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‫\‪.(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 $2 (5‬א א ‪ F @ A‬א‪EC‬א‪ @ O3>P 93Q‬א‪6 111‬‬
‫‪.50/2 403‬‬
!KL‫א א‬M8K‫ א‬+ 5‫!א‬,?!/J‫ א‬-I?‫א‬
(‫א‬M8K‫! א‬K‫ א‬7‫ א‬,Y‫ !?א‬7U VS" o4W!)
28
‫
אא‬/‫א אא‬
ôèfvÚeãÔÚe
‰fåvr£eÃóÔÜíÔÏ
Fiqh of investment contracts
(Sharikat)5‫ אכא‬0? (1)
(Mudaraba)U‫א‬C‫ א‬0? (2)
(Sharecropping)‫א‬Z‫ א‬0? (3)
(Irrigating)e‫א\א‬I‫ א‬0? (4)
(Agricutural)K‫א‬m‫ א‬0? (5)
29 30 ‫)‪(1‬‬
‫ ‬
‫)‪ U."& 2 (1‬א'*כ‪.‬‬
‫)‪(1/1‬אכ ‪:m‬‬
‫@‪ I‬א‪1Y‬כ* ‪ 0‬א‪ BO/ *U‬א‪ ) Y‬א>) ‪A0‬כ‪ *"< [3 1‬א‪.(1)'Y‬‬
‫)‪ (2/1‬אכ א‪4Y‬א‪:‬‬
‫‪40‬א‪3‬א‪
- M+ ^D P‬א ‪( PQ1m )3‬כ) ‪e12/‬‬
‫א‪)4; vJ‬‬
‫]‬
‫א‪1Y‬כ* א;"א "א<א' `‪A0 )4F‬כ‪ 0 1‬א‪%D‬א‪.(2)"V14/ ( c‬‬
‫)‪ 6* 2 (2‬א'*כ‪.‬‬
‫‪ *3(1Y [3 .‬א‪1Y‬כ* כ‪:) I‬‬
‫)‪ (1/2‬אכ‪8‬א‪:Q‬‬
‫א^ …) …‬
‫)‪\ (1/1/2‬א‪79 J‬א‪ k0…  :N‬כא;א „כ‪… )… 1‬‬
‫‪R‬כא‪… € † 0… x‬‬
‫‪2‬‬
‫‪L‬כ‬
‫‪ "0‬‬
‫ƒ „ƒ‬
‫„ ƒ „ € ƒ„„ ƒ „ „ „ € ƒ‬
‫(@* …) …‬
‫… ‡‬
‫‪W‬א …‬
‫‪… 3‬‬
‫א~ (א~ …‬
‫‡‬
‫@[ …"א „( &) ‪1m‬‬
‫)‪.(3‬‬‫(@* € „‬
‫„ ƒ „ƒ ‡ „ƒ „ € „ } „ ˆ ] ƒ ˆ „ ˆ€ „ ‰ „ ‰‬
‫„ ˆ‬
‫)‪(4‬‬
‫^‪ 0‬א‪ +! ,‬א‚‪ :‬א~ ‪2/‬א[ <‪ I2‬אא>) כ* ‪ X‬כא;א כ‪) 1‬‬
‫(א‪ ) -‬א‪1Y NJ‬כ) ‪ 0‬א^ ‪L .0‬כ ‪ *3(1Y [3‬א‪1Y‬כ* ‪ 0‬א‪.92‬‬
‫;‪2‬כ …„‪… … … [X‬‬
‫(‪… X‬‬
‫‪f‬כ „ …‬
‫;‪2‬א<! …‬
‫כ‪1‬א‬
‫)‪\ (2/1/2‬א‪79 J‬א‪„ „  :N‬‬
‫…‪z‬א‪„ … „ ƒ „ .‬‬
‫=א‪ƒ „ „ .‬‬
‫„‬
‫‪€ „ „ „ „ %‬‬
‫„ ˆ „ ]‬
‫‬
‫)‪ (1‬א ‪ #$ 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
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‫‡‬
‫… …‬
‫…‬
‫(=‪I‬‬
‫א‪4#W‬א‪U…„ (1)x‬‬
‫‪„ „ "W2‬‬
‫‪Z‬א „ „ … €‬
‫א‪4‬א‪D‬א‪‰ … „ „ C‬‬
‫א‪€ „ )7‬‬
‫‪„ ˆ +Xˆ… u2ƒ „ [3‬‬
‫„‬
‫(‪3‬א ˆ „‬
‫„ƒ‬
‫„ƒ € € ƒ‬
‫)‪(2‬‬
‫…‬
‫א (‪& )f‬א(& „;א ‪0‬א‪0 Q‬א‪! 1U‬‬
‫(;א‪. s‬‬
‫אכ‪2‬א „ „ „ „‬
‫(‪] „ 1J‬‬
‫„ € ƒ „ „ ˆ „ € € ˆ „ „„ˆ € „ ƒ „ ƒ„ „ „ ˆ€ „ „ ˆ‬
‫^‪ 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
‫ '& * ‪:‬‬
‫&‬
‫&‬
‫&‬
‫&‬
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‫‪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 -‬‬
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‫&‬
‫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 ( ƒB‬א‪ 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 ‪( P‬אŒ 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 1JŽ " -‬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; ‪ +‬א‪a‬א‪Lk0 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 Y‬א‪Dˆ8K‬א 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 x‬א‪‰IF‬‬
‫‪ ?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 1JŽ0 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 ŠF‬כ 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
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‫‪46‬‬
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0 2/( P‬א‪D‬א* =*‬
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א ‪ r‬א‪ .‬א‪W‬א* ( ‪ %/‬א‪? - 8(12‬‬
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‫א‪W‬א* ! כ! ( ‪/ ( P!W2‬כ! ) א‪ s v1` 0 P(4)!0 V14‬אא‪ .‬‬
