Upload
thebestislamcom
View
291
Download
1
Embed Size (px)
DESCRIPTION
Murawwaja Islami Bankari Ki Chend Kharabiaan
Citation preview
Ê`†‰kÚ–^Únà
6 µVÅözŠf)ŠZg~ÅѦw 1X54 H¥iÅyhz�Ûz|Yì? 2X73 !iZg‰Ô¬gsz¬ 3X92 H‚…»ÂxZsòì? 4X
133 Zsòîg~ÅPyZÒV z%z 5X164 ™i^»ge»Ñ¦¬ 6X173 ˆgCZÅòŠV»Ñ¦¬ 7X
%zzZsòîg~ÅPyZÒV%zzZsòîg~ÅPyZÒV
7ÂeŠÜ]Ö×äÞvÛ‚åæÞ’×oÂ×o…‰çÖä]ÖÓ†mÜ!
f[ƄƈÐ)ZsòZñg»Š4øg~çÑ]Ô(„Zzgu~gzi'zi(k„Yg;ìXZô[Â=Zy»£™äcZyÃZsòg8Š¶~Ñ�Zzgøg}nZyÆ
7ìX z ïm~—™äÅÃðzÐ7Wæ{ZOŠ~)bÆ!g}~ z f!ºÅz
ƒ„5Zuy��Ñ<ÅgzÝ~Zy»Ãðiƒ*e’XŠZgZ‰x™ZcÆ»[ñÑ*i¢ãæØXÃ]hZOŠc]~
ÌŠguqÝìZrVäZsò<ZzgZsòZ›g÷Ð0ÜsÃcCuJ„7ÉiyZy~Ì{à7
gÄÅìZzgZ[:Üs¹ÐZsòJÁ‰�ɹÏZsòZ›g÷c‚…|Vz�Š~Wg„�XZϧbê
µVÆ¥iÅyhz�Ûz|Ô6uZÞZzgµVÅözŠf)ŠZg~‰Zë)bÌ�XÆ�ZiÆh~ñÑ*i¢ãæØ»zZãñ�ñ�ŠìX
‰‰ñÑ*¢ãæØÆZyèÃg{!Ñ)bÆ!g}~ñ�ZzgŠÑb‚tWD‰ëZy6g™DgìZzgZL¨gz„»³ÌñÑ*i¢ãæØZzgŠvZIDÅ}#Ö~7™DgìX…ñÑ*æØÅNgÏ»Z‹ZsÌìZzg…ÒpÌW@
ì�ëñÑ*æØÅ‚A‚wÅœÅ#¿™D�Zzgi7gÄ~ÌZyЬzy7™Dp!]Š+ÅìZzgëZv¬\Њ¬™D��z{…ŠcÈZg~ÐzZhgOXZ[ZK»zØVÃëäÃUã™ÆŠ�áù™*oƒŒXZ[ÌZy
ì�ñÑ*æØZzgZyÆgNYøg~czŸ]ÊgpgZ²Y−ÐXŠvZIDÅ}#Ö~̦Zglì�z{Zy)bÆ]ÆOñŠÑbÐKZzg6pÅÃÒ™,XZzgZ¤øg~Ãðt‚tWñÂ…ŒŠ,Xtìw™ÆÖgx�td
Z%sìZzgZkßg]~Ë̸wÃ1YYìŠg„7ìYètZ[$+»Z%s7ìXZzgX¸Z°6ŠzâVßV»æZgìz{.�ZzgZ%sÜsZk~ì�¾Å!]Zy¸Z°ÆñZ¬ìZzg¾Å#³ìX
ŒVŠZgZ‰x™ZcÆ*T?ZzgZ*fZ�gñÑ*úŠZÑs¢ã™rttg{ŠïÃWD�:
LL�|Z]W�ÛâD�Zzg4�ÂZyÆni!ãc’k~WÐ}4ßg]tì�z{¬%îG
ZÁÆnΊ~<»�ŠwѦÂxpŠiîg6‡ì�ÛâN@�ZyÆVà%:Åcz~ÅYnXóó
(7 )Zsòîg~Zq|IZ:Y{m:ëë��<ÆÂxÃiîg6‡ì™*¹Ï!ÂV6
ñsì}z‚b»ƒ*ÔZô[»g»ƒ*ÔÓ#Ö»ZkÂxÃðzùJw™*ZzgZkÐ7gZ7gZ¬zy™*XZy~ÐÃð!]Ì:
Å Ú³³^Ÿm³³_³^Ñ ƒÂZkßg]~ñÑ*úŠZÑs™r»tg{?m0™g{YCìXøg}0k:Zãz‚b�Ô:Zô[»g�Ô:ZÚj,ìZzg:Ó#ÖÐëZäŵìX¾nøg}0kZ,®„ÜsZâì�ëŠvZIDÆ‚B‚BŠZgZ‰x
ÆZô[DÅ}#Ö~ZK¦Zg�á]7™Š,XZzgz{ZLDÔZLj,Ôz‚bZzg]@|Å$zªZy6¿™zZNXëZLŠZgZÑëYÆ‚¹VS™?g=™r�ÆZzg
+B{úGE
~Ñq¥Æ‡g��z{øg}‚Bgz„~ÑqgìZzg
æ�쳆�³ç]Þ³³^]á]Ö³v³Û‚Ö׳ä…h øg~çz-™DgìX]ÖÃ^ÖÛnà!
†ZßZu |1429 @yŠZgZÑëYXYeæ6gZz~gze
уgŠZgZÑëYzZHa'Y0gu
уg
%zzZsòîg~ÅPyZÒV%zzZsòîg~ÅPyZÒV
1X:
µVÅözŠf)ŠZg~ÅѦw
eŠÜ]Ö×äu^Ú‚]æÚ’×n^!Š~Z‹~„µVÅözŠf)ŠZg~»¦gZsxÐ
_“7g‚YèZk~ÈzVÆ£tŸùƒD�X»[ñÑ*i¢ãæØÅZkÆ�ZiÆh~舊zŠg}
×’k,…7"Ã�XZqZgŠz~�ZyÅÂ[LLZsxZzg]huzg]óó -1
83 @m 79 ~v6ZqÃѦwÐóóÆÄZyÐmñ�ŠìX
Šzu~Zôm~~�ZyÆ™ñZŠ}ñß~/ZyZÑs -2
Meezan Bank's guide to Islamic ¢ãÅÂ[The Principle of 6232 @223 Æ,] Banking
ÆÄZyÐìX Limited Liability
ZgŠz’k~Â7Z%Zôm~’k~ñÑ*æؘ�XAs a humble student of Shariah,
this author have been considering
the issue since long, and what is
going to be presented in this article
should not be treated as a final
verdict on this subject, nor an
absolute opinion on the point. It is
the outcome of initial thinking on the
subject, and the purpose of this
article is to provide a foundation for
further research.
(Meezanbank's guide to Islamic Banking
P-224)
)Ñ<ÆZq¬b¤DÅwÐ~¹²�ÐZkX6g™@g;ƒVZzgZk*y~�ìw7HYg;ìZkÃZkñçq6êÁ!]:ªYñXtZqZ’Zð¨gz„»³ìZzgZk»ZÝÑ'×hïcãŠ�ÛZë™*ì(X
…ñÑ*æØƸ�ÐZ·t7ƒZX
vÅözŠf)ŠZg~»¬gspŠñÑ*æØZk»¬gs-V™ZD�X
The l imi ted l i ab i l i ty i n the
moder n e conom i c and l ega l
terminology is a condition under
which a partner or a shareholder of
a business secures himself from
bearing a loss greater than the
amount he has i nvested i n a
company or partnership with limited
liability. If the business incurs a loss,
the maximum a shareholder can
suffer is that he may lose his entire
original investment. But the loss
cannot extend to his personal
assets, and i f the assets of the
company are not suf f ic ient to
discharge al l i ts l iabi l i t ies, the
c r e d i t o r s c a nn o t c l a i m t h e
remaining part of their receivables
from the personal assets of the
shareholders.
Rather, it will be truer, perhaps,
to say that the concept of 'limited
liability' originally emerged with the
%zzZsòîg~ÅPyZÒV%zzZsòîg~ÅPyZÒV
emer genc e o f t he
corporate bodies and joint stock
companies. The basic purpose of
the introduction of this principle was
to attract the maximum number of
investors to the large-scale joint
ventures and to assure them that
their personal fortunes will not be at
stake if they wish to invest their
savings in such a joint enterprise. In
the practice of modern trade, the
concept proved itself to be a vital
force to mobilize large amounts of
capi ta l f rom a wide range of
investors.
The question of 'limited liability'
it can be said, is closely related to
the concept of juridical personality
of the modern corporate bodies.
Accord i ng to th i s concep t , a
joint-stock company in itself enjoys
the status of a separate entity as
distinguished from the individual
entities of i ts shareholders. The
separate entity as a fictive person
has legal personality and may thus
sue and be sued, may make
contracts, may hold property in its
name, and has the legal status of a
natural person in all its transactions
entered into the capaci ty of a
juridical person.
The b as i c ques t i on, i t i s
believed, is whether the concept of
a 'juridical person' is acceptable in
shariah or not. Once the concept of
'juridical person' is accepted and it
is admitted that, despite its fictive
nature, a juridical person can be
treated as a natural person in
respect of the legal consequences
of the transactions made in i ts
name, we will have to accept the
concept of 'limited liability' which will
fol low as a logical result of the
former concept. The reason is
obvious. If a real person i .e. a
human being dies insolvent, his
creditors have no claim except to
the extent of the assets he has left
behind. If his liabilites exceed his
assets, the creditors will certainly
suffer, no remedy being left for
them after the death of the indebted
person.
Now, i f we accep t tha t a
company, i n i ts capaci ty of a
juridical person, has the rights and
obligations similar to those of a
natural person, the same principle
will apply to an insolvent company.
A c omp any , a f te r b ec om i ng
insolvent, is bound to be liquidated:
and the liquidation of a company
%zzZsòîg~ÅPyZÒV%zzZsòîg~ÅPyZÒV
corresponds to the
death of a person, because a
company after its liquidation cannot
exist any more. If the creditors of a
real person can suffer, when he
dies insolvent, the creditors of a
juridical person may suffer too,
when its legal life comes to an end
by its liquidation.
