AA Article - Islamica-ME Mar 2009 - Risk and reward (Complete)

8/14/2019 AA Article - Islamica-ME Mar 2009 - Risk and reward (Complete)

1/4

qqq,n}chknmh+ke,mgk

Khrmf2

>

n}chknmnlze}pkelp

52

N}chknmH}}ep

Hccgmhpngl

_n}ihl`_eqhr`

O~ Hf}hl Hcn# MJH# J_K# K]N

52+5= _n}i hl` _eqhr`WKhrmf2>4Ch~gup 8 ='1'2> ?458 RK Rhae 52


2/4

n}chknmnlze}pkelp

58

qqq,n}chknmh+ke,mgk

Khrmf2

>

Hf}hl Hcn n} feh` gj Qehcpf Khlhaekelp hl` ]KE Ohlinla jg Lgg N}chknm Ohli# UHE, Hl hzn` }urrgpe gj M]_ hl`èzecgrkelp nlnpnhpnze}# fe n} nlzgcze` nl kelpgnla# phnlnla hl` rgahk khlhaekelp qnpf zhngu} ruocnm+rnzhpe rhple}fnr},Fe fgc`} hl KOH jgk pfe Nl}pnpupe gj Ou}nle}} H`knln}phpngl#Ihhmfn Ulnze}np~# h} qecc hl K] nl Jnlhlmnhc Emglgknm} jgkpfe ]mfggc gj Gnelphc hl` Hjnmhl ]pu`ne}# Cgl`gl, Hf}hl n} hMJH Mfhpe Fgcè# hl J_K mepnjne` n}i khlhae hl` h kek+oe gj pfe ]emunpne} hl` Nlze}pkelp Nl}pnpupe &]NN.# UI,

Pfe me`np mn}n} fh} evhmpe` np} pgcc gl pfe acgohc khiep}#nlze}pg mgljnèlme# rgcnpnmhc qncc hl` pfe jnlhlmnhc }empg, Nlpfe hjpekhpf# ]fhnhf+mgkrcnhlp nlze}pkelp} fhze ekeae`h} hl nkrgphlp hcpelhpnze pg ruec~ mglzelpnglhc nlze}pnla,

Pfe xue}pngl ekhnl}4 N} N}chknm nlze}pkelp kepfg`gcga~}ureng pg mglzelpnglhc kehl}7 Hl` kge nkrgphlpc~# n}

}ureng n}i `nze}njnmhpngl rg}}noce u}nla ]fhnhf+mgkrcnhlpnlze}pkelp}7

52+5= _n}i hl` _eqhr`WKhrmf2>4Ch~gup 8 ='1'2> ?458 RK Rhae 58


3/4

qqq,n}chknmh+ke,mgk

Khrmf2

>

n}chknmnlze}pkelp

5?

Kgèl Rgpjgcng Pfeg~ &KRP.

