Islami Banking September 2015 A Journal published by Public Relations Division Islami Bank Bangladesh Limited

Transcription

1 Bmjvgx e vswks 1

2 2 Bmjvgx e vswks

3 Bmjvgx e vswks 1

4 Islami Banking September 2015 A Journal published by Public Relations Division Islami Bank Bangladesh Limited Rbms hvm wefvm, Bmjvgx e vsk evsjv `k wjwg UW KZ K cöavb Kvh vjq : Bmjvgx e vsk UvIqvi 40, w`jkzkv evwywr K GjvKv, XvKv _ K cökvwkz wwrvbb : bvwn` wcöw Us G vû wwrvbb zwwi gỳ ªY : GfviMÖxb wcöw Us G vû c v KwRs 2 Bmjvgx e vswks

5 m~wpcî m úv`kxq 5 gb Ri Kvn&d gvkvwm ` kixôavn& : AvaywbK Bmjvgx A_ vqbe e vq cö qvm 7 gvnv ` Ave`yj gvbœvb gvkvwm ` kixôavn&i Av jv K e vswks I Avgv `i KiYxq 31 b~iavmwj `v Ave`yj Avwim, ivnvbv Imgvb I ivwd`vn gvnv ` AvRwj Bmjvgx A_ vq b gvkvwm ` kixôavn& I gymwjg gbxlx `i fvev`k 49 BKevj Kexi gvnb gvkvwm` Avj-kixÔAvn& ev kixôavn&i D Ïk 65 ZvIwdK Avj-gyeviK I W. b~i gvnv ` Imgvbx Bmjvgx e vswks q gvkvwm ` kixôavn&&&& I gvmjvnv cö qvm 73 gynv ` ingvzzjøvn L `Kvi gvkvwm` Avk&kixÔAvn& : gvbekj vy, Dbœqb I AwaKvi 86 Bmjvgx e vswks 3

6 4 Bmjvgx e vswks

7 m úv`kxq Bmjvgx kixôavn& gnvb Avjøvni c _ K gvbervwz K `qv Abb Rxebweavb Gi i q Q KZK jv wpišíb I gnvb D Ïk hv Kvh Ki nq mkj hym I gvby li Ava vwz K I e MZ mgm vi hšw³k I ev Íe mgvavb cö`v bi gva g gvby li Kj vy mvgwmökfv e we epbv K i Bmjvgx kixôavn&& G Î ag -weávb I AvBb-weÁvb K Avjv`v K i `Lv nq bv GwU ïay cvi jšwkk Kj v Yi c_ `Lvq bv, `Lvq Kxfv e Bn jv K kvwší, mg w I Kj vy AR b Kiv hvq Kj vy AR bi GB gnvb j -D Ïk K ejv nq gvkvwm` Avk&-kixÔAvn& wesk kzvãxi kl PZz_ vs k Bmjvgx e vsk cöwzôvi ga w` q cövwzôvwbk ch v q Bmjvgx A_ vqb e e vi cybiæ¾xeb N U e vs Ki cvkvcvwk Bmjvgx exgv Kv úvwb Ges Ab vb Bmjvgx A_ vqb cöwzôvb KwZcq K vwmk vj A_ vqb Pzw³i wfwë Z bzzb ÔA_ vqbõ Abykxjb wb q GwM q Av m kixõavn&õi ` wó Z Gme Abykxj bi ˆeaZv wb q GKmgq e vck wezk ˆZwi nq hv Av Rv Pj Q W. gb Ri Kvn&d Zvi ÔgvKvwm ` kixôavn& : AvaywbK Bmjvgx A_ vqb e e vq cö qvmõ kxl K wbe Ü wiev (mỳ ) wbwl Ki Y kixôavn&mz D Ïk AvaywbK A_ vq bi ` wó KvY _ K hvpvb K i Qb Avw_ K ÿ Î gvkvwm ` kixôavn& ev Íevq bi GKwU gva g Bmjvgx e vsk MZ wzb `k K evsjv ` k Bmjvgx e vswks Ôc wzmzõ mdjzvi cögvy i L Q GiB c_ a i AvR ` ki mvwe K e vswks Kviev ii GK-PZz_ vsk Ges emikvwi e vswks qi GK-Z Zxqvsk cwipvwjz n Q Bmjvgx c wz Z G ` k Bmjvgx e vswks gvkvwm ` kixôavn&i D Ïk MZ mvdj AR b KZUv mdj n q Q Zv AbymÜv bi Póv K i Qb gvnv ` Ave`yj gvbœvb Zvi ÔgvKvwm ` kixôavn&i Av jv K e vswks I Avgv `i KiYxqÕ kxl K wbe Ü D vn& Ges mvaviy mgv Ri Rb Bmjvgx e vswks KZUzKz mvgvwrk b vqwepvi AR bi j ÿ cušqv Z c i Q Zv wb q gbxlx `i g a wøav i q Q mgkvjxb cö vc U gvkvwm` kixôavn&i e vcv i wdk&n& ev AvBb kv Qvov g~j Drm _ K wb ` kbv MÖnY K g M Q ZvB mgvrkj v Yi we kl cöwÿz K mvg b i L Bmjvgx A_ vqb e e vq gvkvwm` kixôavn& msµvší aviyv wb q Av jvpbv K i Qb b~iavmwj `v Avãyj Avwim, ivnvbv Imgvb I ivwd`vn gvnv ` AvRwj Zviv ÔBmjvgx A_ vq b gvkvwm ` kixôavn& I gymwjg gbxlx `i fvev`k Õ kxl K wbe Ü `wl q Qb D vn& Ges Zv `i fwel r cör b i mdjzv AR bi Rb Bmjvgx A_ vqb e e vi cwipvjb Ges Kg gzvi cöavb dvkvm wn m e gvkvwm` kixôavn&i eva evakzv ˆZwi Kiv cö qvrb Bmjvgx e vswks 5

8 gymwjg Rxeb-mvabvi Acwinvh Dcv`vb Bmjvgx kixôavn& Zv Qvov Kv iv c Bmjvgx Rxebhvcb m e bq kixôavn& ej Z mme Av `k-wb la I c_wb ` k evsvq, hv gnvb Avjøvn Zuvi ev `vi cöwz Rvwi K i Qb Gi D Ïk, gvbyl Avjøvni cöwz Cgvb Avb e Ges Zvi Av `k g b Rxebhvcb Ki e Bmjvgx kixôavn& K gymjgvb `i e envikv ev AvPiYwewa ejv hvq BKevj Kexi gvnb Zvi ÔgvKvwm` Avj-kixÔAvn& ev kixôavn&i D Ïk Õ kxl K wbe Ü kixôavn&i D³ wk v Ges g~j eva jv Zz j aivi Póv K i Qb Bmjvgx e vswks e e v cöewz Z n q Q wzb `k KiI ewkkvj Av M GiB g a GB c wzi mvdj hgb Av Q, Zgwb gymwjg MÖvnK `i gb Rq Ki Z wm q Ggb wkqy e e v wb Z n q Q, hv wez K i D aÿ DV Z cv iwb mgv jvpbv D V Q, cq bi `irv w` q ek wkqy mỳ wfwëk jb `b cö ek K i Q GB mỳ wenxb e vswks mevq ZvB ZvIwdK Avj-gyeviK I W. b~i gvnv ` Imgvbx Zv `i ÔBmjvgx e vswks q gvkvwm ` kixôavn&&&& I gvmjvnv cö qvmõ kxl K wbe Ü gvkvwm` Avj-kixÔAvn&&&i Av jv K mgmvgwqk Bmjvgx e vswks qi wkqy cy I mev ch v jvpbv K i Qb gymjgvb `i Rb Av iv fv jv GKwU e vske e vii cö Íve K i Qb Zviv Bmjvgx kixôavn&i g~j D Ïk n jv e w³ I mgwói me v½xy Kj vy Bmjv g gvbezvi Kj vy K G ZvUv iæ Z i mv _ we epbv Kiv n q Q h, Ôgvmvwjn&& gyimvjvn&õ ev AevwiZ Rb ^v_ K Bmjvgx kixôavn&i GKwU Drm wn m e MÖnY Kiv n q Q gvbezvi Kj vy mvabb kixôavn&i D Ïk A_ vr, Kj vyb kixôavn& wksev kixôavn&-b Kj vy Bmjvgx e vskvi I kixôavn& M elk gynv ` ingvzzjøvn& L `Kvi ÔgvKvwm` Avk&-kixÔAvn &: gvbekj vy, Dbœqb I AwaKviÕ kxl K wbe Ü gvbe RvwZi ˆelwqK I Ava vwz K Dbœqb Ges gšwjk AwaKvi cöwzôvq Bmjvgx kixôavn&i HwZnvwmK Ae`vb, Gi j -D Ïk I wpišíb KŠkj-c wz Zz j a i Qb ÔBmjvgx e vswksõ Rvb v ji PjwZ msl vi wbeü jv Z gymjgvb `i A_ bwzk I mvgvwrk Rxe b ÔgvKvwm` Avk-kixÔAvn&Õ ev kixôavn&i D Ïk ev Íevqb m ú K we ÍvwiZ Av jvpbv Kiv n q Q h Kv bv wepv i kixôavn&i D Ïk n jv gvbe Rxe bi mvwe K Kj vyñ G welqwu bvbvfv e D V G m Q M elk I wbeükvi `i jlvq wbeü jv Bmjvgx e vswks I A_ vqb wk íi PP vq kixôavn&i D Ïk c~i Y mnvqk n e M elk, cöeükvi, Abyev`K I cvv Ki cöwz ÔBmjvgx e vswksõ wel q ZvwË K I cöv qvwmk wel q Avgv `i K jlv cvvv bvi Aby iva KiwQ Zvn j Avgiv K ZÁ n ev mvwe K cöqvm m Ë I wkqz fzjîæwu jlv jv Z _ K M Q G wel q mevi mü`q gvr bv Ges g~j evb gzvgz I civgk Kvgbv KiwQ 6 Bmjvgx e vswks

9 m~pbv gvkvwm ` kixôavn& AvaywbK Bmjvgx A_ vqbe e vq cö qvm gb Ri Kvn&d 1 wesk kzvãxi kl PZz_ vs k Bmjvgx e vsk cöwzôvi ga w` q cövwzôvwbk ch v q Bmjvgx A_ vqbe e vi cybiæ¾xeb N U be cöwzwôz Bmjvgx e vs Ki cvkvcvwk Bmjvgx exgv Kv úvwb Ges Ab vb Bmjvgx A_ vqb cöwzôvb KwZcq cyi bv Bmjvgx A_ vqb Pzw³i wfwë Z bzzb ÔA_ vqbõ PP vq GwM q Av m G jvi g a Ab vb Avw_ K Pzw³ QvovI i q Q gyivevnv ev Av `k`vzvi Rb µq (purchase orderer), BmwZmbvÑ hv Av ikwu mgvšíivj BmwZmbv Øviv mgw_ Z, Avw_ K BRviv cöf wz G jvi cvkvcvwk Bmjv gi cö_g hy Mi Avw_ K Pzw³ jv bzzb K i Abykxj bi d j bzzb hme kz hvm n Q m jv Ges/ev Kej A_ vq bi nvwzqvi (tool)-g cwiyz Kivi Rb KZK jv Pzw³i mgš^q mvab kixôavn&i ` wó Z KZUzKz ˆea Zv e vck Av jvpbv-mgv jvpbvi Rb `q G ÿ Î h ˆeix mgv jvpbvi m~îcvz N U Zvi GL bv cwimgvwß N Uwb GKwesk kzvãxi Bmjvgx A_ vqbe e vq bzzb gvîv hvmkvix ZvIqviiæK, mykzk Ges Avj Kvdvjv we AvRi (paid-for guarantee), h jv BZtc~ e m ú~y wbwl wn m e we ewpz n ZvÑ wemz kzvãxi kl bvmv` m jvi e vcv i bzzb ai bi d Zvqv (Bmjvgx weav bi Av jv K wb ` kbv) Avm Z ïiæ K i hvi g a Av iv i q Q bm` cöwfkb ev Kv bv e w³ ev cöwzôvb K e w³mz A_ vqb Ges fwel r cy I gỳ ªvi Rb iÿvkepg~jk Znwej (hedge fund) G m úwk Z bzzb d Zvqv jvi cöwz ` wó w` j eysv hv e GLv b Bmjvgx A_ vqb cwipvjbv, Gi SzuwK cökgb Ges G K mỳ wfwëk A_ vq bi cöwzcÿ wn m e `vuo Kiv Z e vck cö Póv Pvjv bv n q Q GB wbe Ü, wiev (mỳ ) wbwl Ki Yi D Ïk wu AvaywbK A_ vq bi ` wó KvY _ K bzzbfv e hvpvb Ges GB D Ï k i m ½ IBme d Zvqv KZUv m½wzc~y Zv cixÿv Kiv n q Q GQvov IBme d Zvqvi wpšívavivi m ½ wgj i L GKB ai bi Avw_ K D Ïk nvwmj n e Ggb kixôavn&m Z Avi Kv bv wekí i q Q wk bv, ZvI GLv b cixÿv K i `Lv n q Q GB wbe Üi `ywu Ask i q Q cö_g As k wiev wbwl i D Ïk wb q Av jvpbv Kiv n q Q GLv b Av iv ejv n q Q h ÔBmjvgx A_ vqb Pzw³ jv Z wkqz mywbw` ó SzuwKÕ i q Q, hv 1 W. gb Ri Kvn&d, wmwiqvb es kv ~Z Av gwikvb cö dmi Bmjvgx A_ bxwz I A_ vq bi Ici we klá 1975 mv j BDwbfvwm wu Ae DUvn _ K A_ bxwz Z wcgbpww K ib ez gv b hy³iv óªi I q wgb v i _ K BmjvwgK A_ bxwz I A_ vqb wel q civgk K wn m e KvR Ki Qb Bmjvgx e vswks 7

