Islamic Finance - Principles and Practices
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Transcript of Islamic Finance - Principles and Practices
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F]OKNFM JFIKIMFKO ]V]XAN
Utfimfuoa} kihUtfimfuoa} kih
tkmx ma}tkmx ma}
K}}gm) Utgj) HtK}}gm) Utgj) Ht)) NgbhNgbh JqkhJqkh NgbhNgbh ]kooab]kooabjqkh}kooabEvkbgg)mgnjqkh}kooabEvkbgg)mgn
;;xb)
Igzandat 45;4;
F}oknfm Dkilfi`F}oknfm Dkilfi` kih Jfikima "NJ] :52&kih Jfikima "NJ] :52&
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4Ngbh Jqkh 45;4
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]bktfekb]bktfekb Utfimfuoa} fi F}oknfm Jfikimfi`Utfimfuoa} fi F}oknfm Jfikimfi`
@aiatko Utfimfuoa} fi F}oknfm Nqeknkokb
Koo armbki`a }bgqoh da pfxb mgi}aix gj xba uktxfa} mgimatiah
Jqoo gpiat}bfu kih aof`fdfofxv gj xba mgixtkmxqko uktxfa} zgoqixktv/ ig nf}}xkxanaix} kih ig nf}xkla}
Xba mgixtkmx gdcamx nq}x da moaktov naixfgiah3 xba xvua}/ xba
=Ngbh Jqkh 45;4
/ /F}oknfm ]bktfekb
Jtaa jtgn tfdk/ `kna gj mbkima "ko.nkf}ft&/ utazaixkdoakndf`qfxv gt qimatxkfixv "ko.`bktkt& kih gxbat utgbfdfxah
kmxfgi Jtaa jtgn guuta}}fgi3 arma}}fza utgjfx "@bkdi ko.Jkb}v&/ bgkth
"Fbxflkt&/ dogmlkha jtgn xba nktlax "Xkok{{f ko.Tqldki&)
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Xba Jgqt Dk}fm Jgqihkxfgi} gj F}oknfm
Amgignv3
Amgignfm uakma fi xba F}oknfm igtn} jtknapgtl
Dtgxbatbggh kih cq}x
Xba jkta hf}xtfdqxfgi gj pakoxb
Ngbh Jqkh 45;4 8
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Xba Qif{qaia}} gj FJ] Jkfxb dk}ah "daofaza fi Kookb&
Ig fixata}x "Tfdk& mtahfx f} dk}fm bqnki tf`bxmgguatkxfgi daxpaai mkufxko gpiat kih
aixtautaiaqt} fi xba utghqmxfgi utgma}}
k}}ax}&
]gmfkoov ta}ugi}fdoa
Aizftginaixkoov mgnuofkix
Axbfmko "}bkta tf}l/ }bkta utgjfx} kih og}}a}&
Baoufi` uaguoa jtaa xban}aoza} jtgn hadx
Ngbh Jqkh 45;4 1
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Utgbfdfxah Aoanaix};) Fixata}x "Tfdk&
Pbkx f} fixata}x7
Fi xba F}oknfm xatnfigog`v fixata}x naki} ajjgtxoa}}utgjfx gt xbkx utgjfx pbfmb mgna} jtaa jtgnmgn ai}kxfgi gt xbkx arxtk aktifi gdxkfiah xbkx f}
Ngbh Jqkh 45;4 :
jtaa gj armbki`a) Pbkx f} Tfdk7
Tfdke f} k ogki pfxb xba mgihfxfgi xbkx xba dgttgpat
pfoo taxqti xg xba oaihat ngta xbki kih daxxat xbki xba{qkixfxv dgttgpah
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Pbv Tfdk f} Utgbfdfxah
;) Fx f} Kookb} mgnnkihnaix
]qtkb Ko.dk{ktkb zat}a ig)401
$Xbg}a pbg hazgqt q}qtv pfoo igx }xkih armaux k}}xkih} gia pbgn xba ]kxki dv bf} xgqmb bk} htfzai
$
Ngbh Jqkh 45;4 0
) /
q}qtv$/ dqx Kookb bk} uatnfxxah xtkha kih bk}jgtdfhhai q}qtv$/
zat}a 40: fi xba }kna uokma ba }kv}/
$Kookb pfoo hautfza q}qtv gj koo doa}}fi`/ kih pfoo`fza fimtak}a jgt haah} gj mbktfxv/ jgt ba hga} igxogza kiv qi`tkxajqo }fiiat)$
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Ko.Dk{ktkb/ zat}a 402 . 406/ ]qtkb Kko.Fntki/ zat}a ;=5
]qtkb Ko.If}kk/ zat}a ;:;/
]qtkb Ko.Tqqn/ zat}a =6
Jtgn Ko.Bkhfxb "xba }kvfi` gj Utgubax&
