Islamic Finance - Principles and Practices

7/30/2019 Islamic Finance - Principles and Practices

1/31

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&


2/31

4Ngbh Jqkh 45;4


3/31

]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&)


4/31

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


5/31

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


6/31

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


7/31

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}/

$Kookb pfoo hautfza q}qtv gj koo doa}}fi`/ kih pfoo`fza fimtak}a jgt haah} gj mbktfxv/ jgt ba hga} igxogza kiv qi`tkxajqo }fiiat)$


8/31

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


9/31

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


10/31

;5Ngbh Jqkh 45;;


11/31

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


12/31

A[QFXV JFIKIMFI@.

Ngbh Jqkh 45;4 ;4

"Uktxiat}bfu Mgixtkmx&


13/31

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)


14/31

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)


15/31

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})


16/31

KO.NQHBKTKDKB

Ngbh Jqkh 45;4 ;:

tg x kt i` gixtkmx


17/31

. 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)


18/31

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


19/31

HADX JFIKIMFI@

;6


20/31

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


21/31

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)


22/31


23/31

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=


24/31

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


25/31

]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


26/31

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:


27/31

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


28/31

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


29/31

Xba da}x gj uaguoa kta xbg}a pbg daiajfx gxbat} xbang}x "Bkhaaxb&

Ngbh Jqkh 45;4 46


30/31

Xbkx} fx jgt

=5


31/31

Xbkil VgqPk}}kokn

Ngbh Jqkh Nkv 45;5

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Islamic Finance - Principles and Practices