Meezanbank's guide to Islamic Banking pp
223-225
FÀ:]h‡âyZzg]hZOŠc]ÅZ˜bªözŠf)ŠZg~Ðz{qª limited liability~
%ZŠìT~»gz!g»Ñqcqï‰vcÑZ•~ZLÎñƒñuâtÐicŠ{vyÐZKÃ'~g‚ìX®ZZ¤»gz!g~vyƒYñÂz{Zk»gz!g
~ÎñƒñZLuâtÅuJÂvy'ŠZ“™}ÇÔZkÐicŠ{7XZzgZ¤vÆZUXY]Zk6zZZZÑŠZYŒÛçVÅZŠZ5Æn7g}:ƒVŠZ"54è JEGEZzgŒÛnpZ{ZL!¹â0{ŒÛçVÅzZ3»_cq�‰ÆŠvfZCZUXY]~Ð7™MX
'tI�áhicŠ{Šg„ƒÇ�özŠf)ŠZg~»¦gZ’ZÖS»g7gfZŠZgzVZzg�Zz6uµVÆz�Š~WäÐZ½ZX
özŠf)ŠZg~ÆŸ‚ÃZ(g™ä»ãŠ~Ñtì�(}œ�»gz!g~µ1V~icŠ{ÐicŠ{uât»gzVÃgZáHYñZzgZ7ZEyŠÑcYñ�vyÅßg]~ZyÆÎñƒñ
uâtÆ´z{ZyÆŠvfZCZUXY]6iŠ:7}ÏXñ�Š{g]ÆgzZ`~özŠf)ŠZg~»¦g
¹ÐuâtÃÃu™ä»!¯ìX''''''
t!]½Y$Ëì�özŠf)ŠZg~ÆX»ñ�Š{œ�»gz!g~ZŠZgzVŇâã,Ð�Z
mìXözŠf)ŠZg~ƦgÆ_.Zqœ�6uvZqe{x,gBì�q�‰ÅZÐZŠ~oVÐ]ZÇ:wÅqïìXt]ZÇ:,Z¤p�ÛèìpZkÇâãZ±gqÝìZzgZkzzÐz{pŠæ¦Zzgæ¬m“Ôç5]™äZzgZL*xYGZŠÅ!gpÅZqÅqïìZzgAŠ+ÆZLÓxç5]~ZkÃÇ¿ÅχâãwqÝìXÍcÇ¿Æ£«~ts~c‡âã¿ìX
Z[ãŠ~ÎZwtZ½@ì�H‡âã¿»¦gÑ<Æ‚B_“g‚ìc7?ZZkÃt™1Yñ�‡âã¿Ã!z�Šs~ƒäÆǿŧbZ±gHYYìÂZkÆx³Æîg6özŠf)ŠZg~ÃÌt™*7}ÇXZkÅzzzZãìYèZ¤ÃðÇZy̓™%Y@ìÂZkÆŒÛnpZƒVZzgŠZ"54è JEGEÅg‚ðÜsZkÆZUNVJgSì�z{gh™%ZXZ¤Zk6ŒÛ2ZkÆZUNV
ÐiZZƒVÂiZZŒÛnÐZyÃøzxƒ*7}ÇZzgZk»ÃðæZzZ:ƒÇXZzgZ¤t!]t™àYñ�‡âã
¿ÅwÐvZy„£tzf)ŠZg-VÅqïì�Ç¿g‚츟‚ÍzŠ-ZDv6ÌÑ̓ÇX̓äÆvÅÑõ!¹ƒÏZzgË
v»¹ƒ*Z,„ì‰ZqÇ¿»%Y*Y蹃äÆv»z�Š!¹7gLXZ¤Ç
Ðøzx z ¿ÆŒÛnpZ{ZkÅ¿~ñ]ÅzƒM�‡âã¿Å¹Ð»ƒä6ZkÆŒÛnpZ{ZzgŠZ"54è JEGEÌøzxƒM�X
H�Zz6uvѬ‡âã¿ìñÑ*i¢ãæØ�Zz6uvÇâã¿ŒÛZgŠï
%zzZsòîg~ÅPyZÒV%zzZsòîg~ÅPyZÒV
�ZzgZrVä}ZsòКZÓwZzgz�Åßg]~ZkÆÂ]Â7G�pѦZ±gÐ
vÜs‡âã¿„0$ËìÔÇ¿7ZkÆnZrVäÃðѦŠ?7Š~XcŠgì�Zz{‡âã¿»ÂZEw™D�‡âyÐZyÅ%ZŠ±)Ѧ‡âyìXÇ
¿Zzg‡âã¿Æ!g}~묱‡âyÆ_.¼,f™™D�X
ä¿Å°p-VÅìX (Salmond) ‚rA person is any being to whom the law
attributes a capability of interests and therefore
of rights, of acts and there fore of duties.
(Jurisprudence by M. Farani p.118)
¿CÙz{�ìTÇâ㢊Z]zZqwÅ&¢ÐZzg³~£tZzgf)ŠZg-VÐéŒÛZgŠêìX
äÌ¿ÅZ+„°pÅìX (Gray) ¤}An entity to which rights and duties may be
attributed.
z{�Tãtzf)ŠZg-VÐéŒÛZgŠcYYìXWÐzŸs™D�X (Keeton) Zzgµ54è LGHE
In law, we are concerned with legal persons,
whether they are natual i.e., human beings
capable of sustaining rights and duties or
artificial or juristic i.e. groups or things to which
law attributes the capacity of bearing rights and
duties. (Jurisprudence by M. Farani p.118)
‡ây~øg~!]‡âãZ¾mŃCìpZ{z{ǃVªZyƒV�£tzf)ŠZg-V»·™M -i
ƒVcz{�Ûèc‡âãƒVª¤z\)ù´(cZâYƒVXà -ii
‡ây£tzf)ŠZg-VƷŇ/ÐéŒÛZgŠêìXèÃg{!Ñ!ÂVÅgzÝ~¥xƒZ�:
‡â㿇âyÅ¡¦ZzgZºZ¦ZXŠìX -1
Legal personality is therefore an artificial
creation of law. (Jurisprudence by M. Farani
p.119)
‡âyT�ZzgTÚÃeì¿ŒÛZgŠ}YìX -2
so a legal system may pesonify whatever
beings or objects it pleases. (Jurisprudence by
M. Farani p.118)
z ‡âã,ÆZºZqÅzBut legal personality remains, in essence,
merely a convenient juristic device by which the
problem of organising rights and duties is
carried out. (Jurisprudence by M. Farani p.120)
qÝtì�‡âã,ZqW‚y‡âãfg=ìTУtzf)ŠZg-VÆZOxÆXÃiHY@ìX
±‡âyÅÃ~�Zz6u)œ�uât»g~Å(
v‡âã¿ìA group of persons, such as a Joint Stock
Company or a Corporation aggregate may be
regarded as a person in law Here although the
company consists of human beings it is the
company as such, distinct from the human
beings that comprise the company, that is
regarded as a pesron in law and invested with
rights and duties. (Jurisprudence by M. Farani
p.119)
Z�ÛZŠÆù·}�Zz6uvc»g7gcÇây~¿¹YYìXvZ¤pPZâV6ŒìpZyÐsÙÆÜsvÇây~¿ŒÛZgŠcŠìZzg£tzf)ŠZg-VÃZkÐzZhHŠìX
%zzZsòîg~ÅPyZÒV%zzZsòîg~ÅPyZÒV
vZzgÑ•~�ÛtÑ•Zzgv~‰�Ût��ñÑ*i¢ãæØÆZÖp
~t�:Ñ•~CÙ¿»gz!gÆÓxZUNV»xq -1
îg6â´ƒ@ìXCÙÑqŠzu}Ñq»zVƒ@ìXCÙ¿Åf)ŠZg~7VƒCì}ÃðŠ+zZZƒZÂÓxÑ»YÐ'Z'ŠgZ~¬qƒÏ1
v~Z(7ƒ@XÑ•~ÃðÑqÑ•Z™ÆZCuât -2
ïÜeìÂïwYì1v~ÐZCuât7ïÑYYZ%‰�Ûz|GYM�X
Ñ•»ZµÐÃð‡âãz�Š7ƒ@Ôv» -3
ZµÐ‡âãz�Šƒ@ìTÿ‡âãë�XÑ•~À˜f)ŠZg~»gz!gÆZUNVJ -4
özŠ7ƒC²vÅf)ŠZg~özŠƒCìX)Zsx(61, 62 Zzg]huzg]m
vÅf)ŠZg~»H:ìZk»:�pŠñÑ*i¢ã™räCcz{ZyÆZL
ZÖp~tìThe basic purpose of the
introduction of this principle was to
attract the maximum number of
investors to the large-scale joint
ventures and to assure them that
their personal fortunes will not be at
stake if they wish to invest their
savings in such joint enterprise.
özŠf)ŠZg~ÆŸ‚ÃZ(g™ä»ãŠ~Ñtì�(}œ�»gz!g~µ1V~icŠ{ÐicŠ{uât»g~ÃgZá
HYñZzgZ7ZEyŠÑcYñ�vyÅßg]~ZyÆÎñƒñuâtÆ´z{ZyÆŠvfZCZUXY]6iŠ:7}
ÏX
pñÑ*¢ã™rÃpŠZ‹Zsì�özŠf)ŠZg~»¦gŠZ"54è JEGEZzgŒÛnŠyÇyÆnµì
ñÑ*i¢ãæØpŠ˜�XNo doubt, the concept of 'limited
liability' is beneficial to the share
holders of the company. but at the
same time, it may be injurious to
the creditors. If the liabilities of a
limited company exceed its assets,
the company becomes insolvent
and is consequently liquidated, the
creditors may lose a considerable
amount of their claims, because
they can only receive the liquidated
value of the assets of the company,
and have no recourse to i t s
share-holders for the rest of their
claims, Even the directors of the
company who may be responsible
for such an unfortunate situation
cannot be held responsible for
sa t i s f y i ng the c l a i ms o f t he
creditors.