Bkstkx Kdq Bqtkftkb Tkhfvkookbq kibq taugtxah xbkx xbaBgov Utgubax ]kookookbq Kokfbf Pk}kookn }kfh3 K xfna pfoomatxkfiov mgna gzat xba uaguoa pbai igia pfoo tankfi pbg
pfoo igx hazgqt q}qtv) Fj ba hga} igx hazgqt fx/ fx} zkugqtpfoo gzatxkla bfn) "Kbnah/ Kdq Hkpggh/ If}kf/ FdiNkckb)&
Ngbh Jqkh 45;4 2
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Pbv Tfdk f} Utgbfdfxah4) Qijkft hf}xtfdqxfgi gj pakoxb
Giov Dkil} nkla ngiav
=) Haxattaima gj amgignfm hazaogunaix
Utgngxa oksfia}}
Ngbh Jqkh 45;4 6
8) Ki guata}}fgi
Fooa`ko qipfoofi`ia}} xg xtki}jat k}}ax} dv gpiat
8) Ug}}fdfofxfa} gj dgttgpat xg damgna uggtat
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;5Ngbh Jqkh 45;;
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XPG XVUA] GJ JFIKIMFI@
A{qfxv Jfikimfi` "]bktfi` gj mkufxko&
Ko.]bktflkbKo.Nqhbktkdkb
Ngbh Jqkh 45;4 ;;
Hadx Jfikimfi` "Ogki&
Ko.Nqtkdkbkb
Ko.[kth ko.Bk}}ki
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A[QFXV JFIKIMFI@.
Ngbh Jqkh 45;4 ;4
"Uktxiat}bfu Mgixtkmx&
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Hajfifxfgi3
K mgixtkmx daxpaai xpg gt ngta uktxfa}/aixtautaiaqt kih fiza}xgt/ pbg }bkta xbaftmkufxko/ tauqxkxfgi/ gt aruatxf}a xg }bkta utgjfx
kih og}})
Xpg Mkxk`gtfa}3
Ngbh Jqkh 45;4 ;=
f) ]bktflkb ko.eK{hgt ko.eQ{qh mgixtkmx daxpaai xpg uktxfa} xg }bkta
mkufxko gt k}}ax}
ff) ]bktflkb ko.Nfolgt ko.Knokl gpiat}bfu gi ki k}}ax} dv xpg uktxfa}pfxbgqx q}fi` k}.]bktflkb mgixtkmx)
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Xbtaa Xvua} gj ]bktflkb ko.K{h 3
f) K}}ax} Uktxiat}bfu "]bktflkb ko.Knpko&
mkufxko }bktfi` fi xatn} gj k}}ax})
ff) Okdgt Uktxiat}bfu "]bktflkb ko.Knkogtko.Kdhki& mkufxko }bktfi` fi xatn} gj aruatxf}a
gt }lfoo})
Ngbh Jqkh 45;4 ;8
fff) Tauqxkxfgi Uktxiat}bfu "]bktflkb ko.Pqcqb&mkufxko }bktfi` fi xatn} gj tauqxkxfgi gt`gghpfoo)
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Naxbgh} gj Ko.]bktflkb 3
Bkikjf
]bktflkb ko.Nqjkpkhkb
A{qko }bkta gt mgixtfdqxfgi/ utgjfx }bktfi` kihnkik`anaix) Akmb }bktabgohat damgna k`qtkixgt xg akmb gxbat)
Ngbh Jqkh 45;4 ;1
Nkoflf
]bktflkb ko.Fiki
]bktfi` gj k}}ax} gt mkufxko xg tqi k dq}fia}}kih utgjfx pfoo da }bktah kngi`}x xban}aoza})
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KO.NQHBKTKDKB
Ngbh Jqkh 45;4 ;:
tg x kt i` gixtkmx
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. Ki a{qfxv dk}ah
. K mgixtkmx daxpaai xpg uat}gi jgt xtkha uqtug}a})
Mkufxko gpiat "Tkdd ko.Nko& `fza xba mkufxko xgkigxbat uktxv "Nqhkktfd& jgt fizgozanaix fi xtkha/ gik`taanaix xbkx utgjfx f} xg da }bktah daxpaai xban)
Nqhbktkdkb
Ngbh Jqkh 45;4 ;0
.A`) Utgubax Nqbknnkh "UDQB& dajga ba damkna kutgubax pk} aixtq}xah k mkufxko dv Lbkhfckb xg hgdq}fia}} fi ]bkn} "]vtfk&) Ba q}ah Nqhbktkdkbnaxbgh)
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Xpg Xvua} gj Nqhbktkdkb
;& Xgxko'Mgnuoaxa "ko.Nqxok{kb&pbata xba k}}ax} gt mkufxko kta `fzai xg da q}ahfi dq}fia}} pfxbgqx kiv ta}xtfmxfgi gt mgihfxfgi)
.xba k}}ax} gt mkufxko kta `fzai pfxb }gnata}xtfmxfgi} gt mgihfxfgi})
;2
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HADX JFIKIMFI@