10 Bmjvgx A_ vqb Pzw³i cök wzmz ZvrÿwYK djvdj wiev wbwl niqvi Kvi Y A_ vqbkvixi GB SzuwK enb cöz vwkz GLv b `xn w` bi kixôavn& ipbvw` Z DwjøwLZ A_ vqb Pzw³ jvi mvaviy ˆewkó, wiev wbwl Kivi hšw³kzv Zz j aivi cvkvcvwk GB wbwl Ki Yi D Ïk ev ÔgvKvwm`Õ jv bzzbfv e we køly Kiv n q Q wøzxq As k wiev wbwl Ki Yi D Ïk ev ÔgvKvwm`Õ-Gi cö qvm wb q Av jvpbv Ges wiev wbwl i D Ïk cwic~i Yi gva g bzzb Avw_ K cy m wói c wzmz bxwzgvjv wpîvwqz Kiv n q Q GLv b Bmjvgx Avw_ K ga Zvi cök wz, we kl K i Gi cövwzôvwbk iƒc wb q Av jvpbv Kiv n q Q K vwmk vj wdkn& kv G jv wqj bv cwi k l, G Z A_ vqb SzuwK Kwg q Avb Z KwZcq ÔgvKvwm`-evÜeÕ Kg c wz Zz j aiv n q Q G Z Av iv `Lv bv n q Q, hme D Ï k KwZcq wezwk Z d Zvqv hšw³k cögv Yi Póv Kiv n q Q IBme Kg c wzi gva g m jv gvkvwm` ev Bmjvgx A_ vq bi KwZcq gšwjk ˆewkó j N bi SzuwK QvovB AR b Kiv hv e GB ˆewkó jvb mỳ wfwëk cöpwjz A_ vqbe e vi wecix Z Bmjvgx A_ vqbe e v K MŠi ei RvqMvq `uvo Kwi q `q 1. wiev wbwl Ki Yi D Ïk mnrvzfv e Ges wbr ^ cök wzi Kvi Y mỳ wfwëk A_ vqb wblv` e w³mz KviY, GUv cy ivcywi FYMÖnxZvi mzzv (hv K FY cwi kv ai mvg_ wn m e e vl v Kiv hvq) Ges AwR Z Rvgvb Zi Ici wbf i K i Gi Av ikwu wbwnzv_ n jv, wievwfwëk A_ vqb jÿ gylx (target-oriented) bq A_ev ejv hvq, h D Ï k A_ vqb Kiv n Q Zvi m ½ GwU m úk nxb Znwej e env ii m ½ m úk bv _vkv cwiyv g Av ikwu mgm v m wó K i Gi KviY n jv bxwz-ˆbwzkzvi avi bv a i h Kv bv Lv ZB e w³mz A_ vqb e envi Kiv hvq Ab K_vq, A_ vq bi gvbwek kz we epbv K i ev ˆbwZK evqwepv ii gva g wievwfwëk A_ vqb Kiv nq bv GUv AbygvbwfwËKI e U GLv b cöe w Av ivc Kiv nq F Yi Ici A_P FY n jv weg~z cök wzi m ú` Gi e w cviqvi ÿgzv bb wievwfwëk A_ vq bi GB Abygvbwbf i cök wz Kej wbwðz cöe w a i bqvi ÿ ÎB mxwgz bq G Z cööe w i GKwU nvii a i bqv nq Ggb GKwU m ú `i Ici, hv e w c Z Aÿg cwi k l, wievwfwëk A_ vqb cök Z evrv ii GKwU ÿz`ª wfwëi Ici F Yi eûmsl K Íi m wói my hvm `q Gi gv b n jv, e w cvq bv Ggb m ú ` cöe w AbywgwZi Kvi Y G Z ev ÍeZv _ K Av iv `~ i m i wm q weï FY wewbgq Ges jb ` bi AbygwZ `qv nq d j Kv bv mgv R A_ vq bi AvKvi ev cwigvy cök Z evrvi jb ` bi P q eû Y e o hvq Aek KD KD ej Z cv ib, GB mgm v jv evowz Kv bv Dcvq, AvBb ev wewai gva g mvgvj `qv h Z cv i wkš GUv wvk bq KviY, jb ` bi ˆewkó j Nb K i Ggb h Kv bv AvBb-wewa evrv ii Pv ci Kvi Y e _ n Z eva Zv Qvov, Kv bv AvBb w` qb evrvi kw³i m ve me djvdj mvgvj `qv m e bq hw` evrviwu Aev Íe aviyvi Ici cwipvwjz nq GB cwi Q ` wzbwu wel q Av jvpbv Kiv n e : wiev wbwl KiY, kixôavn&evüe A_ vqb Pzw³ I Gi ˆewkó Ges wiev wbwl Ki Yi KviY Lyu R ei Kiv 8 Bmjvgx e vswks

11 1.1 wiev (mỳ ) wbwl KiY Ab vb G Kk iev`x a g i g Zv Bmjv gi wiev wbw `Z Bmjv g K Vvi Ges my úó fvlvq wiev wbwl Kiv n q Q Avj- KviAv b ejv n q Q ÒA_P, Avjøvn e emv K nvjvj Ges wiev K nvivg K i Qb;Ó (2:275), Ges ÒAvjøvn wiev aÿsm/wbwðý K ib;ó (2:276) Ges Ò n Cgvb`viMY, Zvgiv Avjøvn K fq K iv Ges my `i hme e Kqv Av Q Zv cwiz vm K iv, hw` cök ZB Zvgiv Cgvb`vi n q _v Kv AZtci hw` Zvgiv cwiz vm bv K iv, Z e Avjøvn I ivm~ ji mv _ hy Ki Z cö Z n q hvió (2:278-9) Avj- KviAv b Avi Kv bv bv ni e vcv ib Avjøvn I Zvi ivm~ ji mv. Zid _ K hy i NvlYv `qv nqwb Avjøvn&i ivm~ ji A bk nvw` m wievi wb `v Rvbv bv n q Q Ges my `i jb `b K KwVbZg bvn wn m e we epbv Kiv n q Q hv Avjøvn&i Awfkvc I µva D `ªK K i ivm~j mv.-gi GK nvw` m ejv n q Q : Òwiev MÖnYKvix, cö`vbkvix, Gi jlk Ges Gi `yõrb mvÿxi cöwz Avjøvn&i AwfkvcÓ wiev Ges my `i msáv ÔwievÕ Aviwe kã, hvi AvwfavwbK A_ e w ev cöe w wkš Avj- KviAv b h Kv bv cöe w K ÔwievÕ ejv nqwb Gi Øviv mywbw` ó jb ` bi ÿ Î e w K eysv bv n q Q wiev kãwu ÔAvjÕ (the) cöz q hv M Ggb GK jb `b K eysv bv n q Q hv KziAvb bvwr ji mgq Avie I Ab vb RvwZi Kv Q mycwiwpz wqj ZvB Avj- KviAv b wiev kãwu D jøl Kiv n q Q ÔAvjÕ cöz q e envi K i GB jb `b Kiv n Zv `yõfv e: 1. F Yi A _ i cwigvy e w cv e GB k Z, we` gvb A_ev e Kqv c o Q Ggb FY cwick Zvi bzzb mgq wba viy ev FY diz wejw ^ZKiY; Ges, 2. Kvb FY wba vwiz mg qi ci GKwU e w mn diz cö`vb Avj- KviAv bi AšÍwb wnz e³e I ZvB : ÒwKš Zvgiv hw` ZIev K iv, Z e Zvgiv wb R `i g~jab diz c q hv e, Zvgiv (Kv iv cöwz) Ryjyg Kv iv bv Ges Zvgv `i cöwzi KD Ryjyg Ki e bvó (2:279) m~iv evkvivi 279 bs Avqv Zi GB As k `ywu iæz c~y Bw½Z i q Q : 1) GLv b wiev ej Z Kv bv FY ev av ii g~j A ¼i Ici wbwðz cöe w K evsv bv n q Q; Ges 2) G ai bi cöe w K Ryjyg wn m e D jøl Kiv n q Q e emvi gva g wewµi d j g~ja bi h cöe w N U Zv K Gi evb i ivlv n q Q hv D jøl Kiv n q Q m~iv evkvivi 275 bs Avqv Z : ÒA_P Avjøvn e emv K K i Qb nvjvj Ó Av iv mywbw` ófv e ej Z M j wiev Avw_ K jb ` bi m ½ mswkøó, 2 hlv b mgq mswkøózvi Kvi Y Pzw³i wfwë Z FY ev avi-gi cöe w N U GUv wvk ZvB, hv AvR K Avgiv mỳ wn m e wpwb AvBbMZ Ges Avw_ K Dfq ÿ ÎB mỳ - K cöe w wn m e msávwqz Kiv n q Q Gfv e : FY `qv ev we` gvb FY diz `v bi mgqmxgv 2 Avgiv Ôwiev Avj eÿ qyõ K GB msávi evb i i LwQ KviY mgq GLv b Kvb Awbevh Dc`vb bv niqvq Zv A_ vq bi ÿ Î cövmw½k bq Bmjvgx e vswks 9

