yכא ;* ) אO 1אNd )3א* א "D/א ) אWא B=( k0 Pא v1Yאm+ 13א ( %א[3 1 א1Yכא % Dא ) "44-א א Bא1Yא.N q2 3א 5I6אכ -I?8אIWא,?! N# eא vaאכא x אCא.3 ( =א3 N3א* B< 0א1Yכא ID/ 0 CאFא_4- D N אכ ( )3 sאכ א אWא. )^ VS" J,אR +U Fכ א#כ Rכ א(,?7 Rכ א,?7 Rכ א#כ ^0 X א?א1 1כ|||||||||||||||||* א||||Yאכ* )|| ||%2 AY||/ ||||%2 b4||||-א||1Yכ) (||/1 ; {Yא א||1Yא ||) א !||3 )|| )4||FYכ||1||` Iכ =|| &||0 I||J א||||כ א| AY|||| ||||( P)||||2א&* |א AY *dא כא _F "|||| ||||%2א B||||%/ ^||||Dכ|||1|||` Iכ |||) I|||Dא|||Yאכ* א|||||||||א&* |||||||||) כ|||||||||) || ^||Dכ כ||1||` Iכ ||א כ||א כ||||) )4||||FYכ|||| _||F Iא||1Yכ א 1||JTא||( e4 = א א!כ I58 /א 0 /&@P 3rא."7 ) ZE b (1א>,א א!כא^ A O5 Nכ /א אjא b 25 bא&א כ c א!2כA /3* c> 3א;lא Aא9Fn /א 358א? א!אכ@ e3 /אכ ZE FUאא 7א&A cכ bכ /#א Z> Oאjא.b 42 2 3 4 5 א? -IאMא ]"? 0?/1אM8Kא ? ;* g1J N- [3 )(1 || v1Yכ|| || LAכ||L v1Y + Iכ אL )(2 א" V14א 1JאV14 אUא||||||||||||||||* אUא|||||||* (א"||||||| 4|||||||%א ||||||"Dא )||||||3א||||||א(& x||||||%0 . א|||||/+א [|||||3 cא|||||אI|||||2 Q (א 4%א1+א( lא+א 1Yכ `|1כ* א1|||` 9O+ 1m %3 |%2כ* א|||כ e|||@/ +א|||9(M א9(M (7||| |||0א |||L( + ( 9O+ g1|||Jכ &|||<( 9|||2א*|||=2 ( | e|@/ x|%0א 9(Mא|| 1||` )|| x1||/כ א||כ ||0 e@/א!2 ( 9(M + 9 א1|` *|||||||||| aכ* א |%2א " 9%/א [Xא;"א " IאV14 (אכא"3 Nא א2אא Cא4=+א&* )^ b $3 (1כ /א5כ j' 0א כאA /כ cא א!כא Nכא A E@Cא@0א8 f כ2^ /" A j o"' cכ. )Qn (2א ^< _כ 3כ bא92א א"! oכא;@3 Gא L,>3Aכ כ ,8 א!כ /א @ B 5א^0אכ Aא.O )(2 Mudaraba ) U."& 2 (1א'Nא# .Mudaraba ) ~79 (1/1אCא.m U )(1 אWא* 0א *Uא ) *3א ( :s1Wא 0 1א. 8a א4Yא. ) ~79 (2/1אCאU % 2/אWא* 0א !%א";A +א "`1כ* 0א 1א< ) .א; )s אא< ) I3( (.א; ) 1JZאWא." (2)(s Wא ";Aא " & B0אY M !0 1 ) 92 )2 .א' ( V12/אWא* ] =1אא". I ( P!D ) ! 92א12א"; cא Wא* ( IאDא"; Oא ] ( 7א אW %2א* aאWא 0 1 sאm 8aאא hא P1 (= a Iכ( Iא" -א 0 s1Wא I=( P" 1א ) !0א s1Wאא. (א.(3)% ) 6* 2 (2א'Nא.# ) (1/2א.I ) ||0 &( S (1/1/2א|| N1א|| || ||0 E1||J" :א || *||J .א~ "||3א Wא* [XאYא.(4)"9 ) g(( S (2/1/2א" ||%א||2א rכ||א LXא &|| B||0אW|| ]+א* א`||[||3 v1 (א&|אL ! ?1Y| +( Pא Cכ I20 k0 P!h @|א| + !-כ 1|D !|0א] (.M| + ] ) (1א M 2SQא.3211 L ) 2 # =,A (2אא א :13א אא /d3א>א /Eאא&*5 /א? אא /3א5 /30כ /א.2221 2007 2>E ) (3א M 2SQא.3121 L ) =3 (4א !א.187 1 1 h - 43 א? -IאMא ]"? 0?/1אM8Kא 44 "0א) . [X !h1` B010א~ <A0א.(1)QO )20 S (2/2א .אD4א*. ) ) 13 [53 S (1/2/2א5Fא sא .אWא*).(2 ) ||0 !||= ||3 )||3 &(( S (2/2/2א||Wא*" :א||Fא [||3 Nא||א( .א||1 [3א א@D5א .(3)"!3 ) b|||>( S (3/2/2א|||Wא* |||) 2/א||||||3( 1|||3 Iא (א|||) ||| ||| &2א~ ."3 ) 2 (3כא א'Nא 6 #אא. ) S (1/3כא אWא*. Wא* "< ? [3 v(1` *Jא"%א ( : ) (1/1/3א maאכ" +! 1אDLא Qא?".J (כ|| ||Lכ כ|||| Iא ||||2 [||3 .א א כ||א s .||%א||א7|| 7||J :.א א||א. W|0א [|3 !|0 sכ| |כ |) א| ( !|> 1א|L [|3 !|0 I|3כ ( א!0 1/ (;L Dכ).(4 ) (2/1/3א7א\,א.3 ( א sאא( .אWא"0 v1Y( sא * אכ( Iאכ.I ) (3/1/3אא.J ( א jא s !% ?7אא [X .אWאY; 0 ! I2 sא vאWא*. ) (4/1/3א.VU ( אOא& r )3אא ( .א ) &4%אWא*. ) (5/1/3א.>7 (| Iא !%אWא% sא r Iאא .א s !% ?7אא( P.א I2א ) E8 (1אא Xא"@&א ) Qא"@.248 1 8 h x ).111 1 6h ,;3E (2 ) c3Q (3אtCא !5כא.300 1 5 h Q ) (4א 58 x39Dכא אא א @כ אEכ /א% 0א 5כ /א2>E .5491 א? -IאMא ]"? 0?/1אM8Kא 45 &X 0 Iא NאWא*).(1 )"1 (2/3א אCא:U = /כ .N% ( *%5 )- (1/2/3אCzא Uא ( :z?#4א א %/ ) bJאM I2א א( כא א( ;|' )|2כ|א =|א7 7|J " !| .א אא( .אW !0 I3א*( Pא cOא~ ) || ||"0א [||3כ||7א Q7|| ||0 !||0 Pא||Dא|| ?1Y||( B|| .א || ||h PV(1||2א )(2 [3 .4Dא 1א ' ?7א%2 )- (2/2/3אCzא Uא?|@ |% | ( :e,zא -א|א3 .א| Iא|Wא* ' )| )|2א I2כא ?1Y + !3 v1Yא *2 +כ7א Pא( "א Qא *2 ?1Y א|"א Pא( Q%א 0 I2כא )2כא b20& :! .%אכ 7א אאI2 . |! |Wא* )2 b= Q% ( ] N< * 0כ= bאYא א( א e4א( )(3 א ) )2 ' Q% ( B1אאN ) V6W 2 (4א'Nא.# כ ) Iא2א@ 1אaא* Wא* `"%%D v(1א. ) R (1/4א78א\.+, }א sאא( .א2א eF 0 Iא "0 v1Yא )3א v(1Yא2א* א*4 א ( P* aא * אכ Iא* s1אא * ( P.אכ Iא* 2אI )אWא a (sא vא 0 V14אWא* q15אכא* ).(4 ) R (2/4אא.J (א ! 4/אWא* :כ א ! 4/א1Yכ*. )3& (1א אjא& /א 32א>א /Eאא&*5 /א? אא /3א M /30א1 L .172 ) (2א M 3Cא.461 L ) (3א M 3Cא.461 L ) (4א M 58 x39Dא.5491 L א? -IאMא ]"? 0?/1אM8Kא 46 ,?1א. ) (1/2/4א! >Yא JאCא 3 Uכ"% 3 (/ Oכ א r 8(12אW .א* Q7 0 2/( PאDא* =* א 3 812א2א= א3א א rא .אWא* ( %/א? - 8(12 ?(Lא ( N1Fא/א cא.(1))015 ) !"#7! (2/2/4אא.J 2א 3א ;א0א "א* ) ^- r 0 v1Yא .אWא* כ ] א( *4א.(2)% ]א. ) 3 (3/2/4כ" 3אא% J )(3 O +כ rאא& .א s1אא [3 .אWאL( P Q1m ( sכ א sאא*: ) r a (1/3/2/4אא .כ כ sאא=( .א&א !/ [3 Wא( Psא) 0 &2 +כ sאא +X .א O 0 u%אWא* !. )( (2/3/2/4כ7כ B/אWא* [3א) א *27א1א / %0כ אא O [3 .4Dא&` 0 Nכ Iא lאWא*/ ( Pכ % *%%-אI 1JA/א& א). ) -#I9 (4/2/4אא.J ; v1Yא %3 LאWא* (/כ) אWא ) sא r / V14א. אWא* ! כ! ( / ( P!W2כ! ) א s v1` 0 P(4)!0 V14אא . B I2אWא C0 sאWא*L a Pכ IFכא .א( Pא1א& @ I2+א -אא B .אWא !0 sכא @ I2 +Xא -אB 8a ) (1א&3א א! :13 # 8אjא /d3 /א>א /Eאא& M /א.1/4 2221 L ) (2א&3א א! :13 # 8אjא /d3 /א>א /Eאא& M /א2/4 2221 L _כ bCא80א oא I58 x# 2 Oאא qאא @8 7א"20 /39כ M א;Yא; *A /א Inא@Sא.f ) (3א&3א א! :13 # 8אjא /d3 /א>א /Eאא& M /א.3/4 2231 L ) (4א&3א א! :13 # 8אjא /d3 /א>א /Eאא& M /א.5/4 2231 L א? -IאMא ]"? 0?/1אM8Kא 47 אMא').(1 ) R (3/4א.(2)VU 1אא D#א #א ) 8 S (1/3/4א9 3 VUכ" 3כ!"#7! 07w"9 F % % !א71א #א.w % ( כ Lכ [3אY *; rא ) *3א [3 + 1א'5% j r ( ;* ) rאא ( %40 ( %30 .כ7אLk0 Pא א%/א [3א B1א( כא0אa Pא אא= @ 2א] ;! ;s 4 אW ] e4א sכא Lכ ] אא= ( P.א Q7 7J :! .א"0 I3A0 ] !< eaא Wא* [3א;א `1כא 0 א< 1אL Oכ (א" 1א א@* a Pא1Yכ* W%/אא(א PNאא =א:! . 7 7Jא אאW !0 I3( .א*( Pכ ;0 P!D 0 4א;! " O+א* )(3 %א ; ) !4א"<( P1א* א / 1א%2 ) (2/3/4א"^ X, >Yא wא +U EDא VUאCא Uא^.(4)e LX !; [3א א q/א015א = [3א - 9א 3 ) p I2א .אWא* 1<A ( &Dכא א/+א %3 )3 I4 %2 cאWא* LX [%/ ^Dא )3 !M3 / Lכ א 0 I2א;L ) Bכ `31א. ) -8 3 @D (3/3/4אF9א Ew"9 I1 N#א , VUא78א\., כא Oא/א cא1U )015א ;* א B b=( ? 0 BOא א N1א ) (1א M 58 x39Dא_ 5491 Lכ bCאjא Bא35& 2א? אjא/ א>א uAא q 3Cא;א א @8 y@2א? z5D2 b Z AאאI 7 2כ . ", L3,>' 3@' s9 ) (2א&3א א! :13 # 8אjא /d3 /א>א /Eאא& M /א225 6 2241 L .5 =,A ) (3א 3Cא$א א!"# $אא א א&; א W >E5 gאZ2 א@Eכ א = 281 2000 3< 11 # $> /3@5 0א5כ /א&/3 א& ./2 )_ (4כ bCא c">2 0 # f , {5E =0א Oכ;@ %א M,@Aא!אכA / אCא.R א? -IאMא ]"? 0?/1אM8Kא 48 "3 ?1א 7א א/+א.(1)c )q2 (4/3/4א Kכ sא4א Ew"9 I1 + 3א 3r VUכא02 E^ c P 3 א XZ Ew"8א8א]`. כא LXא כא א 'O V12א" 1א א@* X( Pכ) אכ V13 C0אWא* ( 7JAאWא 1< sא0 Iא =א a PI3 ) ! 9א&%2 !3א"<( P1א* א0 </ !3 &%2א& א.%2 "א 5,I TאCא.U )q2 S (5/3/4א , Rא0IF +4 !m#א !?% 4 % ( v1Yא +כ ; 4כ ) IאWא sא( sאא% .אא &Dא ) א P1כא !< *dא( א0 P!< eא Lכ (א Fא [W% eא %2א +א;! אL A` ) a P(2)%2כ B5%א1`+אכ 0א - )m [X ?&z( 1אP (7 IY +א א Bא LXא א q/א015א LX !; [3א Oא& Cאaא*2 *; )3 l 01h - k0אWא* _Fא 1אMא/ )3 dכ א* k0 Pכא; bאaאl כ א* ( &(;"א BO0אaא [3 lא א%/א .!3 ) Q w"D S (6/3/4אא! E, 3 JאC# +א 3 N# Qכ"3 C#א , VU Qאא Q +אא VU Jא.6 ( כ s1אא Q7 .א N1אא* ) אא) (Wא s א N1א -a ( g1Jaא א *%4א 1J( [(aא *%4א.g1Ja ) VU S (7/3/4אCא !K ,7U 2 Uאא.J ( א /כ א* א *h(1Yכ" Iא ` *4-א ) *2dא) + P1 א rאא% b2< 0 P.אא ) א rאא .א( ! () א C0 1אWא*P aאWא* `1כ* 0א( PQ-( 1א 1א"0 !3 &%2א ) "01hא0 P < *4- b2אWא"0 sא ) א rאא .א( < )3 b<1J ! Mא * אWא* א[ א !Yא<+א Nא"*)J b4- [( (3א3 0 NאC ) b (1א; L Oא)אjא B Bאא&2 0 (7א א9'0א I58א@> אכ 0 s> In *2כ M,א^0אכ Aא I,E2 c Oא! Oכא ;@3א. ) (2א M 3Cא.291 L ) (3א M 3Cא.291 L א? -IאMא ]"? 0?/1אM8Kא 49 אWא* < ) C1א lא2א Cא0 Pg1JaאFא Nאא 1 *%א א1 א( Pq-א; * N12א idא3aא 3 .א P*4א (? . )3א~ @[ א~ = !; ( !3א:. • ! >Mא #aכ >Mא8א^ ! 0 v#W N8 0BU 0 v#WאT0 כfכ א1 >?9 #aא b]l N8 08#א .0 .(1)CFא*= [3 ^D א r u= I= 1אא.4/ + . • ( aאO 1א&( PNאMא& [3 Nא/ + Yכ * 2 +XאPI@a ( [3 /1כא; *0א idאWא* א: ) (1/7/3/4א אIWא.e `א א3אQ @ DאFא r ) Nאא ID +( P.אWא! s ] א א bא ( ?2א.14% ] ) (2/7/3/4א I6א.VU e (LXא כא; bא0(14א = [3 Cא1א&א s Cאא r .א! (p Wא.` s ) (2/7/3/4א א.VU ) 'O !;k0א q0( )015א/+א" cא. ) GB8I S (8/3/4אCא +! 0a1 Qא (0??B9) `"| ]DU VU #א 5אCא.U )(2 (כ! כ LX 1% 1mכ Dא (=א* r1אאA 0 .כ }+X ] א 3 *%א uWא ( %%DאDכ AY @ =( Pא uWאDכ =1א ) א Bא "%א כ*)<( P(3א ;_ א1%א כא : א2א |&93א א /8 ) F (1א A ,;3Eא@ t 58 $2א_ Zכ 3A b G א.74/38 /3;,9 ) 2 (2אjQgא כ ' /Y3Q ;sאjא /א@;א' # QC /3lכ @ bאכ 358א? +F Fא=. )$ (3א א$א $& %א '#$א*$א)( '$א +$כ %,- $א .א (/א" אא א (/א _ =Q 3n `EאEכ /א%א@ A /א.+ 9 50 א? -IאMא ]"? 0?/1אM8Kא p k||0א|| Bא ||"%א !/(& 0אא&* N1Y3א N%2כ* אכ ||0 P*1א||.| 1422/10/26 S 21 ) N = ;\ ' 0 1א uWאDכ( Pא1א& א uWאDכ "%/ א<|&א"% P&( P8(13 ) Cא א P"*%כא B ]20 /א8(12 ( I4D/א )3 I ( Pא uWא P%%Dא 5 ?7א *4א"א*d *3(( CYא+א א1Yכ* Pכא4א& qא+א* (; Dא B( PכI א<&א B< I4D/( PCא|| 2( Pא12א 8א Dא =Pb (אא=Yא Cא .||- *Wא|||' 1||||= Pא|||| pא : Rא ! +אU >7א C8אBכ)א ,,B9 >^ +! (-"?8 ! :%אE1 % zzU Ew"9א אCא Uא8כ Tאaא] GאM8Kא Tאכא 0^"U 5א.X אP ;"אdא q%D/ B Pאא ) (1)Nא1Yכא @1א( *- (כ 7א אBO ] א B5%/ ( Lכ א y4אא& 0 Nא %כ [||@ !||%א~ " :( !3 B 40א3א)." (2 B 0 &א ] &א ] 40א3א0 ( Pא =! 0 !@F0 X א! (=! !3א( N4א ) " :9 `4%א ! 3 0 ] q3 ;4 0 [2 כ) ! כא ! =||| 9 א 2 א P. !3 k0 א } . =* > P.3 1m q2 .(3)"!3 c%Y א ?7 (7 p;Aכ א Lכ@ Q1א -א)Uא) =א!( - 0א* 1U/אWאs (M ( !/א 8W; 93 B P! .אWא"%/ O0 PBdא 1+א אWא* ) sאא eF )( .אWא )3 ]W0 Psא%5א Cא*31Y א 8(13 %/ I P% N2אאM Nכא =( PNאaא .א1Yכ* (1m Lכ. Pאzz1א^2 @D :א xא C8אBכ ! >[ >\ +א eWכ> !Dא.J % ( I% + ^D &2/ Uא- 0( P*>> )3 &2א* /א) 1%/א4 "/א ) (1א!$א' :א0$א #א*$א א Aא,n ;A RP0א< א!, zDא /_ A :sQ .5E# FUא /8אn 6 /3;,9א 6 Nא NSYא.146 In 143 />9P 6 7C ) (2א אDEא. ) (3א .5 א? -IאMא ]"? 0?/1אM8Kא 51 [Xא" xא( Pא 0 I@aא %א3א א *%א||=||* א||2א&||* Pא;" א1%א. (כ7כ %/ Oא ) ) 1"fא bD/ )015אDא1( sא< Bא &% B0א] bD/אDא 3 sא uWא ( %%DאDכ. ( 'OאY 1כ"; Iא dא [3א rא) אB / ?7 א<&א ( P! Cא V12א uWא 'O O( P%%Dא[3 1 א rא uWאDכ ( א&< %א Cא *%א2א&*. (%/א rא 7א* א *%א *%א="4D/ Bא*; - 2 ? P א אYככ "4D/ 0א. (= 0 < +א rא 7א* א *%א 12) ) *Mאא +( P(Nd א [3 Dא rא *%אDא* )? א %א j uF/ Iא) I2א&.(Q )q2 S (9/3/4א o#6אCא! Qא JאCאU UאR a 01r T0כאU %א0 !CאUא Uא Jא.6 % ( %א 1אDא@ [3 Iאא) 7JA0אWא sא! %( Pא. אWא* ! () sאא [3 .א<! אh1` ?7א( PQאLא /א [3 BOאr Wא - sאא) s1( Pאא .אL A` ) k0 1JTכ B5% א1`+אכ 0א - )m [X ?&z( 1א7 Pכ א *4- _4F/ א 'O0 I2 *4-( .כא : *4- -1אא s ) .אא( .אWא * sא .כ" Iא. *4- -2אW I2א.x%0 s ) R(4/4אY) >7א 5אCאa9 Qא.(09 [3אWא q%D/ 0 " sא VאWא*s )5 ( P אא [3 .א! * 0א 0 *3א3 ^Dא ! אא [3 Qא<! א.'(1Y ) R (1/4/4אא Jא7א! אCא UאC# w"D 8א Qא?אU Xא ,7Uא78א\ Q +! GI! 3q2 3] ,אא.J ) S (1/1/4/4א/א& כ Iא C+א+א א '(1Yא ! r - 52 א? -IאMא ]"? 0?/1אM8Kא אא .א"0 .Jא( Pא /כ! ( !/1Jכא! א( *2א* ) אא"0 *0א. ) S (2/1/4/4א` N1א( ! I2כ 0 Q1m Iא` u2 ! 1א3aא. 3אDא<* כW ?1Y Aא"= ( *3א !. ) S (3/1/4/4אJא א=(aא( Cאaאכ) (אaא cאא* א (א) *T א5Jaא = אכא. ) ,- S (4/1/4/4א .אWא* ( Xא"3א [ ) gא= bWאDא<* Lכ. ) S (5/1/4/4א( Bא1Yא א.I<a ) (2/4/4אא Jא Q +! 3q2 "F8U 2 w"D9 8אא.J ) N2 -C 3 S (1/2/4/4אCאR Uכ א,8UאP xא xאCא.U (&( xJ XאBd א כא; bא1Yכ* ) א .אWא> V1h ) 9 sא^ P א+א אA *%5א .אzא7 ) Cא א.I% )! f6_ 3 (2/2/4/4אP c +! %א ,a?U pאCא.U א !UYאא .א ( )3א<א 0 !/אא אא .א..(a ) Q ,? 3 w"D (3/2/4/4אאa9 Jא 5אCא B#a Qא[א. ( Oא %אMא ( אכא !3 v1Y0א+א ( )2 b=( 0 ( P)2 0 c ( !2א .א+א !3 v1Y0 Pא+א 5= 0א' )2כאFא ( Cאא2 + B *3 ( *2 0( PNא א / v1Yכ א N10א &4% q%DאWא* ( bא ( Nא* (א *&(Dא B/א.&4% ) Q GB (4/2/4/4אא XZ# 3 JאCאU Qא.07! >7 [ /כ 0 !2 Qא( Bא1Yא (א( 7Jaא52א ! 