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‫_כ ‪ bC‬א‪80‬א‪ o‬א‪ I58 x#
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‫‪%‬‬
‫‪%‬‬
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‫( ;* ) ‪ 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
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‫‪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 /‬‬
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A‬אא‪I 7‬‬
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‫‪48‬‬
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‫‪49‬‬
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‫‪50‬‬
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‫‪51‬‬
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‫‪52‬‬
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‫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 (2/6‬א‪F9‬אŠ 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
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‫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* ƒ „‬
‫‪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 אא 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 ‪ V14‬אא ‪ 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
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‫‪ )3 I4‬א‪1Y‬כ* (‪
- v1Y O +‬א ‪ 0‬א‪.1JT‬‬
‫)‪ +! , (2/3‬א‪# 08a EU ca‬כ‪.‬‬
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3‬א ‪ %3 )3 4 2‬א‪1Y‬כ* כ! ‪M‬א) ‪ U( !2‬א ‪+‬‬
‫‪%‬א! ) א‪ V15‬א‪ %+ [- 9M 3( 1JT‬א[ א‪ %3 !Y0 *M N3‬א‪.B‬‬
‫)‪ ,? (3/3‬א‪Dˆ8K‬א 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
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) B‬א‪ 3 B= &%2‬א‪ *m1‬אכ‪"= !2=/ O +( P‬א‪ a P‬א‪+ B‬‬
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‫(א ‪"3‬א ‪4‬א אכ ) א<* א‪7
( [(+‬א א‪W p )
1‬א ‪ *4-‬אכ‬
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‫)‪N 3[d$$$$+ (1‬א‪5@$$$$‬א‪ 3‬א‪%‬אכ א‪$‬א‪0 "#‬א‪),.‬א א‪ $$$$ O$$$$P 3-%‬א‪$$$$‬א‪KM‬‬
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‫‪82‬‬
‫א?‪ -I‬א‪M‬א‪/p‬א‪M8K‬א א‪ !K‬א‪ G48‬א‪7‬א‪Y‬‬
‫)‪ (6/4‬א‪F9‬אŠ ‪ Ew"9 N#‬אא]א‪ 5‬א‪ +! ??B8‬א€ ‪ +U‬אכ‬
‫א‪.>7‬‬
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‫אכ‪.‬‬
‫(כ! כ) ‪- 0‬א‪ *2 C+‬אא‪ [3 *%0‬א ‪ B0‬אכ א[ א‪M< I2‬א )‬
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‫)‪ e,! ,,B9 (8/4‬א‪.,?7‬‬
‫)‪ X"? (9/4‬אכ א א‪ S E,U >7‬א‪7] +! >6,‬א ‪C9‬א‪ c‬א‪08a N‬‬
‫!‪ +‬אאכ א€‪.‬‬
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‫אא ( א‪ )
1‬א‪%2‬א? ‪ S‬כ) &‪"20‬א ) אא‪ .‬א‪ I2‬א‪F‬א@* כא כ)‬
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א ‪ [3‬א‪D‬א‪ s‬א‪F‬א‪ y‬א‪Y‬אכ* אא=‪*4- ) *4‬‬
‫) =א‪"20 9‬א)‪.(1‬‬
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‫) @‪ *-‬אכ ‪1 !4‬א ‪Y‬אכ* (‪L‬כ ‪ %3 v(1` -‬א‪Y‬אכ*‬
‫א‪ B 91‬א‪( I2‬כ! כ) א‪+‬א‪1 r‬א? א‪ I2‬אאכ (‪ *3 /‬אא<‪1‬‬
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‫)‪ ]"? E\"9 -8 (1/11/4‬א‪DL‬א ‪8I#‬א^‪+‬‬
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‫‬