Zk~Ãð—7�özŠf)ŠZg~»¦gvÆq�‰ÆnÆìp‚B„tŠZ"54è JEGEcµ
ìYèZ¤özŠvÆŠ-yzŒÛ£Y]ZkÆZUNVЈzi™YNÂvŠ-ZDƒ™¹ƒYCìZzgŠZ"54è JEGEzŒÛnŠyÇyZLŠ-yZzgŒÛçVÅ(~lZg
ÐøzxƒYD�Yèz{Üsvƹ”{ZUXY]~ÐZLŠ-yZzgŒÛnzßw™M�Zzg!¹
%zzZsòîg~ÅPyZÒV%zzZsòîg~ÅPyZÒV
lZgÆnZyÃq�‰JÃðg‚ð7ìXŒVJ�vÆeZ]IZyÃÌ��Äg{ÆZÝf)ŠZg�Š-yZzgŒÛçVÅ7g~ZŠZ5»f)ŠZg7¯cYYX
ZëÒñÑ*i¢ã™räZKÂ[ZsxZzg]huz
ˆg]~Ñ•ZzgvÆŠgxy��ÛtÒyG�z{Zz6¦g`�XZyÐzZãì�v»»gz!gÑ•ÐZìXZqZzgZ%s»ëZŸ†™D��tì�Ñ•~Ñq|Z]
~Üsœ„ƒ@ìz{9Z{7áM²vÆeZ]IZy9Z{Zzg½Ìzßw™D�X
pZkÆ!z�ŠñÑ*i¢ãZzgZyÆ™ñZŠ}ñß~/ZyZÑs¢ãvÅ|Æ!g}~ÐE&[»Dg�XpZkÃY+ЬñÑ*i¢ãæØÅÂ[ZsxZzg]huzg]»Z½k7#X
LL'vÅ�S:]‚tWð�ZyÆÒpÐvÑ•ÅczsZlx~ÐË~ŠZ4
7X�YäÑ•Åeg9f™Å�XZ¤pg"ÃÌZk~�áï™1YñÂ0õ90YC�Xv»tÂxZy0vV~ÐË~Ì�xz¾wŠZ476�¬Ñ•Zzgv~�ÛtCñY`�XZ[ŒVfñçÜ+Æ&Ã�X
Zqt�ѬѕZy0õ©V~«ìZzgvZy~ÐË~Ì�xz¾wŠZ47XŠzuZÃtì�'�Y™Zxä�Zlxf™
Å�z{µm7ÔÉ�YäÑ•Å%zzßgÂV»Z`ZY™ÆZkÅgzÝ~„�Ûâðì'®ZZ¤Ñ•ÅÃðßg]ZyZlx~ŠZ4:ƒZzgÑ•ÆZßwµ�~ÐËÆÜsÌ:ƒÂz{YƒÏX
ŠZÃ|]œZÑ#Öåâ~gõZvm»
ìXZrVä�Ûâcì�ZKÇgzbÆZ±gÐv(37,464 Ñ•Áy~ŠZ4ì)ZæZŠZ2zòm
Z¤pvʼnZ+S:]��czsÑ•Áy~70ðY'pZyÅzzÐÁyÅ|ps
(79 7ƒCX)m
ëë�ñÑ*¢ã™rÅt„g]ÐÏìXvZzgÑ•Æ
Šgxy�ÛtÒy™DƒñÑ•ÃÇf™HT»ÈƒZ�Ñ•-Å0ßg'Zk~ŠZ4�pZ{z{czsegƒVcZyÆ´z{ÃðZzg)czsƒZzgvZyƒÐ]ZìXQñÑ*ävÃÑ•Å)ZqZzg(n¯1ZzgQñÑ*åâ~gõZvmÅ„g]ÅgzÝ~tCŠc�Zk~ÁyÅ|Ì!¹ìX
¾nvЬѕÅÞÔÅQZkÔÅÔ™DƒñZkÊgz$gzÑ•Áy~ŠZ4™ŠcZzgZyÆ™ñZŠ}ñß~/ZyZÑs¢ã™räÂZkÆÑ•ÁyƒäÅ?
?¥ô™Š~XAs mentioned in the books and
research papers of Islamic jurists,
companies come under the ruling of
Shirkat-ul-Ainan. (Meezan bank's
guide to Islamic Banking)
)6��ñZsxÅÂ1VZzgó£ßV~èÃgì|VÑ•ÁyÆ�WC�(XñÑ*i¢ãæØÅt„g]ÌZyÆE&[ÅzzÐ
ìXLL'ZϧbvZ’ZYßÍVÃZk!]ÅŠú]
Šîì�?Zk»gz!g~øg}‚BÑqƒYî®Z�¿Zkz‰Ü~¥qÝ™g;ìz{Íc�Ñ•»
(8 çn™g;ìXóó)¥iÅyhz�Ûz|mYètìƈ�LL?Zk»gz!g~øg}
‚BÑqƒYîóóZkì»HȃZ�LLz{Íc�
%zzZsòîg~ÅPyZÒV%zzZsòîg~ÅPyZÒV
Ñ•»çn™g;ìXóóñÑ*ÃÂ-VIe’å�LLz{Šg|Ñ•»çn™g;ìXóóëë��Z¤ñÑ*i¢ã™røg~?mÐZ·t
™,Âz{ZLE&[ÐòM�Xøg~?mtì�tZziÑ•Z5uìZzgQ-ZYg{ìXZkÅzŸstì�‰ÆyhZgZzgZ’Zðuât»gZLâw5™Z‰™f�Zzg-VZyÆâw~Ñ•‡ìƒYCìXQeZ]Ii»OîHY@ì�Z]ZzgjVÆún~Zkœ�uât6»x™D�ZzgœÃ
CÙZqÆuâtÆڃЄ™ŠcY@ìXZk§bÐtÑ•Z5uìZzgQÑ•-7ìZYg{ìX
gßZ{ã 19 pŠZgZ‰x™ZcÆZq:}ñgQ|äT6ñÑ*i¢ã™rÆÌŠ\�øg~ 1425
?mÃgŠ™Dƒñ–XLLvÆz�Š~WäcLL-ZYg{óó¢zg~7ìÉ
Z&tZqLL-xg�óóìóó�áhZ[ñÑ*i¢ãÔñß~/ZyZÑs¢ãZzgŠvZg![
ŠZgZ‰xøg~?m6Šz!g{g™,XZ[ëŠz!g{ZÝñçqŧsÌ�X
vÆ»xÅ�Ì|ƒZkÅZÝt&ãŠ,�
vÆeZ]ËZyÆ»x~‚w½JËŠzu}ŧs -1
ÐæZì:ƒXeZ]ËZyûxc�œ�uâtq݃ZìZk~¶: -2
ƒXvÆeZ]IZyZzgŠvq�‰Åf)ŠZg~özŠ -3
ƒX
vÿ‡âã¯äÅzzZy&ãŠzVÃ$›40î EGEZϧbB«ŠzãŠzV6£tzf)
ŠZgcVeZ]ËZyZzgq�‰ÐzZhƒC��ÇZ¾m�ZzgŠ~ãŠÑoǃäÅzzнŒÛZg0CìX
pt!]uâtŠZgZ:f†ÃJw7ZknZkäZyãŠzVÊzu~§bÐHX
vÆ»x~‚w½JËŠzu}ŧsÐ -1
æZì:ƒXvÃ�œ�uâtq݃ZìZk~¶:ƒX -2
vÅf)ŠZg~özŠƒX -3
ZzgvaèZq�ÛèZzgs~qì-ZzgÇ7ZknZkÃZg![‡âyп‡âãzZcZzg-VZCÑqÝHZzg
t!]7g~ƒð�But legal personality remains, in essence,
merely a convenient and juristic device by which
the problem of organising right and duties is
carried out. (Jurisprudence by M. Farani p.120)
qÝtì�‡âã,ZqW‚y‡âãfg=ìTУtzf)ŠZg-VÆZOxÆXÃ)øA'*�(iHYYìX
vc‡âã,ZzgözŠf)ŠZg~ƒä6ñÑ*i¢ã»Z+Ñw
ñÑ*i¢ã™rävÆ¿‡âãƒäÃÌZzgZkÅf)ŠZg~ÆözŠƒäÃÌѬYìwHìXpŠñÑ*ZyŠz!ÂV
Ŷ0„™Dƒñ˜�XLLZ%v~Šzq,ѦZ±gÐ{mîg6
‡.ÞgZzg!FŠŠ�XZyZñgÆ!g}~Z¢ZKZ[JÅÎa»qÝZIDÆgz„Æn7
™@ìXªXtì�'v»ZCx‡âã -1
z�Šƒ@ìTÿ‡âã¹Y@ìXZ[ÎZwtì�¿‡â㻦gѬŠg„ìc7?Y{hÐZ(¥xƒ@ì�Ñ<~Í¿‡âãÅZ˜bñ�Š7pZkÆÂ]ñ�Š�)ZsxZzg]huˆg](
%zzZsòîg~ÅPyZÒV%zzZsòîg~ÅPyZÒV
ñÑ*i¢ã™rÆ7™Š{PÂ]
1. Waqf
The first precedent is that of a
waqf. A waqf is a legal and religious
ins t i tu t i on where i n a pe rson
dedicates some of his properties for
a religious or a charitable purpose.
The properties, after being declared
as Waqf, no longer remain in the
ownership o f the donor . The
beneficiaries of a Waqf can benefit
from the corpus or the proceeds of
the dedicated property, but they are
not its owners. Its ownership vests
in Allah Almighty alone.
It seems that the Muslim jurists
have t rea ted the W aqf as a
separate legal enti ty and have
ascribed to it some characteristics
similar to those of a natural person.
This will be clear from two rulings
given by the fuqaha (Muslim jurists)
in respect of Waqf.
Firstly, if a property is purchased
with the income of a Waqf, the
purchased property cannot become
a part of the Waqf automatically.
Rather, the jurists say, the property
so purchased shall be treated, as a
property owned by the Waqf. It
clearly means that a Waqf, like a
natural person, can own a property.
Secondly . the j ur i sts have
clearly mentioned that the money
given to a mosque as donation
does not form part of the Waqf, but
it passes to the ownership of the
mosque.
Here again the mosque i s
accepted to be an owner of money.
Some jurists of the Maliki School
have expressly mentioned this
principle also. They have stated that
a mosque is capable of being the
owner of something. This capability
of the mosque, according to them,
is constructive, while the capability
enjoyed by a human being i s
physical.
Another renowned Maliki jurist,
namely, Ahmad Al-Dardir, validates
a bequest made in favour of a
mosque, and gives the reason that
a mosque can own properties. Not
only this, he extends the principle to
an inn and a bridge also, provided
that they are Waqf.
It is clear from these examples
that the Mus l i m jur i s t s have
accepted that a Waqf can own
properties. Obviously, a Waqf is not
a human being, yet thay have
treated it as a human being in the
%zzZsòîg~ÅPyZÒV%zzZsòîg~ÅPyZÒV
matter of ownership.
Once its ownership is established, it
will logically follow that it can sell
and purchase, may become a
debtor and a creditor and can sue
and be sued, and thus al l the
characteristics of a 'juridical person'
can be attributed to it.
2. Baitul-Mal
Another example of 'juridical
pe rson ' found i n our c l ass i c
l i terature of Fiqh is that of the
Baitul-mal (the exchequer of an
Is l a m i c s ta te ) . Be i ng pub l i c
property, al l the ci tizens of an
Islamic state have some beneficial
r ight over the Bai tul -mal , yet ,
nobody can claim to be its owner.
Still, the Baitul-mal has some rights
and obligations. Imam Al-Sarakhsi,
the well- known Hanafi jurist, says
in his work "Al -Mabsut": "The
Baitul-mal has some rights and
obligations, which may possibly be
undetermined."
At another place the same
author says: "If the head of an
Islamic state needs money to give
salaries to his army, but he finds no
money in the Kharaj department of
the Bai tul -mal (wherefrom the
salaries are generally given) he can
give salaries from the sadaqah
(Zakah) depar tment , but the
amount so taken from the sadaqah
department shall be deemed to be
a debt on the Kharaj department."