5 ( P1א< 0 !2כ 0 W% 0 ` Iאh(1` !3 ( P!/Y ( aא] !/א V14כY !3 81 Aאכ xF ( Q1mא! א .אWא*. ) 2 (5א / O,א'Nא&6 #כא א. א||Wא* - ||0כ|| א||& )W||+ !||;a *2א rא||א .א +א|| ?2א( אP14||% ( (כא* א0 V14אLא 0 I3אא .כא 3א א Lאאכ ( [2אכא*P א? -IאMא ]"? 0?/1אM8Kא 53 (`|1כ |0א| 1א |L q|%D/כ a PאWא* C%3א< ) .א; sאא. (< )| I|3א;| א|Wא [|3 Psא כ| א|"| 1א |0א I4-א 1כא ! ;| !4א0 P! 9|2כא `1כא 7כ]1<( Pא א C0אWא* 7- !( Pא<1 | b|D P!|3 Iאm( P1|/ | 9א@| א Jא|| eא =| s !| Qא|א( P.א@ אא + 7-אא]).(1 ) 2 (6אא Jא'Nא.# "/אWא* 0אDא C+אא*):(2 ) (1/6א.IF |kא& Nא"01|h |-א |3kא א |%3א )| ?a q|D( P9O+ 1|mא !F0 )01|5א+ - 0א) "0 b +א q-א:G S 1 / 1אLא `||| '1א|||Wא |||0 sא 4|||0 PI|||2א|||Wא* *|||O+א|||[ )|||- א uWא ( %%DאDכ. S 2 / 1אLא א q||/א01||5א b||=A/ [||3א||Wא* q||D ||0 Pא;"א{ ||א =|||||L Iכ א= bא +א/א cא.)015 )U (2/6אF9א א.+4 )U (3/6א81א xא^#א. אLא א q/א015א / [3א="א א 0 +אDא C+א "0 9M/א. )[ ~#8U (4/6כ !א JאCא.U (|| ||Lכ א;||! אLא e||/א rא||א .א|| !||/ ?7א||Wא1||D ||( sכ! ||2 ||Wא* ||L [||20כ א א||א .א||W|| )||2/ ?7א* ( ||%3 !|| q||2/א =|| ||כ (Oא.. ) 5"U (5/6אCא.Q (|||| ||||Lכ |||| א א||||Wא* כא||||כא* א( "||||3 IY||||/א( Pא||||כא* I5||||/ ) (1א M 3Cא.451 L ) (2אא א /d3א>א /Eאא&*5 /א? אא /3א3& /30א אjא#/ .2261 13 א? -IאMא ]"? 0?/1אM8Kא 54 Cאכ.I ) 2 (7א 5#א'Nא"6 #א Iא# %W XYא ) (1/7א? אCא:U • א 81|%א|Y| ?1א! | Bא|Wא* |0א כ] "א 3א %/ )3 Nא. ) אכ! ! I2 1JTא( +א.!f/( Q • כ||) < || *||3 1א||Wא* || אzzאכ || ||0 +zz +zzUא*||2 א||+א* *||3 1|| <( Pא1||=+א || 8א?FU zzאP e,zzuא)||0 P&||D I||<+ 8zzU |^ א2א |; |dא3 [|3 I4|D 81|%א> |dא|%| &|D bא ) א81%| V14א\||3 1א !|%%Dא )| 81|%א( Jא PNא s I4Dאא0 . *|3א|Wא* ) *4- [3א 1א 2א *; ) q%Dא ( P*2אc1 ) א1א (א.1 • (|) ;א *|-א|Wא ;| א א )W| 81|%א@| Iא 81%א; 0אQd |א ;| א א |0 I|2א|Wא* )W+א rא .אWא* א- 0 +א* א?2 (אF( 14||%א||* א||||L( v(1Yכ א||3א( Qכ|| s )||3א||א ||0 .א||!||0 V14 (א|א ( !|3א )W+ )|aא- 0 +א* Fא* א7( Pv(1Yכ 10א rאא7 .א =אM Iא&( Nא4%א א( 1אFא.(1)N ) (2/7אכ אCא.U • (<|! א| )| !Yא|Wא* (א|1Yכ* א כ| |"א )W| |%3א|2א( ) א( I||2א rא||א [||3 .א |||| 'Oא )|| || )|| !||%%Dא1||hא !0א||* א||q "||3א7|| B||( Pא א||Yא! אכ|| )|| 1א||Wא* (א||1Yכ* א +א;||! || I||\/אכ u||2 א4Fא( _dא c(1א M/אWא* )3א1Yכ*. • (א( Q7|| .א|| )|| c(1א||Wא* (א||1Yכ* א א rא||אV1||h )|| 9||% . (א ||0 1||JZ V1||h )|| I||2א||Wא* ||א ||0א||1Yכ* 9||%כ|| )|| Iא( I||2אr )E8 > 2X (1א@& א$$$א $$$!"#אא & $$$א0$$$א1 2א( $$$אא? A א"#0א א 0א&; א&א 95כ א 0א 20א? א>= א2Cכ1< /3 .341 1996 א? -IאMא ]"? 0?/1אM8Kא 55 א||א )|| .כ|| Iא||1Yכא (7|| [||2א א א q||- I||2כ||1||` Iכ (א || ||0 I||2 א|1Yכ* א|א |0אWא* 0א q- ) I2א2א s1 q- +( x%0 Iאא 0 .אI2 |Wא Vא|[ א qא א 0 1א1Yכ* (אWא* -א/+א cאא אFא"0 N |0א|Yאכ* [3כ Iא1Yכא * *4-כ" Iא 0א rאא 0( .אWא* ||| s IDא|||א .א|||Fא )||| Q&1||| Nא rא|||! א +אLא =||| 14א2א|||J( Iא|||e א.v(1Y • ( |אכ (<|! | ( 1|JZא א| |0 V14א1Yכ* כ כא כ1` Iכ 0 א|| א||1Yכ* א||@+א* ( !||; )||3א||א* )|| Q1||m )||3א||1Yכא א||א ||0א||Wא* 0א V14אכא Iכ 2א x%0 Iא +אLא = s Qאא u2 .א.(1)v(1Y ) (3/7א^א eאCא.U • ((<! א ) !Yא<+א( NאWא* 0א א<+א B %3 NאB0 א3+א (אFא [3 &1/ "0 Cא B0א3+א כא [3 &1/א B0א;+א א כא; %3 I3 N@ 0 bא( ;. • ( א 1Yכא 0א כ "א %/ )W %3א -אF`+אS y (א3+א 0א<+א% !/1J( !2 Nא3 Iא dא&? 1mא א2א 0 Iא<+אN כ ! א<> 1א% !3 q V(12 bא א( א< 1א Iא כ א 1אכ אא( .אFא2 [` +( !3 Nא Iא +א<7"( P!3 1\; x%0 !/1א \" 1א *2h ( c10א2א.d • אWא א 0 I2א<+א NאכD/ 1א (@/א ! - 0א* אWא* ^- כ א ) s5א2א 0 IאUא א;א V@ &D I3 Oכ3 Iא@Q1 א 0אWא* כ I3א2א */ V" Iאא .א & &<( 2אN1d (א1D *2כ* D +א א u2 +א &%א( א v(1Yא = "2Wא sאא. א2א.(2)I )E8 > 2X (1א@& Mא.341 L )E8 > 2X (2א@& Mא.351 L )(3 Sharecropping ) U."& 2 (1א'Rא. אMא &%3 ) %3 *3אYאכ*. • ( ) *Uא ? 'Mא;+א ( Cא [2אM %%Dא.*3 • ( 0א [3 %3 l5@+א u2 'Mא ( Pv(1Y ! E1F `1כ* 0א B0& ^- P'Mא"3 I2 ) 8+א (א" 'Mא2 ( Pא* א2א 0 Iא u2 8aא " E1Fא( *2 *4D ? Pא< ( P92 I אא Y %3אכ* ) אכ א( 8aא2א"0 Iא [3אא א 8aאMאP*3 ^Dכ אא1Y i/כא (כ) *2 _4- -כ&D I<+( " I (= /כ א( 8aא7א ) אאכ (א ) I2א2א IאMא'/ =( Pכ א ) x%0 8aאאכ (א7א (א ) I2אMא').(1 ) V6W 2 (2א'Rא. 0 v1YאMא *3א ):(2 * S 1א2א=) א` &%3 N1א2א(א.C S 2א " Nא 'M B/א&X( 8aאכ א "0 'MאLk0 Pא N )/ .C0 *-@ S 3אM 8aא";+ *3א א ) N&4%א.%2 S 4א ) *Fא( 8aאMא'Lk0 Pא `@ [3 v1א -א 8+א I2 ) אכ כ7כ L a PC0כ (& .Dא ?&z( *Fא[ אMא' Pא} + L א 8aא א2 8aא( Iכ! ) א .%+א"0 I2א &( !0 IJ/ ) (1א& > > Q 5Yא!4+$$$כ א :$$$(1אכא$$$א !$$$#א)5א $$$!"#אא א&0$$$א א !@5 =3א .2741 2008 1< M2X ) (2א 58 x39Dכ$א א$א א@ $כ אEכ /א% 0א א1 2>E .510 56 א? -IאMא ]"? 0?/1אM8Kא 57 (O 0 !3 qW/ +( !2 I3 +א0 *3א2א@ Iא -א1%א א+א? 0 )(1 א .Uא8+ S 5א ;' א 7א 0 7 ?7אM 8aאL !3 )( P*3כ א) 7 1Yכא )2 +א- א2א=)( Pכ 0א Lכ א0 PV12אLא כא אV12 ] א2א=) .C0 S 6א ; 4כ" Iא 0אא.i/ S 7א1Yכ* 0אא0 Pi/אLא Lכ 1א Bא1Yכ* L( PC0כ כא`1אB0 v א1Fא ) EאFא Eאא א( B0א P7א( % ? B0א " E1F + %0 P)2א gא א` !20 v1אא q%D/ 0 Pא1Yכ* 0אא ) i/א2א=). ) "%9 2 (3א'Rא. • אMא 9O+ %3 *3א +א* ) ` !3 v1א I= P7א%א 0 !dאP8+ 7- !0א "F I%א [3 1+ [-א V/א! ( א0 Q7 7 א( Pb+ =( b =( P8+אLא ;.*0Z !4/ %0 b • ( א<א 0 Nא+א (`1כ* 0א";+א7( Pא כא א"0 !3 &%2א אא *2א 8+א כא א [3 7אMא'( Pאא I3אMא' א כא א[3 7 @א -א.8+ • (אLא @ bDאMא *3כא אFא ) Eא@ ) 8+א"-א (אMא' [3 א `h1א0 Pא E1F/א` 8+א M [` 0א' Pא + Lא%Dא ! cא0 + אFא.E • אLא כא; bאMא0 *3א"0 [W0 Nא א2א=א כא @ [3א -א1< 7 Iא X 8aכא אMא'( Pא< I 1אMא' א כא אכ א P8aא b<1Jא` 8aא אM +( P+ 9א& [3א `" v1א 0א1 %2א !. ) 2 (4אא Jא'Rא. • "/אMא *3א;"א "/א0 PאLא א;"( bא 'Mכ %א0 'M ) (1א 3 bא א%0א א /#t 0א' ;,A MYא Nא!2p /&2כא. א? -IאMא ]"? 0?/1אM8Kא 58 א [3( 8aאMא' א< 1א 0 !4- !UY/א ) 'Mא/( P8aכ א*% "3 7א "44- %א.• (אLא א Cאכ א I= 8aא;"א "/א (א( I% 'Mאא& אMא' אW !3 0כא ! Lכ *> p( Pאאכ P!2כא א;" +כ א<א7- Q [3א 0 Wא.(1)%2 • (אLא א CאMא' =&X Iאכ א 'Mכא >! %א %א! [-כP 7כ א כ א 8aא( [0 PאLא g1אMא' א( (>! א 0 Wא%2 0אDא) אא )%כא אכ א 8aאFא ( 0א:*>> ) - S 1א;+א [3 cאD( 'Mא* אMא' ( (>! [3א ) "4FאP*% > =* אFא [3 " Eא.v1Y B= S 2א 0 !=( 'MאDא - [3 .א.v1Y / S 3כ *4-אMא' "%א (= bאא&L Nכ B< _F0א.! 'M ) 2 (5א 5#א'Rא 6א'Nא.# א rאא 0 .אWא* א !0 V14א( Bא1Yא (א .Dא[ 8(13 ( > Bא[ ; N1 &%א- [3 [% 0 g1Jא! (= s 1FאאBW0 . u2א rא! א( כ! אא אMא0 *3א א I@+אא bא + Q7 ( 8+ א"0 V14א א( Bא1Yא (א.(2) ID ) (1א M 58 x39Dא.5111 L ) (2א 3 bא Mא.L )(4 ) U."& 2 (1א'8אא.T Irrigating Partnership אIא\א :m eא ) *3א I 3 [/( P%א* א2א* :א) *3 mאא. א IW( PI2א אא=א Nא "0א ) א% ] Rא2 :%א= B0& Nא`aא "0 I2 ) [Xא [3א" N1א( P 3א )3 Nא [3 %2א u2 I2אFא2( PEא B0& :g1J Nא[X 1Y ) .(1) Q1> ) 92 M !D4 ) 6* 2 (2א'8אא.T • O/אא=א Pv(1Y Nא2 ]++א* א " @ א~ " ( !3 )3 ?( P1J Iא) . :13א~ " @ א~ 3 " ( !3אI I 15Y 1Jא D( (2) 'O ( 1> ) E1Fא<* אא"X rא aאכ א`aא = "2/ )D +א + = 1( )D )( P! 1 + ( Pכ א`aאP D0א Eא2 .(aאD( PIא Eא2א.I2 I ) 2 (3כא א'8אא.T אא( sא P.%כאMא .*3אא@ ) sא -א( P1Yא ) .%א2אI ( אMא'( .א I3 :!3 &%2א2א VF P&&1/ (& x%0 IאMא.*3 (/כ אא=א 0 Nא 1Yא 40 1אא=א 0 Nא( IFא( 1Yאכ91 (אh1א ) sא ( *4א .@( ( 1אא;Lא aאאD Oא<* ( 2/ א.B ) 2 (4א' 5# Zא'8אא6 Tא'Rא. אא=א NכאMא:(3) *2 0 +X *3 )q2 (1/4א א! , E8א78א\I! +,א\א fF9 + eא.,?7 • % 0 !3 1+ LX P!3 1א א VF P%2אMא s k0 P*3א7 ) (2א אYא/8 ) (1א אDא200/5 : )(2 ) (3א אDא א>א201/5 : 59 א? -IאMא ]"? 0?/1אM8Kא 60 LXא א I= Bאhא P!3 1 + Pא 1Wא 0 ! q-aא1+א a( Pאא=אN 3 9O+ %3א" 1mא.*D • א אMא 9M/ 0 *3א2א=) %k +Xא א.7 )q2 (2/4א א e,! sC?1אIא\א89 eכ 8I bא.^ U ,?7 • ( I2א2א4 !3 1< Iא -א20 PN1Yא Iא%א [X !3 0 א;"א א PN1כ) < a !3 1א O + 1Yאא 3 Qאa( P*D א I2כ! [3א2א.I • א 0אMא 10 *3א2א ) !4; I 1<A Iא a 8aא8a Oאא א (א"3 I2א D0 Pאכ 0א0 P'Mכ א[3 I2 א2א@ [3( Iא -אLX( P8aא (< א s1 1<aא [3 8aא2א PI [3א2א Iא@ 4; 0 I2א -א 2 8aא;"א א.N )q2 (3/4א א GB8Kא >Wא Q m Mא. 3א ? ) M b/א1Y • B<1א2א@ !/1< a ! 1<A Iא] C 3א (א *% B< Pb%DאאE1F/ Y B<1 +( PB0 ([ @אC ] >1א. א] IF • א 0אMא :*3א b%Dא u2 8aאMא B<10 P*3א2א*% I ;אא ( Pא b%Dא 2 8aא I= I2אMאM ` + *3א'. ) !4א] 'MאIB8Kא1א. )U d (4/4א 3א e,אIא\אU e % =א א(.C (=א אכא "=( 2א • ] &3א & aאכ א] N1 ] 2א ] • VFא 9% = P'Mא4Dא& D 1JA =( Pאכ ( 1א0 1JA %Xא א.N7 ) V6W 2 (5א'8אא.T ) #[ (1/5א7א\ A :+,כ;א 3א=) %3 O 0 Pא 1m ( P%2 .Mא א 3 v1Y p0א *% 3 v1`( *Dא.*da א 0 ) >B! (2/5א :,?7כ ) א 1Yא ?7כ } =( .N1> !0 2א. & ^Dאא=א Nא"0 VFא ( .כ IDא ( I2א1Y ] ) (3/5א N2 -#I8א7א!> ( :א ) *Fא2א )( Iא 1Yא.!3 &%2 v1` 0א [3 I2א2א=) C0אא=א 92 PNא.*F א? -IאMא ]"? 0?/1אM8Kא 61 <M ) 3 (4/5כ" 3אאR 9כ +Uא/ ( :+Pכ *4-כ( Iא" -א ] Yא3א 92א v1` 0 P%כ אא -a i/א C0אא=אv1` ( PN ] Wא. < -a )2 Mא% !<( Pא א C0 _4Dאא=אN ] ( 3 v1Y +א *Dא Nאא=אN אDא;א ]3 Pא2א Vא2אI ] ! B%/( Pאא=א .( 0 E1F 1> .( [3 Nא* 0( .אh1א ) sא( *4 } א 3 ( 1א B%/ *Dאא=א [3 Nא NMא P[(aכא 0א N1YאPN1 / 0 E1F k0כ א* > C0 PN1אא=אL ( .Nכ E1F/ + N C1אN1 Wא -a ` +( Pא2א=) @ [3א.!- "0א 3א& C0 PNאא=אN ] ), 2 (6כא א'8אא:T ) S (1/6כ> !א כא +! 3א JאIא\א eא8B 8א2 nא א.D ) א l@X( %א"( P1א( ,Dא [20 P%א2א";a PIא ) /אB א( .!3 &%2כ Iא Dא<! א ) QD;( 1Yא *%כא %/( )=1א8a (א7א( Lא5%א [20 PVא2א=) "4; = [3א a Pא.!Y %2 ) 3 (2/6כ" 3אWא +U nא N# +4א א.0# GF8 Rא" xR Tא! ,א N#א.6 )q2 (3/6א nW -א% D ) (4/6אD# Xw ,?7א.+1 0כ -א א+א' )3א ( P7א 1m ) Gא @אP72 +X P!- VFאMא";k0 P*3א < 0 *O+ 1mא; @א -א 3 7א.*D )a (5/6א@ א ^2א א7א!> N#א.f7 2 >7 (א q-א2א ) M< !0 Iא N1א^ ( א 1m ( e4א -א %א } .!3 ) 2 (7אא Jא'8אא:T W%/אא=א NכאMא:*>> -A *3 ) S (1/7א;"א א Nא"3 qא. ) - C S (2/7א2א=). ) G0 S (3/7אX} %2א א=א* @1א ( *-א73aא Pכא G/א<א.N )(5 Agricultural Partnership ) U."& 2 (1א'\א. & B0א"1U ) 8aא [3 P ) *2 >א 7א א.(1)"r1U ;* } ) 6* 2 (2א'\א. ^ L [3כ א 0 Xא%א *2 9א 0 s( 1 r1Uא - P9 כ ) 1א* g1m( PאUא rאא sא IMא ?7א! P!2@ [3א 0 כא ]1< ( r1Uא. Lכ כא א ] f[ N2 9א א N7א "aא" א Fא:9 .א~ ! :א &!i & + < )3 -1א= 1א= " :.א. כא! 3א % * m {Kא 2& T * * ! & * -#I & & ! T\,Yא & & & ! T\,Yא & כs# : 0 !א כ> * ! 0 * K " א * EI T\,Y : 0 כ> ! 0 ! % 0 .(2) <\,Y : 0 : 0 2& , : `w " כא 3 * T\,Y א 4 * ^> < )3( -2א 3 ) 1א~ =אb2 " :. .א~ : &m* :.% !K{ -#&Iאw T%א_* Tכ> &!& TEK 0 כא& & 0 3 0 ^<).(3 א: * * Tu 2& xR * * : * : * : * % * : & & i = p; )3 3א= " :.א. Z % * m {Kא * * P .א~ ! :א * !* + ! & * -#I wא_* Tכ> &!0 .(4) <\,Y כא: 0&& U 0 3 I12א: &U * T3 2& T * & * : * : * * % (א [3 .א;A` I% + r1Uא )3א5א3א( Cא1%א PCא93 [X N3 ) (1א א .443 ) (2כא א#א"א! $א %& :א' -א "+ *+,א/01 .646 3968 ) (3כא א#א"א! $א %& :א' -א "+ *+,א/01 .646 3970 ) (4א34א 2+כא א- 5א,#א$ 6+א %& :א- *+,א' 78א <; כ "+ = %9א - 460 2320 /01כא א#א"א! $א%& : א' -א "+ *+,א.646 3973 /01 62 א? -IאMא ]"? 0?/1אM8Kא 63 1/כ! (אכ א X( P!0 I2כא; bאא= *3א( *dאא( rא [X 1Yכ0( P 7א & [3 IאL - 0 r1Uא&X 7D *- !/אכ"א. & & & & & & T#I , אIא \א!s ,כ- 3r & 32 * : (7 0א א .% [2א * & : Km#א<).(1 Kmא * * & * & * N8 X"?9 א48Kא * )6 V6W 2 (3א,כא א'\א).(2 )9 3 (1/3כ" 3א J"YאMא TDR >W1 +! 8Uא Zכ> .K (א1א& א .@aאא* :א .5כ"א 0א 8aכא( IFאP1Y ( 1mאא* Pא .5 +כ"א 0א 8aכא( 'Mא( .%א%א>+ Q7 ( P 4/אUא* "0א a Pכ"א 0א W% 0 P.5 + 8aא1Yכ* "0אP (א"0 + *1Uא ) א1Yכ* 0א( .@aא2 8aא]. ) s\ +7 3 (2/3א! "1 ,?7א א] { 0Kא. ) א( IFא P1Yא 93 0א ) )2א"א* (א.1U !7א .!"#7! IU )9 3 (3/3כ" 3אכ א א% D כא^ ( א ( e4א) (;L Dכ [3 4/ 0 Pא1Yכ* 0א(& 1Y א + !;a P8aא1%א 1Yכ* ( !0א1Yכ* 0אLX 4/ +( P8aא כא;b ;* א1Yכ* P*2 1mא L 0כ ) א"א* (א.1U ) ],B 3 (4/3א,8Uא xאכ א Dא "#Uא,\ Dא7! %א+! % אא.x = D/ ( 4/ 0 P1 Iאא א1Yכ* "א Pא L 0כ ) Wא Dא1Yכ* >Aא א P1Yא L 0כ ) 1 א"א*4/ +( P ] א.r1U ) "+ >1= 1#? (1א+- 191/3 13004 /01א Eא /01כ Dא- Cא:AB Kא?Fא /0Jא GH Iא4Fא "+ Bא.224 1228 /01 )? (2א J+ Lא#א.289/6 + א? -IאMא ]"? 