‫)‪% (1‬כ‪$E $ U$‬א<‪ 25$cM K‬א ‪H %7$H‬כא‪ f8$‬א‪$N‬א ‪ 28 U‬א‪ ,%5‬אאכ‪ 2‬א‪,N UM 6‬‬
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‫א?‪ -I‬א‪M‬א‪/p‬א‪M8K‬א א‪ !K‬א‪ G48‬א‪7‬א‪Y‬‬
‫‪83‬‬
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1%/‬א‪ B= &%2‬א‪ Q7
IY/( PI2‬א‪J [3 &%2‬א‪W% y‬‬
‫א‪1‬א `‪ Q7
v(1‬א‪4 &%2‬א א‪ E(1J 2 I2‬אכ ) א‪Y‬אכ* ‪0‬‬
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‫‪ 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=‪
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‫=‪.!W‬‬
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‫‪ I3‬א‪ *4‬א"א‪Y "/ ^- '(1Y *d‬אכ* אכ (‪ 4‬א‪ '(1Y‬כא!‬
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‫)‪ Ew"9 (13/4‬אא]א‪ 5‬אאכ‪.‬‬
‫ א‪1`+‬א‪ [3 v‬א ‪ I4D‬אכ ‪@ ) *4- [3‬א‪ 0‬א‪P'(1Y 1‬‬
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‫‪ S 1‬א&‪J‬א‪ B< .‬א‪1+‬א&א‪ C‬א‪ g *%D‬א‪( '(1Y‬כ‪7‬כ א‪4‬א‪e‬‬
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‫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
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‫‪ a‬א‪>7‬‬
‫א‪N‬‬
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‫א‪M‬א‪M‬‬
‫אא‪7U‬‬
‫א‪"I‬א‪ 5‬א?‬
‫‪%50‬‬
‫‪%50‬‬
‫‪%40‬‬
‫‪%40‬‬
‫‪%30‬‬
‫‪%50‬‬
‫‪%50‬‬
‫‪%40‬‬
‫‪%40‬‬
‫‪%70‬‬
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‫(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.‬‬
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‫‪ qD‬כ ‪1‬א<‪( !2‬א‪ *2‬א‪&a‬א‪.‬‬
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‪ 2$$LM 3‬א‪$$N‬כ‪ 2‬א‪3[$$ 328=$$‬‬
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‫א?‪ -I‬א‪M‬א‪/p‬א‪M8K‬א א‪ !K‬א‪ G48‬א‪7‬א‪Y‬‬
‫‪85‬‬
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‫‪%‬‬
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‫‪ O+‬א`‪1‬א‪ ) '5% j v‬א‪a‬א‪ -+ l‬א‪.)015‬‬
‫)‪ w"D (6/5‬א‪8R‬א„ ‪ >B9‬א‪ ,‬אכ‪a! `, +‬א‪ 5‬א‪ +!_8‬א‬
‫א‪a‬א‪.1‬‬
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‫)‪ @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*‪.‬‬
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‫‪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-‬‬
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‫‪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
‫‬
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‫‪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 א‪Dˆ8K‬א ‪R‬כ‪U 0‬א^‪e, !"#7! e‬‬
‫!‪.e],B‬‬
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‫‪ 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 Š"?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 א‬bY;‫ 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|/
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E88‫ א‬-K‫א א‬,Y‫ א‬w"D (7/1/4)
.tamattu shares(Redeemable Shares)
) ‫א‬/ ‫ א|! =|"א‬C& |‫|) |"! א‬3 ‫|א‬3
‫כ‬1Y| |52/ |‫(
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B‫|[ אכ " א‬52 ^|- P‫"|א‬" ‫ אכ‬Q‫א‬52 ‫ א‬I= l‫א‬a‫א ) א‬4;
]
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‫||כ || א ||א‬L( P""||‫ =||* א‬.‫ א||א‬r "|| s‫א‬D||@‫ א‬0|| ‫|| א‬2 +‫א‬