12 evov Z FYMÖnxZv FY`vZv K h evowz cwi kva K ib Zv-B mỳ úóz kixôavn& GB cöe w i Kv bvikg cöwzg~j ^xkvi K i bv d j, GKevi FY `qv n j ( Lqvj Kiæb, avi `qvi d j F Yi m wó) IB F Yi g~j A ¼i Ici h Kv bv cöe w B n jv mỳ Ges Avj- KviAv bi cwifvlv Abyhvqx Zv-B Òwbwl wievó mỳ Kb wbwl, Zv Abyave bi Rb Avgv `i FY-Gi g~j PZbv LwZ q `Lv DwPZ FY Kx? FY n jv GKwU AvšÍte w³k m úk, hv GK e w³i Rb `vq Ges Ab R bi Rb weg~z m ú` cök wzmz Ges ev Íe ÿ ÎI Kv bv FY evo Z ev Kg Z cv i bv; Gi e w cviqvi ÿgzv bb KviY, m ú `i Dcv`vb niqv Qvov Gi Kv bv mnrvz Dc hvwmzv bb Ab K_vq, aviyv _ K e w bv NUv bv n j wewfbœ mgq ev v bi Rb F Yi wewfbœ ikg g~j n Z cv i bv FY evrvi m wó Ges mg qi m ½ m ½ F Yi g~j gvb wba vi Yi gva g GUv Kiv nq ZvQvov, FY cöe w i h cwigvywu aiv nq Zv-I aviyvwfwëk Avgv `i m ó KvíwbK FYevRv ii Ae v I evwn K cwiw wzi Ici GUv wbf i K i hw`i hviv Rxebfi FYevRvi I my `i K_v ï b G m Qb Ges m jv wb qb Avjvc-Av jvpbvq Af Í, Zviv Ic ii e³ e AevK n Z cv ib Avm jb wk FY evo Z ev Kg Z ev evowz wkqz m wó Ki Z cv i? Kíbv Qvov GUv Avi wkfv e m e h Avgv `i gwzåg mz ev ev Í e cwiyz n e? Kv bv evrvi m wó Kiv n j Zv hw` evzv mi nq, mlv b aviyvi wfwë Z GKwU Pvwn`v I mieivn _vk e gvbyl kqvi m~p K hfv e jb `b K i cy ivcywi aviyvi wfwë Z m ó m~pk evrvi m~pk ev Íe m ú` ev cy ev mev- Kv bvwub bq! Avgv `i K Aek B g b ivl Z n e h kixôavn& Kej ev Íe wrwbm Ges ev Íe m ú `i cök wz _ K m ó A_ev ev Íe m ú`, cy ev mevi evrvi kw³i cöfve _ K m ó ev Íe cöe w K ^xkvi K i Zv Qvov, cöwzwu ev Íe wrwbm/m ú` hv evo Z cv i Zv Kg Z ev g~j nviv ZI cv i Ges IBme wrwbm/m ú `i gvwjkiv GKBfv e ÿwzi wkkvi n Z cv ib h hyw³ Z Zviv wb R `i K cöe w i `vwe`vi wn m e Rvwni K ib wkš me ai bi m ú `i g a FY KL bv K g bv Ges Ljvwci welqwu ev` w` j FY`vZv K KL bv n«vmrwbz ÿwzi m ylxb n Z nq bv Ljvwci welqwu ev` `qvi KviY n jv, cöwzwu FY wewfbœ ai bi M vivw U ev RvgvbZ Øviv myiwÿz _v K Ljvwc niqvi SzuwK m ú` n«vm ev e w i SzuwKi P q Avjv`v KviY, m ú `i n«vm/e w n q _v K cövk wzk KviY ev evrvikw³ jvi AvšÍtwµqvi Kvi Y Ljvwci SzuwK F Yi g a B GKwU ÎæwUi g Zv GUv n jv Kv bv ÎæwUc~Y c Y i g Zv ev Ggb Kv bv cy hvi ^vfvwek Y jv bb Ljvwc niqv FY n jv Kv bv wewµ Pzw³ Z cpv Av cj mieiv ni g Zv GUv Av cj gvwjk K ÿwzmö Í K i Ggb g~j SzuwK _ K cy ivcywi wfbœ ZvB cöwzwu Ljvwc SzuwK mvgvj w` Z GKwU SzuwK wcöwgqvg _v K Avi, mỳ n jv ÒA _ i g~j Ó hyw³ `Lv bv h Z cv i h GKRb FY`vZv GK ai bi Z vm Ki Qb Ges Zvi Rb wzwb GKwU ÿwzc~iy cöz vkv Ki Z cv ib Z v Mi aviyvwu hw`i ˆea, Z e e w³gvwjkvbvi g~jbxwz FYMÖnxZvi ewa Z m ú ` Ab Kv iv cöz vkv Aby gv`b K i bv FYMÖnxZvi m ú ` Kv bv cöe w NU j Zv Kej ZviB cövc KviY, FY`vZvi m úwë n ÍvšÍ ii gva g Zv GKwU weg~z m ú ` cwiyz n q Q hv Zvi (FY) wbr ^ cök wzi Kvi Y Kv bvikg cöe w 10 Bmjvgx e vswks

13 NUv Z mÿg bq ZvB FY`vZv hw` FYMÖnxZvi m ú `i Kvb Ask `vwe K ib Zvn j Zv n e e w³gvwjkvbv bxwzi ei Ljvc 3 ZvQvov Kv bv m ú` hgb evo Z cv i Zgwb Kg ZI cv i IB n«vm-e w Z Kv bv FY-Gi Ae`vb cwigv ci Kv bv hš ev wby vqk bb d j Kvb e w³mz (personal) FY memgqb e w³mz Ges Gi Rb FYMÖnxZvi KvQ _ K ab ev`, K ZÁZv, cöksmv Ges Avjøvn&i KvQ _ KI cyi vi cviqv h Z cv i, wkš Zv g~j m wó Ki Z cv i bv 1.2 wekí A_ vqb Pzw³ Ges Zvi ˆewkó kixôavn& wewa jv K AvBwb iƒc `qvi Rb eûevi D ` vm bqvi cii Gi wmsnfvm GL bv AvBwb aviv wn m e wjwce Kiv m e nqwb Z e kzvãxi ci kzvãx a i wewfbœ kixôavn& we kl Ái ipbvq kixôavn&i GB wb ` kbv jv `L Z cviqv hvq Bmjvg KvD K AvBb cöyq bi ÿgzv w` q Kv bv agx q µgvwakvizš (religious hierarchy) cöwzôv K iwb kixôavn&i wekí A_ vqb Pzw³i Awbevh ˆewkó jv Abyave b Avgiv m jv LwZ q `L ev Ges Bmjvgx A_ vqb bxwz m ú K Av iv we ÍvwiZ Rvbvi cvkvcvwk mỳ wbwl i hšw³kzv Lyu R ei Ki ev wemz Pvi `kk a i ZvwË K iƒcvqb Ges Abykxj bi ga w` q GUv Rvbv M Q h kixôavn& A_ vqb Pzw³ jv g~jz wzb ai bi : Askx`vixwfwËK, weµqwfwëk Ges BRvivwfwËK Ab w` K, HwZnvwmK ` wó KvY _ K Bmjvgx A_ vqb cy jv K `yb fv M fvm Kiv hvq: 1) K vwmk vj Pzw³, hv hym hym a i mgv R cöpwjz Ges nhiz gynv ` mv.-gi mg q gw`bvi Rbmgv Ri Abykxjb _ K G jv G m Q; Ges 2) m¼i Pzw³, wemz Aa kzvãx Z G jvi D e N U Ges mgmvgwqk Bmjvgx A_ vqb I e vswks q G jv Abykxjb Kiv n Q K vwmk vj A_ vqb Pzw³ kixôavn&i Ici K vwmk vj ipbvi A bk jv cövq 12kÕ eqi Av M jlv Gme ÿ Î cöavbz wzb ai bi Askx`vixwfwËK A_ vqb Pzw³i D jøl cviqv hvq G jv n Q : gvwjkvbvq Askx`vixZ (gykvivkv), g~jab`vzvi wbw Œq gvwjkvbvq Askx`vixZ (gỳ vivev) Ges km fvmvfvwm (gyrvivn) GB ipbvw` Z wzb ai bi wewµwfwëk A_ vqb Pzw³i D jøl cviqv hvq : wej ^ cwi kv a wewµ (evb Avj AvwRj), AvMvg wewµ (mvjvg) Ges wk ívrcv` b wewb qvm (manufacturing financing) (BmwZmbv) K vwmk vj ipbv jv Z BRviv (wjwrs)- KI GK ai bi A_ vqb Pzw³ wn m e D jøl Kiv n q Q 3 GUv Kv bv wbw Œq Askx`vi KZ K D ` v³v cyuwr wn m e GKB A ¼i A_ cö`v bi g Zv bq GLv b A _ i gvwjk wb RB m ú `i gvwjk wn m e envj _v Kb Zvi m ú` Kej mwµq Askx`v ii Kv Q `qv nq GLv b g~j m ú` Kv bv ga ezx cy Ges/ev P~ovšÍ c Y iƒcvšíi Kiv n ji gvwjkvbvi ni di nq bv ZvB wb Ri m ú ` h cöe w N U Zvi gvwjk nb wzwb Bmjvgx e vswks 11

14 hw`i GB wbe Ü Gme Pzw³i we ÍvwiZ weeiy Ges kz vewj wb q Av jvpbv Kiv n Q bv, Z e wej ^ cwi kva Kiv n e Ggb wewµ Pzw³ Z hw` bm ` wewµi P q ewk g~j ivlv nq Zv ch v jvpbvi `vwe iv L KviY, bm ` wewµi Zzjbvq GLv b GKwU my `i Aven cwijwÿz nq Avj- KviAv bi wb ` kbv Z wej ^ cwi kva A_ vqb wewµi AbygwZ `L Z cviqv hvq m~iv evkvivi 275 bs Avqv Z ejv n q Q: Ò...Zviv [mỳ Lvi] e j : Ôe emv Zv wievi g ZvB,Õ wkš Avjøvn e emv K nvjvj Ges wiev nvivg K i Qb Ó bm ` wewµ K my `i wewbg q avi `qvi g Zv `vwe Kiv hyw³i w`k w` q mwvk bq Ggb e³e nvm Ki Ges Gi ga w` q `vwe`v ii evkvwg, gvbwmk ˆeKj ev wepvieyw nvwi q djvi cwipq cviqv hvq bm ` wewµi m ½ my `i wewbg q avi `qvi `~izg m úk I bb Z e, my ` avi `qvi m ½ hvi wkqzuv wgj cviqv hvq Zv n jv Ggb wej ^ g~j cwi kv a wewµ hlv b bm ` wewµi P q g~j ewk GLv b wgj úó 4 grvi welq n jv, Avj- KviAvb GB `vwe Dwo q `qwb ev G K A hšw³k e jwb GiciI Avj- KviAvb A bk Dcgv/NUbvq hšw³k nevi AvnŸvb Rvwb q Q Gfv e : ÒZviv wk Abyaveb Ki e bv,ó ÒAZGe Zvgiv nq Zv eys Z cvi e,ó Ò Zvgiv wk eys e bv,ó ÒG Rb h Zvgiv hšw³k n e,ó--m~iv evkvivq Gme evk D jøl Kiv n q Q GQvov, Ò Zvgiv wk hyw³mövn n e bv?ó Ò Zvgv `i hw` Kv bv KviY _v K,Ó Ò Zvgv `i Kv bv KviY bb,ó Òhv Z Zv `i hyw³c~y fv e e vl v Kivi gb _vk Z cv i!ó GiKg AmsL AvqvZ Avj- KviAv bi wewfbœ v b D jøl Kiv n q Q Gi AšÍwb wnz A_ n jv, wkqz wgj ^xkvi K i bqv n ji Gi cicib `ªæZZvi m ½ Avj- KviAvb Kbv epvi AbygwZ `v bi w` K g bv hvm Nywi q `qv n q Q Ges mỳ wbwl i welqwu g b Kwi q `qv n q Q G Z hb ejv n Q : wkqz wgj ^xkvi K i bqv n ji `yõ qi g a cv_ K i q M Q, hv wejw ^Z cwi kv a wewµwfwëk A_ vq bi AbygwZ `q Ges my ` aviwfwëk A_ vqb wbwl K i ZvB wbi¼zk msl vmwiô cwð Zi gz n jv GB Avqv Z wewµi h AbygwZ `qv n q Q Zv mvaviyfv e me ai bi wewµi ÿ Î cö hvr Av iv mywbw` ófv e ej Z M j wejw ^Z cwi kv a [A_ vr, A_ vqb] wewµ GB e³ e i mg_ b cviqv hvq m~iv Avj-evKvivi 282 bs Avqv Z mlv b F Yi wbwðz cögvy msiÿy Ges Zv wjwce K i ivlvi K_v ejv n q Q mỳ wbwl Ges wejw ^Z cwi kv a wewµ A_ vqb Pzw³i (2: ) AbygwZ cö`v bi wvk c ib IB AvqvZ G m Q KviY, wejw ^Z cwi kva GKwU FY m wó K i hv `wjje K i ivlv cö qvrb m~iv evkvivi 275 bs Avqv Zi wbwnzv_ n jv, FY-m wókvix A_ vq bi AbygwZ i q Q Ges Zv kixôavn& ^xk Z hw`i GB Avqv Z mỳ wfwëk av ii wb `v Rvbv bv n q Q Ges G ai bi h Kv bv e w wbwl Kiv n q Q FY`vb GKwU AjvfRbK Kg Ges G K e emv ÿî _ K mwi q e w³mz cwigð j wb q hviqv n q Q 4 KD KD hyw³ `Lv Z cv ib h, h nzz jvf my `i g ZvB GK ai bi cöe w ZvB bm ` wewµi my ` avi `qvi g ZvB `ywu Kvi Y G ai bi wgj AwZgvÎvq mij : 1) wewµ Z jvkmvbi n Z cv i wkš avi `qvq IB ai bi jvkmvb bb; Ges 2) jvf n jv cy /evrviwfwëk, Ab w` K mỳ n jv mgqwfwëk Avwg GLv b hvm Kie h hviv IB ai bi wgj `Lvb Zviv wkš KviAv bi Avqv Z DwjøwLZ bm ` Ges wej ^ cwi kv a wewµi AbygwZ _vkvi Kv bvwu KB A ^xkvi K ib bv 12 Bmjvgx e vswks