0?/1אM8Kא 64 ) (5/3א9 3כ" 3אmא."\"! K +אUא* כא B 4 +( Bא=.e ) 2 (4א' 5# Zא'\א 6א'8אא.(1)T ) 0^ (1/4א +U 0אmא KאIא\א >M89 eא :# ) 0 S (1/1/4אUא* (אא=א Nאכ @א -א1JT ! 52 8a "Fא כ IDא"0 %2א א *J [3 I2א.8a )Y/ S (2/1/4כ IאUא* (אא=א3; Nא] ) א2א( ) ) 9Fא8a ) 1mאכ"א () @א -א ( 8aאאכ. ) (2/4א^ 0א +U c86Lאmא KאIא\א:e ) (1/2/4אIא\א9 eכ" 3א Dא.P bf אא 0אUא* >k0א א`aא ;"א* %3אUא* ((< sא%א*. ) (2/2/4א G 7 c86Lא7א!> )אmא אmא KאIא\ אIא\א.(e qD0א2א 0 Iאא=א ) M< Nאא Pא 0אUא* 20א92 M< I ) א( 8aא "3א ) `7( P1כ כ %3אUא* ) א &%2אא=* כ*. ) (3/2/4א e,! c86א.,?7 0אא=א &D/ Nא Nא))3א& B * Nאכא;* א( Pא 0 אUא* "/0א א`aא *-1א>+א א( א2h+אL / [-( 9כ 1א) 0כ א2h+א.[4= - 9 ) ]"D! (4/2/4אmא ? ,אmא Kכ ! ]"D! +אIא\ אIא\א.e +אUא rאW 8aא 9%0א-א"dא ("Jא Pאא אא= I20 .N1Y 8 [3 ) (1א146 210M3אא +א אא אא אא א P#אאM=4 Oכ -אKS#א Cא#א א 2009 1T 80 QKRא.U04 א א א א א א/א אא wÚfvÚeãÔÚe ©fÈ)eœònArÚeƒô´1£e‰fåvr£e .M,B א5 אכא .אWR א5כאR .J א!"א5כאR .!K אcאa! אKא אM8K אY 5?א49 .אאכU אM8K א .UאCאU אM8K א .אZאU אM8K א .eא\אIאU אM8K א .KאmאU אM8K א ."א אאK! אKא אM8K א5?א49 .-K א .5א,I א 65 66 Modern Corporations \ -Iא?א 3"1א" 7Sא 1,א7א Yאכא 5א:+I\ N • `1כאF` Cאy • (`1כא Cא.. )W 2 (1כא IאQW-א]. ( א "0 O1א א 142א *4F` [3 9%0 P4FYא1Yכא (אP" *% V14א\ )3 1אא .א !% ?7כ1` IכY/ ( Pכ:I • `1כ* אWא). • (`1כ* א@* א.*5 • (`1כ* אDא@*. )W 2 (2כא Iא -א.E ( א / 3 2/כ"א 143 [3אא B5% P.א\*4F` )3 1 א1Yכ ( :IY/ • `1כ* אא *. • (`1כ* א@* א.+ • (א1Yכ* Lא Cא *(zא.N&D א q >aF9 #כ !U Eא 3כ -כ> +! "1א"1א Rכא 5א!"א:J )R (1/2כ אC8א!+ • ( א1Yכ* א %2א א>א ( כ 4% 1א/+א ; B< 0א' אאא"W2 0 ( Cא( Pכ א1Yכא "0א )(zאWא) B< )3 אMאא Cא1Yכ* r &(- 0 p PאאL g2 = I Px%0 .כ [Xאaא. אFא@* כ1` Iכ. `"א • ( 142 ,-אWא )( אכא* ( אM+א Q7 0 (9א1Yכ* ] 0א 1` ! M/כ* אא(* ( א 5/א1`+אכ 93 0אאאPC 67 68 א? -IאMא/pאM8Kא א !Kא G48א7אY v1Yאא(? ) א1Yכא ? 0אא( .א( V14א) ? א*( Pכ כI `1כ כ] )3א0 1JTא ) ! 9MאMאא q2/ Cא1Yכ*. • (א q%D/אא(א ) Nא1Yכא -+ P13 1אO (- .א&0 N כ ) Iא1Yכא Q7 40 Pא1Yכ* ;א& Nא<& N14= ( Pא*3( I<T א . א1+א Pא "2א *21א( .Dא1` [X s%;+כ* 3א. • `1כ* א2א 5/ +אא(א 0 Nאא 0 +( .א 0 +( V14א*P ( 1Yכ א>א 0א" .א 1 [3א ( P!0א" 1א O0 P כ א - .א כ ) 1א P1JTכא Oכ -א )3 ]+(z א1Yכ*( Pא"0 p0 P.(z 1m 1JTא כא*5 0 Pא -א +Xא Q%3 ! ) א014א PCא 014/א1` Cכ! "3 .(z 1m "0א %( Pא1 "א "h(1` -א א ?7א%/א - M O0 P(1)!3א )3א 1JT 0 !/1Jאא B PNאא(? 0א r({1אaא ( .אא("0 Cא/( Pכ א ( *2אFא = [3 Nאא .א/א cא7א ]3א" ^DאVU ! N#א Rא Tא" ,\ N# 7Sאא."+ • ( +א; ) Bא`1א vאכא* 1` 0כ* א2א 40 Pכ1` Iכ כ] )3 (אא ! aאכא* "h1` =( P'1/ %3א א1Yכא< ( Pא0 NMd @א!- ] 1mא1Yכ*LX( Pא <א COאכא* ) ` *=3 + )4Fא* "א) O/ 0 P ` )4Fא5/א %2א1Yכ* א.(2)[(a )R (2/2כ א Y"8א:4I א1Yכ* א 1` ) %2/כא W "W2א).@ "W2( P S 1אC8א!" -[ 3א"! - +fא_U 3"!"? Jא]2 Jא eאכ. ( )3 (zא&אM+ D PNאא"/אW Pא Q7 0א*(z (X 0א & א1Yכ*. א א א אא(. ) (1אא ) )#$%& (2כ! *כ +א ,-/א 1 0א5א& 34אכ 6% 2א5א 678 34אא כ=% < :; ,א 60א=> א.28 א? -IאMא/pאM8Kא א !Kא G48א7אY 69 2א" 3"!,? :3"Yאא.J (&X )3 A +א"/א D +( PאMאא"/א. Wא"%0 a Pא;א <א(Oא 1` 0כ* א2א v1Y • ( Q7א1Yכ* <אNMd ] א -a I2א1Yכ) O( PQ1m (& !3 .A( Pא L [3כ v1Y/ 0Jא Oא& Nא2 1א Iא/א cא"%אJ /1 ! % ( Pא 3 yא"%א ] aכ 1א X ) !0כא = B5א1Yכ* = +X 1/ + Aא" I%0 N1<aא <1א. (& -אא=) ( ' Pכ ] (א-א ( כP1 `1כא • ( ) c10 +כ א&X )3 .(zא Nא1Yכ* ] ] א ( כ0 P1א`1א vאכא* (א ) *(zא q1א(& .(a ( 1mא( .(zא] - אא; <א PMdכא 1` 0כ* אWא). ;3א ) ;א' `1כ* אWא* Pא1Yכ • כא ;! כ) < Q7 I2א1Yכ* ] אWא) אWא Psא 0 V14א1Yכ* Pא )3 .(zא c%Dא" *%2א א 9א P1Uא1Yכ א@ sאא1` 0 .כ* אWא*.(z 1m ( P &X )3א Nא1Yכ*D@a )W +( Pא sא c%Dא2א) ID +( P"=%- ) אM+אאJ +X Cא Nא rא! - 0א* אFא .A +( PNא2א IאWאs )3אFא0 Nא ! ) א014א( PCכ אWא 1- sאD V14 3א& Nאא BO/( Pאaא - [3 lא/+א ) cאYאכ) 1` 0כ* אWא*. א8כ~ א ?Fא: Q7א1Yכ* R 12/כ !Cא u2 B Uא" c(1א 0א-aכא 9א.*"% כ1א ) א;Yא `1כא Cא@* a ] ( ,-א;Yא `1כא Cאא * } (א2א 0א+א( Pכ1א] א כ אq0 ;Yאhא 3א&N `1כ* אא * /אr ] ] ] "א א " 10א ) {( rא .כ1` *M( PN1כ* א@* 1` 0 q%D/כ*אא * ).(1 ) !$1& (1א + $1 2%7$א@$א% < ?1כ 2$- A@$5א5א 28 0&$E $ D <C B@$% <& 3$א?F/ א 5אכ8 A55א. א? -IאMא/pאM8Kא א !Kא G48א7אY 70 )R (3/2כ אBא.Y • ( %3כא= אW% P&%2א4F` 9M Qא ( כ A 1א כI " '(1Y 0א ) *4- % Pא=+ PI3 ) ( P.א 9א = )3 AY 7א אJ ( ) '(1Yא"; }+X PNא /א:O F (1א"dא )3א". " p0 (2א rא1` .כ*. 3 +( (3א `1כ* ) *0(12 1m "0 Pאא.r " p( (4א (<& fא .1 " p( (5א ` *% *;2 *4Fכא= א1Yכא.C 1` "0 (6כ* (=* כא M 0 AY/א& ] ( J *%@ 0א@* "/ א;"א"dא. 4/( (7אaא %3 lא1א "א0 Pא" O1 ?7א `1כ (א2 -א0 I א\א 1א!. [%/( (8א1Yכ* " p PN1א ` *4Fא3א*. `31א";a Pא ;' ) ;א' `1כ* א2אb P • ( Q7א1Yכ* <Xא< ]+אNMd ] "0א א(אW/ +( PNא)/ +( PכאJ '; [3 N&%2 ( PI0א; ) yא' אאא( PCא"0 1א -א/+א( PcאFא/ Nכ r({ -אaא .א א"0 b2א. • R 3r ?\] FaUכ אBא:Y 1` (1כ* 3א LXא כא; _4- bא1Yכא `א *2dאכ* ) א1Yכא. 1` 2/( (2כ* 3א (Wא* LXא א ,-כ1` Iכ כ* P!4-כ! "א א+ -א א *% Bא *D4 _4Dאכ% [3 PIא א1 ( אFא0 Nא " Dא/+א ( cא0 ._4Dאא .אD@ ) 9%א! [X W 2 -א*( Pכ א1Yכ אW V14אא Pכ! א כא %א] M Wא Pכא ;! LXא u2 !2 V14/א1Yכא 0 ) rאא1` "0 .כ 3א ] &Xא Nא1Yכ* Pכא; bא1Yכ* `1כ* 3א "( Pא א )7א א 0א&אN 1` "0כא Wא. א? -IאMא/pאM8Kא א !Kא G48א7אY 71 • () א1` 92כ* אא(* :א`1אכ ;א' ) `1כ* א2א א ; &2/ !3א' (א<( Qאaא aא @ א;1א&] O0 PQ1m B @ PQ ) א1Yכא1` 0 Cכ* (א.N- )R (4/2כ אIא[: • ( ;א' `1כא Cאaא:. ( (1א r %אאM< [X .א @ N1Uא(* [3 q5 Pכ" Iא " = 1mא.*dM I ( (2כ =א] א(.. *(z &D/( (3אא %א *%א.!"a *+ <1א 3אא )/1 " PאJ Cא@*P 1 12( (4א1Yכ* (3א"א א כא;א א ) 1m 9א ). 1 p( (5א1Yכ* ) "3א Aכ r ) 1א"א) I20 k0 P . +( (6א [3אא ) ."" &(- 0 }+X 'O/( (7אaא * lא r({ * ? "aאaא. m *Uא .א3+א א"0 4FYא;X( Pא א3+א א.(a 1` [/( (8כ* W2אP / 0כ"א א *4FY p( P.א1Yכא V12 + I Pא1Yכא "W2 ] `א &X )3א Nא1Yכ* }+Xא &X p !12אא"/א [3א*2 (012 + ] א 3 *2א<א"3א כ.* I • ( gא '1YאY; 14= 2א vא1Yכא Cאא * [3א3(1YאC אכ; N1א] א D/א r({ [X Eא/ + *F .א3 10א& g NאF`aאPy כ4א *3א( .MUא( Piא<א Cא 1m( *5%א( Pא( Dא( P4אVMF (;L Dכ. `31א ";aא `1כ* 3א"% Pא [3א rא1אP • ( Q7א1Yכ* <אNMd ] (כ pא&אN 014א 0א1Yכ* אכא* )3א1Yכא אא )+( P ] א; &2/ ) Bא1Yכא( Pא=4א *(zא1Yכ !" [3אא* Yא! s *(zאא1` 0 .כ* אWא*(&( Pא 9א1Yכ* ( א1א א `א Bd 72 א? -IאMא/pאM8Kא א !Kא G48א7אY א/א cא1Yכא ( P!3א 0 "h(1` [3א @X( P.-א א1 "a `31א. `31א Pא @Xא אא ? Cא 8(1%אID 0 Nd <אMd ] ] )R (5/2כ אU Y"8א.-K ( א ) )3; W/א1Yכא: • Wא). • (א )( Pאא כא1Yכא א@) 1` 0כ* א@* אP*5 .A +אא &(- 0 }+X " -א *4Dא "%א }+X Pאא ) &3 כ% ^D 1א eF( P" *3 *2< 9אא )3א@ 0 א .(aכ =א* א(2 P.כ pאא; +( Pא3א F`aא yא1Yכא;X( Pא א3+א aא" Q7 0א1Yכ*. `31א ";aא ;' ) `1כא Cא2א א "0 v1Yא • ( `1כ* <אNMd ] אWא) ) u2א1Yכא/( Pכ כא* <א *1-( PNMdא1Yכ אWא) א LX ) N V1|4א1Yכא א I3( P)1JTאWא) 0א. אא ) Jא-a Bכא1` 9כ* אWא* %/ aא *4Dא< "aאMd `31א@4J Pא] LXא א; &3 14Dאא )W2 "W2 V13( Pא]. ] )R (6/2כ qא 5א lIא.e],B 1` ( (1כ* /א* כא= `1כא Cאaא.. +( (2א3א "0א *4FYא1Yכא. `1כא+ P ( (3א` v1א%א; "0א &3 M }+א1Yכא "0א )J )3 ] כ כ.!4- % }+X ]+(z " I 4J ) B/ "0 (4א1` _dכא Cאaא1`( .כא CאF`aא"0 Pyא ) `1כא Cאaא *(z .א1Yכ % N&(Dא [X I%/ !4- ( P!4- (>!&X( Pא"/א כא 1` 0כא Cאא *. " )2 O (5א ) 1אא ) ( ) ( P&D /1 1mכ <1א 1 ( Pא -א1Yכא ;\ ) M< 1אaא.l ] "0( (6א ) `1כא CאF`aא yא1Yכ כ @א 0 *4- -א1Yכ* א א. (p ] א? -IאMא/pאM8Kא א !Kא G48א7אY 73 / +( (7כ _4-א1Yכא =א* א( .כא "aאא*. ( (8א Mא ;"א /א1`+אכ א + 4FYא+כא sא2א( 9כL Iכ `31א Q7 12/( Pא1Yכ* ) `1כא Cא2א =( Pכ "0א 4J u2א_d <אMd ] אWא* כא *(z D/ 0א1Yכ %א P!4-כא sאא0 . אWא* &(- 0 }+X .A +א!. ) 2 (3א<^ א א א'*כא Iא'?../ ) `f[ 3 (1/3אכא 5א[\ 8א א?א 3"1א"\ + { sI 1,א, א 0?Fא.!KL (;Xא * *\; Bא1Yכא Cא "013א "%0א{;א( Pכ"א N5 - Dא<* א.!013( 142 ) (2/3כא 5אWRא 7^ 879א !R >\ +כ אCא.U 0א !%א Bא u2 0 VJא-aכא ) 9א( *21Yא%א; -א *D4 !W%/אא *2h( rא.5 )R (3/3כא 5א!"א 879 Jאmא@ !R >\ +כא 5א7א.3 @( u2 Bא1` Vכ* אא(* - 0א .אWא)@( ( Pא1` Vכ* אWא* - 0א *(z D/ .א1Yכ %א ( Px%0 !4-א&א/ Nכ0 I א א( Pאכא* ( 1< 1U ( 1<A 4/ `1כא א%א 9א3aאLX P.א כא א1 ] ] א %2 1< 1א+א ( אLX efא כא 1mא 1<A I2 "0 P Dכ אD + Pefכ אYאכ*. )Y 2 (4א<_ א'*כא Iא'8א: ) (1/4א78א!> א mY n, -Kאאכ. • ( @"0 *Uא א+א xJ q1h )3אaא q%D/ 4% .אP1 (אYאכ* /א א Cאא* א *%א ) M/א"-א א ) I4D eF/א3aא (א0(14א 10/( Cא\ V(1אא *3א א1Yכ. • () א V(12א אzא Cא + *FWכ) [3 9%/אכאV `1כא CאF`+א a yא& א10+א& א" )%א + b\3כ) %/אI א? -IאMא/pאM8Kא א !Kא G48א7אY 74 א%א Cא CAY; > )( *(1Wא1Yכא Cאא * ( V12/א1Yכ* אא * א;"א `1כ* /כ &D *%15א א%א; r1 Pא % .א[ <Mא א(*P [ כ" Iא "א( Pכ (& !0אDא<* א[ /א 10א *%א) *4FY אכ)L( Pכ .)2 81m q%D ) ,\ (2/4א s#8Rא 7א -g9 N# !Kא# cאכאJ6 +! 5 אא] א7א! q + W9כ # Y e,אכ -9א[8אU Xא א0?F א.!K • ( 3; I/א eF / N&2 Cא%5א" )( PCא ) `1כ* א2א ( א[ ) /א( .א 12/( P.א *aא4א *Dכ eא1YכאC אא * 2 Pא53א"dא @* א *4FYא3+א* א[ "0 1\ +א _F` [X א1Yכ ) א _FYא I ( [25א[ 0 !") !4-א1Yכ* ( !; *<& [X -aא1Yכא ; I%כ* (& !4-א Lא1Yכא א-( P)1JTא;א Lכ )3 q1hאכ ( אא *012 (& N1אא( Bdא"W2 ?1Yא. • 0 Xכ N1א *4FYא3+א* = "013א א !%א0 20 b%h( P+ א 1m N3 C+א1Yכ* Pכ bאא( .א="%5/ 1JA/ X( Peא 0 אYאכא 93 [X B<1 Cא=Wא אDא<* 0א *O+אא*[3 b13 =( . Bא !%א +א([ 0כ N1א1Yכא Cאא * (\/ u2א"/א (D/ א"0 *(zא [3א rא *4FYא3+א* (@ L AYכ =1א.*" C ) 32 (3/4אכא 5א 0?Fאq !Kא"\ 5א J"Y ,א.4C! BS &(Dאk0 P (LXא כא u2א1Yכא Cא\* -כא"א א%א = @ "%5/א ] א%א 3אכ* (אWא xא2א* א[ =א"3 bא 1` ? \ 4/כ* ">Dא אכ 1א;א; ("5/א א(+א' א4=+א&* א1א *0 Pא *21Yא.J ) *+ א( y4אא& $א *"%א" *4Fא כ* \ ? ( q5/א&אN P*>Dאא&א [Xאכא .א) (א/א!. א? -IאMא/pאM8Kא א !Kא G48א7אY 75 =א2/ .א[ :א" Xאכ s#כ] -כ# s9 -כ sS N871 -כ- א] XKא< ).(1 ) +! (4/4אא א 3r #7אכא 5א ) M,BאIא[ {[א ( X"?9 K N#א א"כא. א%א 0א !%א V140 P+כ1` Iכ ;אq- 0 70 כא1Yכא Cא*0(12 ] `1כ!( Pא-א;א [X Wאכא* אכא* - 0א= .א 9אWא) ) א1Yכא- 0( Pא D/ .א- 7JA/ *(zכ `1כ* אWא* Q7 0א. .*5% א א\א Cא1<+א 0 *dא;Yא א1Yכא( Cא&א"/א (/א( .א""א (\/ א=2א ) Cא1hא"0א 0א;"א ) א"א 9א31` *5א (אכ* ( [XאP1a bD/א3א א4א 1mאא 0( .*21Y *0א=( q5/ ? k0 !; b \/א B [0א-כא 9א1Yכא( Cא&"dא 0א +( *21Yא BO/ 0א( 1 ID/אFא ID/ ( Nא31` I% + *(zא ( 0 Eאכ Iאא .אאIh ( 0אכ א.91D ) (1אא .3/ Islamic investment in practical’s ) 2 (1אא #א'*אכ )א'*אכ א'Dא( ) ~79 (1/1אאכ א8א\.a <dMא כא א( א s+אY [3 9% ?7אכ* א! !3 V14 ] ] 9% ]J& )2 '(1Yא I2א&א ( P!/א/+א ) cא( V14אI2 [3א א=א 9א 1א1"` q%Dא] 4J 2כא *0א0(14א( Cא4א;* ) א( I2אX V14א M< *>> [3א א( *2א( L( P*Jכ [3א Dאא):(1 ) S (1/1/1א xZDא +! Jא ca# X,? VUכIא[ !,K 0א] \ א +7א". ( Bא 7א א V14 B0 Mא +א %א Iא 7 ) B0א א4 M כא B( PI2א&Oא& א *4Dא7 0 *30א א/ Mא=_ כ* אV14 (&M/א& כ* א )( PI2א <א א אYאכ* אא= *4א[ א כ Iא& =* א Iא != ?7א 3 PI2 V14א I%/כ* א )2א* ) = Iא PV14א[ אY I2כ"; Iא.d ) (2/1/1א xZDאMא +! 1א ca# X,? VUכY VUא .0 Y Dאכ! 0 I2א( Iא&+א 0 Nא( P'(1Yכ7כ Yאכ! 0 אFא NאLא (=.b2 ) S (3/1/1א xZDאMא +! pא VUכ".>7# 3 (3א *= j/א Mא ) .(aא *= 1א Iא I= ) 9%אV14 9%א ( !4- B V14אא"3 .Oא 4א אL( I2כ ) I%; .J אכ* א[ א I2א 3( [3א qא( אMא v1Y 9א.q )$JE (1א 3Iכ$א 3G8Hא%אכ א$א "#כאא אא א א 0 2LM 3אFאK א=$5א 2%0א 328M$Fא $א<& OPN$ M$Fא 3A%5$א$Nכ א< 3285 M$FאL אא; 3א 0אRא.11 S 10> 32003 3Q 76 א? -IאMא/pאM8Kא א !Kא G48א7אY 77 ) "Y (2אאכ א8א\.a ) Wא e12אאY qאכ* אא="; *4א כ) א /כ @ N2 0 eF/א "א (%0א 3+אא" N3 Cא: ) ? (1/2א.>"8 ) S (1/1/2א 9%א V14א Iכא] 1` 0א )3כא.