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s‫א‬D||@‫ א‬Q7||J‫א‬
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share certificate .-K‫ א‬e]‫א‬R ,79 (8/1/4)
C‫ <&א‬0 *2d‫* `א‬4D ‫א] כ|* א|א‬31|` b|/ *%|>( ‫א"|א‬% 9|% ‫(|א‬
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‫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|(
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.‫א‬2+‫ א‬c(10 )
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.U%a‫? אכא א‬m‫אכ א &&^ א‬5;<‫ א‬TJ ‫ א‬h0#% ‫א‬1‫א‬-‫ א‬/ (1)
99
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1||+‫ א‬s‫ (||) ||א‬1||‫ אכ‬1||U *||( ||
( P1||U 2||‫||* א( א‬2‫||* א‬2
.1‫) אכ‬3 "‫ (א‬V(12‫א‬
‫א‬1‫א‬
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%
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‫כ‬D‫א א‬7
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]
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memorandum of association|‫א‬a‫| ;\א"|א א‬0 *‫כ‬1Y|‫|_ א‬/+ ‫( א‬a
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א‬
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‫||א ||א‬3 *‫כ‬1Y||‫||* א||=* ||' א||" א‬%‫ ||) א‬%30 PI||<+‫ א‬14||= ‫||א‬1=
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N b;‫א א אכא‬1|‫ א|&' א‬collective amountj|‫ א<א| א‬j| +‫( א‬c
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‫ "|א כ|א‬9‫א‬1|- ‫א‬1|‫|א' א‬+‫|א |א א‬3 market capitalization of corporation
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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
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‫א! אא
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‫‪pledge shares that are lawful according to the sharia.‬‬
‫א‪3‬א;א ‪tangible‬‬
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‫(‪L 0 c10 +‬כ ) א ‪/‬כ <&א‪ C‬א‪1Y‬כ*‬
‫]‬
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‫‪( assets‬‬
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1‬א א‪ B 81U 9‬אא<‪1‬‬
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‫א‪1‬כ‪ M‬אא א<‪ 1‬א‪L 1U 9‬כ‪.‬‬
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א‪ 3‬אא א&[‬
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‫‪101‬‬
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‫]"‪ ~#8W 3‬כ‪,9 -‬א‪ J‬א‪K‬א‬
‫‪ D‬א‪ I@+‬א' (
‪ 81m‬א‪1Y‬כ* (;‪Y‬א‪"h‬א א‪0 ! .2‬א‪L‬א כא‪:‬‬
‫‪S{ S 1‬א ‪1‬אא א‪78‬א!> אא‪ 3‬אא‪ E‬א‪0 PŠ"?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
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‫‪ @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[‪.‬‬
‫‬
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‫‪$$4‬א א‪$$‬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
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‫• | 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*‪:‬‬
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‫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.‬‬
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‫‪%‬‬