It follows from this that not only
the Baitul-mal, but aslo the different
departments therein can borrow
and advance loans to each other.
The liability of these loans does not
lie on the head of state, but on the
c o n c e r n e d d e p a r t m e n t o f
Bai tul -mal. I t means that each
department of Bai tul -mal is a
separate entity and in that capacity
it can advance and borrow money,
may be treated a debtor or a
creditor, and thus can sue and be
sued in the same manner as a
juridical person does. It means that
the Fuqaha of Islam have accepted
the concept of Juridical person in
respect of Baitul-mal.
z� -1tZq‡âãZzgèIZŠZg{ìT~Zq¿
Z�ᮊ+cíZ]žnÐZKYGZŠ–™@ìXz�ƒäƈYGZŠz�Å!ÐòYCìZzgX6z�ƒz{Ìâ7‘ÉÜsZv¬\ZkÆâ´‘�X
›�Yäz�Ãe{‡âã,ŒÛZgŠcìZzgZkÆn¼z{Zz™sf™G��ǿƃD�Xt!]qgzfsŠzZ©xÐzZãƒCì:
Z¤z�ÅWæãÐÃðYGZŠyh~Yñ -i
%zzZsòîg~ÅPyZÒV%zzZsòîg~ÅPyZÒV
yh~ƒðYGZŠpŠlŠz�»z70YCÉz{z�Å¢uBCìXT»zZãÈtì�ǿŧbz�ÌYGZŠ»â´0YìX
KÃ�g¶P{ňz{z�»z7kÉ -ii
KÅ!~ŠZ4ƒYCìXŒVÌKÃg¶»âtHŠìX
‰âË�YäZk!]ÃÜZsÆ‚Bf™Hì�KËq»â´“ÅZqgBìZ¤pKÅtZqs~ì²ZyÅZq-ƒCìX�gâË�Z£ŠgŠkë��Kcňz¤
tCD��KYGZŠÅâ´ z YìZzgZkÅz0$ËìXz{¬uZñZzg>ÞcÌâ…�X
¾nz�Z¤pWŠò7ìpZkÆ!z�Š�Y!ÆZ±gÐZkÃWŠòŧbŠÙ�XZzgZz�c!U"ƒðÂZk»x³tƒÇ�z{yhz�Ûz|Ì™YìZzgHzñYìZzgŒÛnŠy{ÌZzgæ¦Ì0YìZzgæ¬mÌX¾n‡âã¿ÆÓxpZmÃz�ŧs™[HYY
ìX
šZÓw -2¬ãZÜkÅYGZŠƒäÅzzÐZ¤pZsò
gc„ÆÓxZ�ÛZŠšZÓw6!3©š-öEEGhgn�p
ZkÆ!z�ŠÃðZk»â7ƒ@XQÌšZÓwƼ£tzf)ŠZgcVƒC�X
�g4�Zâxu8göE
gõZvm„o~˜��LLšZÓwƼ£tzf)ŠZgcV��³7�óóZqZzg£x6z{˜�LLZ¤Zsògc„ÆZ÷ï`Å9Z�Š¶cg¶Å¢zg]ƒZzgyZ`zZáz~g¶:ƒÂz{œ‘zi2>zZáz
Ðᙊ}YìptyZ`zZáz6ŒÛnÑg
ƒÇXóóZkÐt³Àì�:ÜsšZÓwÉZkÆf~ˆJŒÛn»AŠ+™M�XZyŒÛçVÅf)ŠZg~gc„ÆZ÷67WCÉšZÓwÆ
´%6WCìXZkÐtÈÀì�šZÓw»CÙ%Zqx,ìZzgZKZkwÐz{‡âã¿Å§bŒÛn»AŠ+Ì™YìZzgæ¦Zzgæ¬mÌ0YìX¾n�ñZsxšZÓw
Ƈâ㿃äÃt™D�(LLZyÂ]Ð¥xƒ@ì�¿‡â㻦g°
$©pî EEÃð*Y¦g7ìZzg:}ZsòÆnÃðZb¦gìXZ%Z˜b¢zg5ìXóó
LLvÅŠzu~S¤�ѦZ±gЇ.Þ -2
¨gìz{'özŠf)ŠZg~ìóó)ZsxZzg]huzˆg](QñÑ*äZkƼÂ]f™GZzg–:
LLpZkXÃZ¤ZqŠzu}iZzbЊ¬YñÂt!]‚tWCì�vÅözŠf)ŠZg~ƦgÅ㊊gZÝ¿‡âãƦg6ìX¿‡âãÅ|â+ƈözŠf)ŠZg~Ãâ'Â7
(82 gLXóó)ZsxZzg]huzg]mOnce the concept of juridical
person i s accepted and i t i sadmitted that, despite its fictivenature, a juridical person can betreated as a natural person inrespect of the legal consequencesof the transactions made in i tsname, we will have to accept theconcept of limited liability which willfol low as a logical result of theformer concept. (Meezanbank'sguide to Islamic Banking p.225).
%zzZsòîg~ÅPyZÒV%zzZsòîg~ÅPyZÒV
Z[ãŠ~ÎZwtZ½@ì�H‡âã¿»¦gÑ<Æ‚B_“g‚ìc7?
ZZkÃt™1Yñ�¿‡âãÃ!z�Š�ÛèƒäÆâàç5]~¿ÇŧbZ±gHYYìÂZkÆx³Æîg6özŠf)ŠZg~ÃÌt™*7}
Ç(X¾nñÑ*¢ãæØÆZ+Ñw»qÝtì�¿‡âã
ÆÂ]Zsx~ñ�Š�Zknvÿ‡âãâ'ÜsZsx7Zzg¿‡âãÃt™äÃtÑixì�ZkÅf)ŠZg~özŠtÅYñXZz6ëvÆ¿‡âãƒäÅ|C`�TÐtÌzZãƒZ�)Ѧ‡ây˜VeLì¿ÇÃ8ÃZ0Zi™Æ�Ûè,»Z±g™ä4ìX¾n¿‡âãÆz�Šz°x~æZg±)Ѧ‡âyÆZ±g™ä:™ä»ìXpñÑ*¢ãæØäZk!]м°n7H�Ñ<Ågzп‡âãÆz�Šz°xz�Š»æZg¾6ì?
¿‡âãÆz�Šz°x»Ñ¦£gñÑ*¢ãÆCñƒñz�zšZÓwÆÂ]Ât
gnƒñZ[ëÑ<Ågzп‡âãÆz�Šz°xz�Š»æZgCD�X
z�ZzgšZÓwÆ‚B¼£tZzgf)ŠZgcVzZhƒC�pz{¡s~c"YyƒäÅzzÐ:pŠZL£tÅ
^™M�Zzg:ZKf)ŠZgcVZŠZ™M�XZ+ßg]~ZyÆnZqáàcôZyHgHY@ì�ZyÆ£t»D™@
ìZzgZyÅf)ŠZg-VÃ7gZ™@ìXZyZŠZgzVÆZUXY]ÐaèZkáà»ÃðâÃ:m7ƒ@Zkn£tzf)ŠZg-VÃZk
ÐzZh7HYYZkn6gUZŠZg{„ŧsZyÙ[HY@ìZzgZknZŠZg{Ãs~¿c‡â㿹Y@ìX
Zzg˜VÃðZŠZg{Z(ƒ�ZkÆáàz=Åuât»g~ZzgZkÆ¢ŠZ]ZkZŠZg}ÐzZhƒVZzgZkÆ¥Ã]»ÃZ{!ßZôcšzZôpŠZÏãtzf)ŠZgcVpŠZÏÆ‚BzZhƒVÏXZkßg]~Z+Ãð6g~7�ëZyÇZ¾mÃÃ
Z0Zi™ÆZŠZg}Å�Ûè,»Z±g™,Zzg£tzf)ŠZg-VÃZkÆ‚BzZh™,X®Z£tzf)ŠZg-VÅÚÑõ!Ç
¿Å§sƒÏXvÅ|tì�vÆeZ]IZLuât6Ì»x
™D�ZzgŠvq�‰Æuât6ÌÔZzgÑ•Z5uÆZyÆZÞ0™ZyÐZ]zßw™D�XñÑ*¢ãæØZkÃZYg{ÆOñÑ•Áy»çnë�ZzgeZ]IZyÃzgå0g쪒.5ÿGZzgŠvq�‰Ã]Ò545ëGFE
Y0gìª)’.5ÿG
â…�X¾nçnpZ{ZYg{»ƒcÑ•Áy»¾qweZ]IZyvÆ»gz!g~ZK§sÐZ9ZzgŠvq�‰
ŧsÐzV0™¥s™D�X»gz!g»uâtÌZy„»ƒ@ìZzgZyÆ¥Ã]»ÃZ{ÌZy„Ã!ßZôZzgšzZôƒ@
ªZ±gZÖp»7p»ƒ@ ]ÖÃf†éÖ×ÛÃ^ÞoŸÖ¡ÖË^Á zg ìZvÃÃðÑÄs~,HgìpZkÅs~ ìZkn
,»³xìZzgÇZ¾m„»Z±gƒÇªeZ]ËZy»Z݃™ZzgŠvq�‰»ZyƸÀƒ™X
vÆeZ]ËZyZzgq�‰vÆÓxŠ-yzŒÛçVÆf)ŠZgƒVÐ
ZtU"ƒŠ�œ�6uvÅs~,»Z±g7ìÉÇZ¾mªeZ]IZyZzgq�‰»Z±gì
Zzg£tzf)ŠZg-V»mÌZyÆ‚BìÂÑixWñÇ�Š-yZzgŒÛ2pZ{Ä„ƒVz{ƒZyÆf)ŠZgƒVÐX
ñÑ*i¢ãæØÆÒy™Š{özŠf)ŠZg~ÆÂ] -1
ZzgZy»�Z[
«n:â´Å§sÐg]ÅZYi]0äzZÑÝx
ñÑ*˜�XLL}~™vÅZq.eŠNnñ�Šì
�™vй„ŒÛdìXz{†âfzy°Zig>ìXtZLW‡»¢uƒ@ìZzgZkÃW‡Å§sÐ
%zzZsòîg~ÅPyZÒV%zzZsòîg~ÅPyZÒV