*Z ( N ) S (2/1/2א 9%א V14אdM< Iא]. ) ? (2/2א,Iא]. ) S (1/2/2כ אא& 20& [3א.C ) S (2/2/2א כ אא& ` [3כ *20& Iא([ (&"; 3 N1J *20א* אN א"3 qא. ) ], (3/2אכא.x א%dא א( / %0כ אYאכ* אא= ) *4אכ (א =( I2כ אI2 ] Mא3א/ =( Pכ ) אכ ( ) &3א 2כא 1Yכ 0 hא ( %א( +א( ] ] א [3 .4Dא ) &3 Iא1Yכא כא@Dא1` sכא Cאא Cא( `1כאC %א( C+אכא;* ( L 1mכ. ) Ew"9 (4/2אUא. BO/ eFאaא 0 lא1Yכ* אא= ) *4אכ א( .א( I2 א1Yכא א2/ )1JTא /א cא=m( P" Bאא א &Dא/+א%0( cא 812 (א +X P5א;! Uא 1א 3אכ א ' +א( Iא< 1אPI כא 1א% [3 !3 .4- 3א ) א2 IJא& - .אכא*/ Pא u12 א( E1D I2א xUUWא = !20א[ אM/א 9אWא xא.*31Y ) "S"! (5/2אכ. ) %0 S (1/5/2כ אY;+ Iא א כ* ( / CDא* ( 1mא ) `כא .א Iא%2א?. ) =( S (2/5/2כ א Iאא` ( Cא-א Cא( 1mא ) א+א. א.(1)*% )JE (1א 3Iכא F TM 3G8Hא.12 S 11> 3G 78 א? -IאMא/pאM8Kא א !Kא G48א7אY () Lכ ; B5א12א @ 8אYאכא Cאא= *4כא ).(1 1אאכ א8א\ aא.4I ( א qא1` B V14כ! *4- D/ [3כ" Iא r 0א. א1Yכ* (`"h(1א _4- B ( Pא V14א[ א1Yכ 2א/א 9אYאכ* %2 ^D I%כ 1Yכ PQ1m ( V14 !44- B *1-כא כ V14א1Y !44- B *1- 0 qDכ א( .Q1m 2אאכ א8א\U aא >"8א8כ. ("0א qא1` B V14כ! [3אYאכ* 0א Iאכ ( אPdM L( PB= IJ& ?L '(1Yכ [3אא rא/א cא B V14א1Yכ .4D !%- B P20א-+א אM א@ ) *; *4- [3 V14א 0א IJאq%D ] א ) %א1א&א P!3 q ! = ? ( Cכ Lכ א44F Mא @ Iא =! א ? PI/ ) V14א BO/ *%1hא+אY [3 2/ lא' ;% [3 2 Pא א 1א Q ?7א 7JA )- 0( P'(1Yכ1` Iכ ; ) !4א/ P1כ 1` *Zא א1Yכ *4Dא q1h )3 PV14א=5א' ;* %א *4- 1m Pאכ ) אaא B0& )-( Plא =! &D = ( P*2 ] כא Pכ א1Yכ = א`( P!4; g1כ אV14 א r ) V14אא. ] = Q7 ) E1Jא1Yכ* 2א B<1א!%( Pא ) א.!=0 1 3אאכ א8א\ ?4U aא.-K 4; &Dכ ) Iא1`( V14כ! 0א1Yכ* I/ " N@ [3 ' =* א ' [YאYאכ*)%3א ( I4D Pכ ) Iא1Yכ) [3 ; ) !4א1א& א ) q%Dא%2א1Y( Pכ אLא `א א Q7 ) %א"+ אכ* &3 *zא 2א כ/ ^D * Iכ א "+א<&- 0 NאNO א PV14א= *4א[ א /כ `1כ א V14א "+כא"א! 40 P אכ* א%2 N&1א &( `1כ Q7 0 P1JZא q = N4א015א [3 N10 D/א* כ"א Pא;W%א"dא א;%א .כ* א1Yכ* א[ `1כ אV14 ) (1אכ$א Q 32MאN U%אכ 3?%א%אכ א$א'+,* "#א*)א אא( א'& א 3 0א אא& WXא.53> 32008 31: 3T%V5 א? -IאMא/pאM8Kא א !Kא G48א7אY 79 2א ?1Yכא Iא P"aאא ) א2א dא !3 Q ?7א? ) ( '(1Y (א;Yאא ) א4א VאP*+ `3א J 4א< Q7 ( Pא N4אaכ1 ] ] (א Q7 0 ,-א N4א [% '(1Yכ א ?1Y [- V14א1Yכ כא Iא" א )( PV14א <א0 Cכ N1א=5א' _4Fא<"* Fא1h א+א eF [-א Q7 ID/ 3 ) V14אFא ) P1dאא *-א%א;;* אאכ () IDכא IאFא.(1)1d 4אאכ א8א\\ ! >"8U aא.-u ( א 9%א1Yכ I3 ? Sאכ V14 Sא3א;א "UY/ )3 M2א כ) 24א 1` B5 +א 2א IJ0 !/א *% !2 V14א2א7JA0 PC כ ] ) !4א !4-( P1א ! r 0אא%( P.א [3א Bא( *20& !4- V14א N-א( 20& [3א0 PCא=_ כ! 4א א1Yכ [- ! אכ א& כא Iא Q7 4/( P*4Dא N4אWא Iא)01D א u2 "4%/( *2 *2@ 01D )7א NM"<+א( "/+Z 15/ m1 ("D/א "0א q1h )3 V14אYאכ* אא== '(1Y I *4אPd ( Q7אY N4א"* I/ saא *%4אא PN-אאL qכ 1א Pא +א אc1 א -כא L /כ Q1א;%א .אכ* 2א/א.(2)q c 5אאכ א8א\ E! aאa8Kא. (Lכ א 9%א1Yכ א ( ) 5א V14א"dא %2א4+א'P ( B0א1Yכ <Mא ) rאא0 P.א א@ ,-א -א 8aכ"א ! ( 'Oא1+א& ) א )( V14א1Yכ א א"3 qא (4א -א0 8a Q7אDא* 0 !4- )> V14 B0אא; אא &( *20א N-א( +( *5% NM ? [3 I4D V14 qDא/א' א) (אLא gא1Yכ א&Jא .א"% 8aא 0א2א* 0כ 1` 7-כא 0 V14אא; (א ) 4; !( 8+א/א' א>+א (כ @א -א1F 8+א ) א B ) !$1 (1א= א ORא@א 2א8-H U4 YXא& Kאא H#M Kא=א Zא< MFא<& א א.1979 6 ) (2א [& .6M 3,8L 3אא TLM H# [ 2א] א\.[L MF א? -IאMא/pאM8Kא א !Kא G48א7אY 80 ( א 12 ?1Yא.c 6 אאכ א8א\ ?4U aא >"8א aא EDא8כ. Q7 0א1Y N4כ אY;X 0 Q1m B V14א ( ( P'(1Y I/ א/+א 0 cאא* F/ [3א - Eא) ( כ4 P1א `1כ ( כP1 ( _4- 'O/אaא - lא/+א *%15 cאYאכ* אא=Q7 0 P*4 א /A N4א ) Iא( PQ1m )( V14כ7כ = כ " +zא) כ1` ) 1כ (א 0( P-א"א* .(z/כ* Q7א1Yכ* ( V15א= Px%0 - כ -א) - ( Pא1Yכא. 7אאכ א8א\ aאU 8א#8כ ! Eא^Lא.e (Lכ Aא2א= ) א( PV14א1Yכ [3א=א* ) 3( B P'(1Y 1<AאP א1Yכ אא א0 PN&D N )2כ @! Q7 0אDא1` .כא ] ( 'O/א+א *%1h q0( 7- lאYאכ* אא= Q7 P*4א IY/ N4א+א*0 א[ %3אYאכ* %3א<א %3 )3 I4 *=z NאYאכ* ( %3א<+א7 Nא [3א ) 9M 3( rא1Yכ V14אא Q7א.)2 S 8אאכ א8א\ ?4U aאCא.U כ Iא *5U V14כא r Iאא .א9%( P)2 '(1Y I s5 א1Yכ א( PI2א" 1א ) 3( Bא V14כ א*%15 '(1Y אYאכ* אא=W N@ Q7"0 P*4א* "* אכ9M U 7-( P ( v(1Yא xאWא*0 Pא W [` 0 q%Dא( sאFא[3 N sאא r 0 .אא 1F( P.אWא%0 q%D/ 3( PQ"< . s "א -א/א="א (( s 3אא ) .א/ 1כ א '(1YאLא ([0 אWא/ !% sא s 4; Bאא ) .א 0 1>z +( 1א%2 א ( 5א אWא s sאא .א 1כ! !/40אWא') !%%-( (1א אWא r M< B0 sאאM<( .א ; ) !4א0( 1א ( `1א *4Dא *zאא*. ) (1א \_א^ JC 1א ;M a bcא< % +כ T8א אXא ] & `+ @%אא _א& 2א Jא& T_Nא !aא@.( T_N5 א? -IאMא/pאM8Kא א !Kא G48א7אY 81 )! (3כ"1א 5אאכ א8א\.a אכ > 014/א 12/ Cכ;א *2 CאYאכ* אא=:(1) ( *4 )R ,? (1/3כ א.3 ( %3 91א 0אא* ( +א /כ א1Yכ* "0 v1Y 1mא א( Bא1YאP (א;א "2א1Yכ 7כ )3 I4 3א1Yכ* (כ7כ B%א( Bא1Yא %2 )3 I4א1Yכ* ( - v1Y O +א 0א.1JT ) +! , (2/3א# 08a EU caכ. ( א7 3א %3 )3 4 2א1Yכ* כ! Mא) U( !2א + %א! ) א V15א %+ [- 9M 3( 1JTא[ א %3 !Y0 *M N3א.B ) ,? (3/3אD8Kא א a >7אכ אא Eא7א.1 - 0א .אDא<* .U+א10 .J '(1Yא/ Cכ א.! I2 ) a EU ]"? (4/3א caא Nאכ D,9א.% ( 7א א 0 BאYאכ* אא=dM< *4א] 20& [3א( PCא( Piכ%3 I Q7 ) Bא 3 B= &%2א *m1אכ"= !2=/ O +( Pא a Pא+ B 4א Wא Vא[ א.I% )(2 ) (4א"4Wא 5א ,? G48 #7אאכ א8א\. a ) (1/4א @#4U X,?8אU >"8אאכ א8א\.a )] (2/4א Kא @#4א"א? N#אU >"8אאכ א8א\.a ) (3/4אZ8א Xא 74\ +[U >7א. (א "3א 4א אכ ) א<* א7 ( [(+א אW p ) 1א *4-אכ + Iא אכ < !=%- Bא7" *%2א א.%2 !S"Fא א Nאכ א.!K ) (5/4כ" G 3א 7F! Jm8Kאא) xא( % ) ^-א1א &%3 9א+א (= uא *%א+א*. )N 3[d$$$$+ (1א5@$$$$א 3א%אכ א$א0 "#א),.א א $$$$ O$$$$P 3-%א$$$$אKM &א$F/א A8א 28=$א< 2$0 2$LM 35e 328M$FאNכ 3[ 32אכ 2א 28א@32%0 .41 S 40> 32004 31: )F TM 3[d+ (2א.45 S 42> 3G 82 א? -IאMא/pאM8Kא א !Kא G48א7אY ) (6/4אF9א Ew"9 N#אא]א 5א +! ??B8א +Uאכ א.>7 )3 !4- Dאא .א.I 9% ) a ,,B9 -8 (7/4א +! >7אא]א[,\ 5א Iא6 Qא O, אכ. (כ! כ) - 0א *2 C+אא [3 *%0א B0אכ א[ אM< I2א ) ) !4א1+א&א Cא 0 N%אDא sאFא; yא" cא 4 [3א!(` !;(zאFא@*. ) e,! ,,B9 (8/4א.,?7 ) X"? (9/4אכ א א S E,U >7א7] +! >6,א C9א cא08a N ! +אאכ א. (0א q2א4א eא I S *(+א2/א sאכ א" (_J1/ 9 אא ( א ) 1א%2א? Sכ) &"20א ) אא .א I2אFא@* כא כ) &"20א ) אכ ( = א [3אDא sאFא yאYאכ* אא=*4- ) *4 ) =א"20 9א).(1 )! (10/4א> fF9אא xאU) 0# caא qכ .(c! +79 ) S (11/4א Jm8Kא9)Nא^`(. 2א א 9א[ (< 4א Mא א</ P1כ *3א/( !Uא<Q1 ) @ *-אכ 1 !4א Yאכ* (Lכ %3 v(1` -אYאכ* א B 91א( I2כ! כ) א+א1 rא? א I2אאכ ( *3 /אא<1 (20& I4D/א Cא+א ( q0א /1אא: ) ]"? E\"9 -8 (1/11/4אDLא 8I#א^+ I= ) *\ &%2אכ א v(1Yא"3 qא Bאא<( 1כ) א )% (1כ$E $ U$א< 25$cM Kא H %7$Hכא f8$א$Nא 28 Uא ,%5אאכ 2א,N UM 6 א$Nכ & !$1 $אPא% 2$כ U$א %7%אNכ ]5=Eאאכ !1 28Jg5 2א5כא!1& f8א $$Mא $$ O$$P%אכ $$Rא$$Pא< Kא &א 28$$JgH ?5$$%א%7$$א ,N$$ U$$M [0א$$ :&$$; A@$$E ,8$$ אאכ 2א5א=_H& 2א Zא UM 2=Eא%5 6א. א? -IאMא/pאM8Kא א !Kא G48א7אY 83 Q7 1%/א B= &%2א Q7 IY/( PI2אJ [3 &%2אW% y א1א ` Q7 v(1א4 &%2א א E(1J 2 I2אכ ) אYאכ* 0 א.'(1Y ) N"8 (2/11/4אכ !8א 7Uא8Iא^ \ >aB8 +אDאא.5 0אא 3א &%3 v(1` - N&Dא+א א"3 qא \/ ^- J Iא%2 yאא Cא N1<zכ( '(1Y IכL( 1<A Iכ I4D/ 81U =* א+אא 0 Cא 3א%Dא="א. ) Ew"9 -8 (3/11/4אא]א 5א?" +! SאDאא.5 א( Jא Cא CDא N1<zא ) אכ (א@ I2א -א- '(1Y ` %3 v(1אYאכ* אא= ( *4כ7א 7א א1<+א א* כ Iא1א& =.!W ) Fa9 (12/4א. 1` 2א א *4- I2אכ ) *4-א ) I2א1א&א Cא *% I3א *4א"אY "/ ^- '(1Y *dאכ* אכ ( 4א '(1Yכא! ) I2אכ א &%3 B< I%/( ('(1Yא+א (א c%Dא"3 */1א I2א3אא ) Lכ אא( Gכ ( Q-א u% .Fא+אאC (א1+א&א Cא ) *Fא.(1)'(1Y ) Ew"9 (13/4אא]א 5אאכ. א1`+א [3 vא I4Dאכ @ ) *4- [3א 0אP'(1Y 1 ( I4Dא [3 I2א *4Dאא=* ) @א 0א( 1א /כ 1Y *44Fא *4אכ (כ) כ) & *4- ) M< B0א ) I2א+א[3 V14 ! l` !;(zאFא@*1( Pא- 3 3א@ sא 0א '(1Yא +אא*: S 1א&Jא B< .א1+א&א Cא g *%Dא( '(1Yכ7כ א4אe (א%א Cא- 0 '(1Y *4א sא+א( lאFא - 1dאp+ ) !$$1 (1א$$JcאE $$ Kא$$ ^&$$M 2$$א hא$$Mא E $$א$$- ^&$$M $$M 2$$א א& א$$Qא כ 28$$א& א 2$Mא& א$Qא 5@Mא אא ,Eא % 5א ?%H j8E UMא0& AJא 2Fאi&L א<=5א& 2%0א5א WQ 1אא ,EאE; ?H 5א. 84 א? -IאMא/pאM8Kא א !Kא G48א7אY אDא* א2א"3 Vא. D/ S 2א"+כאL( .@ Cכ -א א*1 I= ) N1% א- [3 ID/( IJא sאaא( lאFא.1d S 3כ) א`1א vא *4- uF/אכ ) @א 0א+א 0 lאאC א2/ *%-א _4- 0 1Uא P)015א( ? [3אא:I !3 q 1JZ r אI aאכ ! +אVU aא>7 אN אMא1 אMאM אא7U א"Iא 5א? %50 %50 %40 %40 %30 %50 %50 %40 %40 %70 )"S (5א oUכא Xאאכ א8א\.(1)a ) w"D (1/5א8Rא אאכ א8א\ aא Eאא.vaB# x (א;א "2א1Yכ 7כ )3 I4 %2א1Yכ*( Pכ7כ B%א( Bא1Yא )3 I4 %2א1Yכ* ( O +א - v1Yא 0 )%2א.1JT ) @D (2/5א N# G49 3אאכ א8א\ aאכא Xא7א! #כא.5 (Fא@* א-כא1` 9כ* א2א. ) 8 (3/5אאכ א8א\ aא9 3כ".?U >"9 # ]D! 3 &<( ) 0אא& NאY *2אכ* (א B< IDא1h+א Vא1 (אFא Nא>א N10אYאכ*. 9א!א. ) 8 (4/5א#8 3כ אכ 08aאאכ !#כא % % ( !%D Bאכא 0 Iא&א( Nא- 0( V14א/ .כ Iא1Yכ אI2 qDכ 1א<( !2א *2א&aא. ) $$PM $$E+ 3$$E+ (1א1 3U%$$א א א 2$$LM 3א$$Nכ 2א3[$$ 328=$$ אכ 2א 28א@.121 S 119> 32007 31: 32%0 א? -IאMא/pאM8Kא א !Kא G48א7אY 85 Rא U vא] 3 ) w"D (5/5א ,? +C8 3אאכ א8א\a % אכ א Nאכ כא!> 08aאא.J א+א *0א[ א ) !4Fא lא L 0כ ) *"` ( *%%-א1א Pכא O+א`1א ) '5% j vאaא -+ lא.)015 ) w"D (6/5א8Rא >B9א ,אכa! `, +א 5א +!_8א אaא.1 ( ID *Dא1Yכ* .(zא!. ) @D (7/5א X,? 3כ> ! +אכ]"^"! a +א 5אכ. א כא; bא ( *%; jא3א;א] "%/א Iא 8aא %א 9אא "3אP א( א2א Cא "5א ;Yא vא1Yכ* ).(1 ) ,,B9 @D (8/5א @Iא ?B8Iכ> ! +אא cאכ )אIKl אU (>7א "א ,uאכ. ( Oא/+א [3 cא _4- )3 *F N4אכ* O( Pא/+אc ) א 1U/ [3 )015א 2/א _4- 1Uאכ* &( א .J+א אFאN * _4-אכ*. ) w"D (9/5א,Yא א ,אכ, +א !!Z#א 0^"U GBכ#9 0כ D,9 08aא. ) D( B %3 .Jא *%א=* 0כ ( )- Iא *%א q "3א 3א1Yא ( O +א`1א vא Bא *%א P*+א L 0כ א *4- `31א. א1Yכ ) =1` Iכ! ( ' ] )! S (10/5א#9 # -g9 +! E1כ aאR >\ +! IKlכא b_U U G?B8 e"Yא { א.+4 Iא1` ) "2כ א ) !4- _4F *zא1Yכ* א( 3א dא א ! qDכ א1Yכ* א[ א" " [%א `1כ א&3 *zא 2א] כI N10א[ א `1א `1כ א *zא "aכא"א ! 40אכ* אN&1 ) b=$E 5$H& (1אכ 28$אcא 2$-כ ,P5$ Z$k ,$א@$cא[ א &$*& 3Y$כ כ[5 , H A@Pא E+ 2=E bא%כ7H& U8א 2=E %א%כ א.a 86 א? -IאMא/pאM8Kא א !Kא G48א7אY IDא1Yכ*. ) , w"D S (11/5א cאכ אD8Kא RכU 0א^e, !"#7! e !.e],B (\ Iכ ) Iא1Yכ) )3 +(zא4א;* א+א* 0 !4Dכ.)- I ) 2 (2אא #א'Nא# • "[ ;\א 9אWא* אMא(<* ) ?143אYא vא+א? ( Pא א r( N1Fאא % *D; [3 .כ ) 1א 0 *;(1א<"* א-+א<אC א *2א7 BY/ V" P*3א אYא q0( vא-כא 9א *21Yא*+ (=א 3א. ) (1/2אaWא vuאא gא XאCא:(1) U ) X"F! S (1/1/2א lIא Q e],Bאא.J 0 !4; &(DאWא*+ [- Pכ )3 ]+(zאFא Nא )3 M/ Lכ. ) S (2/1/2אI9א [fא אgא ],78 Xא!"א Jאאכ 1א אM8Kאb !.+7 ( +א rא jא sא+א .אYאכ) ( '(1Y 0א&3 -א FאP א כא כ0(12 " Iא] .]+" 9 1J ) (3/1/2א +U >aFא אא Jא >7א8א אCא+ eZ8! ^ U אא cאאכ א. (7 IWא א+א/ rכ) אWא ) sאF/א Lא1%אא Cא *7אא*P &( -א<* '<1א[ sאא =( P.כא 7א א =א * אWא* 0 I/אא NאFא<* ("\/א( Pא q- OאWא 0 sא1;+א& אB I2 s qאא 0 .אא* א2א* '(1Yא v(1Yא 1א א +אאא! Pא ?&zא[ ,-א c%Dא1h+ *3א VאWא*. )$F (1א 3$E+ $PM 3eא3א - 2.א 8אא אא "7א 6א45א אא א 3א LאRא 3Qא_א0 32א א@NJ 6א& 2א 31: 3אא3=M 3[1 .49 S 48> 32009 א? -IאMא/pאM8Kא א !Kא G48א7אY 87 ) S (4/1/2א?Fא 5א]Lא אM8Kא E^9א NאCא.U (W/א Vא[ /כ"א. ) (2א"4Wא 5א # fF8 #7אCא.(1)U ) X,?8 (1/2א @#4U >7אM8Kא ! >\ +! ,7אכ " "1 0 VSא7#I א.U"#4 (כא"/א (א@א"/א (א2א א (א2א א"3 .4D s5א (כ א3Y 5א אא Cא( *Oאא 1/א *M 1m ( "*dכ"P ^ א אWא* א *2א אWא* א.N%) (2/2א,א Kא"א אא!f #א א @^"U @#4א8Kא eא.e,7 7כ ) = Iאכ ( [3 *Dא;א( CאWא-א` Cא*I/ a P אWא* [3 2אא;* אWאY sכ Iכ( P1אכ א 12 +אFאN1h א+כ7 0 1א א IאFא N1hא *%2א _FYא ?7א0 Q ch אא( P.כ Lכ ) .Jא+א 7 )3א א ) _FYא( cאx א )( !0 I2 ?7אכ א1כ( ?Mאכ א g1J+א 2א"2 Iא () ? J 1JZ 4א< א( &א.(2)J ) +U ,? E\"9 (3/2א b"8B +4כ> א א"Cא.oU (= &< u2 bאכ א B=/ [3 *+אWא ?)sא[3 (I2 כא* *%א rא .אWא* Q7 12/( Pאכא* /אא א+א;* (+ 12/א;א 2+א& Nא rא .אWא* - 0אJ q%D/ .א14%/ (& 1d )(3 אWא sא( !2/ )$$F 3J=$$M (1א eאR$$ U%$$א 9( 3א א *'+,א*)א א"א 6א < א3א ;.א :%א -%א" 2@$$$F 3א$$$-אא Kא<Mא 2$$$Qאא$$$PH< 2$$$Mא0 א=א Zא@0א 32007 31: 3(2)Qא 36kcא@0א.63 S 62> 3 )P$F (2אNM FM& 3U8@$E 3אכ> 3א +א"א 6א =0אא א"א - @Aא>א +אא? 457א אא א 0 3א א& $$$ [8@$$$אT%V5$$$ &אNJא 32א 3א.115> 32009 30/ )PF (3אF TM 3U8@E 3א.117> 3G Yא7 אG48! אKא אM8Kא/pאM א-I?