15 Z e, kixôavn& Ggb ai bi wewµi AbygwZ `q hlv b GKB ai bi D Ïk c~i Yi cvkvcvwk wewµz c Y i (A_ avi `qvi cwie Z ) mgqg~j wn m e GKwU cyi vii i q Q Ab K_vq, GB AvqvZ GKwU iæz c~y AvBb cöwzwôz K i Q : FY-m wókvix A_ vqb MÖnY hvm Ges djcöm~ e emvwqk ZrciZv GB m ½ GwU wiev (mỳ ) wbwl K i Q Gi mij A_ n jv, FY m wó Kv bv wbiærmvwnz Kivi g Zv welq bq ev kixôavn& G K AcQ ` K iwb Ges FY m wó Gwo q PjvI wiev wbwl Kivi Kv bv D Ïk bq bm ` wewµ g~ j i P q wej ^ cwi kvwaz g~j ewk n j Gi m ½ my ` avi `qvi wgj jv úó G jvi g a i q Q : 1) µzv Pzw³ m úv`bkv jb m ú`/cy wu c q hvb Ges c i g~j cwi kva K ib; 2) cwi k l wzwb h g~j cwi kva K ib Zv bm ` ev evwk Z GKB n Z cv i; 3) Pzw³ m úv`b I g~j cwi kv ai mg qi g a cv_ K i Rb we µzv ÿwzc~iy jvf K ib; Ges 4) GKwU FY m wó nq Z e, Awgj jv úó bq Bmjvgx A_ vqb Pzw³i m¼i Ges Avw_ K ga Zv Bmjvgx kixôavn&q Avw_ K ga Zv wk íi cöm½wu bzzb 5 wemz Pvi kzvãx ev Ggb mgq a i cwðgv we k GB aviyvi Rb Ges wekvk N U Q Avw_ K ga Zv K GKwU ^Zš wkí wn m e ^xkvi K i bqv m¼i Avw_ K Pzw³ jv Abyave bi Rb iæz c~y hme we klá I M elk GB wkí K ^xkvi Ki Z Pvb bv Zviv Ab vb ai bi P q Askx`vixwfwËK e e vi cÿcvzx Zviv evrvi cwiw wz Ges Gi kw³ jvi wfwë Z cwipvjk `i wm vší MÖn Yi cÿcvzx bb Kv bv e emvqx wej ^ cwi kva Kiv n e Ggb g~ j wkqz wewµ ev Kv bv m ú` BRviv `qvi gv b n jv wzwb µzv ev BRviv`vi K A_ vqb Ki jb wkš Kv bv we kl cöwzôvb hlb evowz mâq i q Q Ggb gvby li KvQ _ K mâq msmön K i Zv e emvwqk cö qvr b wewb qv Mi Kv R jvmvq ZLb IB cöwzôvbwu n jv Avw_ K ga Zv wkí Ab K_vq, Avw_ K ga Zv n jv AvgvbZ msmön I Znwej RvMv bi GKwU we kl e e v GQvov e emvqx ev Drcv`Kiv Zv `i wb R `i m ú` _ K evwywr K FY`vb Ges Drcv`bcÖwµqv ev cy I mev Kbv epv wel q ˆ`bw `b wm vší wb q KvR K ib GB bzzb wk íi m ½ gvbvbmb niqvi Pzw³ D ve bi cvkvcvwk my `i Ici wb laváv ervq i L hb GB wb lavávi jÿ -D Ïk nvwm j be D vwez Pzw³ jvi mdjzv I e _ Zv g~j vqb Kiv hvq m j ÿ Bmjvgx A_ vqb cö KŠkj wemz Pvi `kk a i KvR Ki Q evrv i GLb eû Bmjvgx A_ vqb cy i q Q Ges cöwzw`bb Gi msl v evo Q ez gvb Pzw³ Ges e e v jv wgwj qb GKwU cöwµqvi ga w` q bzzb cy D veb Kiv n Q ez gvb hy M Bmjvgx e vsk jv cöavbz bq ai bi m¼i Bmjvgx A_ vqb Pzw³ AbymiY Ki Z `Lv 5 K vwmk vj kixôavn& ipbv jv Z ÒAvj gỳ vwie D`vwieÓ aviyv wb q Av jvpbv Kiv n ji mlv b cy iv cövwzôvwbk KvVv gv Ges DØ Ë A _ i gvwjk `i KvQ _ K mâq msmön K i Zv e emvwqk I fv Mi cö qvr b NvUwZ Z _vkv gvby li Kv Q mieiv ni aviyvwu wqj bv we kl K i, ga ZvKvixiv Ggbme c wz Z Znwej RvgvbZ MÖnY Ki Z cv ib h jv gỳ vivevwfwëk bv-i n Z cv i Bmjvgx e vswks 13

16 hvq: µqv `k`vzvi m ½ gyivevnv, wkw Í Z wewµ, gỳ vivev wewb qvm AvgvbZ, PjwZ wnmve AvgvbZ, wîcÿxq BmwZmbv, µqv `k`vzv K BRviv `vb, hšwmk ev wgkª mvjvg, evb-e vk Ges ZvIqvi&iæK Gme Pzw³ mỳ wbwl KiY PZbvi m ½ KZUv m½wzc~y Zv LwZ q `Lv GB wbe Üi D Ïk bv n ji G K_v ej Z n e h, bzzb m¼i Pzw³i wkqz wkqz cö qvm cy ivcywi mỳ wfwëk FY cybtzdwmjxkiy cöwµqvi g Zv Ges Gi d j wiev wbwl Ki Yi gšwjk D Ïk jw NZ n Q 1.3 kixôavn& Abyhvqx Avw_ K c Y i mvaviy ˆewkó Bmjvgx A_ vqb cy n jv mme Pzw³ h jv me Rbwew`Z Ges kixôavn& bxwzgvjv g b P j Gme A_ vqb Pzw³ Bmjvgx AvB bi cöavbz `yõai bi bxwzgvjv AbymiY K i P j : 1) Pzw³i mvaviy bxwzgvjv hvi g a i q Q RbM Yi ^vfvwek cöeyzv, m wz Ges AvBwb ˆeaZv mvgvb wkqz ni di _vk ji mkj mgvr I AvBwb e e vq G jv Awfbœ D`vniY ^iƒc, Avw_ K Pzw³i Rb Bmjvgx AvB b RbM Yi ^vfvwek cöeyzvq gvbwmk mȳ Zv QvovI 18 eqi eqm niqvi K_v ejv n q Q wkqz wkqz iv óª GB eqmmxgv 21 eqi 2) Z e GB wøzxq ai bi bxwzgvjv iæz c~y G Z mywbw` ófv e Bmjvgx ` wófw½i cökvk c q Q G Z i q Q : ˆbwZK A½xKvi/ˆbwZKwfwË, kixôavn&mz ˆeaZv, fvimvg Ges ev ÍeZv ev b vh Zv kixôavn& ` wó KvY _ K Kv bv A_ vqb Pzw³ MÖnY hvm n Z n j Zv ˆbwZKfv e mȳ n Z n e GUv mvaviy gvbwek gvb`ð, kixôavn& KZ K M nxz Ges cöpvwiz Gi gv b n jv gv`k, A vj Kvnj, Ryqv, c b v wkí, cwi e ki Rb ÿwzki cy, Ges/ev Kv bv gvbemövn ˆbwZK wfwë bb Ggb e ev mev Drcv`b ev wezi Yi Kv R Bmjvgx A_ vqb cöwzôvb Zvi m ú` e envi Ki e bv G ÿ Î mvaviyfv e cwiwpz ˆbwZK wewb qvm aviyvi m ½ Bmjvgx A_ vqb aviyv wg j hvq hw`i Bmjvgx A_ vq bi ÿ Î GB PZbv ˆbwZK wewb qvm aviyvi P q A bk ewk cöej kixôavn& Aby gvw`z bxwz ej Z IBme welq K eysvq h jv Bmjvgx AvB b ˆea hgb, k~kigvsm Ges k~kigvsmrvz Ab vb cy Ges IBme cövyxi gvsm h jv kixôavn& weavb AbymiY K i RevB Kiv nqwb G Z my `i Ici wb lavávi i q Q ciez xkv j G wel q Av jvpbv Kiv n e fvimv g i bxwzi `vwe n jv cöwzwu c ÿi eva evakzv n e mgzzj, hv Z Kvb GK c ÿi Ici AwZwi³ evsv bv Pv c GB bxwz AwZwi³ g~j avh K cöz vl vb K i Ges mỳ Av iv ci weiæ I Ae vb bq mỳ n jv GK c ÿi `vq Ges Ab c ÿi m ve my hvm my `i eva evakzv wbtm ` n fvimvg nxb! cwi k l, ev ÍeZv ev AvBbm Z niqvi gv b n jv cöwzwu Avw_ K Pzw³, jb `b, wewbgq ev e Ges m ú` Aek B ev Íem Z n Z n e Abygvb ev aviyvi wfwë Z n j Pj e bv GB AvBwb bxwz wbqk Abygv bi wfwë Z cwipvwjz h Kv bv Pzw³ evwzj K i `q hvi GKwU 14 Bmjvgx e vswks

17 D`vniY n jv mỳ Ñ Aw ÍZ Ges nviñ Dfq ÿ ÎB Gi mewkqzb aviyvcöm~z Av ikwu D`vniY n jv kqvievrv ii m~pk, hgb : ww RAvBAvB ev bvm`vk m~pk wbqk KvíwbK wnmve-wbkvk Qvov Avi wkqzb bq G jv Kv bv ev Íe gvwjkvbvi cöwzwbwaz K i bv Ab w` K, Kv bv m~pk Znwe j KD BDwbU Kbv ev jb `b Ki Z cv ib KviY, GB Znwej Kv bv Kv úvwbi kqv ii gvwjk, hv m~p K Gi cöwzwbwaz K i 1.4 mỳ wb q mgm v Kv_vq? wiev (mỳ ) wbwl Kivi D Ïk Dcjwäi Rb mỳ wfwëk FY A_ vqb Ges FY m wókvix wewµ A_ vq bi g a cv_ K eys Z cviv Riæwi KviY, GB cv_ K AvcvZ` wó Z GKB ikg jb ` bi g a Awg ji m~² welq jv úó K i ` e mỳ wfwëk A_ vqb Ges Bmjvgx A_ vq bi g a gšwjk cv_ K n Q : GKwU FYPzw³i gva g mỳ wfwëk A_ vqb Kiv nq ZvB GwU AbygvbwfwËK GLv b g b Kiv nq, Kv bv FY GKwU evowz cövwßi AwaKvix hw`i ev Íe ÿ Î FY evowz wkqz m wó Ki Z cv i bv Zv Qvov, GwU m úwëi AwaKv ii m ½ Nwbô m úk hy³ m úwëi AwaKvi Kv bv m ú `i gvwjk K Zvi m ú `i h Kv bv cöe w i gvwjkvbv jv fi AwaKvi `q Ges Kv iv m úwë Z Kv bv cöe w NU j mlv b Ab Kv iv gvwjkvbvi `vwe bvkp K i Ab K_vq, Kv bv e w³i m ú` hlb cöe w NUvq bv ZLb m Kv bv cöe w `vwe Ki Z cv i bv Ges Gi d j m Aek B A b i m úwë Z m ó cöe w i `vwe`vi n Z cv i bv GUvB n jv mỳ wbwl i Av`wk K wfwë, hv Avgv `i kixôavn&i ev Íeev `i ˆewk ó i m ½ m½wzc~y KviY, ev Íe ÿ Î avi`vzvi m ú` GKwU FY Ges FY GKwU weg~z m ú` Ges cök wz Abyhvqx GwU Kv bv cöe w NUv Z cv i bv FY e w c Z cv i Ggb aviyv g b wb j hv n e : 1. G ÿ Î Zv n e e w³gvwjkvbv bxwzi cy ivcywi j Nb e w³gvwjkvbv bxwz Abyhvqx Kv bv m ú ` e w NU j Gi m ú~y gvwjkvbv cv e g~j m ú `i gvwjk Ges Ab KD Gi Kv bv Ask cv e bv Zv Qvov FYe w i aviyvwu m ú~y gbmov, hv GKR bi m ú ` e w NU j mlv b Ab KI `vwe`vi K i GUv m úwë Z AwaKv ii cy ivcywi j Nb Ges Zv Ab KI GB AwaKvi j N bi my hvm K i `q 2. GB e w i g~j (my `i nvi) wba vi Yi Rb Avcbv K Av ikwu Aev Íe aviyvi Øvi n Z n e Avi Ggb GK m ú `i Rb GB g~j wba viy Kiv n Q hv Kv bv cöe w m wó Ki Q bv 6 FY jb ` bi Rb GKwU K wîg evrvi m wói gva g G KvRwU Kiv nq evrvi m wó Kiv nq cy ivcywi Abygv bi wfwë Z Ges hvi evrvikw³i cy ivcywi KvíwbK m ú`, cy I mevi evrv ii g Zv GwU bq ZvB cök wzmzfv eb welqwu K evqexq ej j AZz wa³ nq bv 6 GUv cök Z cöe w i m ú~y wecixz, hlv b m ú `i gvwjk KB m ú ` e w i `vwe`vi Kiv nq Bmjvgx e vswks 15