ˆg]ÅZYi]ƒCìX�ˆg]z{™@ìz{Ìñ\)W‡(Å¢uƒCìXZk6Z¤Š-yzZZƒVÂz{ZkÝxÅ7ÅuJ
özŠƒVÐXZkÐicŠ{»:ÝxÐ_cƒYì(83 Zzg:ñ\Ðóó)ZsxZzg]huzg]m
ëë��ñÑ*æØÅt!]Šg„7ìYè:âfzyÝxZ¤i0{ƒÂÜsZÚ7ì�ÝxÃ�Ûz|H
YñÇZzgZkÅ7ŒÛnpZƒV~„™Š~YñÏÉŒÛnpZƒVÃhqÝì�z{ÝxÃ�Ûz|:ƒäŠ,ZzgZkоð™zZ™ZLŒÛ27g}zßw™,ZzgZ¤Ýx�Ûz|Ì™ŠcYñAÌŒÛnpZƒVÃhqÝì�ZLz{WiZŠƒYñÂZkÐZLŒÛçVÅzZ3»_c™,X
æÒ³Ø�m³àæqgÂ×näejr^…éýmjÃ×Ðe†Îfjäýmf^ÅÊnäæÖãÜ]‰jŠÃ^ðå]m–^E�…Úíj^…D
EγçÖ³ämf^ÅÊnäDæŸmrç‡enÃä]Ÿe†•o]ÖdžÚ^ð]æe^Ú†]Ö³Ï^•oŸáÖ×džÚ^ðuÐ]Ÿ‰jŠÃ^ðÖn’Ø]ÖnãÜÒÛ^ÙuÏãÜE…�]ÖÛvj^…D
æm³ÏŠ³Ü$³Ûßäe^Öv’“ýæ›çÖg]ÖÛ^ƒæáeÛ^eÏo‡]ñ‚]ÂàÒŠfäæ$ÛßäeÂÂjÏäÖjφ…]Ö‚màÊo Úà]Ö‚mà
]Ö†ÎfèE�…Úíj^…D ƒÚjäæ‚ÝæÊ^ðZzg@Zt~ìX�m³çÞ³äÚj³Ã³×³Ïèe³†Îfèmf³^ÅÖ×džÚ^ð]Ÿ]ámË‚mä
æ]Ö³r³^Ú³Ä�ÊÄ]Ö–†…Âà]Öß^ŒæmÏŠÜ$Ûßä ]ÖÛçÖoý�®Úà u³ÏãÜe^Ö†ÎfèýÊ^áÊ–Ø en³ßãÜe^Öv’“ÖjÃ×Ð
�m³ç޳䛳çÖ³ge³äeÂ]Öv†mèÖjφ…]Ö‚màÊoƒÚjäæ‚ÝæÊ^ð]Ö†Îfè
Šzu~n:ÍHznñÑ*˜�XLL¿ÇÍ)Š-ZD(ƒYñŠZ"54è JEGEÜsZkÆ
ZUNVЊ+Åzßà™M�ZkÐ'×h»_c7™M'Z%Z¤z{Šz!g{"ƒYñÂZ[Q_cHYYìX
pZ¤ÍƒäÅqª~ZkÅñ]zZµƒYñÂyZ[Z¯%îGƒY@ìÔZyÆŠ-yZŠZƒäÅÃðßg]7
(82 gSXóó)ZsxZzg]huzg]mëë��ñÑ*æØ»tI�ÍHznÐ'×h_c
ÜsZkÆ"ƒä6„HYYìŠg„7YèZ#kU"™Yì@�z{�¼¾ñZk~ ƒäÆŒÛnpZ{Zk»ù
γ³³^Ùʳo]Þ³Ë³Ä ~ì …�]Ö³³Û³vj³^… gìX мzßw™@‰fn³×äÊ×’^ug]Ö‚mà]á ]Ö³ç‰^ñØ(æeÂÚ^ì×o]ÖÏ^•o
]Ö³’vnxýæÖä]ám¡‡ÚäeßËŠäæ]ìç]Þäæ m¡‡ÚäÊoÚ¡‡Úè]ÖÛ‚mçáD æÖ‚åÚÛà]ugEÚ_×gÊo
ZzgZ¤âfzyÝxZzgÍHzn%ÌYNAÌWy]ÆZ±gЊzuzV»hZyÆf)!¹gLìZzgWy]~ZyÈ[yt™*7}ÇZzg›âVÅu¾qwWy]ÆñZ~}Ð"6zZ{7ƒ$ËX®ZDÛçlÅÃðZ+ßg]?m™*cZkŦd™*ÉZk6ѦŠÑbÅeJwmJäÅÃÒ™*ZsxÆ!ÇÜsìX
Â³à‰³×³Ûèe³à]ŸÒçÅÎ^ÙÒß^q×ç‰^Âß‚]Ößfo -1
]ƒ]i³om³rß^‡éÊÏ^Öç]‘ØÂ×nã^ÊÏ^Ù Â×näæ‰×Ü ‘×o]Ö×äerß^‡é]ì†pÊÏ^Ù âØÂ×nä�màÎ^Öç]ŸÊ’×oÂ×nã^$Ü]io
ÊãØi†Õ�nò^Î^Öç]$¡$è�Þ^Þn† âØÂ×nä�màÎnØÞÃÜÎ^ÙâØÂ×nä�màÎ^Öç]$¡$è ʳ’×oÂ×nã^$Ü]ioe^Ö%^Ö%èÊÏ^Ù
‘³×³ç]Â×o �Þ³^Þn³†Î³^Ùâ³Øi³†Õ�n³ò³^γ^Öç]ŸÎ^Ù�mßä ‘³^ufÓÜÎ^Ù]eçÎj^�é‘ØÂ×näm^…‰çÙ]Ö×äæÂ×o
Ê’×oÂ×näEeí^…pD|]�0ZÃqgèZv¬\Åë�ëgÎwZv-Zv
mzÅÆ0kƸ�Zq»i{ÑcŠZzgßÍVäŠgpZ„Å�W\»i{7JŠ£XW\-ZvmzÅä7YHèÆf)¼ŒÛnì?ßÍVä�Z[Šc�7ÂW\-ZvmzÅäZkÅúi»i{7JðXQZqZzg»i{ÑcŠXW\ä7YHZkÆf)ŒÛnìX¹Š�Y;VXW\-ZvmzÅä7Y
HZkä¼F�ghZìXßÍVä�Z[Šc�&Šbggh}�XÂW\-ZvmzÅäZkÅúi»i{Ì7JðXQŠZ
%zzZsòîg~ÅPyZÒV%zzZsòîg~ÅPyZÒV
»i{ÑcŠXW\-ZvmzÅä7YHZkÆf)ŒÛnìXßÍVä�Z[Šc�ZkÆf)&Šbg�XW\ä7YHZkä¼F�ghZìßÍVä�Z[Šc�7XW\-ZvmzÅä�Ûâc�?ßvZL‚¶»»i{pŠ7|ßXZk6Z1yŠ{gèZv¬\ÅäŠgpZ„Å�Zy»ŒÛ£~ZLf)©ƒVW\»i{7JŠ£XZk6W\-ZvmzÅäZyÅúi»i{7JðX
³à]e³oÎj^�éÎ^Ù…qØm^…‰çÙ]Ö×ä]…]mk]áÎj×k -2
Ú³vjŠf³^Ú³Ïf¡Æn†Ú‚e†mÓˆ]Ö×ä ]Ö³×ä‘^e†] Êo‰fnØæ‰×ÜÞÃÜ …‰³çÙ]Ö×ä‘×o]Ö×äÂ×nä ³ßoì_^m^pÊÏ^Ù
]Ö³‚m³àÒ³„ÖÔÎ^Ùqf†mØ Ê³×³Û³^]�e³†Þ³^�]åÊÏ^ÙÞÃÜ]ŸEÚŠ×ÜD
|]Z1yŠ{gèZvÅë��Zq¿ä7Y�Z}ZvÆgÎwZ¤~ZvÅgZ{~Zk§bOHYîV�ñ™@ƒVZzgNZ[ÅZyg‚ƒVZzgWÐ(kƒV"7¢@ÂHZv
÷~æNçs™Š}ÇXgÎwZv-ZvmzÅä�Ûâc�;VXZz{¿zZ:&×ZÂW\äZÐågZZzg�Ûâc�;V1ŒÛn
Ãçs:™}ÇXZϧbƒsmZ?xäCcXÂàÂf‚]Ö×äeàÂÛ†æ]á…‰çÙ]Ö×ä‘×o]Ö×äÂ×nä -3
Ö×�ãn‚Ò؃Þg]Ÿ]Ö‚màEÚŠ×ÜD æ‰×ÜÎ^ÙmLj|]†Zv0/zgèZvÅÐgzZeìgÎwZv-Zv
mzÅä�ÛâcLÆnCÙk{çs™ŠcYñÇÎZñŒÛnÆX
³à]e³oa³†m³†³éγ^Ù…‰³çÙ]Ö×ä‘×o]Ö×äÂ×nä -4
e³‚m³ß³äujomÏ–oÂßäE�^ÊÃo( ]Ö³ÛçÚàÚÃ×Ïè 扳×ÜÞË‹]uÛ‚æi†Ú„pD
|]Z1CÙk{gèZv¬\Åë�gÎwZv-ZvmzÅФgSì)Zzg¼ z ä�ÛâcñðÅgzbZk6ŒÛnÅz
~ŠZ47ƒC(ŒVJ�ZkŧsÐŒÛnZŠZ™ŠcYñ)pZ{šZÓwÐcèÆËgŠZgÅY+ÐcèÅ
)VŠ}™cŒÛnpZƒVÅ'Z×VZkÆueZw™(X³à]Öf³†]ðe³àÂ^‡hÎ^ÙÎ^Ù…‰çÙ]Ö×ä‘×o -5
]Ö³‚màÚ^‰ç…e‚mßäm�Óç]Öo…eä æ‰×Ü‘^ug ]Ö×äÂ×näE�†|]ÖŠßèD ]Öçu‚émçÝ]ÖÏn^Úè
|]'ZY0¬i[gèZvÅë�gÎwZv-ZvmzÅä�ÛâcŒÛ¡ZgZLf)ŒÛnÅzzÐ{)Ëð(~ƒÇZzgª#ÖÆŠyZLg[Ð{ËðÅDe™}ÇX
³à]e³oÚç‰oFÂà]Ößfo‘×o]Ö×äÂ×näæ‰×ÜÎ^Ù -7
]ֳ׳ä]ám×Ï^åeã^Âf‚]eÂ]ÖÓf^ñ†]Öjo ]Ö„ÞçhÂß‚ ]á]¿ÜÞ`³o]ֳ׳ä³ßã³^]ám³Û³çl…qØæÂ×nä�màŸm‚ÅÖäΖ^ðE]uÛ‚æ]eç�]¨�D
|]Z1ñ.ZÄ~gèZvÅÐgzZeìÑ-ZvmzÅä�Ûâc�L{k{XÐZväIHìZyƈZvÆ4Šq�ƒÐ(Zk{È{á™ZkÐAÇtì�z{Zkqw
~%}�ZkÆf)ŒÛnƒZzgZkÅZŠZ5c¼:ghZƒX³àÚ³v³Û³‚e³àÂf³‚]Ö³×äeàqv³�Î^ÙÒß^ -7
…‰³çÙ]Ö³×ä‘×o]Ö×äÂ×nä ]ÖÛŠr‚ýæ q³×ç‰^eËß^ðe’†å ʳ†ÊÄ…‰çÙ]Ö×ä‘×o]Ö×ä 扳×Üq^Ö‹enà¾`†mß^
æ•Äm‚åÂ×oqfãjä Îf³Ø]ÖŠÛ^ðÊß¿†$Ü›^›ªe’†åæ]Öj�‚m‚Î^Ù ‰f³v^á]Ö×äÚ^ƒ]ÞˆÙÚà γ^Ù‰fv^á]Ö×ä]‘f³v³ß^Î^Ù ÊŠ³Ój³ß³^m³çڳ߳^æÖn×jß^Ê×ÜÞ†]Ÿìn†]ujo
Ú³v³Û³‚ÊŠ³^Ö³k…‰³çÙ]ֳ׳³ä‘×o]Ö׳äÂ×n³äæ‰×ÜÚ^Þ³ˆÙγ^Ùʳo]Ö‚màæ]Ö„pÞË‹ÚvÛ‚ ]Öj�‚m‚]Ö„p
‰fn³Ø]ֳ׳ä$ÜÂ^�$ÜÎjØÊo en³‚åÖç]á…q¡ÎjØÊo]Ö³×ä$ÜÂ^�æÂ×nä ‰fn³Ø]Ö³×ä$ÜÂ^�$ÜÎjØÊo‰fnØ
Ú^�ìØ]ÖrßèujomÏ–o�mßäE]uÛ‚D �mà|]·0†Zv09BøEIgèZvÅë��ëKÆö
~ƃñ¸'ZzggÎwZv-ZvmzÅøg}Šgxy=p�Ûâ¸�W\äZKÃW�yŧsZVðZzgŠ¬XQW\äZKÃqàZzgZC;BZK%ã6g3Zzg�Ûâc4yZv!