א 88 ." " "` אכUאC אJ א !א-KאU !אg1 QאI V8F (4/2) *- אאId אאIW0A B( q/( א1` ) *2 אN א&אI2 א9%( *4 ! () אכB= א%2 אv(1`( d אא? אאV12כ אL 0 א3א1 .I-א1 אI כ0 I2* א2 א0 qDא@* (כ אJ .e,?! UאC! 0 UאC" אא] אS" א,,B9 (5/2) .UאC# IאU >7 א3 !כא,,B9 (6/2) .UאC א3!אw ,,B9 (7/2) vאY א( אNא (אכא (;' אאM אN&D כ/ N%א* אW א+ .*%5א* אW אpכ3 כL( .E אxא אא7K א,,B9 N# אF9( א8/2) .0# %!אl! אK !א%א1אS QאC אX,? (9/2) I= ) . א+ (א14%? (א2" אV14" א. אאs א4 .sאWא .UאCאU Yא6 g8! 5אUאIBU QאC אF8B (10/2) .CאאD אQ7 *2<א1 0 qD א. אאs1( *2א Jאzzzz אQzzzz zzzzR >zzzz כ#azzzzF! zzzz?א9 5א1אzzzzU QאCzzzz אX,zzzz? (11/2) ."ca"א .*2 א1 / .א# אF9 א-9 8 אF א אכG e,? אUאC אNFa9 (12/2) .cא/+ א- "אlא+' אO/( )015 ) א91 אIאY א%2 אq0( ."J אאQ"J אc4 אN# E?9 א1 אA א,\ eאIW( א א13/2) .I א( א14= ( 2 !;אא אh Q"< כL Iא% sאW א% [ א3 .#7# -?8 כc? א9 Uא8 כ-8 u אאFa8 א, (14/2) .(1)UאC א5אP א?א אdK( א3) .=א2 א3 *אW א. אr r• =א 2_א$$$ א,%5$$$א א8$$$M >_א$$$% א$$$mQ &א3119 S 118bא$$$F T$$$M 3U8@$$$PQ אP$$$F (1) .U%PN א28MF< א28 אאK@אF# 2 &אא2NFאP א2n81 U 0 א=אNFאPא א? -IאMא/pאM8Kא א !Kא G48א7אY 89 S 1א>א Cא rא .אWא* (=א* 3א2א=. ;%א %0א rא jא Wא( PsאLא כא 3א %א rא*% S 2אLא כא ] א2א&* <&א Cא"3 qא ) %3 01hאWא* ( V12א( 1 אFא Nאא<* )3א %א* .V14 0(14 S 3א Cא<1אא Cא2א= ) 12/ +א rא .אWא* א +אLא אq/ א015א L [3כ. • =א rא rא .אWא* 2א2א=. S 1אLא כ < I= ! Mא א ) 14%/ (& I2אWא b0 sא_% [3א;! Jא [3 Nא r uF( V14א .אWא* א.*% S 2אLא כ כ r Iאא 2/ (& .א( "/ 14%/אWא* (J 12אN [3 *20א.V14 - 0 S 3א .א;"א אWא* ( 93א3א& Nא rאא 2 .אDא אא0 9 א>אL !/א [3אWא 2 sא 7J+א3+א אFא 1dא( א+א.l • אPא @a1 5א81 caא uאCא.U S 1א>א"/א 2א *4אLא א CאWא* (א;" p; 0 bא N1אא*. S 2אLא א C1אWא* +כ N10 ) 1א* א>א Cא+א"%%D/ 3 lא אDא אא"3 9א א( " M< [3א 0א N1אא* א "0 /א אDא אא אFא N10 0 1dא* &(- 0 b0אFא 1dא " uFא א rא. אWא*. b/ S 3אFא 1dאא<* ?2/ )3א( 14%/אWאL sא .!3 S 4א40+א lאLא א כ א44F V14א F;+א&< 8א CאWא* .Jא N1אא*. ) (3אא #א'Rא )!,?! (1 B/א4א Vא* 0א* אYא vאMא N4 3א`N1 (אכ I bאYא vאMא %3 q1h )3 3א א 1aא5; ) q ?7אc אFא %3 9אMא I/ 0 *3אYא vאMא %( 3אא& Cא4אV 90 א? -IאMא/pאM8Kא א !Kא G48א7אY א* א&א;* ) א/+א QאDכ ; BY/ Dא5%א' אMא!/( 3 ( eF q0( !/א j4א+א* א L 9F/כ אYאJ vא@* (א =א; א2א Cא;* = )W/א&א D/כ @ *UאMא.*3 ) (2א,W8Kא XאZא אaא cא.!K ) E4I9 (1/2א"כ א J"9 3 !Kא. (|||Lכ 1|||` q1|||5א"dא א( 1|||<A/א >||| &|||"20א |||1Yכא Cא|||Mא"3M||| *3א |||B א|||/+א B|||O/ [|||3 cא|||א ? ;|||א i/א Q7||| |||0( 8+אDא|||* כ|||) |||כ א |||| B|||| .א 8+א( ||||(;"א |||| CJא||||Mא *3כא||||( (7א||||א& (א||||אC א *1Y|Dא( א( C+Tא|2א !Y|/ Q7| ( CאYאכ* א2א&* א* כ 9% "0 א .|@+אא|* (א|א(* *3 0אא Oא% 0 3א*; *2 *4- I `||א )|| *2dא .4||DאMא7|| ( ||3א א|| [||3 1א||Mא )|| +|| )3א|| א||[ א 81%א.(1) Nd ) E48I (2/2אכ א ] f6_ 3א!> אZא. (Lכ 7JA Aא *-כ N1כ0 eAא ) אכ"א -כ* א( `1כ* [3א [ Oא"3א 4א%;( eא .0 Q3 ) Cאכ א2א( CאC+T ( CJאMא( *3א2א* ( 1<zא 1Yכא CאM+א' א( כ ! `1כאC אMא' /א *2א( '10כ א _F +א+א אMא 0 3א& אMא*3 א IאYא vאMא"0 3א =א N3א=4א&* כ.N1 ) E48I (3/2א J" 3אכ א,7א.o? 5 ( א2א* ? א0(14א Cאא* (` *; ( *4- qDא 0 *2dא..4D ) 2 (4אא #א'8אא.T אכ N3אא "F/א א4א Vא *+א אא=א: ( N ) $% (1אכE U8@E 5א@E Mא" !1א= UM 2N% 2g8א@? אPא ,8-א7א 28א*א כא א` $Mא א U$M ?@$א p&$כ$א ?@$%א$Nכ א< MFא& &!Nא<KM 28& [F א7$א& 2א$א Kא7אM 28א ,א& ?@Fא& *[ &א; :5אאכ 28א< Z5 א&7$$8L% ?$$ W$$Lא א ?@$$%א$$Nכ g$$- <& $$ $$ $$ !$$א א8$$Pא $$כN$$א1א $$Mא 5PHא] א.27 א? -IאMא/pאM8Kא א !Kא G48א7אY 91 Sא כ א V14אאכ `א (א( '(Mא bZא! *( ?A ) (א Idאכ אD( *3(1Yא Eא[ ) [ *3א%א* ( Q7 0אDא* כ א1Yכ אאכ (כ ! ` *4-א ) *2dאא - i/א/+א.c Sא כ &( א V14א I/ 0 +א%א CאMא *3אא* 1Yכ* אא=א Nכ1Yכ [3א כ ! ` *4-א ) *2dאא - i/א/+א.c ) 2 (5אא #א'\א. Sא 9%א V14א1Y +א א *-כ ) N1א+א אMא> *3 " "2א א[ א1Fא אMא3 )3א Cא( l4+א [3 r1Uא %א א( 8+א" r1Uא * `א7 91( *2dכ U %3א* [3א Dאא):(1 S 1א V15א :.(+א V14א 9% +א( 8+כ7כ א Iא9O %א Cא( l4+אL D;( r1Uכ. S 2א V15אא; :א1Uא 9% rא I2אMא 3א ) אr1m( l4 (3א* (;L Dכ. 9% Sא V14א%; I +א Cא( l4+א*U4 r1U אYאכ* אא/( .כ א1hא1` %3 Vכ* אUא* [3א Dאא: S 1 Sאאכ :א ?7כ = *25א 8aאMא[ ) +( *3 א( l4+א r1Uכא +א.I S 2 SאUא :rא ! ?7א N1Fא* 0א( l4+א3( r1Uא! (.I/ ! p S 3 Sא V14א%; I/ [ :+א Cא( l4+א r1Uכ1Yכ ;\` *4- 1א 0 *2dא( 8+א q( Pr1Uא1h+א Vא>* [3א %א א( 8+א` * r1Uא 2( " *2dא I4Dא) !4- [3 V14 א( 8+א r1Uכ) א"0 V14א אא א Bא( א<+א Nא( ;L Dכ ( 7א 1m <א31` Mdא. )P$$$; (1א 3U8@$$$E 3]Hא EאאDא א>א7 +א Cכא אBא -א4א#א אFא כא *)א א"א 6א 28$E 3אNכ 32א 0א5א_M 3TFאS 1428 3 .112 S 111> 32007 N5NF ) (4 Bonds&Stock STOCKS ) U."& 2 (1א.;- &א Nכ* @ I/ככ א(* א= *%א* א( *@ 0 .א(aאc אא*א c15אא* Y I/ ^-אכ* r 0אא 0 .א g-א1YכאC ( Iא" *4-א1Yכ 0א1Yכ* א ?7א 0אא"א (א ?7כ ) ' א _4Dא אכא; *%; *4- bא.(1)*3 *4- 9 () (<"* ;\ 1א" k0 1א כ *= ) 1א*( Pכ) א12א"א כאא):(2 \ S 1א,Yא )Nominal Valueא? א.(K ( א *%א &Dא %3אא ( pא@א א 0א cא3 *(+ א+כא.s S 2א? אBא)Book ValueKא? א.(8, ( א *%א &D/א =א *dא1כ Mאא (א - 0 I/א@*= I c%אא ) ) rאא +.א-+אhא+Cאaא lא( &3 [3 (Nא"+א( *2אכ "א. S 3א? א,8א)Current Valueא? א.(\"I ( א *%א אא("< .א [3א" 0א cאא;* ("7א א[2 0א;"א - N(1> *= )3 12/א Iא" 0א cאא;* ("7א א0 [2א;"א )3 12/ =* >- N(1א Iא" אDא* 0א 2/( cאכ 1א * ) א )%אא.)% S 4א? א7א] א אJust Value.??B ( 3א- )3 Nא@ *= Iא%0א Cא *%א= .2 [3 *2א2אd ) (1א$א&[ 30PM ,=8 3א<R5Fא 2-א&/א qאא 328א WF/א& 2%mא0 328א &אNJ ,Xא& 2א 32008 31: 3א 3א.79 S 78> 30/ ) (2אא&[F TM 30PM ,=8 3א.80 S 79 3G 92 א? -IאMא/pאM8Kא א !Kא G48א7אY 93 א ? s5א *%א N= g )3 12/א" %0/ q%D/ [3א*%; C .*% )Y 2 (2א<_ א;. )\ (1/2א8#Uא ,8#אU Jא 4אD8א. כאא(* ) א[ Pg1Jכא אDא .א* " Dא"א א( א0 % Iא1Yכ* כא "aא *3 q1h 3 ( *aא\" 1כא.1A "a !1ZWא .?# ),79 (2/2 % כ ="א M/א M/ Bא ;א lא1Yכ* א Q7" N4א "+א+א *0א [3 Q/אכ"א ) & B ? IJאכא;* א&1א& Q7א+אJ I=A .אN Dא (.b=( '1A כ* א כ) Lכ ] )\ X, (3/2א G #UאIא[?8# -א].X = "0א= 1m( dא% Iא& 92 *; 9א2+א" .א hא .א.)M ) (4/2א -Kא7א] !I8א א?. ( O +א@א " .*F % ) ,7 (5/2א -Iא7א]] bא#! eכ. ( pא&א Nא=1א.8 ) (6/2א 3א ,uא -Iא G?B9 O,U ],B8 b"IאUא. (=1א א [3 BOאא ) I= ) 7Fא"* א2א*. ) lI! (7/2אIא[9 -כ" ], ,?U 3א -Kא#B 8א. ) (8/2א אIא[ ] -אW81א Qא.+#M (א=1א* [3א&+א Nא &(D *7א &2א ?7כ! ) א."+ ) -I# ,^" (9/2א7א]9 bא א?B8Kא. (א;א אא(2 !3 .א (`1א *@ 0א(+א cאא*. )- I4D S (11/2א Iא" א2א&? !=%- [3אא* ) א IJא( א<&א 2 Cא0א כא *0אM+אא Cא [3 */1א1Yכ*. )B89 (12/2כ -א? א -I# \"Iא7א] O"\ bא 7א.@#4 0א "0 cאא % *13א Cא ) *12א( )Dא.1JT א? -IאMא/pאM8Kא א !Kא G48א7אY 94 ) 2 (3א א א.(1);- אאא כ) e4/א "aא[ > 0א D Cא3+א א7F ?7 ] ( e4א3+אא Cא "d [3א כ) e4/א: "+ ) (1/3א"1א אU -Kא8א אכ> א?א.-I# 1"1 %/א "aא3א `כ"א א%א;; א[ א" א* (א" Dא"א. ) (1/1/3א -Kא.K /כ א "aא כ "0א א אכ"א ( I%/כ"א = I%א 0 Iאא ). ) (2/1/3אB -Kא!#א. 7 +כ"0 1א א אא (/א( .א ) א[ (& g1JאDא<* א[ א>א Cאא0& 0 .Oא 1/א1Yכ* (L [3כ 0א -א NOא" & [3 Iכ! אא&א [3א%א N3א%א;;* " אDא 0 NOא .%אDא "Mdא +א [3א 0 Bאאc א(+א cאא* N(1א D4א" Dא! אא N/אא* 1` [3א.!d ) (2/3א"1א א? -Kא " א "?BאB 8א א -Iאכ.0 א כא; bא "aא(* א0 *%א I@aא /אא ) =%-א א(* א +א;! כ1א א ?1א [3 I2א=א* ;' ) א ) Mא^- ) "+ א c%Dא "D/א אכ"א7( Pכ g1< %0א V12אא? (א B1Yא%א;; [3א ) )3; ) Mא "aא: • א "aאא.NO • א "aא2א&*. )(1/2/3א -Kא8א.ew =%א א/ ) */1 [3כ א "D/א א"+ /כ א D@+ .F/א"א ] א2א&* ( /כ א 52/ +אכ"א * אאOא Cאא.*0 (/כ אכ א" אאOאJ Cא@* 0 I/א : ) (1/1/2/3אF8Kא N# U"IB! "K I1 xאKא ."! I1 ) rאא .א '0א bDא1Yכ* א.C1J 9 ) $8PM $E+ (1א 3$E+ 3U%$א אא אא אא א אא אא א3 $- 2@$Fא כא$F ,$Mא ,XאLא $ 28$Mא<=$5א 0א< 3M$Fאכ5א IאRא31995 31: 3Q [ 3א@.125 S 118> 32%0 א? -IאMא/pאM8Kא א !Kא G48א7אY 95 ) G (2/1/2/3א" א N# J"aBאUא. כ _F/ Aא "aאא ) *4D NOאaא' ) %50 )3 I%/ + l <2א א "0א א "aאאNO ( BO/ > P+א= א [3 1א"a ] אaא] l אא(?. ) G (3/1/2/3א78Kא] \ eא -Kא8אU ewאכא!>. *4/ 3א1Yכ* (= Iא<1א א ) *%א 1dאא )1 B Pא3א Nאc%D א c%- *( I g1Jaאא.)d ) (4/1/2/3א 3כ" -I# 3א8א wכ 5"Y +! Mא., 0א<א3א Cא *2א7 ( *2א א+א U/ ! 4% = Oא[3 )h א<aא; (א /כ) " א r *mאא ( .א z 1%א1Yכ* [- 2 " 1א* א1<+אא Cא N15Fא = "5א אא א2א& כ.M2 %%D/א א Cא&א.N אP 1m ) )1 ] ?א a 74אIא[.- ) (3/3א"1א א-K % ( %/א "aא3א *4- *2hאא א[ א" ;( *%א" *3 (( pA/ _4-א" .B/ ) (1/3/3א -Kא?., /כ א "aא =א 9אכ א אכ"א "% "20& 2א ;%א]. ) (2/3/3א -Kא.7 א כאכC ( 0 I/אא *%; 1m .כא /כ ] ] %3אא א( ]+% =א כאאא ( Cאכאא1Y O +( PCכ* Q7 / ] (א;(Oא]+% ( C א "aא[ א@Dא"א א 3 +א/א% / 9א"א (2א"א. ) va (4/3א.Founder’s SharesdK_8 • ( @ככ =א* א( .א c15אא* 4/א `1כא Cאא * ( /א@Dא"א ;4א ) אא lא1Yכ* %א Iא =J ) Qא> Cא pA/ א1Yכ* ?1( Pא%א;; א @א q- -א pAא Bdא [W/א כ >) א%- Bא א-אא 0א lא1Yכ* א=.*2 • א!א ?" !אכ aא >M88 dK_8א8א: ) va N479 S (1/4/3אBY dK_8אUא a1א ! +אUא אaא. 1Yכ* ( \2 _/א21Yא Cא +א(D@ 4; Oא _4- sאpA 96 א? -IאMא/pאM8Kא א !Kא G48א7אY @ ) %10א 0אaא.l ) a S (2/4/3א\ dK_8א,8# #UאU Jא 4אD8א. (Lכ M 1Y; ) *%2 N W 2א;* א1Yכ* (-א sאaא( lאFא.1d ) S (3/4/3כ"BY 3א va Qא dK_8א]2 >6,8א eאכ. ) !<( ?Aא<1Y 0 PQכ 0א( C+א *2א *2א( אq4 1= [3אא"/א. ) S (4/4/3כ"BY 3א va Qא @a1 b dK_8א uא.Fa8 I- 3א1Yכ* (&< *4/א"/א. ) (5/3א -Kא. Redeemable SharesE88 )(1 " א Bא4כ א ! ?7אא 3א"כ א"! & ? S =* א" א[ @א I= !-א;W%א א1Yכ*. • aא 0^"U 0א "?Bא8א: ) q- S (1/5/3אm *; [3 .4Dאא א /כ * ) אא lא1Yכ* &Dא ;\א 9א1Yכ*. ) q- S (2/5/3א ) *; [3 .4Dאא .א 2 *4א&1א& @Dאs א "aא2א&* *%א"". ) q- S (3/5/3אYאכ* 0א( C+א *2א( *2א"0 b4א. (3 4/א& Nא" א )3 Bא1YכאL Cא Cא+א OאDכ כ1Yכא CאאQ (אכ"1א. 8? ,^"9א8K 3כ א:-K #8I S 1כ א א G +! -Iא?. ("0 &1/א א *%א " *+א ) א )2/ )7א"" ) q1h א.*31% #8I9 S 2כ א א? א Kכא א N# -Kא O,א.!Z א\; Q&D ?7א 9א1Yכ* ) ) M< & q1hא *%א *+כא *0א "+כI ) J_$$$H (1א$$$כא Kא $$$א$$$-א !$$$1 ,R$$$Mא<$$$Qא^ U$$$Mא<E $$$ ?$$$Fא58$$$ 2$$$א $$$1 U$$$Mכ 0$MאHא $א_$QאXא כ$א $1א$E $ T$4א< Kא 2J$Qא$א? &אPא א5H 5 2$8M [$M $א& כא$כ 2א ,=$PH $5א8$5MאE Vכ &#$H $Mא5Qא 0M T8 ]HMאHא א אPכ; ,RM 2Mכא Kאכא &א8א &א., 97 Yא7 אG48! אKא אM8Kא/pאM א-I?א .N ;"א* א0 "כ כ"א9א3 .*' אP# אN'א6 כא, א2 (4) q||0( !||0 .( ||אg7|| אא||* א||" אc(+ אc|| [||0 1||||א אF [||כ *2<א1|||||א|||||* (אD[ "|||||* א31Y||||| אp||||| אB|||||( |||||%0 P[31Y||||||||||<"! א/ Iא2 א9כא- אy|אF ( א21 ) |= [31Y||א א2|* א+ אא|* אC|אz :* אא9כא-+) אW/ =( (C אאP"a אא* ) אc(א+[ א0 .א,YL אX( כא1/4) .-Kא א,Y2 w"D (1/1/4) A Pא3(1Y !<כ* ) א1Y אbY; אg7 א81Uא כא אLX issuance of shares [0 א/+ (א1F אB4/ I *1D [0 Iא2"א אdאY; ) א81Uכ א+ .א1 אIא2 ( א1OאFא .-I \ אN אdetermined percentage7! I1 אS אw"D(2/1/4) א1||%/ N||% *||||כ א/ b||@||א ||א &א+ אCא0(14|| *||5U sכ||א+|| א3 .אא . אכJ א !אe]אZ new sharese,,^ -Kא א,Y אw"D (3/1/4) Cא <&א1F א%/ - * אא%א&* " א2|* א% אC|@א אLא . א@א- ( א@א אN(2 * א=* א%כ* (אא א1Yא x> ?אU !?א3,U 3א כאqאunderwrite the issue א,Y א3אS w"D (4/1/4) .(1)3אCא "+@א ) א+ אB< א1Y 9M ) B *כ1Y אpא/ |3 c|א/+( | א *+* א% אsכא+ א9M"| ) א2/ | ( P@|א+|כ אL )| M|< א1Y| (א [||3 .4||D אO||( PQ1||m !||0 ||||[ ||א || כ%/ ||אI|||| כ0 nominal value .א3+ אQ7" 9 |א =אP"|+ אq|/ ( אC|א& אא|א3 אI| I|2|) א3 I|א% .(2)אW) א3 א% א7 )א כL אQ1m ( אunderwritersכא+" א2א .split the value of the share-I \ אoI?9 w"D (5/1/4) ] `אx%* א כ א51` Pv=אa* א% I<A/( x|= |א&אs| אכ|א3 .,אM ]M !#% < H ]Q/ (1) .MF< א] אTLM Kא8-H& K אאUM 3198 S 178 2P- _א% אmQ( א2) Yא7 אG48! אKא אM8Kא/pאM א-I?