18 3. GKevi Avcwb FY K cöe w cövwßi AbygwZ w` j Avcbv K IB FY e w mn cybtzdwmjxki YiI AbygwZ w` Z n e GB `yb jb `b A_ bxwz Z Kv bv g~j m wó ev hvm K i bv 4. Avcbv K F Yi Ab vb jb `bi g b wb Z n e G jvi g a i q Q F Yi AvšÍte vsk jb `b Ges cy ivcywi Avw_ K I A_ jb ` bi GKwU e e v hv Awbevh fv e Kv bv g~j ms hvm NUvq bv, Kej m ú` GKRb _ K Ab R b vbvšíi K i wbweo ch eÿ Yi gva g kixôavn& G ai bi jb `b K ev Íe Drcv`b I wewbgq _ K cy ivcywi wew Qbœ wn m e wpwýz K i G ai bi jb `b cy grỳ ev MÖvnK K `qv mevi Ici Kv bv cöfve d j bv G jv Kej wkqz e w³ K Av iv abx Ges Ab `i Av iv Mwie K i GUv A bkuv ÔwR iv-mvg MgÕ-Gi g Zv Ges, 5. A_ bxwz Z mwz Kvi cövymâvi NUvq Ggb cy I mev Drcv`b I wewbg q mnvqk Kg Kv Ð A_ vqb Qvov evwk ÿî jv Z A_ vqb eü Kiv GUv A_ bxwzi Rb Kej mywe epbvc~y B bq, mvgvwrkfv ei b vh Ab K_vq, Kej g~j A_ diz cviqvi k Z FY `qv n j FYMÖnxZv mb FY hlb Kv R LvUv e Zv DbœZZi mvgvwrk b vqwepv ii cwi ek m wó Ki e 1.5 wiev wbwl i D Ïk wiev wbwl i D Ïk _ K GKBfv e Avgiv kixôavn&i D Ïk jv wpwýz Kivi Kv R AMÖmi n Z cvwi 1. kixôavn&i ev Íeev`x ˆewkó Ges Gi AšÍwb wnz ` pzv KL bv ev Íe Rxe bi Kg Kv Ði m ½ hy³ bq Ggb Kv bv jb `b Aby gv`b K i bv wewfbœ ai bi bwzevpk NvlYvi ga w` q GB D Ï k i cökvk N U Q Gi GKwU aib n jv, Ggb A_ vqb cöwz iva Kiv hvi Kv bv wbr ^Zv bb ev cök wzmzfv e hv niqv DwPZ Zv nq bv A_ev Ggb Kv bv Kg KvÐ hv Kej D Ïk nvwm ji evnb wn m e e eüz n Q Av ikwu aib n jv, Ggb Kv bv m ú` _ K Avq cövwß VKv bv hv Kv bv Avq m wó K i bv Av iv GKwU aib n jv, Ggb wkqz weziy cöwz iva hv Kv bv m ú ` ev Íe g~j ms hvrb ev g~j m wó K i bv 2. m úwëi AwaKvi Aj NbxqÑ GB bxwz mgybœz ivlv Ges mvgäm c~y gvwjkvbvi AwaKv ii cöwz m vb cö`k b 3. F Yi evwyr Ges jb `b bvgäyi Kiv GKB m ½ dukvevwr jb `b K bvkp Kiv hv cy ivcywi Aev Íe Gme jb` bi m ½ ev Íe Drcv`b Ges wewbg qi Kv bv m úk bb, hgb: kqvievrv ii m~pk ev Bb W BDwbU cöcvwu i g Zv Aev Íe m ú` m wó KviY, GB ZrciZv Kv bv g~j m wó K i bv GwU Kej GKR bi KvQ _ K m ú` Av ikr bi Kv Q vbvšíi K i 4. FYevwY R i g Zv cy ivcywi KvíwbK, g~j ms hvrbnxb Kg KvÐ _ K gvbe I Ab vb m ú` mwi q G b cy I mevi ev Íe Drcv`b I wewbg qi Kv R wb qvwrz Kiv 16 Bmjvgx e vswks

19 5. m ú` evwo q `Lv bvi Rb FY fvov bv (debt discounting) Ges cybtzdwmjxkiy cöwz iva KviY, GUv Kv bv Drcv`bkxj ZrciZv bq GLv b Kej m ú` GKR bi KvQ _ K Ab R bi Kv Q vbvšíwiz nq kixôavn& cybtzdwmjxki Yi wekí evz j w` q Q ejv cö qvrb Avj- KviAv bb Gi D jøl i q Q h Avqv Z wiev wbwl i K_v ejv n q Q mlv bb i q Q h : FY cwi kv ai Rb mgq `qv A_ev F Yi `vwe cwiz vm Kiv Ab w` K, kixôavn& AvMvg cwi kv ai Rb ÔwWmKvDw UsÕ-Gi AbygwZ w` ji kz n jv, GUv e emvwqk Abykxj b cwiyz n Z cvi e bv (Pzw³ Z _vk e bv Ges Kej `yb c ÿi g a m úvw`z n e) 6. Ggb Kv bv Kv R e emvwqk A_ vqb cöwz iva hv K Aviwe Z ÔAvevmÕ ejv n q Q Gi gv b n jv hvi D Ïk cökvk Kiv nqwb A_ev hvi D Ïk cökv ki Kv bv B Qv bb KviY, Ggb Kv bv Kv R Zv e q Kiv n e hv cökvk Kiv weeªzki, GUv Abyrcv`bkxj A_ev G Z Kvb j¾vi KviY RwoZ A_ev Ggb Kv bv KvR hv ˆea n ji Zv Kv bv e emvwqk KvR bq 7. e w³mz A_ vqb GKwU e w³mz mev Ges GB mev A_ `vzv I MÖnxZvi g a cöz ÿ hvmv hvm I mswkøózvwfwëk ZvB Znwej e envikvix I RvMvb`v ii g a e w³mz m úk I eü bi wfwë Z e w³mz A_ vqb K g~j vqb, we epbv ev wbwðz Kiv hvq A_ev hvq bv K Avcbv K FY ` e? GB cö kœ Rev e ejv hvq, ÒAvcbvi gv ev Ggb Kv bv e w³ h Avcbvi mycwiwpz Ges Avcbv K fv jvev mbó Gi gv b GB bq h, e w³mz F Yi Kv bv mydj bb Gi gv b n jv GUv Aek B e w³mz wn m eb _vk e Ges Zv A_ Kvgv bvi j ÿ Kv bv e emvwqk Kg Kv Ð cwiyz n e bv Avi m Rb B kixôavn& e j, FY `qvi cyi vi cviqv hv e Avjøvni KvQ _ K KviY, GwU GKwU wn Zlx Kg 8. meai bi e emvwqk A_ vqb hw` Drcv`b, cy I mev wewbgq Ges g~j m wói Kv R wb qvwrz Kiv hvq Ges AcÖ qvrbxq Kv R Gi e envi eü Kiv M j Drcv`b I wewbg qi ev Íe evrv ii Zzjbvq mgv R A_ vq bi AvKvi/cwigvY AcÖ qvrbxqfv e ùxz n q DV e bv cwi k l, 9. GUv Lqvj ivl Z n e h wiev (mỳ ) wbwl Kivi A_ GB bq h mvaviyzfv e e MZ jvfrbk Ges we klfv e FY-m wókvix A_ vqbi wbwl ev bvkp Kiv n q Q 2. wiev wbwl Kivi Zvrch Ges Gi cöfve wiev ev mỳ wbwl i Zvrch _ K `ywu iæz c~y djvdj cviqv hvq : 1) FY n jv e w³mz A_ vq bi GKwU Dcvq Ges Zv memgq Ôe w³mzõb _vk e; Ges 2) bzzb Kv bv Bmjvgx A_ vqb m¼i m wói D ` vm bqv n j bzzb Pzw³ D veb cöwµqvq me `v kixôavn&i gvkvwm` ev D Ï k i cöwz g bv hvm w` Z n e GB Aa v q Dc iv³ Zvrch wb q Av jvpbvi cvkvcvwk Bmjvgx Avw_ K ga Zv (Islamic financial intermediation)-i cök wz Ges ˆewkó jvi cöwz bri `qv n e Gici SzuwK cökg bi Rb wkqz kixôavn&-evüe c wzi D`vniY `qv n e Bmjvgx e vswks 17