4yZv!H„ñ*iwƒðXë��ëZqŠygZ]{ñlgìpëäÎZñ>ðƼ)Zzg¤*iwƒD(:Š@X·gèZvÅë�Q~ägÎwZv-ZvzÅÐ7Y�z{Hñ*iwƒð¶XW\-ZvmzÅä�Ûâcz{ŒÛn
%zzZsòîg~ÅPyZÒV%zzZsòîg~ÅPyZÒV
Æ!g}~¶XZkfZ]ÅnìTÆï~·ÅYyìZ¤Ãð¿ZvÆgZ5~OHYñQi0{ƒQ)Šz!g{(ZvÅgZ{~OHYñQi0{ƒYñQ)Š~%û(ZvÅgZ{~OHYñQŠz!g{)ª#ÖÆŠy(i0{ƒZzgZkÆf)ŒÛnƒÂZJZk»ŒÛ£ZŠZ:HYñz{
¼~ŠZ4:ƒÇXZ%&§bÆßv�XÆŒÛnZv¬\ª#ÖÆŠy
ZKgØÐpŠZ@gŠ,ÐX…æp]e³àÚ^qäÚ†ÊçÂ^]á]Ö‚]ñàmÏj“mçÝ]ÖÏn^Úè]Ÿ -8
ʳo$³¡'쳡Ù]pì’^Ù…qØi–ÃÌÎçiäÊo Úài‚màæ…qØmÛçlÂß‚å ÖnjÏçpeäÂ×o‚æå ‰fnØ]Ö×äÊnŠj‚mà
]Ö³ÛŠ³×³ÜÊ¡mr‚Ú^mrãˆå]Ÿ]Ö‚màæ…qØì^ÍÂ×oÞËŠäÊn³ß³Ó³xì�nè³׳o�m³ßäÊ^á]Ö×äiÃ^ÖoFmÏ–oÂàâçŸðmçÝ
D6t 104” ]ÖÏn^ÚèEÚ†Î^é]ÖÛË^inxgÎwZv-ZvmzÅä�Ûâcª#ÖÆŠyŒÛnpZ{Ã7gZ
7gZ$!ŠÑcYñÇ1ZyßÍVÐMVä&z9Að EXVÐŒÛn1ƒXZqz{¿TÅZvÅgZ{~¸]$zgƒƒX)}ÏgŸùƒŠƒ(Zzgz{ŒÛná@�)Ïgyh™(ŠÔ6ZK¸]Ã(JñŠzuZz{¿TÆ‚tË›yÅñ]ƒƒZzgŒÛn
n%z{ZkŽz\:™YƒZzgŠZz{¿�ZLZz6i*~2ƒä»psg‚ƒÂz{ZLŠ+ÃXäcŒÛná™ïb™áXtßv��ª#ÖÆŠyZv¬àZyŧsÐŒÛnÅZŠZ5pŠ™,ÐX
ZÏugÆ*yÅzzÐ5Z‡g~gõZvm˜�X$³ÜÎn³Ø]Ö³‚]ñ³à]Ö³„pm³vf³³‹Âà]ÖrßèujomÏÄ
]Ö„p‘†ÍÚ^]‰j‚]ÞäÊo‰Ëä]æ‰Ë†æ]Ú^Úà ]ÖÏ’^”âçҳ˳^ÎèæÖÜmj†ÕæÊ^ðÊ^á]Ö×äiÃ^ÖoF ]‰j‚]áÊouÐæ]qg
iÃ^ÖoFŸá]ÖŠ×_^áÒ^áÂ×nä ŸmvfŠäÂà]Örßè]á�^ð]Ö×äÂßäe^…•^ðì’Û^ñä! ]ám©�pÂßäÊ^ƒ]ÖÜm©�ÂßämϘ]Ö×ä
Q¹Šì�ŒÛ¡ZgTÈ['Z'™äJ¼~ŠZ4~ŠZ¼ÐgzuŠcYñÇtz{ƒÇTänƒñŒÛnÃ׉ÜcZuZs~yaHƒXg;z{TäËzZZhÅzzÐ
}ÑÅzzÐŒÛn1ƒQZkÅZŠZ5Æ”gâw:ghZƒÂZyì�Zv¬\Zм6ŠZ¼Ð:gzXÐYèZ+
ßg]~¬ÂxZyÆf)W@ì�z{šZÓwÐZk»ŒÛ£ZŠZ™}ZzgZZkäZŠZ7HÂZv¬\ZkŧsÐZŠZ™,ÐZk§bÐ�ZkÆŒÛnpZƒVÃZv¬\ZL0k
мŠ}™gZè™BÐXŒVt!]icŠ{gÔ7�âfzyÝxZzgvÆeZ]I
�ŒÛnqÝ™D�ZyÃÃðJ6g~ÂH¬x6g~Ì7ƒCX
Š~nÔpg[Zzgg[ZÓwñÑ*˜�X
LLZJg[ZÓwpg[ÊzuzVÐŒÛnhÅZYi]:Š}pg"~Ìg[ZÓwÅf)ŠZg~ZkÆuâñJözŠƒCìOçZ¤g[ZÓw
äpg[ÃuâtŠcZzg'×hŒÛnhÅZYi]7Š~Q»gz!gƳ~pg[6Š-yzZZƒ‰ÂZ+ßg]~g[ZÓw»icŠ{ÐicŠ{ZkÆuâñÅuJvyƒÇZkÐicŠ{»g[ZÓwÐ_c7ƒÇÉZkÐicŠ{»f)ŠZgpg[ƒÇYèZkäg[ZÓwÅZYi]Æ%ŒÛ2n�Zknz„Zy»f)ŠZgìXZ,„¥ƒ®g�pŠ¿:™g;ìÂZkÅf)ŠZg~ÆözŠƒäÅÑopg"ÆZßw69¥xƒCìX
ZcŒVtµƒYì�½ãÓxµVÆ6ZM~t!]Šg`ƒCì�v¢zg]ÆñZµ6¶Vz){ÐŒÛnánÏZzgZzg�ßvvÆ¥ƒ®gi‘�ZyÃt!]¥xƒCì®ZZz{6ZMÊN™vÆzŠZg‘�ÂZyŧs
ÐÍcs~ZYi]ì�»gz!gcŒÛn1YYìZzgZg[ZÓwpg[ÃŒÛnÅZYi]Š}Š}ÂZkÅf)ŠZg~özŠ7gSX
%zzZsòîg~ÅPyZÒV%zzZsòîg~ÅPyZÒV
pZkµ»t�Z[ƒYì�6ZM„~t!]ÌŠg`ƒCì�¥ƒ®giÅf)ŠZg~özŠƒÏT»ÈtƒZ�zŠZgzVŧsÐvÃŒÛnhÅZYi]ZkÑoÆ‚BƒCì�ë6ZyŒÛçVÅf)ŠZg~ÎñƒñuâñÐicŠ{:ƒX®ZZkÅ9ntì�g[ZÓwpg[ÃZkÑoÆ‚BŒÛnhÅZYi]Š}�ZkÅf)ŠZg~z{pŠ'ŠZ“™}Xóó)Zsx
(82 Zzg]huzg]mëë��ñÑ*»t7gZ¯x&Z±gÐûÃìX
ñÑ*æØäŒVŠ+ZzgŒÛnÃi™ŠcXpg"Ç -1
ƒÂpg[ÃŒÛnh»Z(g7ƒ@ZJg[ZÓwpŠZkÅxîg6ZYi]:Šh}²pg[Ã×cZŠJgâwyhäZzg
�Ûz|™ä»Z(gƒ@ìXâwZŠJgyhäЊ-yzZZƒD�Xpg[äg[ZÓwÅZYi]Æ%ŒÛnnƒVÂZyÅf)ŠZg~Âpg[6ƒÏpŠ-yÅf)ŠZg~Âg[ZÓw6ƒÏX}g[ZÓwäpg[ÃZqÑÄgzBŠcXpg[ä�kDÙZg»‚âyZŠJgyhZXQËŠgCWÄÐt‚gZâwZzg×~huƒÂg[ZÓw'×h�kDÙZg»ŸðƒÇX
æm³Û³×Ô]Ö³Û–^…hÊo]ÖÛ_×Ïè]ÖjoÖÜiÏn‚ý -1
470, ʳ^‰³‚]eßÏ‚æÞŠnòèÚjÃ^…ÊèE�…Úíj^…” ]ÖfnÄæÖçD540
æŸmÛ×Ô]ŸÎ†]šæ]Ÿ‰j‚]Þèæ]áÎnØÖäƒÖÔ]p]ÂÛØÖnŠ^Úà‘ßnÄ]Öjr^…Ê×Üm‚ì¡Êo]ÖjÃÛnÜÚ^ÖÜ ŸÞãÛ^ e†]mÔ
D4t541 E�…Úíj^…” mß“]ÖÛ^ÖÔÂ×nãÛ^ÊnÛ×ÓãÛ^EγçÖ³äæ]Ÿ‰j³‚]ÞèDÒ³Û³^]ƒ]]�j†p‰×Ãèe%Ûà�màæ
ÚàÚ^Ù]ÖÛ–^…eè�òoÚàqß‹ƒÖÔ]Ö%Ûà! Ön‹Âß‚å]ÖÛ–^…eèæÖÜmÓà q³ßŠäÒ^á�†]ðÂ×o Ê×çÒ^áÂß‚åÚà
D4t 541 Úà]Ÿ‰j‚]ÞèÊo�òoE…�]ÖÛíj^…”ñÑ*æØ»tWy~]�LLg[ZÓwpg[ÃZkÑoÆ -2
‚BŒÛnhÅZYi]Š}�ZkÅf)ŠZg~z{pŠ'ŠZ“™}óóZ¤ZkÐ%ZŠÇŒÛnìpZ{X„lZg»ƒÂZkÑoÃÎ*„
‰wìYèpg"ǃAÌpg[ÃŒÛnhŠ¶»Z(g7ƒ@XtZ(gZÏz‰ÜMìZg[ZÓwpŠZkÅx
îg6ZYi]Š}Š}XZzgZ¤ñÑ*æØÅ%ZŠì�uâñÅuJg[ZÓw -3
pg[ÃŒÛnhÅZYi]ŠêìicŠ{Å76�t!]ñÑ*ÆZk]ÐÈVì�LLzŠZgZyŧsÐvÃŒÛnhÅZYi]ZkÑoÆ‚BƒCì�ë6ZyŒÛçVÅf)ŠZg~ÎñƒñuâbÐicŠ{:ƒXóóAÌt"!]Å!]ìYèg[ZÓwpg[ÃZqÑÄgz9ŠêìZzgHì�»ŒÛnh
ÅZYi]ìpí6vg}nƒñŒÛn»f)÷}ÎñƒñuâñÐicŠ{:ƒÇXpg[ZkæzoZYi]6ËЊkDÙZggz9ŒÛn©ìZzgÀZqÑÄŠkDÙZg»‚âyyh@ìXQËŠgCWÄЂgZâwhuƒY@ìXZ[pg[g[ZÓwÃHì�?äuâñÅuJŒÛnhÅZYi]Š~¶Zzg
~äÜsŠkDÙZg»ŒÛn1ìX®Z?ZkŒÛnÆŠ¶Æf)ŠZgƒXZzgtßg]ŠkDÙZggz9ÂHÜsŠkgz9ÆŒÛn~
ÌYg~ƒCìX¾nŒÛn~özŠf)ŠZg~Åßg]Üstì�g[