Ulè KRP# ul}~}pekhpnm n}i mhl oe `nze}n+

jne` hqh~# h} nlze}pg} }pnze pg ehmf hl ejjn+

mnelp jglpne# qfnmf n} pfe oe}p rg}}noce mgkon+

lhpngl gj n}i hl` eqh`,

Qnpf KRP# hl~ hpnglhc nlze}pg qncc fhze h me+

phnl n}i pgcehlme hl` qncc p~ pg khvnknte pfe

epul jg pfhp cezec gj n}i,

Pfe mglmerp n} exuhcc~ hrrcnmhoce nl N}chknm

hccgmhpngl9 nl gpfe qg`}# KRP n} halg}pnm(

Fgqeze# qfhp n} gjpel gzecggie` n} pfe oefhz+

nguhc nlze}pkelp hlace gj KRP, ]nkrc~ }phpe`#

pfe jhnpf+oh}e` ]fhnhf nlze}pg n} èjnlnpec~

lgp halg}pnm, Pfegepnmhcc~# nl h mfgnme oepqeel

h fnafe+epul lgl ]fhnhf+mgkrcnhlp }pgmi

ze}u} h cgqe+epul ]fhnhf+mgkrcnhlp }pgmi

&qnpf pfe }hke n}i.# pfe mfgnme qncc lgp oe

hpnglhc, Pfn} qncc mhu}e oefhznguhc hoeh+

pngl} jg pfe ejjnmnelm~ jglpne, Hl nlpee}pnla

mgkrhn}gl mguc` oe oepqeel epfnmhc nlze}pnla

nkrhmp} gl KRP ze}u} N}chknm nlze}pkelp},Pfguaf qe chmi ekrnnmhc eznèlme# N qguc`