20 2.1 mỳ wbwl i g~j Zvrch avi Ges e w³mz FY Avgv `i cöpwjz wdkvn& cȳ ÍKvw` Z FY I avi K `vze I wn Zlx Kv Ri AšÍfz ³ Kiv mwz B eyw gv bi KvR n e KviY Avcwb hlb Òe w³mzó wel q K_v ej eb ZLb Avcbvi cö qvrb n e e w³mz Z_, e w³mz m úk Ges e w³mz ms úk, Av em I Z`viwK GUv n jv e`vb Zv I AbyK úv Avi ZvB Kv bv avi h Kv bv mgq cwi kva Kiv h Z cv i KviY Òe`vb Zvi Rb KvD K Kv bv `vg `qv nq bv Ó Avj- KviAvb GiB Bw½Z w` q Q Gfv e: Ò bkkvi `i Ici Awf hv Mi Kv bv c_ bbó [m~iv AvZ-ZvIev, AvqvZ : 91] Ab K_vq, wiev wbwl Kivi ZvrÿwYK Zvrch n jv e emv ÿî _ K avi Av`vb-cÖ`v bi KvRwU K Avjv`v K i djv Ges G K `vze Kv Ri AšÍfz ³ Kiv `vze jb `b K i Kej Ggb e w³ hv `i g a Nwbô m úk Ges eüb i q Q Ges AjvfRbK ms v GB KvR Kiv nq GKwU e w³mz Z_ fvðvi m wó Ges m ú K i gva g KviY, GLv b ÒmvgwqKÓ cö qvr b KvD K avi `qv n Q Ges mvgwqk Zvi j i gva g Zv K Ò ^w ÍÓ `qvi AvnŸvb Rvbv bv n Q Bmjvgx kixôavn&q avi Ges e w³mz A_ vqb K wewb qvm, evwyr Ges e emvi Rb m ú` mgv ek NUv bvi Dcvq wn m e we epbv Kiv nqwb! Aek B Gi gv b GB bq h, e emvi Rb FY `qv wbwl Kiv n q Q Gi gv b n jv e emvi Rb FY `qv GKwU e wzµg, GUv Kv bv wbqg bq Ges hlb GUv Kiv n e Zv Ki Z n e e`vb Zv I AbyK úvi wbqg g b, G K gybvdv m wókvix Kv bv cöwµqvq iƒcvšíi Kiv hv e bv gvkvwm` cwicvjb gvkvwm` Ges cöz ÿ ev mywbw` ó kv wewa g a Kvb&wU AMÖvwaKvi Zv wb q MZvbyMwZK wez K Avwg Rov Z PvB bv Z e Avw_ K I A_ bwzk ` wó KvY _ K Avwg ej Z PvB h, wiev wbwl Ki Yi D Ïk cy ivcywi cwicvjb Kiv bv n j Zv GKwU m¼i Pzw³ K wbqk wiev Avovj Kivi Rb GKwU evwn K Av Qv` b cwiyz Ki Z cv i GUv hv Bmjvgx A_ vq bi Acwinvh ˆewkó jv cy ivcywi AKvh Ki Ges webó K i ` e D`vniY ^iƒc : cy evwy R A_ vqb cy ivcywi Aby gvw`z Ges Zv gvkvwm `i m ½ m½wzc~y n ji Kej gvwjkvbv ev AR bi kz jv c~iy Kiv h _ó bq hw`i Zv cö qvrbxq Gi m ½ evwyr ev cy I mev wewbgq Kv R mnvqzv/myweav K i `qvi D Ïk I (gvkvwm`) _vk Z n e GB gvkvwm`-gi gvb`ð wbtm ` n cy ev mev Lv Z A_ vq bi mb wbðqzv hlv b Zv mwz Kvi A _ B e envikvixi Kv Q wm q cušqv e 7 G welqwu K Ab K_vq ejv hvq, Ggb Pzw³ Z A_ vqb hlv b Pzw³ Z ewy Z Dcv qb Zv e eüz n e Ggb Lv Z A_ vqb Kiv hv e bv hv Pzw³ Z Avovj Kiv n q Q Ggb Dcv q e env ii Avk¼v i q Q 7 A_ vqb e envikvix wba vi Yi gva g AKvh Ki jb `b (Avev_) Gov bv hvq hgb, Ggb Kv bv e emvwq K A_ vqb Kiv whwb Zvi e emvwqk DcKiY (Zv n Z cv i wewµi Rb m ú` I cy A_ev wk íi Rb cöv_wgk I gva wgk cy ) msmö ni Rb Zv e envi Ki eb A_ev n eb Kv bv P~ovšÍ fv³v 18 Bmjvgx e vswks

21 gvkvwm `i GB D Ïk cwicvj b wkw_jzv `Lv w` j g~j evawfwëk GK Abb A_ vqbc wz wn m e Bmjvgx A_ vqb Zvi Dc hvwmzv I Zvrch nviv e KviY, h gyn~ Z Avcwb Òe w³mz A_ vq bió cwigð j cö ek Ki eb IB A_ vq bi c wz ˆbwZK I gvbwek gvb`ð cwic~i Yi hvm Zv nviv e Ges cök Z I g~j ms hvrbg~jk Y cy ivcywi nvwi q dj e 2.2 Bmjvgx Avw_ K ga Zvi cök wz Ges ˆewkó Avw_ K ga Zv n jv GKwU wkí hv Ggb gvby li KvQ _ K mâq msmön K i hv `i DØ Ë A_ Zviv mivmwi wewb qv M mÿg ev B QyK bb G Z IBme gvbyl K A_ vqb Kiv nq hv `i g~jab cö qvrb me AvgvbZKvix (we kl K i hviv wbivcëv I myweavrbk niqvq e vs K m ú` Mw QZ iv Lb) ZvrÿwYKfv e Zv `i mâq Zz j bb bv d j, PvwnevgvÎ AvgvbZ diz w` Z bv cvivi SzuwK QvovB e vskviiv IB mâ qi wkqz Ask Znwej e envikvix `i RvMvb `qvi my hvm MÖnY K ib cwðgv RM Z Avw_ K ga Zvq FY K AvgvbZ msmön Ges A_ vq bi Rb GKwU gšwjk Pzw³ wn m e we epbv Kiv nq GUv Kiv nq g~jz HwZnvwmK Kvi Y : 1) GB Pzw³ Z e vskviiv AvgvbZKvix `i AvgvbZ diz cvevi wbðqzv `q weavq GB AvgvbZ A_ vq bi Kv R e envi Kiv b vh Ges 2) we `kx `i KvQ _ K mỳ bqv Bûw` `i Rb Aby gvw`z wqj Ges cö_g hy Mi e vskvi `i ewkifvm wqj Bûw` wemz kzvãxi kl K qk `k K Bmjvgx e vswks qi m~pbv Ges wekvk Zvi Av Mi Pvi kzvãx a i P j Avmv e vswks Abykxj bi w wzkxjzv bó K i w` q Q Bmjvgx e vsk jv cögvy K i Q h A_ vqb avi ev FYPzw³i AvKv i niqvi cö qvrb bb Bmjvgx e vswks ez gv b A_ vqb K bzzbfv e msávwqz K i hlv b cy, mev Ges wejw ^Z cwi kv ai ÿ Î wewb qv Mi Dcvq cö Íve K i GKBfv e Bmjvgx Avw_ K ga Zvi msávi bzzbfv e ˆZwi n q Q GLv b hme DØ Ë m ú `i gvwjk Avqm wókvix Kv R Zv `i m ú` wewb qvm Ki Z Pvb A_ev hviv Zv `i g~j m ú `i wbðqzv Pvb Zv `i K myß Askx`vi wn m e MÖnY K i Zv `i KvQ _ K m ú` FY wn m e wb q ga ez x cöwzôvb (Avieve Avj gvj, ive Avj gvj) IBme e w³ `i A_ vqb K i hv `i Znwej cö qvrb GB A_ vq bi c wz jv n jv gyivevnv, BRviv Ges/ev D ` v³v cyuwr (gỳ vivev wewb qvm) wzbwu Drm _ K Bmjvgx A_ vqb ga ZvKvixi Kv Q Znwej Av m Ges e env ii ` wó KvY _ K G jv K `yõfv M fvm Kiv hvq : 1) kqvi nvìvi `i Znwej, hlv b e e vcbvi AvPiY IqvKvjvn-wfwËK; 2) wwgvû ww cvwru Znwej, hv e e vcbv K `qv nq wbðqzvcövß FY wn m e GUv e j e vs Ki ÔZvgvbœvnÕ Ges e e vcbv mlv bi e vs Ki n q IqvKvjvnwfwË Z KvR K i GB Znwej e vs Ki m úwë Z cwiyz nq Ges Zv e vs Ki wnmv ei µwwu ik W `Lv bv nq; Ges 3) e vs Ki m ½ gỳ vivev Pzw³i gva g ÔAvieve Avj AvgIqvjÕ- Gi wewb qvm Znwej hvi m úk Kej e e vcbvi m ½ bq cöwzôvb wn m e Kv bv Bmjvgx Avw_ K ga ZvKvix ÔIqvKvjv wbðqzviõ wfwë Z Ges bxwzwba vik KwgwUi wb ` kbv Abyhvqx wewb qvmkvix `i Znwej wb q KvR K i e e vcbv cöwzôv bi ÔwbR ^ m úwëõi e vcv ii IB Bmjvgx e vswks 19

22 cöwzôv bi bxwzwba vik KwgwUi wm vší Abyhvqx ÔIqvKvjv wbðqzviõ wfwë Z ZrciZv Pvjvq GB ÔwbR ^ m ú`õ-gi g a kqvi nvìvi `i BKzBwUi m ½ _v K wwgvû ww cvwru hvi Rb cöwzôv bi Ôwh vnõ Pvh Kiv nq [gybkvwmjvn] Ab K_vq, Kv bv Bmjvgx Avw_ K ga ZvKvix cöwzôvb n jv GKwU IqvKvjvn-wfwËK mëv GK w` K, GUv Ab vb cöwzôv bi g ZvB kqvi nvìv ii KvQ _ K e e vcbvi Kv Q hviqv GKwU IqvKvjvn Z e wewb qvm wm vší I jvf- jvkmvb wezi Yi ` wó KvY _ K e wzµ gi welq n jv h G Z wwgvû ww cvwru kqvi nvìvi `i A_ we ewpz nq Ab w` K, GUv Ggb GK ai bi IqvKvjvn hv wewb qvm Znwej hv gvwjk `i KvQ _ K cöwzôv bi hvq Ges mlvb _ K cöwzôv bi e e vcbvi nv Z Awc Z nq GB IqvKvjvn aviyv AwZwi³ mzk Zv wn m e `yõfv e KvR K i : Zveviiæn (Ask`vbKvix) Pzw³i ÿ Î kixôavn&q IqvwKj K LyeB mxwgz ÿgzv `qv n q Q GLv b kz n jv, ZveviiæqvZ cö`v bi ÿ Î m úwëi gvwj Ki KvQ _ K mywbw` ó AbygwZ MÖnY cö qvrb nq cvkvcvwk, wewb qvm evqvb I Znwej e env ii ÿ Î IqvwKj K AwZwi³ mzk Zv Aej ^b Ki Z nq Gi gv b GKRb IqvwKj K ^í mzk Ae vb _ K AwZgvÎvq mzk Ae vb e Q wb Z n e Ges AwZ SzuwKc~Y wek íi e` j ^í SzuwKc~Y D ` v M Znwej e envi Ki Z n e Bmjvgx e vskviiv Zv `i Znwej e env ii Rb Pzw³ m úv` bi evnb wn m e Kb gỳ vivevi P q gyivevnv I BRviv ewk cq ` K ib Zvi m ve e vl v GLvb _ K cviqv hvq ZvwË Kfv e Av iv GK avc AMÖmi n q mvn mi m ½ ejv hvq, cy ivcywi kixôavn&i wfwë Z Bmjvgx e vskvi `i Aek B wbivcëv I SzuwK we epbvq gỳ vivevi P q gyivevnv Ges BRviv e Q wb Z n e Avgiv Bmjvgx A_ vqb m úwk Z wkqz cö_vmz ipbvi axkw³ wb qi cökœ Zzj Z cvwi Gme ipbvq Bmjvgx e vsk jv K Zv `i m ú `i c ÿ gỳ vivev Pzw³ e env ii AvnŸvb Rvbv bv n q Q, hb ewk SzuwK bqvb fv jv KL bv KL bv GB ZvwË K cq ` ÔAvj bgy evb Avj MviægÕ-Gi A½xKv ii m ½ Ggbfv e wg k hvq hb gybvdv w` q SzuwK MÖn Yi hšw³kzv wepvi Kiv nq G hb h Bmjvgx e vsk hz ewk SzuwK b e mb e vsk ZZ fv jv! Avm j, kixôavn& SzuwK MÖn Yi e vcv i Kv bv ˆbwZK g~j eva wbw` ó K i `qwb G Z ^í SzuwKi RvqMvq AwaK SzuwK e Q bqv m úwk Z Kvb D jøli bb ZvQvov, kixôavn& SzuwK wb q gybvdv AR bi K_vI e j bv 8 kixôavn&i ev ÍeZe cöwzdjb `Lv hvq IB cöev `i g a hlv b ejv n q Q h GKRb gvbyl m ú `i gvwjk niqv ev cwikªg cö`v bi d j h gybvdv 8 Avm j SzuwK MÖnY hw` Kvdvjv gybvdv K hšw³k cöwzcbœ K i, hv Pig SzuwK MÖn Yi GKwU KviY, gybvdvi we epbvq Pig SzuwK MÖnY n e me P q ewk jvfrbk Z e GUv Rvbv K_v h, IAvBwmi BmjvwgK wdkvn GKv Wwgi MÖnY Kiv cö Íve Abyhvqx Kvdvjvi Ici jvf cö`vb wievi P q ewk gvîvq wbwl KviY, GUv FY cö`v bi A½xKv ii IciB GKwU e w m wó K i Ab w` K, wiev n jv cök Z FY cö`v bi Ici GKwU e w 20 Bmjvgx e vswks