ZÓwpg[ÃŒÛnhÅZYi]u}„Ð:Š}@�:Âg[ZÓw6ŒÛnÅf)ŠZg~WñXZzg:„ZkÃŒÛn»ÃZ{q݃�Zk§bƒ@ì�pg[ŒÛnÅg¶Ìˆg]~Î@ìT
ЪCÙì�œicŠ{ƒ@ìXZϧbvÆ¥ƒ®giÅŒÛn~f)ŠZg~ÜsZÏ
ßg]~özŠƒÏZZyŧsÐeZ]IZyÃŒÛnhÅZYi]Þ:ƒzg:Zk»ÈÂtƒÇ�z{ŒÛnÆo«ÂË
uÆ%¢eT�²ŒÛnÅf)ŠZg-VÃZLZz6özŠÉÆŸ‚ÆÜsìX ]ÖdžÝe^ÖÇßÜ DzŠgeT�Xt!]
ñÑ*¢ãæØÅ?m�özŠf)ŠZg~ÜsêµV -II
JgìñÑ*æؘ�
So, the concept coul d be
%zzZsòîg~ÅPyZÒV%zzZsòîg~ÅPyZÒV
restricted, to the public
companies only who issue their
shares to the general public and the
number of whose shareholders is
so large that each one of them
cannot be held responsible for the
day- to- day affairs of the business
and for the debts exceeding the
assets.
As for the private companies or
the partnerships, the concept of
limited laibility should not be applied
to them, because, practically, each
one of thei r shareholders and
pa r t ne rs c an e as i l y ac qu i r e
knowledge of the day-to-day affairs
of the business and should be held
responsible for all its liabilities.
There may be an exception for
the s leep ing par tners o r the
shareholders of a private company
who do not take part in the business
practically and their liability may be
limited as per agreement between
the partners.
If the sleeping partners have a
l i m i t e d l i a b i l i t y u n d e r t h i s
agreement, it means, in terms of
Islamic jurisprudence, that they
have not al lowed the working
partners to incur debts exceeding
the value of the assets of the
business. In this case, if the debts
of the business increase from the
specified limit, it will be the sole
respons ib i l i ty o f the work ing
partners who have exceeded the
l imi t . (Meezanbank 's guide to
Islamic Banking p 231, 232)
®Zt¦gÜsêµVJözŠg3YYì�ZL‰êÆnYg~™C�ZzgXÆq�‰ZãicŠ{ƒD��Zy~ÐCÙZqÃgzi%{ÆgCç5]ZzgZUNVÐiZZŒÛ£Y]»f)ŠZg7¯cYYX
˜VJ6ZÇfvcÑZ•»mìÂZy~özŠf)ŠZg~7ƒãe’YèZy»CÙqï‰cCÙÑqgzi%{ÆgCç5]6zZ�ƒYìZzgZknz{ZkÅÓxZŠZ°V»f)ŠZg0YìXZ%
( S l e e p i n g 6ZÇfvÆ)’.5ÿGÑq
cqï‰�g]~nÑq7� Partner)
ZyÅf)ŠZg~özŠƒ$ËìXZ¤Ñ»YÆâÎõDÆ�)
’.5ÿGÑqÃözŠf)ŠZg~q݃¨Z±gÐ-VŒYñÇ�ZrVä’.5ÿGÑ»YÃZUXY]ÐicŠ{ŒÛnhÅZYi]7Š~XZkßg]~Z¤»gz!g~ŒÛnZUXY]ÅâqÐzi™YNÂZyÅf)ŠZg~¡
’.5ÿG6ƒÏXëë�ñÑ*¢ãæØÅZk„g]~ÌP!'ûÃ�
ñÑ*ä¬Ât–�LL6ZÇfvZzgÑZ•~özŠ -1
f)ŠZg~7ƒãe’óóZzgZkÅzztCð�LLZy»CÙqï‰cCÙÑq»gz!gÆgzi%{ç5]6zZ�ƒYìZzgZknz{ZkÅÓxZŠZ°V»f)ŠZg0YìXóó
%zzZsòîg~ÅPyZÒV%zzZsòîg~ÅPyZÒV
â>{ZÖpªCÙqï‰cCÙÑq~ÀxÅzzÐ)
’.5ÿGÑqÌŠZ4ìZzgCÙz{qï‰Ì�ˆg]~nÑq7X
pŠzu}„xñÑ*t˜�LLZ%6ZÇfvÆ)’.5ÿGÑqcqï‰�g]~nÑq7�ZyÅf)ŠZg~özŠƒ$ËìXóó
ñÑ*æØÅZk!]ÃÌt™1Yñ�6ZÇfv -2
Æ’.5ÿGÑ»Y�g]~nÑq�Zzggzi%{Æ»gz!g~ç5]ZzgvÆZUNVZzgŒÛ£Y]Å,ÐzZ�ƒD�Zzg7ƒM�ZyÅf)ŠZg~özŠ7ƒãe’ÂQ¸!]ëÔêvÆeZ]IZyÆ!g}~ÌÈM��z{gzi%{Æ»gz!g~ç5]ÐzZ�ƒD�ZzgÓxZUNVZzgŒÛ£Y]Å,ZyÆ‚tƒCìYèz{pŠ„ƒ¼™gìƒD�®ZZyÅf)ŠZg~ÌözŠ7ƒãe’X´z{Zi,pŠñÑ*pg[Zzgg[ZÓwÅnÒy™Dƒñ˜�:
LLpŒVѦÃÐZÝZDwtì�pg"~g[ZÓwÅf)ŠZg~ÂözŠƒCì1pg[Åf)ŠZg~özŠ
7ƒCX®ZŠZ"54è JEGEg[ZÓwÆuâñ~iZZŠ-ypg[Ðzßw™M�OçŠZ"54è JEGE»f)yZ[7ƒ@Xóó)ZsxZzg
(82 ]huzg]m¾nñÑ*æØÅpŠÅCðƒðpg"ÅnÊBcZk
!]Ã7ÃgO�êvÆeZ]IZyÓxZñgÐ:ÜszZ�ƒD�ÉpŠ‘s̃D�XñÑ*æØÆ0k
êvÆeZ]IZzg6ZÇfvÆeZ]IÆŠgxy�Ût™äÅÃðkzz7ìZzgz{�Z[~ÜsZÚë��:
LLpvÆeZ]IZyÅf)ŠZg~ÌözŠìZzgpŠv�¿‡âãìZkÅf)ŠZg~ÌözŠìXóó
qÑèg™ä»£xÂì�ZeZ]IZyÆf)ŠZg~ƒäÆÓxZò[ñ�Š�ÂQ)Ѧ±‡âyäZyÃYVÃZ0ZiHZzgZq�Ûè¿»–gZá™ZyÃâàDYV�ÛZëHZzgHÑ<ZkÅ@Gc¦d™CìX
vÅözŠf)ŠZg~Æh~Š~ˆñÑ*¢ã -III
ÅZqZzgŠ?ZzgZk»�Z[ñÑ*i¢ãæؘ�X
LLSî²vÆ‚Bçn™äzZÑtŠN™çn™@ì�tv™ì÷ZhÜsZUNVÅu
ì�™vÆ‚B™r z JözŠƒÇX¸z¢zg~ƒ@ìXQvÅäÅÌ�áùƒCgSìXŒÛnŠ¶zZÑäÅÆfg)Ðv»âàZPxŠN™ŒÛnŠêìX¾]�¿Ì™vÐ
çn™@ìz{Zù>™@ìXZk~Ën»Šð�c(83 �ÛZe7ƒ@Xóó)ZsxZzg]huzg]m
ñÑ*æØÅ!]»�Z[tì�Zsx~Š+zŒÛnÅf)ŠZg~ЧzÙÆÜsŠz„§j�ÔcÂHznÅY+ÐZŠZ5cŒÛnŠy{zŠZíÅY+Ðç°X