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‫(‪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
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-‫א‬4 *‫ כא‬81%‫ =* א‬B0 ‫ "א‬4‫" א‬2 81% *%>( ‫א‬L‫ א‬P(1)‫א‬
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.d‫א‬3 !;‫ א‬Nd‫ אא‬12 [3 *‫א‬D‫ א‬Q7"( "` *>> 12
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r0‫א* א‬- 0 "a‫א א‬- c%- I= C‫א אא‬- c%- &/ S 6
.C‫ אא‬4
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‫כ‬$$ 328$$ K‫א‬8$$NJH :7*‫ אא אא א"א אא'!א א‬30$$PM $$PM 3tN$$E (1)
.117> 31998 30&P‫ א‬0/‫א‬
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‫‪106‬‬
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‫)‪8 2 (3‬א‪ I‬א'‪/D8‬א‪ I‬א'
א‪ S‬א'‪.(1)%$‬‬
‫‪R .A‬א]א‪ 5‬א‪M8K‬א‪.‬‬
‫(
אא‪ C‬א ‪
4/‬א ‪ u2‬א‪4‬א‪ *>> ( V‬א;א'‪:‬‬
‫‪R .1‬א]א‪ 5‬א‪M8K‬א ‪q‬א‪Z8! \ 5‬א‪.e,‬‬
‫(
א‪"Y‬א&א‪ C‬א ‪ [%‬אא‪ .‬א>‪" q‬א ‪ g‬א‪/ = *h N1 V14‬‬
‫א[ ‪ 1Y3‬א‪/( PC‬כ א‪M‬א&‪4/ N‬א‪ [3 *3‬אא‪( .‬אא‪W/ ^D PNd‬א‪V‬‬
‫אא‪ d‬א ‪ q%D/‬כ‪ * I‬א`"‪ 1‬א[ א@‪ *= I‬א‪"Y‬א&‪L( PN‬כ א[ א " <‪I‬‬
‫א‪"Y‬א&‪ 1Y3 2 N‬א‪ C‬א (א[ א ‪@ 1%‬א‪"-‬א א‪&1‬א&
א =‪L I‬כ‪.‬‬
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‫(
א‪"Y‬א&א‪ C‬א ‪3 qD/‬א‪d‬א <אא (
‪L‬א‪ C‬אא‪ d‬א(* א‪N&D‬‬
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‫‪L‬כ ‪0‬א =* א‪"Y‬א&‪ I\/ N‬כא &( ‪O‬א&‪"; 0 N‬א* א‪.N‬‬
‫‪R .3‬א]א‪ 5‬א‪M8K‬א ‪q‬א‪Z8! \ 5‬א‪# bD e,‬א א‪.@BI‬‬
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‫‪107‬‬
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108
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* "א א" (‪ ) p‬א‪3+‬א‪( .‬כ א@א‪ Q‬א ‪1= [3‬א‬
‫א‪ *2‬א‪ *2‬א
) (‪v1Y‬‬
‫א‪ ?(1W‬א כ "א א‪C‬‬
‫א‪ *= M/ +‬אא‪ [3 C‬א‪r‬‬
‫אא‪1Y .‬כ* א‪'0‬‬
‫‪ ID 5‬אא
‪ 15J‬א‪Y‬אכ*‬
‫‪0‬א‪L‬א א‪ b0‬א‪1Y‬כ* א( אכ ‪+‬‬
‫א‪ !4; 7J‬א‪ B0& 2 +‬כ‪& I‬‬
‫א‪1Y‬כ* א( אכ ‪0‬א‪L‬א א‪b=1U‬‬
‫א א‪ r‬אא‪ %0 .‬אא
‬
‫‪!4-‬‬
‫א! ‪ 15J )3 2‬א‪Y‬אכ* (א‪L‬א‬‫‪ b0‬א‪1Y‬כ* ‪- gLA/‬א! ‪3k‬א
א‬
‫‪1Y !;a‬כ ‪ *% B‬אא‪ )d‬א‪ +‬א‪L‬א‬
‫כא;‪/ ! b‬אא‪J C‬א@* ‪ [3‬כ‪ I‬א(‬
‫‪ u2‬א‪3‬א א‪1Y‬כ* ‪" !%- W%0‬א‬
‫א‪ *(+‬כא‪)
1 81%‬‬
‫‪@ 6‬א‪ -‬א" ‪@ [3‬א‪ -‬א ‪ [3‬אא‪Nd‬‬
‫‪ - 1U‬א‪+‬א‪ + =( l‬א‪ N1%‬א‪ N&D‬א ‪ bD‬א"*‬
‫ ‪ [` [3‬א‪L‬א ‪ i/‬א‪ N4‬א‪&M/( C1J 9‬א& ;"א‬
‫"‪ Q7‬א* ‪ 3‬א‪F‬א‪"%D( N‬א‬
‫א‪3‬א‪ .‬א‪1Y‬כ* ‪D‬א‬
‫‬
‫)‪N$$ (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 ˆ‬
‫) ‪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& &;! Ž‪.)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
‫(@*‬
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‫‪ *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 אˆ ‪ gFB‬א‪.G"8‬‬
‫‪ c%- *\D 9%‬א* (‪% [3 I4D‬א"א ;‪%‬א ‪Originator S‬‬
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117
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‫‪1%‬א ) * ‪ c‬אא‪%0( .‬א ‪( v(1Y‬א<‪1‬אא‪ C‬א‪F‬א@*‪.‬‬
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‫‪119‬‬
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‫)‪ !%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