23 AR b K i m Zvi nk`vi 9 Gi gv b n jv A_ vqb _ K gybvdv AR bi hyw³ n jv m ú `i gvwjkvbv _vkv GUv ïay Kv bv m ú `i cöe w m wói m vebvgq ˆewkó KB Zz j a i bv, ev ÍweKB Zv GKwU cöe w I m wó K i hvi Aw ÍZ Avgiv Avkcv k `L Z cvb Avw_ K ga Zv c wz wn m e Bmjvgx e vswks K cöz ÿ A_ vqb _ K Avjv`v Kivi Av M Avgv `i K Avev iv gyivevnvõi evowz g~j (mark up) aviyvwu LwZ q `Lv DwPZ Ges Avw_ K ga Zvi Bmjvgx cöÿvc U GUv wkfv e m wó nq Zv evsv DwPZ c Y i g~j I mevi Ici cwi kva I mieiv ni GKwU cöfve _v K GUv kixôavn& Ges cöpwjz aviyv Dfq ÿ ÎB GKwU ÁvZ mz m Abyhvqx, g~j cwi kva Ges mieiv ni ZvwiL Abyhvqx h Kvb cy / mevõi eûikg g~j n Z cv i Av iv mvaviyfv e evsvi Rb awi Avgiv Kvb cy / mevi Rb wzbwu g~j bb, G jvi Rb GKwU K i c q U mieiv ni w`b wba viy Kwi Ges m jv msávwqz Kwi Gfv e: K) mieiv ni Av M cwi kv ai ÿ Î GKwU g~j ; L) mieiv ni mgq cwi kv ai ÿ Î GKwU g~j ; Ges M) mieiv ni ci cwi kv ai ÿ Î GKwU g~j - Zvn j Avgiv `L ev : ÒAb mkj kz Ges e GKB _vk jó g~j wu (K) me jvi g a Kg, (L) ga ez x g~j, Ges (M) me jvi g a ewk Gi wkqzuv e vl v Kiv hvq c Y i mgqg~j Ges cwi kva c wz w` q Z e, me P q iæz c~y welq n jv cy AR b I e envi Avcwb hlb g~j cwi kva bv K ib Kvb cy e envi K ib ZLb Avcwb Gi Dc hvwmzv bó Ki Qb Ges Gi Rb Avcwb evowz cwi kv a ivwr n Qb GKBfv e Avcwb g~j cwi kva Ki ji cövwß Z wej ^ NU Q Ges ciezx mg q e envi Ki Z cvi eb ZLb Avcwb cy wui Rb Kg g~j cwi kv a B QzK n Qb G Rb B K vwmk vj wdkvn& ipbvw` Z Avgiv mvjvg wewµ K ÔgvnvIqvRÕ (cö qvrb Ggb Kv iv Rb ) wewµ ev gykzviwkwmb ( ^íg~j AbymÜvbKvix) wewµ wn m e AwfwnZ Kiv n q Q ZvB Avgiv hw` g~j cwi kv ai mgq I cy mieiv ni w` bi g a e eav bi Kvi Y cy g~ j i GB cv_ K g b bb Zvn j gyivevnv-g evowz g~j wba vi Yi welqwu e vl v Kiv hvq d j, GUv hgb my `i aviyv _ K Av mwb Zgwb GUv A _ i mgq Dc hvwmzvi (time preference) Rb I nqwb (hw`i A _ i mgq Dc hvwmzv Gi m ½ m½wzc~y bq Ges Gi weiæ Avgv `i wezk KiviI Kv bv KviY bb) 10 Avm j, evowz g~j wu GKvšÍfv eb cy g~ j i mgq-kvvv gv (time structure) _ K D ~Z 9 KwZcq cwðz Gi mv _ Kv bv we kl ai bi ÒwbðqZvÓi d j m ó gybvdvii ^Z evb (entitlement) niqvi welqwu hvm K i Qb Avi IB M vivw U n jv g~j-gi M vivw U, hgb: kvwikvz Avj DRvqvn ev kwikvz Avj mvbvc-g ZvKveŸy ji ÿ Î gvbe kªgn Uv; m Abyhvqx G ai bi M vivw U kªg ev g~j A ¼i w` K cöevwnz nq 10 Avgv `i hyw³ n jv, mỳ MÖn Yi hšw³kzv cögv Yi Rb A _ i mgqg~j Kv bv weåvwší Qvov ev Íe wkqz bq KviY, Avgiv hlb UvKv nv Z ivwl ZLb G Z Kv bv e w N U bv Ges ÔA _ i mgqg~ j iiõ Avwef ve N U bv A _ i mgqg~ j i welqwu wbqk Av ikrb K FY `qvi mgq `vwe Kivi g a wbwnz A_ hlb A b i nv Z _v K ZLb Avgiv `vwe Kwi h ÔA _ i mgqg~ j iõ Kvi Y GKwU cöe w N U Q hw`i bm` A _ i cöwz gvby li Abyiw³ Rxe bib GKwU ev ÍeZv KviY GB Abyiw³ Avgv `i K mg qi cöwzwu gyn~ Z cq `i GKwU D PZi gvîv cö`vb K i GB Abyiw³ Avgv `i K cöe w G b ` eb Ggb Kv bv wbðqzv bb Avevi GB wekí e envi cöe w i e` j jvkmv bi KviY n Z cv i Avcwb hlb bm` A_ n Z ivlvi e` j my `i wfwë Z FY (ev F Yi e w I Rb ) `qvi Rb GKwU evrvi m wó Ki eb ZLb Zv n e ÒwbwðZfv e BwZevPKÓ GUv h Aev Íe cök wzi Zv wbe Üi ïiæ ZB Avgiv Av jvpbv K iwq Bmjvgx e vswks 21

24 Avgiv `wl e emvqxiv mvaviyz mivmwi Zv `i MÖvnK `i evwywr K FY `q Ges GB PP v g~jz cvbkvwi I LyPiv e emvqx `i g a n q _v K Zviv Zv `i wbr ^ gvwjkvbvaxb m ú` e envi K i Ges cövqb e vs Ki FYmyweavi Ici wbf i K i we kl K i, Kgvwk qvj ccvi Ges cöwgmwi bvu wwmkvdw Us-Gi gva g Zviv GUv K i _v K Ab w` K, Bmjvgx e vsk e w³ I e emvq A_ vq bi ÿ Î g~jz AvgvbZKvix `i Znwej e envi K i ZvB Giv h ai bi A_ vqb K i Zv GKvšÍfv eb Avw_ K ga ZvwfwËK G `i gybvdv AR b K hšw³k cöwzcbœ Ki Z vi ev kv-iæg Lvjvi cö qvrb nq bv KviY, GLv b Avw_ K I ˆbwZK `yõw`k w` qb cy g~j ni di niqvi welqwu cwi kva I mieivn mg qi cv_ K Øviv hšw³k e j cögvy Kiv hvq ZvB Kvb c Y i ZvrÿwYK g~j cwi kva Ges wejw ^Z cwi kv ai ÿ Î g~j cö f` (gyivevnvq evowz g~ j wewµ) Kv bvfv eb my `i AbyKiY bq eis, GUv cy ivcywi ev Íe evrviwfwëk g~j cö f` KviY, ev Íe ÿ Î (Ges kixôavn& me `v ev Íe Ae v AbymiY K i P j) g~ j i GB cö f` gvbyl g b bq KviY, cwi kva I mieiv ni mgq Aek B g~j K cöfvwez K i 11 cwi k l, mivmwi evwywr K F Yi Zzjbvq Bmjvgx Avw_ K ga Zvi me P q cv_ K m~pk ˆewkó wu n jv Bmjvgx A_ vqb ga ZvKvixiv Kv bv A_ vqbcöwµqv m wó Z Aek B wbr ^ D ` v M KvR Ki e bv Zviv KvR Ki e Kej MÖvn Ki Zid _ K D ` vm bqv n j Gi gv b n jv Bmjvgx A_ vqb ga Zv Kv bv mivmwi wewb qv Mi wkí bq; eis GwU n jv GKwU e emvi Rb mnvqk cöwzôvb hv m jvi wewb qvm I KbvKvUvq A_ vqb K i Gi Av ikwu gv b n jv, Bmjvgx e vsk hlbb wbr ^ D ` v M m ú` wkb Q ev gvwjk n Q (Zv `i wbr ^ e emv cwipvjbvi GKvšÍ cö qvr b Kbv cy ev mevi evb i) Zviv Bmjvgx A_ vqb ga Zvi gšwjk msáv j Nb Ki Q Ges ewyk `i g Zv mivmwi evwywr K FY`vZvi KvZv i P j hv Q 2.3 SzuwK cökg b kixôavnevüe c wzi D`vniY Bmjvgx e vs Ki SzuwK cökg bi Ici jlv eb q 12 Lvb Ges Avng` hyw³ `Lvb h Bmjvgx e vsk ïay cöpwjz e vs Ki g Zv SzuwK jvb enb K i bv, m jv Zv `i Ôm ú` I `v qi Abb KvVv gv _ K D ~Z bzzb I wfbœ ai bi SzuwKiÕI gy LvgywL nq Lvb I Avng `i g Z, GB bzzb I Abb ai bi SzuwK n jv e vs jv kixôavn&i wb ` kbv g b Pjvi d j m ó ZvrÿwYK djvdj Zviv Av iv e jb h, GgbwK MZvbyMwZK ev cöpwjz SzuwKi ÿ ÎI Bmjvgx e vsk hme SzuwK gvkv ejv K i Zv cöpwjz e vsk jvi SzuwKi cök wz _ K wfbœ úóz GB hyw³i Zvrch n jv Bmjvgx e vsk jvi wewfbœ ai bi ÔSzuwK wpwýzkiy cöwµqvõ 11 Avw_ K ga Zv evrv ii KvVv gv hfv e `uvwo q Av Q Zv Z ez gvb Bmjvgx e vswks Abykxj b GUv wkqzuv A úó Avw_ K ga Zv wk íi Ici mỳ wfwëk FY`vb Ggbfv e cöfve we Ívi K i Av Q, g b nq hb my `i jb `bb Kvh Z GB wk í g~j wba vik d j, Bmjvgx e vs Ki c_ e Q bqvi my hvm LyeB mxwgz nq Zv K evrv i GKv Pj Z n e A_ev e emv _ K ewi q h Z n e! 12 AvBAviwUAvB cökvkbv Bmjvgx e vswks