א 98 ." אכ* "אa* א% *כ1Y(* אz [%/ (אP"a אB< .perference sharesewא8! -Kא א,Y אw"D S (6/1/4) 3 (liquidation *4 א3 *(+"א אdא53&? א[ אz/ *|_ אdא4|J ("|א _dא4||J "||a אu||2 ||א53 אO||( Pdistribution of profits l||א+ אB||O/ q- I *|&א2|" אa אc|%- [|* א0 א|אP*|* ( א&אdא1|<| אa אq2|/ .(1)b4א E88 א-Kא א,Y אw"D (7/1/4) .tamattu shares(Redeemable Shares) ) א/ א|! =|"אC& ||) |"! א3 |א3 כ1Y| |52/ |( | א ] !||F B||/ "|| ||כL )||3 ]+|| !D||/( *כ1Y|| א9|| >||א =||א0 l||א+ א.||J ||3 *כ1Y|| אC <||&א9 (א=||אl||אa|| א0 + א. א||אr "||+ || אc||%Dא B|[ אכ " א52 ^|- P"|א" אכQא52 אI= lאaא ) א4; ] "א- 3 *כ1Y אC <&א0 4; Bכ אכ " א+ כאP. אאrא ||כ || א ||אL( P""|| =||* א. א||אr "|| sאD||@ א0|| || א2 +א ?||@ "||אdאh א+( 1|||| א0 ||"%- || "||אdאh+ "||+ אQ7|| sאD||@ אQ7||Jא .*4 א3 %D( אכ) "א% !3( share certificate .-K אe]אR ,79 (8/1/4) C <&א0 *2d* `א4D א] כ|* א|א31|` b|/ *%|>( א"|א% 9|% (|א .א"אD ( Q1+ ( * א אאכ%> אQ7 כ/ אO( P*כ1Yא rules for dealing in shares -K אJא,9 X( אכא2/4) buy shares of corporations .[אI א5 אכא-K xאR w"D (1/2/4) א-כ* א1Y אvאY;( 81m א כאLX I<! אא0 O א0 ]|<Z ( א+|א- "א2|( N&א+ א4% ? S N1< א9! אD 4% " ? א=א אS |א אכ|א א|אא .א2+ אc(10 ) .m8א!> ^> א78 א אXאK אw"D (2/2/4) ) S *+* א21Y א9כא- אq0( א"|א3 אID| *|z|[ א3 1|>A? א ' א<|||א.(||| א0 *21Y||| |||א%0( .D|||א א1|||= L|||אF/ א1|||U|||[ א3 N|||%כ|||א |||! א .U%a? אכא אmאכ א &&^ א5;< אTJ אh0#% א1א- א/ (1) 99 Yא7 אG48! אKא אM8Kא/pאM א-I?א 1||+ אs (||) ||א1|| אכ1||U *||( || ( P1||U 2||||* א( א2||* א2 .1) אכ3 " (אV(12א א1א >!א789 5כאR -K( אe^א8א א אM8Kא!> )א78! אz (3/2/4) % אUאU כDא א7 ) [|( Pא-|א "אhאY|; I|@ | כB| Cא1|D |) אQ|D; ( ] :* אאv(1Y אIא2אא * א( א memorandum of association|אa| ;\א"|א א0 *כ1Y||_ א/+ ( אa .QD;( 1MF כאCא1D אIא2 א( אPא1 אIא2"א א0) א א 9 אI||<+ אI||h |א1= א |א אכ||א1|| א81||% אj| א<א|| אj| +( אb ||א ||א3 *כ1Y||||* א||=* ||' א||" א% ||) א%30 PI||<+ א14||= ||א1= .!U "א כא9א1- א1 א8א1=+א N b;א א אכא1| א|&' אcollective amountj| א<א| אj| +( אc *כ1Y* א=* ' א" א% ) א%30 *h (* א5 ( אN14|= '|א+א "|א כ|א9א1|- א1||א' א+|א |א א3 market capitalization of corporation .!U 91|||D 14|||3 )||| income generatedi/א& א|||א1|||+|||א א% O(|||א+ ( אd א7|| ||א אכ||אP*כ1Y|| אCא&א1|| ||) א<א|| א%5 *||; prohibited component lא40+א | אL (אP91|D |כ/ )|3 9 א91|D vאY|; *||) א3 |א/א& ;א1|א .vא-+ <א; א3א1( "א012 0 "0 Cא&א1+ אu2 )3 verified q= אMכ1 ( א1אZ! 6h N@ אI` אf[ ,,B9 z E^z (e .financial position .b"U ?U -K אxאR w"D S (4/2/4) w א"אB) Q1m ( broker) אאraising intrest - bearing loans .81%כ א7 " ) אO+ ( כאMARGIN .Euכא אא# -K EU w"D S (5/2/4) א! אא א1= ) אא א3( % 1> +( (SHORT SALE)14% אBא . א3 0 N"` אB1 EאU 0 undertakeca8 3 -I אb8 w"D S (6/2/4) .E א# Xא9 ,7U 6h c כאP(SETTLEMENT)! d א"אIא א! ( אW א.א%;(א 100 א? -IאMא/pאM8Kא א !Kא G48א7אY א3א;א ) B Oא" 1א (1)*DאLא כא;&< bא Cא1Yכ* כ"א א( א"mא ] ?1Yא" =א ?1Y ) + !dא" א< B O +( ! N1א" 5Jא ) א3+א &;א א( כא;b ;&%א ( 1א *DאLא כא;&< bא Cא1Yכ* כ"א ] ] ] )(2 (א( &%א ( /כ) א3+א אUא* Pכ7כ B O +א" 1א*D אLא כא IDא *= Bא").(3 ) w"D (7/2/4א\א lend shares-Kאכא.5 Rא ) +[ w"D (8/2/4א -Kאא % pledge shares that are lawful according to the sharia. א3א;א tangible ;&%א( cash (L 0 c10 +כ ) א /כ <&א Cא1Yכ* ] ] &;א debtsא( [3 *Yא( &%א3+א (א א כא "0א ( assets ] )(4 @m eא 9כ)1 B Pא3א Nא-כא 9אL( u%כ / ) !;aא %3 9א) 1 ) w"D (9/2/4א salam-#Iא.-K ( O +א<א Nא" rent sharesא אכא " 1א א B 81U 9אא<1 "א (א3א&" Nא כא 0 ?1אא cא@א Cא u% 9אא"-א א"f+ 9א =N א1כ Mאא א< 1אL 1U 9כ. ) w"D9 (10/2/4אא eא.-K " 81U lend sharesא א( 4%אא"-א borrower12כא ?1 !3א 0 I2אא cא@א"2 12 p( PCא א 7/ 3 +א.) 1 ),9 w"D (11/2/4א Jא -Kאכא 5אqא כא]"^"! s1א9א ]"?1א ?o א N10 0א+כא sא( L 2כ = Iא M/א( .א1Yכ* ;Yא"hא א( 3א*4 א +א *%א v1Y( *+א%א.u ),9 w"D (12/2/4א Jא -Kאכא 5אqא כא]"^"! s1א9א ]"1א א1 +א3א Nא-כא 9א 0 V14א7 v1Y( Pכ אWא א*2L 7F + 4ככ א (/א("א ) M< Wא3+א (אא B0א[ א *- ) ,R T8 1& (1א URא<& N 6M TMא& TXא.h5 )M AL%& (2אא[ 4א T8 sאא Mr 2Pאא. ) (3א $PM 3%_$א 3U8$M/אא %א! $א !#א א "!א א א 'א& א 3אא א&[ א 28אRא Y8 32Rא ,%5אכ 35%אכ.22> 31993 3Y% )8-H (4א Kא&[ א 28אRא Y8N 2Rא ,%5אכ 35%אכ.389> 3Y% א? -IאMא/pאM8Kא א !Kא G48א7אY 101 4ככ א). ) (13/2/4אqא כא]"^"! s1א 5אכא N# #8! 5אא! 3א]"?1 E ]" ~#8W 3כ,9 -א JאKא Dא I@+א' ( 81mא1Yכ* (;Yא"hא א0 ! .2אLא כא: S{ S 1א 1אא א78א!> אא 3אא Eא0 P"?Bא /א( .א""א <א1 (& Mdא3א Nא-כא 9א V14א( א 0 V14א ` *51א I%/+א*% א=* 3א (אא( B0א ) %30 *; )3 c%Dא<א <&א Cא1Yכ* אYא* 3א (אא( B0א( c%Dא* א( *%א - 0כ"א)? & א1Yכ* [3א-( 1Uאא"/א אא* gא( 1Uאא Cא /כ"א (I/ &;א( V14א\% )3 1א א* א( *%א כ;"א / 7-א.*2 ] S 2א!א אqא כא { 3אכ 1אא א "[ 0U J"7א78א!> א @[fא א CFא א0 P57א;! א( .א""א 1א3א Nא-כא 9א( V14אLא כא 81mא1Yכ* (;Yא"hא א ! .2א2א 0 Iא 0א;! א(. א""א 1א3א Nא-כא 9א. ) 2 (5כ & $א; ) (1 ;7 0 812א א %כ* 1"5/א- "aאא ("א - N3אc1h( C+ כא : ) (1/5א \א Xאכ Uא\8א ! +א"כ. • Q7 0 9MאDא* א<1א א%א;* ) .2אא Ndא '0כ )3 א .2 )( 81%א2א dא D1א 0 q%Dא1Yכ* א*; F/ +( *1% א%א;* ) א -א-+א C+א>* אא*: )I! S (1/1/5אא J,7! eאFא e,uא J,7! E! ",א7א ,uא.G?B ( Q7 0אDא* כ א !%%-א1Yכ* ) 3א *; dא1=+א) E1J = 8 כ"א !20אכא Iא[ אכ א( P*1%אא כ א gא1Yכ* ) אא. hא 1א. = ) _F/אYא( dא@ ] ) $$+ (1א=$$ 3=$$א 36אכ $א*/' 0כ א $!-כ $! !+' ,א*כא( א א! 4/5א אא 3א$$$F+ $$$H#M 32א qא&/א qאא& 28$$$א$$$-Nא 3Kכ 28$$$א2%$$$ &אא 3Qא 2Mא\Mאא.25 S 22> 32005 3K 102 א? -IאMא/pאM8Kא א !Kא G48א7אY )w S (2/1/5א] J,7! eאFא e,uא J,7! + ",א7א ,uא.G?B )- 0 Pכ .2 (Lכ א כ .2אא [3 Ndא] %20 81% א2א dא7( %17 20 q%Dכ /כ א1Yכ* = ) b<1Jאא"א %3 Oא& .2 )3 Nא2א dא0 q%Dא;א א א - 0א<* א[ א= *W= *Yא 1"5א אWא. ] ) S (3/1/5אFW1א ! J,7אFא e,uא J,7! + ",א7א ,uא.G?B (Lכ א כ .2אא [3 Ndא )- 0 ] %20 81%כ .2 כא א2א dא Q7 0 %25 ]20 q%DאDא* כ א ) c1א%5 )2 ] [3 ( '(1Y 1mאכ א" 1"5/אא! ) 7א א ( P(1)Mא 2א ( א א;+א Qא א2אW/ *; AY; = dא 10אא .א( 81%א" א] .(7 א2אW/ *; AY; = dא 10אא .א( 81%א" א2 .(7א (0 !3א;! א e4; ) _Fא2א dא ) q%D/ ?7אא .א0 81%כ א / Oכ! ! א _Fא ( I2א [3 e4א א ) _Fא e4א( 1J+א?7 _Fא1=+א.8 ( א 9Mא`+א Nא* א[ א ;* %5אא D/ qא I/א.2 ) c1 אא Ndא .2( '0א2א dא *; b "0 > )( q%Dא[3 1"5 gאא .א1Yכ*( Pכ -א *; sא 0 1"5אא= Bכ) אF/אL א1<+אא Cאא*: ,?! ,,B9 S 1א ? Sא S jא ) c1א( )2כ) 20000א. . 2אW8Kא @a1 nכ> 7 ) -Kא א &3 [3 !% jא."+ @a1 ,,B9 S 3כ> !Iא[ ) -א %אא< א1Jא<! s1 q1h )3 ; 4א" &3 0א "+אכ* !. S 4א +! v#W8כא!> [fא א%0( #א ?1א%0( !4; )( .(+א 1א? אא^ ( Lכ Q<( 0 !014א 1Fא 3א hא *3א4א( e-א אא< (כא *0א2א&א Cא " s1%א א א[ א~ 2/א[. )$1 (1אכ i$% h+א TM ]$Qא ?8@5א א<5אE pא 6א< א א<Mא א 245אאY0 [X $$4א א$$כ& 2א א$$M U$$M ,=$$E $$ $$א !$$& _$$Mא < i$$%אP$$-א!$$1 Iא אh+$$ & Iא T% UM bc5א<Mא א45H 5א אכ.2 א? -IאMא/pאM8Kא א !Kא G48א7אY 103 ) (2/5א \א Xאכ Uא\א א"כ )א,א א(. • | א| |א א;! +א jאא .א&' א1א ) %30א*% א=* ' א" א1Yכ* B< 0( Pא-+א 12/ .א* א "3 b4-א א||1Yכ* כ||א 1||"5/ 9M|| ||> )||( '(1Y|| 1||mא||א .א||1Yכ* ||) ||7א אכ|| ||) |||||- .|||||Jא! (א|||||2א& Q|||||<( |||||0 !01|||||@ |||||> Qא|||||L( 1|||||Fכ |||||) .|||||J א<1אא Cאא*: ) a S (1/2/5א"Fא ,uא?".S .Jא2א 9א כא; N14= 8(1= bא( *5א( *hא- 0( PI<aא* א1Yכא Cא - )3 4/ +אא dא 9M0 *%א"<+א& 0אV12 Q7 [3אא1( dא< [3א; א-+א.v ) S (2/2/5אW8Kא @a1 nכ> +! -Kא"Fא ,uא?".S Q7 ' *%אא &3 [3 dא" א1Yכ*. ) @a1 ,,B9 S (3/2/5כ> !Iא[ +! -א? ,א"א^@ א.0! v#W8 4; s1 q1h )3א" &3 0א "aאכ* א &10 Pא כא א( *zא( @(=א א( L 1mכ. Rא. ) (3/5א \א Xאכ Uא78א!> א uZDא"^"]א 5א!B % • - 0א* א אLא כא <Y; ) Mא vא1Yכ* k0 '(1Y 1mא' I@a (2א א / )3כ " Q7 Iא1Yכא CאLא כא 7א אYא( vאDא ] %א (אא אLא L 3כ 1JAא א( כא 7א אYאh vאdא א( 5א Q7 0אDא* 9Mא q1h )3 1"5א<1אא Cאא*: ) a S (1/3/5אא] אא ) i/אYא 1m vא.'(1Y ) S (2/3/5אW8Kא @a1 nכ> ) -Kא1+א& 1mא*= q1h )3 '(1Y 7א א1+א& &3 [3א" א1Yכ*. ) @a1 ,,B9 S (3/3/5כ> !Iא[ +! -אא] { א s1 q1h )3 @(=א ; 4א" &3 0א "+אכ* א &10א כא א( *zא( ] א( L 1mכ. • ( א אאכ א א"%א =(א ;* א *5Y;aא< 1Uא NMdא[ א<א א *5Y;+א M/א("א א1Yכ* א^ (א1+א& אא Q7 )3 i/א) %5s *5Y;+ א<א א1א&א Cא1Yכ*( Pא;! א =א bא1Yכ* א1=+א ) 8אכ א( א=1א"א 104 א? -IאMא/pאM8Kא א !Kא G48א7אY א( =א bא2א Iא&< 0 dMא31` *1D Cא 0א;! 0 7Jzא3+א א : ;א/א ) אYא vא( אכ @D S 1א +! v#W8אא] א XBא כא ] 1א 9א<1א 0 אכא " א כא א ) 9 91Dאא ) [3 dכא ] ] ;"א Nא N1אא* ) 9M 0 !3( Pא' א"; I= "aא* א N1אא* א._F -8 S 2א6א! nא vWא +! -Iאא] א XBא ( b3Oאא lא 9 ( 'O/א א bDא1Yכ* א.C1J 9 XZ# S 3א"כ> א א" oKא א ,א 08" +! xZ^ +! v#W8א( א<!/1 ;\ 1א =אא ! ) .I3 BONDS .BONDS Iא/D8' אU."& 2 (1) [3 N&D j אB0 C אא4 9M/ א) אC ) א&(אN א&א cא%D א3 @a אj אB0& [* א0 אאNd אאI/ ** אO Cא10 -א4 * כא81% =* אB0 "א4" א2 81% *%>( אL אP(1)א .(2)N&D Nd& אD Gא/ 0 *%> אQ7 .Iא/D8'א<_ אY 2 (2) :(3) ( * אאC&(א+ א ) א1m )3 "אM/ C אN3 _dא4J אכ 4 I= ) l אq%D/ 93 ) m1 אC[ אא3 Nd אאB0/ S 1 .Cאא .*+* א% * * ) אN&א3 Nd אאB0/ S 2 I 1U Nd אא12 x ( אNא- *h Nd אא12 b/ אאS 3 .dא3 !; אNd אא12 [3 *אD אQ7"( "` *>> 12 .cא%D+ אI= Cא אאh כ) אS 4 .cא%D+ אN B &א1h N&א3 Ndא אא/ S 5 r0א* א- 0 "aא א- c%- I= Cא אא- c%- &/ S 6 .C אא4 .Ndא אא2כ א1D/ C* אא- 1hאF S 7 כ$$ 328$$ Kא8$$NJH :7* אא אא א"א אא'!א א30$$PM $$PM 3tN$$E (1) .117> 31998 30&P א0/א ,%5$$$ &א0=א$$$5< אKאא$$$- א308 9# : (;א#< א3$$$PM U$$$ vאN$$$ 3$$$Q( אא2) 2J א3,%5 &א0=א5 28 אא28MF< א2n8 א3(1)28 אאqא$F< אKא$Fא0 3M$F<א .10> 32008 31: 3MF<אא? א .117> 3GאF TM 30PM PM 3tNE (3) 6 105 6 106 א? -IאMא/pאM8Kא א !Kא G48א7אY )8 2 (3א Iא'/D8א Iא' א Sא'.(1)%$ R .Aא]א 5אM8Kא. ( אא Cא 4/א u2א4א *>> ( Vא;א': R .1א]א 5אM8Kא qאZ8! \ 5א.e, ( א"Yא&א Cא [%אא .א>" qא gא/ = *h N1 V14 א[ 1Y3א/( PCכ אMא&4/ Nא [3 *3אא( .אאW/ ^D PNdאV אא dא q%D/כ * Iא`" 1א[ א@ *= Iא"Yא&L( PNכ א[ א " <I א"Yא& 1Y3 2 Nא Cא (א[ א @ 1%א"-א א&1א& א =L Iכ. R .2א]א 5אM8Kא qא 5א.] e,u ( א"Yא&א Cא 3 qD/אdא <אא ( Lא Cאא dא(* אN&D א ( B0/אא dכ *>> Iא`" 1א( * א`"@ *m - 1א -אא[3( . Lכ 0א =* א"Yא& I\/ Nכא &( Oא&"; 0 Nא* א.N R .3א]א 5אM8Kא qאZ8! \ 5א# bD e,א א.@BI ( [/א"Yא&אL Cא Cאא ( Mdא"Yא&א Cא 0 qD/אM NdאN ("3 ?1א א< [52/ > )( Dא"Y Mdא&א Cאא.NMd R .Bא]א 5א6]Lא. ( [3 q5אא Cא 4/א u2א4א"` :Vא&א Cא&Jא^- P 9%א V14א@א Q7א"Yא&א Cא I N&D jאW( +(& eaא3א"/אP (0 12א= N&D Ndא;;א] (כ "3א /א Gא%Dא cא0( jא.Qd R .Cא]א 5א,Lא. [3 q5אא Cא 4/א u2א4א"` Vא&א Cאא' ( `"* כ1א "Yא&א CאJ&+א כ) "` jא&א Cאא' כ /( 1אא jא " 4/א `"א&א Cאא' |A0 +(& 100000כ.1 1q .Dא 5א.ZW ( 3א )3 Nא 4/ Cא u2אDכא 0 ( 14= I<a Cא2א&N ) (1אאN 3QאF TM 3PM U vא.13 S 10> 3G א? -IאMא/pאM8Kא א !Kא G48א7אY 107 >>* א`" * ( 1א`" 1א( *2/א`" 1א( * ("-15/א c 0א(aא cאא* כא"0 sא א( %א52אא ) Cאzא Cא Q7 B/( *Fא;(LaאC <* * כ";+ N1א = N14א +( *;W( I<aא V14א1כ[3 ?M א2א& "Dא א[ ; q1h )3 &%א3א&"4J Nא (" Q7א3+אא"3 I%/ Cא א4א * m1 Vא Q7 C@ =( PIJ& ) Q/א;(Laא0 N1 .(a C 51א;א 3א.1877 9 .EאKא] \. [3 q5אא Cאא& =>( ( 81אL qdא *= Cא* (א= N-א* א(= 1m( .א* [52/ *dMכ) %א Iאא jא = 1א =1א Ihא7 ( I<aא א q1h )3 81%א N3כא sא2א.9 )(1 7א (4א -אא )3; Cאא) ) א>א qdא "` (1א& Nא.BOND CERTIFICATE P ( א> *%א )3 12/אכ* ( א40א"0 lא / *%1h( b=/ )3 אא( dא *%א*. @X %3 *%>( (2א אINDENTURE. P ( א> *%א (z /א(( Cא<א Cכ ) Iא-( 4א Iא. ) S (4א"1א א,Iא. BONDS TYPE5 %/אא3k Cאא N3 Cכא : ) ^ p +! (1/4א,Yא. )(1/1/4כ"! q1h )3 4/ :אDכ* (אzא Cאא" *2א - xW א %א( א cא( Y Iא"2א א+א*. ) { S (2/1/4כ"! )3 4/ :א1Yכא Cאא * א2א* כאא Cא2א&* (אא Cא%2א* ( 1mא (Lכ * א-א<א"/א א* א.*F ) e,! p +! (2/4א^>. ) N14= S (1/2/4א3 .J qD/ :short - term BondsI<+א/( 9כ ) (1אא&F TM 30PM ,=8 3א.76> 3G Yא7 אG48! אKא אM8Kא/pאM א-I?