qhae pfhp pfe ecnangu} nkrhmp qguc` cniec~

oe kge,

Ulnze}e gj ]pgmi}

Gle gj pfe ie~ `njjeelme} oepqeel ]fhnhf+

mgkrcnhlp hl` mglzelpnglhc }pgmi }ecempngl n}

pfe lukoe gj }pgmi} hzhnchoce, ]fhnhf+mgkrcn+

hlp }pgmi} mhllgp oe jgk nlpee}p+ g }remuch+

pngl+oh}e` ou}nle}}e} hl` he hc}g e}pnmpe` o~

pfe lhpue gj ou}nle}} hmpnznpe} &lg ahkocnla#

rgi# hk} hl` hkkulnpngl# epm., Pfn} evmcuè}

znpuhcc~ hcc gj pfe ohlinla hl` nl}uhlme }empg#

h} qecc h} e}pnmpnla mgkrhlne} qnpf h }uo}phl+

pnhc mgkrglelp gj pfen nlmgke aelehpe` jgk

nlpee}p+oh}e` ehlnla},

Pfee he pqg nkrgphlp nkrhmp} pg mgl}nè4

Mgq`nla ejjemp4 Pfe evn}pelme gj cnknpe`

}pgmi} nl pfe ulnze}e knafp e}ucp nl h chae

hkgulp gj kgle~ mfh}nla cnknpe` }emunpne}#

qnpf pfe e}ucp oenla hl gzezhcue` }mnr, Pfn} n}

}gkeqfhp }nknch pg evme}} kgle~ }urrc~ nl h

jnlhlmnhc }~}pek mhu}nla nljchpngl,

Mgkkgl}el}e nlze}pnla4 Pfe evmcu}ngl} ejjem+

pnzec~ jgmu} nlze}pkelp} gl pfe ehc }empg# jee

jgk jnlhlmnhc elanleenla ankknmi} hl` evme}+

}nze n}i phinla# h} qecc h} jgccgqnla h }gmnhcc~

e}rgl}noce pfeke,

Pfe lep ejjemp }eek} pg oe h mgl}ezhpnze knv gj

exunpne} qnpf elguaf nlze}pkelp jcgq} pg ieer

pfe zhcue} }phoce pg }cnafpc~ nljchpe`,

Cezehae

Pfe mglmerp gj cezehae &aehnla. fh} oeel pfe

ulèc~nla rnlmnrce gj aelehpnla evme}}

epul} nl heh} jgk khlujhmpunla pg jnlhlmnhc

elanleenla, Pfe mglmerp gj u}nla }gkeog`~

ec}e} kgle~ hp h jhmpngl gj pfe mg}p gj mhrnphc

}gul`} ze~ elpnmnla, Nl hl emglgknm `gqlpul#

fgqeze# pfn} mhl rgze pg oe `n}h}pgu}# h} npfh}(

N}chknm nlze}pkelp aunècnle} o~ èjhucp `g lgp

pu}p cezehae, Hogze h mephnl cezec gj aehnla#

}pgmi} he evmcuè` g relhcn}e` o~ mcehl}nla

pfe `nznèl` &znh rh~kelp pg mfhnp~., Pfn}

el}ue} pfhp jul` khlhae} ieer pfen nlze}p+

kelp} h} ehc h} rg}}noce nl }pgmi} pfhp fhze h

fnaf cg}}+ho}grpngl mhrhmnp~ nl hl emglgknm

`gqlpul, Pfe nkrhmp gj pfe }~}peknm n}i n} jh

ce}} jg pfe N}chknm rgpjgcng ze}u} h mglzel+

pnglhc gle,

H onej achlme hp pfe cezec} gj cezehae gze pfe

ch}p melpu~ mcehc~ èkgl}phpe pfhp nlg`nlhpe+

c~ fnaf cezec} gj èop fhze hcqh~} e}ucpe` nl

ce}}+pfhl+è}nhoce nkrhmp} gl emglgkne}, êp#

h} hcqh~}# pfe fukhl kekg~ pel`} pg oe xunpe

}fgp,

Evrempe` epul'n}i

Pfe ie~ xue}pngl ekhnl}4 Nlpfe ru}unp gj qehcpf# n} pfeeggk jg kghc} hl` epfnm}7

52+5= _n}i hl` _eqhr`WKhrmf2>4Ch~gup 8 ='1'2> ?458 RK Rhae 5?


4/4

qqq,n}chknmh+ke,mgk

Khrmf2

>

n}chknmnlze}pkelp

5=

]uiui h} Ogl Exunzhcelp}

Ogl`} &rhpnmuchc~ }gzeenal nl}pukelp}. he h

mgle}pgle gj rgpjgcng nze}njnmhpngl jg mglzel+

pnglhc nlze}pg}, Pfe~ rgùme h jcgq gj }phoce

nlmgke qnpf echpnzec~ }hje rnlmnrhc hl he re+

menze pg oe ce}} n}i~, ]uiui gze pfe ch}p jnze ~eh}

qee }hn pg fhze jncce pfn} }rhme jg pfe N}chknm

Nlze}pg, Fgqeze# pfe ]uiui khiep n} }pncc xunpe

cnknpe` nl pek} gj n}}ue} hzhnchoce h} qecc h} cnxun`+

np~ &}emgl`h~ khiep}.,

Jul`hkelphcc~# ]uiui `njje nl pek} gj fhznla h

phlanoce ulèc~nla h}}ep ze}u} qfhp n} e}}elpnhcc~h rgkn}e pg rh~ nl pfe mh}e gj h mglzelpnglhc

ogl , _ehcn}pnmhcc~# rhp gqle}fnr gj hl h}}ep

&}umf h} hl hnrgp. n} lgp }hcehoce hl ejjempnzec~#

emgu}e gl pfe rnlmnrhc hl` mgurgl rh~kelp cne}

qnpf pfe n}}ue,

Mephnl jul`hkelphc jchq} rgnlpe gup o~ ]fhnhf

}mfgch} &e}remnhcc~ qnpf Qhh`+oh}e }pumpue}.

echpe` pg ]uiui kehl pfhp pfe jupue gj pfn}

nl}pukelp fh} oeel pfgql nlpg n}hh~, Pfn}

phl}chpe} pg pfe mglzelpnglhc h}}ep kepfg`gcga~

oenla }ureng jg ogl` }ecempngl ue pg pfe e}pho+

cn}fe` khiep# h jhn èaee gj cnxun`np~ hl` nl+

èrpf `hph jg hpnla phl}npngl}'me np rejgk+

hlme,

Mh}f exunzhcelp}

N}chknm ohlinla }ujje} jgk h }ezee `guafp gj

cnxun`np~+oh}e` rgùmp}, Pfn} }pek} jgk pfenlfeelp hze}ngl pg nlpee}p# qfnmf n} ejjempnzec~