;6
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HADX JFIKIMFI@HADX JFIKIMFI@
Dkv koDkv ko..NqtkdkbkbNqtkdkbkb "mg}x uoq}&"mg}x uoq}& ))
DkvDkv koko..]kokn]kokn "jqxqta mgixtkmx gt hajattah"jqxqta mgixtkmx gt hajattah..haofzatv }koa&haofzatv }koa&
DkvDkv ko ko..F}xf}ikF}xf}ik"mgixtkmx xg dqfoh gt nkla&"mgixtkmx xg dqfoh gt nkla&
Ngbh Jqkh 45;4 45
kk .. ktkktk ak} i`ak} i`Dkv dfDkv df..Xbknki Kcfo gt Dkv koXbknki Kcfo gt Dkv ko..NqkcckoNqkccko
gt Dkv kogt Dkv ko..Xk{}fxXk{}fx"Hajattah ' fi}xkoonaix ukvnaix&"Hajattah ' fi}xkoonaix ukvnaix&
[kth ko[kth ko..Bk}}kiBk}}ki
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Dgttgpat iaah giov xg taukv xba xgxko ogki
"utfimfuoa& pfxbgqx kiv khhfxfgiko kngqix)Ig utgjfx
e
[KTH KO.BK]KI
Ngbh Jqkh 45;4 4;
Xba uqtug}a f} jgt amgignfm kih }gmfko cq}xfma)Ogki f} giov xg baou xba uaguoa pbg kta fi iaah))
F}okn aimgqtk`a xba dgttgpat xg ukv ngta k} k`fjx kih igx haxatnfiah dv xba ngiav.oaihat)
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Xba F}oknfm Nktlax 45! gj xba pgtoh uguqokxfgi)
Igx cq}x jqttfiat} hgna}xfmkoov/ daxpaai :nfoofgi kih 2 nfoofgi uaguoa)
4) nfoofgi bgq}abgoh})
Tkufh tgpxb :! kiiqko)
Vgqi`/ bf`bov ahqmkxah/ utgja}}fgiko)
Kjjoqaix . kdgza kzatk`a fimgna)
4=
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A{qfxv Fiza}xfi` Kmmauxkdoa fj xba jftn hga} igx ai`k`a fi
utgbfdfxah utkmxfma} naixfgiah kdgza) ]gna oaapkv f} ug}}fdoa utazfgq} naixfgi gj
tfdk)
Hgp Cgia} F}oknfm Fihara}) Of}xfi` gj jftn} utgzfhfi` F}oknfm fiza}xnaix} fi
dfdofg`tkubv)
48
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]qlql F}oknfm Dgih} Mgizaixfgiko dgih} kta tfdk/ kih kta jgtdfhhai)
Dqx/ k`kfi/ k xtki}kmkxfgi }xtqmxqtah gi ki k}}axdk}a f} uatnfxxah)
K }atfa} gj ukvnaix} ktf}fi` jtgn ki k}}ax.dk}ah
xtki}kmx gi nkv a xtk a kx k nkt ax ut ma Xbf} xvua gj kttki`anaix f} tajattah xg k} ]qlql/}gnaxfna} mkooah F}oknfm dgih})
41
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Xklkjqo. F}oknfm Fi}qtkima Utfimfuoa gj`bktkt/ gt kzgfhkima gj tf}l ' qimatxkfixv '
`kndofi`)
@bktkthga} igx kuuov xg tak}gikdoa/ qikzgfhkdoadq}fia}} tf}l)
/
mgnugiaix) Fx f} {qfxa kmmauxkdoa/ bgpazat/ xg jgtn k nqxqko `tgqu
jgt }aoj.baou kih tf}l kzgfhkima)
4:
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Xklkjqo. F}oknfm Fi}qtkima
Ta}goqxfgi gj xba utgdoan f} xbkx xba nqxqko jgtn gjfi}qtkima mki da nkha F}oknfmkoov kmmauxkdoa)
]xgml Fi}qtkima mgnukifa} kta igx kmmauxkdoa)
40
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Mgimoq}fgi F}oknfm jfikima f} igx cq}x jgt Nq}ofn}+
Kotakhv k }fsakdoa dqx qihat}atzah nktlax/ dgxbhgna}xfm kih fixatikxfgiko)
Tkufhov `tgpfi` kih hazaogufi`)
Guugtxqifxv xg hg paoo pbfoa hgfi` ggh+
42
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Xba da}x gj uaguoa kta xbg}a pbg daiajfx gxbat} xbang}x "Bkhaaxb&
Ngbh Jqkh 45;4 46
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Xbkx} fx jgt
=5
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Xbkil VgqPk}}kokn
Ngbh Jqkh Nkv 45;5