א 108 .* ;אWF אdא0 C+2 C אB .J qD/ :Medium - term BondsI<a* א5 S (2/2/4) .* ;א5 אdא0 C+2 כ/( כ/( C אB 2 qD/ :Long - term BondsI<+* אh S (3/2/4) .א* ;א3 אdא0 C+2 .> אכp +! (3/4) *" א( א4<' א[ א1 א2 + כ"א אI%/+ : א אכ"אS (1/3/4) .*1א "א א0 1כ7 +( 9+& א1 כ"אI%/ :א"א- אS (2/3/4) .1א .ID אp +! (4/4) .)D )1% א4 *h( Cאz א4/ :*D S (1/4/4) ( ;) א<א1% א4 *h( Cאz א4/ :*< S (2/4/4) .IJ אא0 אW "א3 .(אא ) ככ אD )1% א4 *(& Cאz א4/ :*(& S (3/4/4) .( א אכ א4 .3אC אp +! (5/4) ( אI@a[ א3 אB( q- א"א- 52/ :secured*;W S (1/5/4) ."א/אאMא א0[ א3 N% א93 *א- 0 א* "אW א.@aא [3 אB( q- א"א- 52/ + :unsecured*;W 1m S (2/5/4) [3 .4D א0 *(+ אq- "א-א אWא* "א (א;א אW א.@aא .NOא&* (אא2" א+* א- I= c%Dא .e,uאF א7 p +! (6/4) .N* אh *"א >א3 Ndכ אא/ : Fixed Rate* >אNdא0 S (1/6/4) ;"א1U/( N1U "א3 Ndכ אא/ : Floating RateN1U Ndא0 S (2/6/4) .c א0 Nd אאNdא אא2 א1U/ [3 א? -IאMא/pאM8Kא א !Kא G48א7אY 109 )\ p +! (7/4א #Uא.>"B8 )= S (1/7/4א"א 4 [52 :Convertible BondsIDא"-א אqD אא"א א" 3א&* / 12א&.*2 N .J( )2 . )= 1m S (2/7/4א* @ 52/+ :Non Convertible BondsIDא"-א ( -א"א א qDאא"א א "aא2א&* 1Yכ* א.(1)N4 ) 2 (4א'כ Uא' '!/D8א,6 Iכא א'*. oא א ) *4- I +א1Yכ* FU \ Iא"3 _ * e,uא %3א ` ID 0א ) אFא0 Nא1Yכ* = 1F/א +א;"א 4 B0/א- א אא Ndא"3 qא (7 0א 1Y fכ* (א1א "א (א%א N3א+ *31Y 1 +( 1א [3 ( Pא7 ( W 1m .א א== B uא N3אU א.91U 7 [3( oא w"Dא@א א [3 Cא<! א%א dא O +( PTאWא] /א("א aא Bאא B !dא1א +( Qאא Ndא 0 *h(1Yא 3א)3 N Oא& -+ *h(1Y Nא2א=) ) % 83 1mא 1JA/א) א[ א< ( I 7כ 2/א @D1א א<א' א7א א.(2)*"% \^ ,א xא7א א -Kyא,Iא 5אBכU -אv1 p -B8 א7א: • " 91Dא@א < Bא;א' אא Cא ( *1א )W/א`1א& v א jאO( 81%א& !<( ? [3 Nכא Pא & Q7 b20אMא& 3 Nא& @ Iא [3 b20& 9 P81%א=אL 1m 9 P* 9 *1"` vכ (א כא;b Q7אMא& *= ) *; I/ Nא Pכא 0א; mא' אא PCא4J 9א] "א כא 0אאL Cא Cא2א dא 91D/( ?14כ7כ אאL Cא Cאא Mdא ) (1אא&[F TM 3א.78> 3G ) (2א 3$E+ 3@$אא אא א"א?>= א 0 3!7א אכ5א IאRא> 32008 31: 3 .58 110 א? -IאMא/pאM8Kא א !Kא G48א7אY אכא; bאאJ Cא@* א3 9א* א- 9כ*").(1 • (<א 0א2א 7א א"; " 1Dא "%%- 0 I/א =1א ("3 q5א [2א !%%- 0 81%א( *31Yא כא כ 81= Iא`!0 bh1 אMא& "0 Nא (כא א@א אא= Cאdא [3א1=+א 8א Ndכא א@א א 1Dא]. ^א\ xא ! EDא 0?FאC !Kא אBכU -א^ -B8א v1 xא?א כא :# א pא !% א א Q1/z N(& 0 %2אא& 0 N rאכ* א *12א2` 23 [X 17 ) *&2א | 1410אאLZ S 14 q0א )א.91990 (r [3 !3hXאDaא (א@א( Cאא idא" N(; 0 *%אaאc } 2 אא*" א 0 N%2א1א B 24 S 20 vאא; 91989/10/24 S 20/| 1410 א ( Dא אכ א2א( ) 7א א( Bא "2 א *( PאWאO( *0א Nא=(aא( Vא (zY א* אכ* א.*1U • ( 2א [3 'hא `"א& 9M Nא"< 4א B0 Dא"א א *%א 3 *+א%D+א0 B0& B Pcא"3 q Ndא * [X א *%א v(1Y B; /1/ ( P *+א כא <א 'O/ Mdא9 *31% 35%א 4J 9א]. Uא ] ] \: אZ8א!א m#! E,Uא ! EאEF1 02 U"I! e,u 32 (1א,Iא 5א>M9 8 % ! !!B Rא. % ) ^- א@א ( א1Yא ( אא(";a P.א = * 8(1א כא; bא"* @ככא א" N4א Jא@* ( 3א* x/1/א(* (" 1> +א `"א&א( C ] 2א ( ( *3 Dא ( אא* ( א&Jא* ( */אא Ndא *1א" 9Mא ] ] 3אdא. ] ) (1אא $$8%א 328$$א $!-א<;#א(M 3א 2n$$81 $$8%אPא& 2N$$Fא$$א@$$F# 2א Kאא28$$ א< 328MFא.U%PN א? -IאMא/pאM8Kא א !Kא G48א7אY 111 Cא א,Iאq 5א 5אכ" 3"Uא.bFa XB9 (2 % =(1א "2 ?1א "= ) I=Aא אD@ ( P*+א"א ) א3א א ] 4Jא " Q7אא.C א c(1א3א א ] Cא א,Iאq 5א 5א"Dא.Zu (3כא XB9 % =(1א א`"0 v1א ;O ( Bא& Nא* ' א( P)1% א3א א ] [3 + "W2א *"` )3 ]W0 P)2א%א. +! (4א,א,I# >uא 5א !B ,Y2אא Rא,9 xא %א,Iא 5 % אaכ"כ א?אK N# uא אCא.U Y; ( '(1Yא vאא? + ^D P)2כ אכ"א 0אB; ( Nd ;X( P'5%א /כ " ;* ) 7א א % '(1Yא כ ) Q7 אא ( Cא4ככ ( +א 7א אLX +X 1א .]20 q%D/ ) =A6 2 (5א'*6 =%א 5# :Yא6 ;-א'/D8א.I ) 0^ (1/6א +U 0א -Kא,Iא.(1)5 S 1א כ" Iא I%+א 3 *dMא1`+אכ 0אכ 0א<"* א1Yכ* א א@"/א. =%א i/א4כ א" bא (/א( .א(! S 2כ "א I ] א c15אא*. "; S 3א 4א q1h )3א+כא sא2א 9א( א1Yא c 0אא( .א(+אc אא*. S 4כ "א % 4א(*. S 5כ "א - [3א! &(& Jא. S 6כ "א *% 4א* א+א *0א[ 12א = cכ Uא1א *%א.*+ ) (1א$PאN $E+ 30א 37$%7א $!-א<;#א( ' א@כאF+ H#M 33א qא<&א qאא28 &א-Nא 3Kכ 28א& 2%אא 3Qא 2Mא<Mאא.6> 32005 3K א? -IאMא/pאM8Kא א !Kא G48א7אY 112 (2/6) (5כ +א78Kא א?א +U 1א -Iא `"^ e, +! ,Iכא א J,Dא8א: )(1 !?א +U 1א -Iא,I X א-I א,I @ 2כ M< Iא ) א rאא. @כ M< Iא ) =IJ/ +( 81 =! 0א rאא. - 3א! `1כ א! &א1Y )dכ* א( אכ (p`1כא I= 4 4אאm pאא (כ& 4 Iאdא 2אאB p `1כ* א * "א א" ( ) pא3+א( .כ א@א Qא 1= [3א א *2א *2א ) (v1Y א ?(1Wא כ "א אC א *= M/ +אא [3 Cאr אא1Y .כ* א'0 ID 5אא 15JאYאכ* 0אLא א b0א1Yכ* א( אכ + א !4; 7Jא B0& 2 +כ& I א1Yכ* א( אכ 0אLא אb=1U א א rאא %0 .אא !4- א! 15J )3 2אYאכ* (אLא b0א1Yכ* - gLA/א! 3kא א 1Y !;aכ *% Bאא )dא +אLא כא;/ ! bאאJ Cא@* [3כ Iא( u2א3א א1Yכ* " !%- W%0א א *(+כא) 1 81% @ 6א -א" @ [3א -א [3אאNd - 1Uא+א + =( lא N1%א N&Dא bDא"* [` [3אLא i/א N4א&M/( C1J 9א& ;"א " Q7א* 3אFא"%D( Nא א3א .א1Yכ* Dא )N$$ (1א 3U@$$E 8$$F 3vא-א אא א?Aא( :א 9#א* 0א7א$$H#M 3 $$$F+א qא&/א qאא& 28$$$א$$$-Nא 3Kכ 28$$$א& 2%$$$אא 3$$$Qא 2$$$Mא\$$$Mאא32005 3K >.39 S 38 א? -IאMא/pאM8Kא א !Kא G48א7אY 113 א Iא N%א%א; ( אb0 + 7כ) א@א א" א= ) Iכ) א 4א=!= ) I א*+ =! א*+ א" " +כ (כ) qDא" .אא?(1 C כ א( א1Yכ* א 1%/א"כ u2א"/א כא "+אאNO 8אא ! @ 0 Cא !2 + *2א +אא Ndא N1%אא כא א q- !( *2א=1א* - 1 [3א .א1Yכ* ! p0א +( 1WDא 1א= "3א 9א" 1` )3 4/כא Cא * 1` )3 4/כא Cא( &( .א( א10א& x%0 qD + 1א א 5א`"א L ! qDכ 0 א r0א1Yכ* אLא ! e/א& 0( Qא Qdכ) ) א) 7J+ א rא .א1Yכ* (א3א;"א )(7א,א >uא ,I#א.5 ) ~79 (1/7אaכ"כ א:SUKUK - ISLAMIC BONDS!KL א4ככ א 4/א )3 9א1Yכא( CאDכא Cכ) "12/א ";Aא( :אc א* Lא= N Cא* א( b/ .כ* -א"א M/( P?(& IJ I@a ) אא *-אא* )3א(aא cא g1Jaאא(* 0אaא";A cא: )q (1/1/7אW! 5א !?!) 1,8אU 1א.(-K LXא 12א 0אא( I= .א7( 1Uכ כ) Dא"א א[3 .4D א* ) "2א c 0אא(J (& b=( ? 0 .א.N )1 (2/1/7א qא2 5א] \א?!) E\"8# >UאU 1א.(-K 0א IJא(? א *D q%D ?7א4ככ כ ( I@ Q4אא %0/א> *%; Cא* Iאאא Cא(* 0א4ככ א כ אr @Xא א @; ( PN1<z ]+א' א4ככ א g1Jaכ IJא(? 4א& 114 א? -IאMא/pאM8Kא א !Kא G48א7אY ! q%D/א1%+א א = !2/ ^Dא] =.B )12 (3/1/7א 89א]8Kא] א!> אaכ Kא1 0א א e,אe],B a#כ"כ. ( 0א%5א Cא + P*DD4כ Lכ [3א rאWא )? א )W *2h Q&1א+א ( כ Iא@+א ([ 4א4ככ rאא;X( (.א ) Lכ -א C+א( ?2א.x1 )?! (2/7א +U 1אaכ"כ א.-K • א "aא(aא cאא* אaא* 0כ r Iא .א1YכאC אא * I/( Pא>( "aא qdכ* א1Yכ* *D0 Pא "aכ א1Yכ* א N4כ א(" ."aא IDא2א= B 0 !3א"". • (" א1Yכא Cאא * א2א* /א( 0 .א ) *\ c א@א D;( Cא( ( g= &D/א( 812א 5א N1>Aא2א )3 Cא1Yכ* ( )3א Bא2א4= 9א& 12א" 0א Pcא א B1א(? אq%D *Dא52 [3 2 "0 "aאY; Cא vא1Yכ*. • (אא (1Y rאL [3 .4D "aכ א( B1כ7א א+א&1U/ ) N א 0 " 12א cאMא&( Nכ"א *%=& N4 !2=/ 24א 2 I2א א% !13 "aא7( PCכ @ eא+א 0א "aא;! 3א אFא.1h אaכ"כ 09א ~#8W9 0^ +! -Kא !.0^ + 2 Nא( Pd • א 0א ^ [X Eא כ"א Iכ* @. } אYאכ* 0א.1 '(1Y . "1א !א: • !א א+! " c86 i א כ@X Iא א4ככ I2א2א"3 dא (>"א 0א%/ I= cא] () > כ =א] = *\( Bא1%+א ("א א א4ככ & bא(& *dא 9א1Yכ* א" N4א כא -א. א" X I "aא <] "4/ ?1א !0א c15א"3 y4א N1Y; 0 א@א. ("א -א Iא" ! 3א .@ ) !4; *4א1Yכ* "4/ 3א )( /א "3א ) &( = ( Iכ P1א א4ככ ";k0א / ^D *4כ) "-א ) א&1א& א" ( =1א] ! 3א;"א "/א V14א\*= )3 1 א? -IאMא/pאM8Kא א !Kא G48א7אY 115 @ .א4 4ככ ( = [3 !/א& &;! .)1J ?! -1א +U 1אaכ"כ א,Iא.5 א Cא) א( *%א cא* =א* א( 81= q> .א.Nd • -א Iא=* א.81% • ( 4א א.81% • ( )3 4/א1Yכא( CאDכא( Cאכ. • (כ rאא) .א *%א( (*+אא [3 *;W Ndא.4 • 0א ) *=2אDא( Iא& *=3 4א.) )d "1א: ~#8W9אaכ"כ א + !KLא,Iא+! 5 i &א 0 ) (1א ="א א [3 *;W b *+א/ + > )( 4כ ] *Lא.4 ) (2א [3 B0א4ככ 0 pא [3 */1 Ndא *%א;X( *+א Q4אYא vא ?7א !0 bFא *- .א4ככ ( .א1א& א ) א .@aא כ;"א < א4ככ. ( I2א ) xFא4ככ א* (אא Cא *1א<:[X B • א "א ) `! ) ;א *-כ"א *% 4א*. 5/1א כ א *%א.*+ =2א 3אdא • ( 4ככ ] ] ] • ( כ Iא@א /1/ )WאF I%/ Cא 1hא%א )> 0 Cא4כ ( [X ?&z/א1%א א jא ?7כ) Dא Iא4כ "; 0 Q&1א* .!/ (כ) " [%א א c1א ( ?1אא( * & Cא8(1% (>א qdכ* 2 I@aא ( dאא .1 )?! (4/7א +U 1א 3",אא.3 אכ ) *3א2א@ 1כ) ) "Jא א ) Mא (א3+א ;& א כא ):(1 ) S (1/4/7א 3",א!" א8א !#Bא א" p( -!fא (<& Jא< Pאא )$$F 30$$E (1א C 3Mא;;# :Bא( א; %7א!/א א*0 30א$$Fא Kא=$$5א 2%0א328M$$F א $$א<& OPN$$ M$$Fא A%5$$א5$$א$$N Tכ א\ 376 328$$5 M$$Fא32000 32 0$$ > 3[ 3127אכ 2א 28א@.2%0 116 א? -IאMא/pאM8Kא א !Kא G48א7אY א3+א אא* "0אאL .אJ &<( Cא<. ) S (2/4/7א 3",כ"#B! 3א א !א !#Mא (Lכ aאא .א א?7 Zא I%א 0 Cא ( *7אכ אא xW/ *= .א@ eכא 9=aא] *24 ";k0א - 7JA/כ אא .א Pכא א[ א"%א א" &%3 0 1אכא^- l <א(Oא כ א) ) !0א+א .א.*% ) S (3/4/7א 3",אMא >?9 8Uא? Iא 2 +א -a qD 0 u%/א1Yכא 0א) א1Yכ 1>Aא = ) !Wא) % 0א I !4- Iכ 1Yכא!d 0א) %א 0 Qא."44- D 8% ) S (4/4/7א 3",אY %B! 879 -!fאBא &%2 %אכ (א2א(*. ) %3 S (5/4/7אDא* ?1+א 0 +א &( א3+א aא3+א א;א (7 [0/א"/א A +א"א. ) S (6/4/7א bD9 3",א א?8א (7כ ";k0א A [W%/א"א א א3+א "0 ?1/ 0א א%א@* 0אLא > 3 ) bאא I )dא א< !3 )dא (א%Dא=א B%/א%א@* -כא (Lכ VFא כא )3 )4FY (@* ] *4Uכ" Iא 3א 1JTא )2א B%/+ ^- !4F/א%א@* "א. ) S (7/4/7אא xא1א U G#78אU G#78 3",אאL( 3כ aא1א א%אv (כ* א3+א L I%/ +כ. ) S (8/4/7א 3אU O",א?9 +7א bq N# 2 Xא ,א א g3א) ";k0א כ) 1m [3 B01/א). ) (5/7כ~ # -89אa8ככ. *3 /א4ככ -א5Fא Cא1( *2א"-א I=( Pא0 '(1Y /כ א5Fא7; Cכ 1א א1haא Vא1Yכ* א( *d1אא"0 N3א).(1 :אא cא Iuא9 8אכ [ `fא! #7א:-[ eR (1א Dאכ א gFBא.G"8 c%- *\D 9%א* (% [3 I4Dא"א ;%א Originator S )N (1א 35%V 5+ 37%7אככ א '7A+א'!א א"א?> 3א&[ א5אTLM 3[ 2F א] א< 3MFאMא[ אא 2&0 32א\Mאא Kא 28א.5> 32009 3[P5 117 Yא7 אG48! אKא אM8Kא/pאM א-I?א .אW אm א5אq אG"8כ אR e,a אD( א2 0 x כ12/ *כ1Y אQ7 ( .Special Purpose Vehicle (SPV) | V(12א .)1[ אX *Yכ* א1Y ) א.@a כ* אI%; .G"8 א5א,K # b 3M8I( א3 I@ (&1( C אאIא% & א%( Bondholders or Investors ( .q\* אD *4- ) C אאQ7 [3 dא2[ אX *0="א אא .G"8 אgFB! (4 'אX( "א3 dא2 אא* (אc%D אI4D/ ( Portfolio Asset ( Gא/ 0 C* אא- Cא%D & א9F yאJ sאD C4Dא .א="א%Dא :-[ TG"8 א# e,אI אc אא:א1אP .Credit Rating Agency 1א8u~ אa8כ אR (1 *- D; "א/אאMא א0[ א3 C* אYכ* א1Y אN= D/ "אf(( .Cאא .א,YLא א8I! ,! (2 N1Y; &א3X 0 N3 (אאq* א2 *F אVא1ha ) אq א9% .sכא+א .Servicer G"8 אgFB! >aB9 + lI אD( א3 [ אB0<* אT אCא%D אא* (אc%D אI4D/ [/ [( א"* א ."א3 dא2 אI4D/( q/ *\D כbFא Custodian. FB א+! (4 ,- )3 *(z ( א"* אq אC* א- c%- *א- !"( .*4D אj אא9 (אCאא :(1)[ T5"א46 PP J6 ככa8 א# 9 :אMאP % Issuance ככ4@א אX *-1 (1 Servicing ככ4\* אD N* &א-1 (2 Repayment to Sukuk Holders ככ4א אhX *-1 (3 .6> 3GאF TM 35 א37%7אN (1) 118 א? -IאMא/pאM8Kא א !Kא G48א7אY ,Y2 #! Sא אaכ"כ `f[ -89 TאU #א"4Wא 5א8א: א e"4Wא :Nא1Yכ* א )2/ *Yא .@aא 1א& 4/ככ"א 14D ( B/א ! ) א .@aא3( 0 *3א אא? (א*\D V12 - א4ככ (;"%א ( SPV [Xכא "A/ / I%א ) = Iא1Yכ* א*Y 1%א ) * cאא%0( .א ( v(1Yא<1אא CאFא@*. א e"4WאMא4/ :1ככ א"2 > .@aא1` 9%/ .כ* 3k SPVא&e4/ N א"%/( .@aא M< [Xא ( (-א/ Cא (- /א<אm( CאC א"D/ > P)1א @ [Xככ ("2א [Xא.)1 Pא1א ! gFB! #אaכ"כ EU -8 3 ,7Uאaכ"כ :+M8I# 1` 9%/כ* &k SPVא Q7 Nא; *\Dא* )3א N *h )1א@א Bא2אdא( Cא .Jא(* אא ) */א"2O/( .@aא P)1כא B< 10 9%/אFא Cא[ D/א<"א א.*5D PאMא !F2 #א xאaכ"כ: *= B0א4ככ א 0 *+אא Gא[ &D/א ; N1Yא@א. )1 (6/7אY +! nqכ"כ אM8Kא א.!K ),K (1/6/7אY)5כ"כ( אCא.(1)U • ( (>א N- qdא@(*%א&A Nא ) כ "0א %א B0& Iא*% א" N1Dא (Lכ [3אא rאYאכ* ; 0א idאaא( lא1א&א Cא) *%%D א '(1Yא D !0 1א א [3 *2א 'Yא ) *%אaאl א4א.*0 • (כ) ) @ .Jככ א%א* =א 9א(* א=א* Yא Bאא* &2/א"3 1א ( [3א *MJ ID/+ I=aא(* ? א3א א*< )( Pא; 1JZכ) "א Y I/א BאFא Cא2א* א "%/א א(* Iא;Yא אא( rאYאC • 0א א(* א& Cא * כ* q1h )3 B50א@א @ככ א%א* א [3 .4Dא Iא 15 9Oאaא א *44Fא א* אכ* () > "2א =* א4ככ א BO/ B N4אaאl ) @H& (1א_%א -ככ א& Fא Kאא.24 א? -IאMא/pאM8Kא א !Kא G48א7אY 119 (א2א dאא*. • כא כ) 1Yכא Cאא * א@א @ככ אWא* א3א א אWא/ sא s Qאא .א * !