25 Ges wewfbœ ai bi SzuwK e e vcbv c wz I KŠkj _vkv cö qvrb Gi cvkvcvwk, wewfbœ ai bi ZË veavbi _vk Z n e Gi K qk eqi Av M jykv Gwi Kv Ges wgî dvivnekk-gi ipbv ZI GKB ai bi hyw³ `Lv bv n q Q 13 hw`i Zviv mgvwß Z e jb h, m ú` web v mi ÿ Î b~ bzg Avewk K cyuwr (minimum capital requirement) we epbvq wb Z n e, 14 Zviv hyw³ `Lvb h SzuwK mvgvj w` Z cöpwjz e vsk jvi Zzjbvq Bmjvgx e vsk jvi ewk Ôb~ bzg Avewk K cyuwrõ cö qvrb KviY, G jvi wcgjgm (profit and loss sharing) m ú` eükxwfwëk (collaterized) bq Bmjvgx e vske e vi Ici GB `yb jlvi g~j dvkvm wqj ZË veavqk KZ c ÿi ` wó KvY _ K welq jv K we køly Kiv Ges Ôb~ bzg Avewk K cyuwrõ Bmjvgx A_ vq bi cö qvrbxqzv we epbvq Avgiv GB ipbv jvi m ½ GKgZ n ji GLv b D jøl Kiv n q Q Ggb wkqz SzuwKi aib wfbœ, hgb : AvBwb I gvgjv msµvší SzuwK KviY, Avgv `i Av`vjZ jvi wewaweavb GL bv Bmjvgx A_ vq bi m ½ cy ivcywi m½wzc~y K i cöyxz nqwb 15 Z e, Bmjvgx A_ vqb cy jv wfbœ ai bi SzuwK P v jä m wó K i Ges GB SzuwKi g~j jÿ e _v K wewb qvmkvix Ges AvÛvi UKvi ( h GB wewb qvm MÖnY K i) AvÛvi UKvi-Gi SzuwK g~jz Bmÿ K Z cy cušqv bv G wel q ga cövp Ges `wÿy-c~e Gwkqv Ges cvwk Ív bi AwfÁZvq `Lv hvq, Gme ` k Bmjvgx Avw_ K c Y i Pvwn`v GZUvB ewk h cöwzwu Bmÿ B wewµi jÿ gvîv K Qvwo q hvq Ges µzv I wewb qvmkvix m jv a i iv Lb gva wgk evrv i b~ bzg my hvm _vkv ch ší GB Pvwn`vi KviY g~jz agx q Abyf~wZ GLv b A_ bwzk wnmve-wbkvk Kg KvR K i A bk M elk g b K ib Bmjvgx A_ vqb evrv ii cwiwa m úªmvwiz n j GB Abyf~wZ Avi _vk e bv ZLb AvÛvi UKvi `i A_ bwzkfv e SzuwKc~Y c _ G Mv Z n e bzzb Bmjvgx A_ vqb c Y i myweav fvmx Ges Bmjvgx e vskvi `i Rb wewb qvmkvix `i SzuwKi welqwu GKwU D Ø Mi KviY mykzk-gi g Zv Bmjvwg cvewjk Bmÿ i cöez Kiv Gme SzuwK cökg bi Dcvq LyuR Qb Zviv g b Ki Qb, agx q Db v`bvi Kvi Y m ó Pvwn`v GK mgq kl n q hv e ZLb wewb qvmkvix `i DØy Ki Z cö qvrb n e bzzb wkqzi ZvB G ai bi Bmÿ Ges Ab vb ai bi bzzb Bmjvgx A_ vqb c Y i SzuwK Kwg q Avbvi Dcvq LyuR Z bzzb d Zvqvi f~wgkvwui Av jvpbvq G m 13 jykv Gwi Kv Ges wgî dvivnekk, Islamic Banking: issues in Prudential Regulation and Supervision, AvBGgGd IqvwK s ccvi bs- WP/98/30, cöv ³, c Av ikwu wbe Ü Avwg hyw³ `wl qwq h Bmjvgx e vsk jvi m ú` cwikvvv gvi m ½ cöpwjz e vsk jvi Zgb Kv bv cv_ K bb ZvB Zv `i hgb cy iv Avjv`v ai bi SzuwKe e v MÖn Yi cö qvrb bb Zgwb cö qvrb bb AwaKZi Avewk K cyuwri AwaKš, h nzz Zv `i Avgvb Zi e nëi Ask gỳ vivevwfwëk wewb qvm AvgvbZ, hv g~jz BKzBwUi Abycv Z SzuwK m wó K i, ZvB cöpwjz e vsk jvi Zzjbvq Bmjvgx e vsk jv Z Avewk K cyuwri cwigvy Kg n Z cv i `Lyb : Basel II: Implications for Islamic Banking, 2005 mv ji b f ^i RvKvZ vq lô B Uvib vkbvj Kbdv iý Ab BmjvwgK B KvbwgKm A vû e vswks q Dc vwcz wbeü Bmjvgx e vswks 23

26 hvq jÿ Yxq welq n jv wemz K qk eqi a i d Zvqvi MwZ ek Rviv jv we kl K i wemz kzvãxi kl `yb eqi Ges IB me d Zvqvi wkqz wkqz LyeB wezwk Z wkqz ÔbZzbÕ d Zvqvi djvdj Abyaveb Ges wiev wbwl i mywbw` ó gvkvwm`-gi m ½ Zv m½wzc~y wk bv Zv g~j vq bi Rb Avgiv cö_ g Bmjvgx A_ vqb SzuwKi mxgv Ges cök wz ch v jvpbv Kie Gici SzuwK cökg bi Rb A úó ÔbZzbÕ d Zvqvi wekí wn m e gvkvwm`evüe c wzi cö Íve Kie 2.4 Bmjvgx A_ vqb Pzw³i SzuwKi aib Bmjvgx A_ vqb Pzw³ jvi weeiy Ges ˆewkó bzzb K i Zz j aiv QvovB ^Ztwm ev ÍeZvi wfwë Z G jvi SzuwKi aib ey bv Kiv hvq Avgv `i ev Íe Rxe b NUgvb mewkqzb kixôavn&q MÖnY hvm Ges G Z Kv bv hvrbxq ev AbygvbwfwËK wkqz bb Ab K_vq, GB SzuwK jvi cök wzb Zv `i SzuwKi aib wby q K i `q Bmjvgx A_ vqb Pzw³i gšwjk A_ vqb Dcv`vb jv n Q : 1. Av qi hšw³kzv cögv Yi Rb Aek B Zv m ú`wfwëk n Z n e : m ú` Kv bv e e vc Ki (D ` v³v) Kv Q n ÍvšÍi Kiv n q Q A_ev BRviv `qvi Rb ivlv n q Q ev cybivq wewµi Rb ivlv n q Q 2. A_ vq bi m ú`wfwë Zvi mnrvz cök wzi Kvi Y ( hgb dj ev DRydiv³) A_ev ev Íe evrvi kw³i cöfv e ( hgb, wrwbm I mev) c Y i e w NUv e wewb qvmkvix (m ú` RvMvb`vZv) Avq K ib Kv bv cöe w ÿg m ú `i gvwjk niqvi Rb wewµ ev BRviv A_ vq b G welqwu úó n ji Askx`vix Z i G RwÝ Dcv`v bi g a GUv Dn _v K ( Kbv c Y i A_ RvMvb`vi Ae vnz gvwjkvbv) 4. kixôavn&m Z wewb qvm Ges A_ vqb Pzw³i Rb ˆbwZK I kixôavnwfwëk hvpvb Gme ˆewk ó i wbr ^ ai bi SzuwK i q Q Z e, gšwjk welqwu n jv (Bmjvgx A_ vqb cy Acwinvh fv e ev Íe evrv ii jb `b, Z_v : m ú`, cy Ges/ev mevi wfwë Z n e) cy, 16 A _ i welqwu Kx n e, GUv wk Kv bv Askx`vix A_ vq b cyuwr n Z cv i? mevi ZvrÿwYK Reve n e ÔbvÕ KviY, A_ e w c Z cv i bv Bmjvgx A_ vqb Pzw³i Ici K vwmk vj mvwn Z GB evwn K hyw³ g b wb q ejv n q Q h A_ Ab vb wrwbm, m ú` I Drcv` bi Dcv`v bi m ½ wewbgq Kiv hvq d j, Zv Askx`vix A_ vq b cyuwr wn m ei e envi Kiv hvq Z e, kz n jv h GwU e env ii cö_g avc (cy, BZ vw` Kbvi avc) n e G RwÝ Pzw³i wfwë Ab K_vq, G RwÝ Pzw³i Kj v Y, hv me Askx`vix-wfwËK A_ vq b Dn _v K, A_ RvMvb`vZvi gvwjkvbv IB m ú ` cwiyz n e hv Kv bv G R U/Askx`vi wk b b e d j A_ e w cviqvi GLwZqvifz³ n jv Ges Zv Kv bv Askx`vix A_ vqb Pzw³ Z cyuwr ev g~j wn m e e envi Kiv hv e FY weg~z n ji GKwU ev Íe m ú` hv Kv bv Askx`vix e e vq cyuwr wn m e e envi Kiv hvq bv KviY, GwU cöe w i GLwZqvifz³ m ú ` cwiyz Kiv hvq bv kixôavn& mvwn Z G K A _ i g Zv we epbv Kiv nqwb KviY, cy Ges Drcv` bi Dcv`vb Kbvi Rb ZvrÿwYKfv e Zv cviqv hvq bv FY msmö ni Rb mgq I kö gi cö qvrb nq G Z wd Ges/ev Ab vb PvR AšÍfz ³ _v K weavq Avjv`v I úó G RwÝ Pzw³ cö qvrb nq wkš GKevi FY msmön n q M j Zv bm` ev Ab vb m ú ` cwiyz nq Gici Askx`vixwfwËK A_ vqb m úwk Z Pzw³ m úv`b Kiv hvq 24 Bmjvgx e vswks

27 mev Ges Drcv`bkxj c Y i gvwjkvbv jv fi Rb Avgiv mwz Kvi SzuwK wb q KvR Kwi ZvB, Avgv `i mvg b mw wjzfv e g~j SzuwK Ges AciPzwbwU K SzuwK _v K Avgiv h mỳ - cöfvwez evrv i evm KiwQ mlv b wøzxqwu K mvaviyfv e mỳ -nvi SzuwK wn m e AvL vwqz Kiv nq 17 hlbb Kvb Pzw³ F Yi m wó K i ZLbB FY SzuwK ev Ljvwc niqvi SzuwK m wó nq Ges h Kv bv AvšÍte w³k m ú K ˆbwZK öjb SzuwK (moral hazard risk) m wó n Z cv i h nzz g~j SzuwK Bmjvgx A_ vq b AZ ší iæz c~y, gyivevnv Ges Avw_ K BRvive e vi Ôeva evakzvc~y A½xKviÕ-Gi Kvi Y Zv eûjvs k K g M ji Ab vb ai bi A_ vq bi (Askx`vix Ges m ú`wfwëk wewb qvm) ÿ Î GUv iæz c~y we epbv wn m e _ K hvq ˆbwZK öjb SzuwKi ÿ Î GUv úóz aviwfwëk A_ vq bi P q Askx`vix A_ vq bi ejvq A bk ewk Gi gv b n jv mỳ wfwëk c wz _ K m i wm q gykvivkv ev gyivevnv Aej ^b Kiv n j mlv b ˆbwZK öjb SzuwK eû Y e o hv e Ab w` K, AciPzwbwU K - SzuwK I FYSzuwKi gvîv Ges cök wz we epbvq wb j Bmjvgx Ges cöpwjz A_ vq bi g a Zgb eo Kv bv cv_ K `L Z cv e bv KD 3. SzuwK cökg b gvkvwm`-evüe c wzi D`vniY wbe Üi GB As k K vwmk vj kixôavn& mvwn Z i mnrvz wkqz SzuwK cökgbe e v wb q Av jvpbv Kiv n e Avgiv `L ev Gme e e vi ˆewPÎ c~y cö qvm m vebv i q Q hvi gva g SzuwK Kg `Lvq Ggb d Zvqvi Øvi niqvi cö qvrbxqzv K g hv e Gme d Zvqv gv S g a Ggb a~gªrvj m wó K i hvi d j Kw_Z ÔBmjvwgK cyuwr evrviõ-gi g Zv wkqz cy m wói mvnm ˆZwi nq we kl K i mykzk Ges Ki cv iu wewb qv Mi g Zv bzzb Bmjvgx A_ vqb c Y i ÿ Î wewb qvmkvix `i SzuwK Kwg q Avb Z ek wkqz e e v Aej ^b Kiv hvq hgb : i fbÿ fvmvfvwm, mev Ges DRydiv³-wfwËK A_ vqb, cyuwrexgv, eükx, Z Zxq c ÿi M vivw U, wecixz gyivevnv (reverse Murabahah) Ges gyivevnv jvbb-ae- µwwu 3.1 i fbÿ kqvwis Ges i fbÿ kqvwis mykzk gỳ vivev e e vq Znwej cöwfkb ivlvi Rb gyrvivnv c wz cö qv Mi Ici wfwëk K i i fbÿ kqvwis aviyv cöwzwôz gỳ vivevq wbu jv fi GKwU Ask Znwej hvmvb`vi (ive Avj gvj)- Gi Rb wbw` ó Ab w` K, Avq kqvwis A_ vq b gvu i fbÿ Av qi GKwU Ask m ú` RvMvb`vZvi Rb wbw` ó ivlv nq, hv Drcv`bcÖwµqvq e envi Kiv nq ZvB i fbÿ kqvwis A_ vqb n jv Kbvi Rb IqvKvjv ev vei m ú` m wó Ges m ú` gvwjk I m ú` cwipvj Ki g a gyrvivnv-wfwëk Askx`vixZ Ñ G `ye e vi mgš^q 17 Bmjvgx A_ vqb mỳ -cöfvwez cöpwjz A_ vqb evrv ii AwZ ÿz`ª Ask wb q KvR K i ZvB GB wek evrv i Bmjvgx A_ vqb cy I we µzviv n jv g~j MÖnYKvix, g~j wba vik bq hlbb Kv bv Pzw³ F Yi m wó K i ZLbB FY SzuwK ev Ljvwc niqvi SzuwK m wó nq Ges h Kv bv AvšÍte w³k m ú K ˆbwZK öjb SzuwK (moral hazard risk) m wó n Z cv i Bmjvgx e vswks 25