pfe mgl}pump jg kg}p cnxun`np~ rgùmp}, Nl pfe ch}p

pfee ~eh}# pfee fhze oeel }gke mehpnze }gcu+

pngl}# rnkhnc~ pfguaf pfe eze}e kuhfhoh hl`

qhihch }pumpue} qfnmf ercnmhpe èrg}np}, Pfee

fhze hc}g oeel }fgp+pek cnxun`np~ }gcupngl} nlpg+

ùme`9 fgqeze# pfe u}hae gj hl` hmme}} pg pfe}e

ekhnl} xunpe e}pnmpnze &e}remnhcc~ jg gzelnafp

hl` }fgp+pek cnxun`np~.,

Gl pfe mglzelpnglhc }nè# Mh}f n} inla# qnpf h

zhnep~ gj grpngl} jeec~ hzhnchoce,

Mglpelpkelp7

H rue nlphlanoce n} pfe echpnze eaee gj }hpn}jhm+

pngl ènze jgk pfe jhmp pfhp ~gu kgle~ n} hp

qg}p nljcnmpnla lg fhk hl` hp oe}p n} nl cnle

qnpf ecnangu} gocnahpngl},

Pfe rgrglelp} gj mhrnphcn}k qncc haue pfhp pfee

n} }hpn}jhmpngl pg oe ènze jgk khinla kgle~,

Ogpf hrrghmfe} }eek pg fhze echpnze kenp,

Fgqeze# pfe N}chknm }nè }eek} pg qnl gl kghcagul`}, Pfe ie~ xue}pngl ekhnl}4 Nl pfe ru}unp

gj qehcpf# n} pfee ggk jg kghc} hl` epfnm}7 Nl

pfn} `h~ hl hae# ruocnm grnlngl qncc }fhre pfe

e}rgl}e pg pfn} gze pfe levp jeq ~eh},

Pfe Oe}p Knv

Np n} eznèlp pfhp pfe lh}melp N}chknm h}}ep hccgmh+

pngl} gjje }gke nlpee}pnla grpngl}, Hp pfe }hke

pnke# h rue N}chknm rgpjgcng chmi} pfe nl}pu+

kelp}# khiep èrpf hl cnxun np~ pg nzhc pfe mgl+

zelpnglhc }epur hp pfn} rgnlp nl pnke, Qnpf pfe ezg+

cupngl gj oefhznguhc nljcuelme} &epfnmhc# ecnangu}#

epm,.# }gjp jhmpg} }umf h} mglpelpkelp hl` pfe re+

merpngl gj oenla }gmnhcc~ e}rgl}noce qncc ahnl

agul` hahnl}p pfe ph`npnglhc lgk} gj rejgk+

hlme hahnl}p oelmfkhi},

Qnpfnl pfe exunpne} qgc # N}chknm }pgmi} rgznè h

mgl}ezhpnze hl mgkkgl}el}nmhc hrrghmf qfnmfqncc èjnlnpec~ oe h }hje fhzel ùnla eme}}ngl}

hl` me`np gqlpul},

Fgqeze# pfe oe}p knv }eek} pg oe N}chknm exunpne}#

qnpf h }rnlicnla gj }gmnhc e}rgl}noncnp~# h `h}f gj

ogl`} hl` h }hume gj cnxun`np~ nl}pukelp} &mgl+

zelpnglhc., Np} lgp }urn}nla nl pfn} `h~ hl` hae

pfhp pfe }ureng hccgmhpngl knv fhrrel} pg oe gle

gj ecnangu} pgcehlme hl` fhkgl~,Pfe zneq} evre}}e nl pfn} hpnmce he pfe re}glhc zneq} gj pfe hupfg,

Pgphc Me`np Khiep @eop ' U,], A@R &8.

&8. ]gume4 Le` @hzn} _e}ehmf# ?226

52+5= _n}i hl` _eqhr`WKhrmf2>4Ch~gup 8 ='1'2> ?458 RK Rhae 5=

AA Article - Islamica-ME Mar 2009 - Risk and reward (Complete)

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