/ ?7אכ א4ככ [3אא rא ?1Y/ א1Yכ* אא& אFא M"/( 9א;+א 9 Eא 0 iDאכ* א*12 א 14 ( *&2א[ א cא *((aא1Yכ* ( אq%D/ *%1h 3 א+א *;( lא( BOא 1dא v(1Yא*% `31א).(1 ] • (אכ eא" 31Yא א;"א ` _4-א r 0 *2dא .אWא*P (%א;"א א j4א1Y *Dכא Cא3א א "א] Y/ +אכ 0א&א!Y/ N `1כא Cא@* א.(2)"a • !MאY N# Jכ"כ אCא.U @&X Cא Nא *014א* 0אכ א ?&2א"? @ככ Wא* כ "0א *-א4ככ א sאW %3 0 .א* כ אכ !0 3א] ( Q7 B/אaא3( 0 .א ( ?1אFא"א 3 0אI/ C א1א( *Dא4+א' (א . . .1<Aא *- I4D( .Gא4ככ &D M< [3 כ* * ) א 1א I4Dאכ א3אW Qאא] %2 &-( ! *; [3 אWא* pJ Nא 2 ?1 Cא א- uWכא] (& rאא[X . א;א 2אr ( d * א4ככ7 )W +( Pא א@א (3א] א1Yא (+] אא@ ( .ככ =א* א(&%3 N3 [3 2/ ^D b@ =( P. Wא* Nכ" Iא * `" ?1 ^D 1א uWאDכ "; 0א* כI IJ > N10א015א W 0א* <.(3)N ),K S (2/6/7אY)5כ"כ( אאכ. • ( @ככ אא* I/כ* rא .אYאכ* ()3 eF/ + @ככ א%א* א \/ 0 +א *"< ) *=2א@א א1א4 *3ככ (*- ) (1אאF TM 38& 3L%א.911> 3G )N 3[d+ (2א@5אF TM 3א.156> 3G ) (3א 3$ $PM 3h$אככ א)א7A+'(FBא'!א א"א?> ';א!א TLM 3א] א< 3M$Fא [&$א5א 3[ 2$FאMא[ אא 2&0 32א\Mאא Kא 28א> 32009 3[P5 .16 120 א? -IאMא/pאM8Kא א !Kא G48א7אY א4ככ (= Y/כ Q7 Iא"* א" vא א&אY * Nאכ) B<1א" 0 אF/א Lא1%אא Cא+א*. • () %5/א@ Cככ אYאכ* 1Y/כ "0א א(* ( `1כ* א * ) ( V1hאכ א4ככ ) 1` I 1JZ V1hא א%2אא 1/( Cא <"* L( *44Fכ "3 q%D/ Vא [3 !2O/ dאאכ) * א כ! כI ").(1 • ( 4/א CאYאכ*א&א * NאLא כא;&< I/ bא"0 Cא א@. ( *3א B0אא *0א[ א( &%א אא3 *2א/ a Pא("א Q7 0אDא* "%א ) כ -א"א א[ -א &% BWF + < Iא 0 *5א&* א% ( eF %א ) Bא( I<Aכ7כ א ) BאMא& Nא( אI%; 0 _% /א 1א =( Pא`1= v1א Bא !%א/ +כ אUא* א ] א3+א (אא( B0כ u2 bאא( gכ N1א3aא (אא/ ^D B0כ א&% (א /א" *2א).(2 • !Mאa(1) Jכ"כ אאכ. MJא;* כ* Dכ* אא/ ( *Mכ *\Dכ" ) N1 א1Yכא Cא<* *@ 0כא. =אMJ bא;* 1` pAכ* LאJ 81m Cא 0 b2(( yכאQ7 C א1Yכ* *5W " ) *\Dא2א 1א Q7 C@ > P*31Yא1Yכ* LאC @ככא =א* א( I .כ@ Iכ "0א 0 *4-כ* /כ א 81UאFאy ] א Q7 .*\Dא4ככ <* (=א* א( 0 .א@* (כ) Dא Iא4כ א 5א א 4א [3 .4Dא %א@ Iכ! ) /כ א Q(%( P"aא ) (1א$$א 8$$& 3L%א? 3$$ככ אHא א* 30א $$H#א $$א h@$$א$$א3$$ T א@$F#א Kאא 28$א< 3911> 32003 328M$Fא 2$Mא\Mאא 3Kא\Mאא Kא 28א3[P5 &א $$mQא_$$%א א<&0א Kא 28$$%5א<$$ 28M$$Fכא Kא@$$א 321אכ$$F 5$$א31: 30$$E M אNכ א\.285 MF )N 3[d$$+ (2א5@$$א B+' 3א @;> I#/א( אא א$$ O$$P 3 א$$א& KMא<$$Fא A8א 28=$$א< 328M$$Fא 7$$LאRא$$; 3$$Qכ 2א2$$0 2$$LM 3G8$$5 אNכ 3[ 32002 31: 32אכ 2א 28א@.156 S 155> 32%0 א? -IאMא/pאM8Kא א !Kא G48א7אY 121 " ,Dא 1mא;! LXא א& "2א "2 A 9M "0א MJ [X x%0א;* (= (C3 1Yא"dא ! ) א(? 12 xא 0אא( .J .א )1Y2א] אא*% 5א.B ( )W/כ Iא@א אא MJא;* א B1א !3O/ ?7א1Yכא Cא |||</ |||||""א 0א *|||||||\Dא |||||@X IDא א4כ|||||||כ %אI ||||||א;"א ||||- 0א ) ? r0X .א1Yכא Cא7כ ( Nא [ Equity "; 0( Insuranceא* א Nא4 N&Dככ ( pJא*;MJ "2/ C 1Yא א 1m !3 q &D ) "aא *-א4ככ .(1))M 1m • !Mאa (2 )Jכ"כ אאכ. א 8+א=* ^- Pא% 3+א *2h )3א1א& אI !;( 'O :)143 S 1א1א& 4א -א. r ) M / S 2אא .א.'0 Lk0א ) q%D/א[ א= &@ IJא& 20000 *% 0א ( 1Dכא א/+א cא 3 )2א+כא sאא? א ) %35א 12 IJא1א&א (אא= r I@a /אא@ k0 .א -א א& *dא ) א@ Iא+כאs אכ &א & )1Y3 7JAאא] ( כ7א א[ א "/אא2< Cא אh+א א &2 ^-א[ א= כא! כא =( !A eא.(2)!d ] )w S (8כא eא -Kא,Iא.5 )w (1/8כא eא-zzK • אaa I/ "aא !"^"]א 5אכ אQ7 ( -I# e,a א<&א 0 CאUא / 8(13א ) Nא& Jא( B4 N2 9אB ( B 1Yא- PB Nא;א /כ א1Yכ* Oא- ( *3א;* 0כ "א -כ א( '(M א2;aא ^- ) 9אMכאLX Nא כא ;Yא"hא [3 9%אMא *3א` *1/ ( N1אא` א`Lk0 N1א כא "3א `1א א ( '(Mא2;aא"2 9א / 8(13 "0אW Nא]. ) (1אF TM 3hא.17> 3G )F 30E (2אF TM 3Mא.158> 3G 122 א? -IאMא/pאM8Kא א !Kא G48א7אY • 7א O k0כא " Nא1Yכאw >\ +! [ Cכא eאD8א/( eכ [3א( I@aא %/ !;a 1א .אא Nא *%א=* ( )W/ mאא א rאא ) .א *%א( ( *+א ) 1א/א' .( *% כ 1/z QאMכא Nא> 91984 .(a 7א אDכ א "%א @aא} ?7 =1א Bא !%א א( ( !@Jא אא !" *4- )3 2 ) Oכא Nא1Yכ* (א א1Yכ* M/כ א"א ( [3 ) D/אO ( I=aכא Nא"א ; Dא' /כ אaא .כא I2א _FYאL( 25כ [3א) rא(*5F א\ [X 1א"א כא( .א P-א3א&א] [3א *4FYא1 0 P*2א3 ;4א .-( sאא Iא* אא* 1Yכ*LX( ) Pא כא; 2/ bא* א&* 1א"=10 3א )3א* א ) *1%א" 40 ( *1א* ).( %5775 .2 • > `א =1א א( 1/zא [X Bא;! LXא %/א1Yכ* 1JkאO EכאN א"אD ( Pא sאMכא *F Nאא ) 1 [X- 7-- 1\ !;k0אIא[.- • k0כא = א` ?1א" * א=+א [3 .4Dא ( B1 אא<) N1אא(M !;k0 ! (.כ[ א.o? VU • ( Xכא = א` g1א" * אא1Y Nא (א ( Bכ7א M !;k0כ! OכאN 8(13אא1Jk Nא EאMכא )3 Nא >YאL( VUכ 1א3א Nא *%א=* " p( Pא *%אL [3 /10 ( *+כ 1JXא EאMכא )3 Nא( I@aא.1 Wא אDא C+א "0 E1F/א א1Yכ* אMכא Nא`N1 (= C&-א1%אאC ] ( = _; &<( :א;; ( =1א <"2א א\; 0 _; ( *2א"א אaא ( /כ ) Iאא )0 Pא 3א Lכ - [3 14%/א sאMכא 9% Nאא ;! 1JkאO Eכא.(1) !" N )w (2/8כא eא,Iא 5אaכ"כ. • אא *1D Cא ( qכ) M/ Iכ[ א ) Q7JAא1א !3 3k ! _Fא&@ [X !/אLX( !-א @ 2אI2< * !2< ! c40 !- אא4 sא.(2)!- )F TM 3[d+ (1א.54> 3G )V (2כ$$א[ ?$$F+א$$כא T$$LM 2$$LM U$$M 737 / 1 / 4 $$8E7 Kא ]$$א\$$ O$$P& 3M$$F א7כא[ > . 188 א? -IאMא/pאM8Kא א !Kא G48א7אY 123 • א 1D/ ) m1אא";k0 Cא O /כא"/א ";aא & I/א] 4א"-אP (O g&z/כא"/א )3כ3 Iא "< ?1 ]3 9א"%א 1mאאכ* a Pא) א () <1א כא [3 O / (1כא 0 !/כ3 Iא"`( P9א&א Cא+א 1% ( א Cא+א 0א *%%Dא"0 /( Cא אMכא X( Nכא 3א dא 1אא.Jא (כ"א ] ] • (M/כ[ אא CכZכא eא?"] (Lכ 1D/ aא2א IאאB + C ) (<& אכ אא"0 0 9א אMכא.N • א אא .א1Dא 1m 9אכ כא( s4Uא( c(1א .א( N`1א1א 2א ) (; Dא wכא 1m !;a 0 eכ Dא4 Q& ( QMdא !-א] %%D כ Iא .אא rאא- NO- 0 % k0 Ihא-( QMdא !3 .א&1 ( .D 4אO !0 0 !-כא3 !/א* *D4א1%א. • O D/כא Nא4ככ א+א* א* K [3א \8א א\"I *Wא"-א א .Dא *4Dא/ X *%כ) = ; [0 b%א. אDא<א Cא.*Y2 א א א áye)eúåûfÓ ]אa8\א אM8Kא א, bg@ א1אD אP~א3 ) אJ PI2Y( א1 &2 ) D 9* אא2 <אP(8) = *2 אאIdא1 א1Y; * P!Kא .*&2* א12 אכ* אP8א1 אP*+א &אP# אכb]אa8\> א#B8! א,?! P(1JZ( P3 P)- (2 .2004 Pv P&a אPא3 PBO (א1Y Id(א 09 !"^א09]א,B! :אWא אM8K אP- אא3 P;( א"א3 P2006 S (1Y2 (אB& אא2 אS ;א%* (א21Y * אP!Kא] אa8\א f PC* אאא2<א P*2 &א אכ א:C(1 PEuאa אEuא,U P1 א) א כ3 P;( אכאא4 .6E P1986 אא: P9h1F אPאכI אQ\ אכI אm#U P?(א4 אP אאכ1 (5 .*;א&א *z T1 !?אK! ]אKא] אa8\ א8"> א9 P=` P( &;א6 .C(1 1v P*א1א *כ1` P2E P!K אaא@ אK א5!א7 אj"BU TNm (7 P2002 P1v P(*כ1* &* א3)q0א .! <א%0 * P אא5!א7# אoU"אC אP)- P!/אD` (8 www. darelmashora. com P14 PN1 א% אPNY &א אP.א3aא *א2 אא אPx?אF אm ]אa8\ א5אB#4a א-D7! P!M; P&א- (9 *12 אכ* אP8א1 אP+ א1א כ2" א2 (א+ אsכא 1995 Pv P*&2א *כ1* א3 P!KL"> א8 א אP- P) אD P- (10 .)1D כ* אP2007 P1v P*014א 6 124 6 \א uאא^E 125 3 PNm (11אא j"BU Pא7א! 5אKא@ אa א *& *3 P8E P!KLא1כ* PN< Pא.2007 P*&2 (12א P3 PeFכא Xא7א! 5א Pכ א1כ* א+ א Pכ* א.)1D (13א2א 1א *" *31YאDא* (א1א<z *2א Cאא* א*+ 0א2007 P)1D (14א2א 1אDא* "* אDא* (א1א<z *2א Cאא* א*+ 0א2007 P)1D (15א P)- P)aאCא Uא ?49א9א א PM,Bא "2א ( Dא Pאכ א PN< P* +אכ* א *12אP*&2 .2v P1993 3 D PO 1 (16א P2אCא?49 Uא9א אaא cאP!K &אא 0 Cא4=+א& א P+א "2א2א כ 1א P+א+אC א NDא1aכ*1996 Pv P (17א P&D D P;2א"כ א :!Kאכא!א !א]uא ?49א9א א&aא א( 1Y N1א2008 Pv PBO - (18א- )- Pא Pא+א א(&( *=1h P+א"%0 B P!/א א1A *21Yכא Pא+א Cא NDא1aכ*.www. amjaonline. com P 5- (19א Psכא Pq0/ .אאכ א8א\ aכא]א +! eא]א 5א>"8 א& * P!Kאא Cא=4א&* א* Pא "2א( D +אP אכ א P* +א א2א` P1א &2אא; PN< P2003 Pאכ* א*12 א.*&2 (20אכא* ; Pא) 3אכ P1אאכ א8א\?49 aא9א א7אeY א 0?Fא& P!Kא אא( 1Y pdא3 P2008 Pv PBOא Sא.&a (21א N( .9% PI3 PYא1א B 1/z N1Y3 *2א !%א PNאכ* א *12א P*&2א( P15= Nא3 *5 x% 0 N%2אP LZא.2004 P 126 \א uאא^E 3 PNm (22אא Pאאכ א8א\"S aא4Uא א0 D P א2א( Cאaא א *014א *& *3 P5E P*+א1כ*PN< P אכ* א *12א2004 Pv P*&2 1 (23א P- D PEאCא8 "K"! TUא Oא7א! 5אא a#א cאIKlא 5אא א P!Kא אא; PאWא*& Pא א9 5א( *3א P1v P1Yא%א 2009 P14 PN1 1 P[54 (24א Eא) 3א Y Pא >"8א?49 !Kא9א אaא cא G !Kא"Cא oUא א א * Paא@אאC א+א;* א2א* D/+א& א4א Vא&א;) P2007 P1v P(2א P9h1Fא&א. D (25א [( P)- PאכB! Pא Kאaא cאx"S !K א7א אaא] [ + eאBא Kאא^IKl# 7א 5אא א& P!Kא א( 1Y N1א( BOא5א3 P*3א Pא2009 P&a D` (26א P)- P!/א dKא7אDא 5אBא#7 KאR 5כא 5אZא אIא\א eאmא Kכא "9א אaא cא *- P!Kא1כ* Pא &2אאPB Wא2007 1 S 1428 P (27אYא( P&D I40 PNאM8Kא Y"Uאא אא TאdK א gא& P#7א (א5 Idא( *3א3 P2008 P1v P1Yא Pא.&a D - (28א)"K P- Pא אא אא Phאא[א א1Lא u א\a8א] א@ * P!KLא כא1 Iא Idאא 0 *2א4=+א& אP+ אכא sאא; PN< P1995 P1v Pא.*&2 (29א D P11Wא P)+א\8א א -Kא [א א 7Uא !א BUא 9א^[א Pא3א .א( Nא *"%אא* b Pא Iאכ Pאכ1993 Pb (30א43 P14א P9אBכ -א #9כ א -Kכ-K 49 F אכא 5א 8א o#86א אBאU Xא 1/z PJBא cא(aא cאא* (א@א PCכ* א( *21Yא%א;< Pא *2אאא2005 PC P&D D Pw- (31א"Kא אא א7א א]א9א א%5/ :?8אC P*3כ א &aאP1998 P&(D \א uאא^E 127 (32א12א;3 Pא~ ) PDא,Iא PR "g! +! 5א@אאC א4=+א& (א Iא& P+אא Cא+א cאא*) P(1א"* א *+א2א* =4א& (א PIא *5א2א א2008 Pv P+ (33א P- P2א"Kא אא א7א] TeYא& P? Kא אכאs א%א2008 Pv P0 (34אDא&3 - Pא PMM2א -Kא,Iא "a9 5אכא1/z PX א cא(+א cאא* (א@א PCכ* א( *21Yא%א;< Pא *2א+אא2005 PC 3 (35א~ P)- Pא"Kא אא א"Yא +! 5א "gא א?א 1/z P1"1א cא(aא cאא* (א@א PCכ* א( *21Yא%א;P <א *2אאא2005 PC P&- (36א EU Pא,K +,א 5א? ,Uא#uא א& PאאC א=4א&* א* Pא "2א( D +א אא Bכ א * P79 Pא PN< P127y P2000 P2 &2אכ* א *12א*&2 3 (37א PO 1J PMM2אaכ"כ א?49 !Kא9א א7א PeYא(N אא B PN1Y3 *2א !%א P+אא NאYא=* *(& Pאאא Cא*12 א2009 PND (38א P3 D P?1%אaכ"כ א)!KLא?49(G"8א9א א7אeY ,9אא B Pא !%א P+א( Nאא PN1Y3 *2אא NאYא=**(& P אאא Cא *12א2009 PND (39אYאJ ( PאY Pכ"כ אM8Kא א Pא 1/zא 2א? א1א P1Y3 Bאzא Cאא* א< P911y P2003 P*+א *2אאאPC אאא Cא *12א.ND 3 PNm (40אא "K "49 PאD8# e,"! !Kא 5אא א 0 D P!KLא2א( Cא+א א *014א P*+א Mאא;P `1כ* א *& *3 Pq0א1כ* PN< P2002 P1v Pאכ* א *12א*&2 w (41כא -K eאכא B * ) 737 / 1 / 4 #Z# 5א!% א 0 D( PאMכא.N tfñóreìÏ א %א% .(aא )3 Cא+א א 3 .......................................... ) 9" (1א+א 5 ............................................................... ) (2א;א' א+א 11 .............................................................. ) * (3א+א 0א4=+א& א14 ................................. + ) (4אWא( xא-aכא 9א2 *31Yא Cא+א 16 ........................ )% (5א@ א *21Yא 0 *+א+א 26 ................................. א %אא; &%3 !%0א+א 29 ......................................................... ) !%0 (1א1Yכא31 ................................................................. C ) !%0 (2אWא* 43 ................................................................. ) !%0 (3אMא56 ................................................................. *3 ) !%0 (4אא=א59 .................................................................. N ) !%0 (5אUא* 62 ................................................................. א %אא^ א+א א 0 +א q5א2א@65 .............................. 1 א1Yכא Cא67 ........................................................................... *D )1` S (1כא CאF`aא67 ..................................................... .y )1` S (2כא Cאaא67 ......................................................... .. ); S (3א3 idא* &א* א1Yכא Cא73 .................................. .*D )4J S (4א _dא1Yכא Cאא * 73 .......................................... ) S (1א+א אYאכ* )אYאכ* אא=76 ........................... (*4 ) S (2א+א אWא* 86 ..................................................... ) (3א+א אMא89 ......................................................... *3 ) (4א+א 0א( "aאא92 .......................................... C א92 ....................................................................................... "a אא105 ................................................................................... C =א *dא1א<124 ............................................................................. B r1"0אDא128 ........................................................................ C 6 128 6
© Copyright 2024 Paperzz