]Ö³‚m³à]Ö³’vnxâçÊo]Öjßçm†æÆn†åÚ^ŸmŠÏ¼]ŸD37, 24 ]ÖÛr×ä” ]Ÿe†]ðE�†| e^Ÿ�]ð]æ
Z[ZÑ<ŒÛnzŠ+ЧzÙÆÜsŠz„§jCCìZzgZyÆ:ƒDƒñŒÛnzŠ+Åf)ŠZg~ê#ÖJ!¹CCìZzgŒÛnhÅÃð6g~Ì7ìÂözŠf)ŠZg~
ÜsuâtŠZgZ:f†»DìXÂZk»ùZ±gHYYìX´z{Zi,Zk~&!'ZzgÌ�X
‰ëäVwŠ}™Ccå�vyËŠgCWÄÐ -1
Ze7̃YìX®ZvÆâàZPxÊN™Š+»çn™äÆ!z�ŠŠZíÃvyZVäÅâ"W$ËìTÆnz{f6îg6»g:ƒX
vÃŒÛn¬xîgÐËVZzgâ1CZŠZgzVÐX� -2
�vÐÌ(|™uâtŠZgZ:f†gn�Xz{g‚z¤z~Æ%ÂŒÛnŠï„7XvÆâàÄg{c)qÑ]Æ!z�ŠZ¤z{â1CZŠZg}g‚ÅZÝâqÐ}(|™ŒÛnŠï�ÂZ(ZyÆ5i}ÅvÆ‚BBÛЄƒYìX
vÅâàqª¼$zgŠN™ÌZ¤ÃðZkÆ‚BŠ+ -3
%zzZsòîg~ÅPyZÒV%zzZsòîg~ÅPyZÒV
»çn™@ìŠ+Åzßàŵ6™@ìXpZ{Z™!c¹”{vÆZUNVÐXç°Åâ"ÂZkÆWCìZzgvÇâãîg6�özŠf)ŠZg~qÝìZkÅãŠ6Zkŧsç°Ô™äÙ[Ì7HYYZzgZvÅY+Ðç°ÅÔ7ìŠZíŧsÌ
çs™äÃlg7â*YYX®ZñÑ*æØ»t�Ûâ*�LL�¿Ì™vÐçn™@ì
z{Zù>™@ìZk~Ën»Šð�c�ÛZe7ƒ@óó|йŠzgìXZ¤t¹Yñ�ŒÛnŠy{ÅY+ÐZ'ZYZ¤¤ƒZzgz{
-V¾�#Vqª~æ-y'~ƒÇZzgZkÊ+çsƒÇÂtYìZzgZÏÅãŠ6…ZÅ©ªî EGZÑsòäözŠf)ŠZg~ÃYŒÛZgŠcìÂZkÆ�Z[~:
ëë�v‡ìƒDƒñ„ZLnözŠf)ŠZg~»‡âã -1
hqÝ™gì�Ñ<ÅÃ~ÕìXZ'ZYŠZízæ-yÆŠgxy»!bçnìT~ŠZíà -2
Z(gƒ@ì�z{æ-yÊ+çs™}c:™}c™}¤™}Z�ŒVözŠf)ŠZg~ƇâyÅzzЊZí»Z(g„R[ìX
ŠZíŧsÐZ'ZY¤ÌËz‰Ü70cY@qÑè -3
Z'ZYZk»»xìXZkŧsÐÜs{ñÙƒCìX¿ÇÅñ]c¿6Š+Åç°Ã¤™*‡.Þû -4
ìXpŒV¿Ç6¿‡âãêk™*!ëZzgªkìZÖgtìYèët¬Òy™`��LLz�ZzgšZÓw¡
s~c"YyƒäÅzzÐ:pŠZL£tÅ™M�Zzg:ZKf)ŠZgcVZŠZ™M�XZ+ßg]~ZyÆnáàc
ôZyHgHY@ì�ZyÆ£t»D™@ìZzgZyÅf)ŠZg-VÃ7gZ™@ìXZyZŠZgzVÆZUXY]ÐaèZkáà»
ÃðâÃ:m7ƒ@Zkn£tzf)ŠZg-VÃZkÐzZh7HYYZzg6gUZŠZg{„ŧsZyÙ[HY@ìZzgZÏzz
ÐZŠZg{Ãs~c‡â㿹Y@ìXZzg˜VÃðZŠZg{Z(ƒ�ZkÆáàc=Åuât»g~Zzg
ZkÆ¢ŠZ]ZkZŠZg}ÐzZhƒVZzgZkÆ¥Ã]»ÃZ{!ßZôcšzZôpŠZÏãtzf)ŠZgcVpŠZÏÆ‚BzZhƒVÏXZkßg]~Z+Ãð6g~7ì�ëZyÇZ¾mÃÃZ0Zi™ÆZŠZg}Å�Ûè,»Z±g™,Zzg£tzf)ŠZg-VÃZkÆ‚BzZh™Š,X®Z£tzf)ŠZg-VÅÚÑõ!ǿŧsƒÏX
%zzZsòîg~ÅPyZÒV%zzZsòîg~ÅPyZÒV
2X:
H¥iÅyhz�Ûz|Yì?eŠÜ]Ö×äu^Ú‚]æÚ’×n^
¥iÅ|¥iÅ|tì�ZziÂtѱïGLZñZwìZzgQ“¨åGLZYg{
ìXZkÅzŸstì�ZZqv‡ìÅYCìÂZk»§itƒ@ì�Z’ZYêPuât»g)�F¹Š¶zZázŠZgBD�(ZqY%A™ÆZzgZ°zçZ*³™Æ´u»g~YÐZKgZc™ZD�XZϧbËxJÐtJ-qÝÅYCì�Z¤7™Š{‰6uât�ÛZë:ƒnÂJZãZã{yhäûgìXgZcÆZ3gÆfg)v~&g=¥i)‰(Ñ•Å?ZzgÀòæÅYCìXL¬Ðñ�ŠvÌZL»gz!gÃ�ÛzrŠ¶Æ
núZxÃuât»g~Æn?7¿™CìXpZ×ßvZKZK¸]ZzgAÆ_.ÁcicŠ{{yhD�XZk§bÐ
‰ÆyhZgzVZzgZ’Zðuât»g~™äzZßV»uâtuƒY@ìtѱïGLZñZwÅßg]0YCìXZ’ZY~„CÙÂt‰ÅyhƒCìÔpŠg|tZßÍV»ZLuâtÃZ‰™äÅßg]ìX
tuât�¥iÅyhÅßg]~½HY@ìZknHY@ì�vÆeZ]IZyz){Zkuât~»gz!g™,Xv
ÆeZ]IZyZk»x6Z]zßw™D��vÆZyZY]Åæ~ÑgƒCìXÓxZyZY]ïw™�œƒ@ìz{¥ƒ®gi)ªZô[‰(6ZyÆuâtÆڃЄ™ŠcY@ìXZk»§itHY@ì�uâtÃ}ŠkŠkgz9ƉÅ
ßg]~1Y@ìZzgœÃÀ‰~„™ŠcY@ìXvÆ
eZ]IZyZKœÅZ]zßw™D�ZzgZLuât6°zœ~Šzu}zŠZgzVÆ‚B)z~îg6ÑqƒD�Ô®ZtуZYg{)ªZ]6»x™ä(Åßg]ìXZzgZ¤p²s¬x~ZkÃÑ•¹Y@ìXpѦÃÐtçnÑZ•»
7ìÔÉZYg{»ìX
ñÑ*i¢ãæØ»ñ�ZzgZkÅïøg~ZkïÆ'@ñÑ*i¢ãæØZzgZyÆ
™ñZŠ}ñß~/ZyZÑs¢ãZkÃÑ•Áyì6�XZkaëZyÅï»Y{f�:
ñÑ*i¢ãæØäZKÂ[LLZsxZzg]huzˆg]óó~vZzgÑ•ÆŠgxyP�Ûtf™G��ZyÆZLZÖp~t�:
Ñ•~CÙ¿»gz!gÆÓxZUNV»xq -1
îg6â´ƒ@ìXCÙÑqŠzu}Ñq»zVƒ@ìXCÙ¿Åf)ŠZg~7VƒCì}ÃðŠ+zZZƒZÂÓxÑ»YÐ'Z'ŠgZ~!ið0qƒÏ1
v~Z(7ƒ@XÑ•~ÃðÑqÑ•Z™ÆZC -2
uâtïÜeìÂïwYì1vÐZCuât7ïÑYYZ%‰�Ûz|GYM�X
Ñ•»ZµÐÃð‡âãz�Š7ƒ@v -3
»ZµÐ‡âãz�Šƒ@ìTÿ‡âãë�XÑ•~À˜f)ŠZg~»gz!gÆZUNV -4
JözŠ7ƒCZ�vÅf)ŠZg~özŠƒCìX(61,62 )m
ëë�ZyÆ´z{ZqZzg�ÛtÌìZzgz{t�Ñ•~Ñq|Z]~Üsœ„ƒ@ìXz{9Z{7áMZ�vÆeZ]ËZy9Z{Zzg½Ìzßw™D�X
øg}ZkCñƒñ�ÛtÆ�Z[~:~qg`ñÑ*?gæZ£™rg¶Zv 7 ZŒZ2z~`
%zzZsòîg~ÅPyZÒV%zzZsòîg~ÅPyZÒV
Æ:}»jZ!ŠcY@ìXqÑèZk:}~Ñq°ZÓwÐZ]6»x™Zä»f™ìÑqÑ•ÁyÐZ]6»x™Zä»f™7ìX?™rg¶Zvä�)bf™G�z{ZknÆ�:
γ^Ù]ŸÚ³^Ý]Ö³v³’³Ó³Ëo…uÛä]Ö×äiÃ^ÖoFæÖç]‰j^q†å7t321 Ö³v³Û³Ø›³Ã^ÝÚ�j†ÕenßãÛ^Ê¡]q†ÖäýXX”
]uŠà]ÖËj^æp!γ^Ù]ŸÚ³^Ý]Ö³Û³†Æn³ß³^Þ³o…uÛä]Ö×ä]‰j^q†åÖnvÛØ
e³^ֳ߳’Ì]¤ì³†un³&ŸmrgÖä]Ÿq†Ÿá Þ³’Ì›³Ã^Úä]Ö³ÛŠj³^q³†Ú³×Ô]Ÿq†Êo]Öv^Ùe^ÖjÃrnØÊ’^…Ú�j†Ò^
Ú�j³†ÕenßãÛ^Ÿ en³ßã³Û³^æÚà]‰j^q†…q¡ÖvÛØ›Ã^ÝÖ³ßËŠä! m³r³g]Ÿq³†ŸáÚ³^Ú³àqˆðmvÛ×ä]ŸæâçÂ^ÚØ
D7t 322 E]uŠà]ÖËj^æpF”
ñÑ*i¢ãæØ»E&[ñÑ*i¢ãæØvÅѦwÐc™Dƒñ
ZKÂ[ZsxZzg]huzˆg]~˜�ZzgZLE&[»ZÖg™D�X
LL'vÅ�S:]‚tWð�ZyÆÒpÐvÑ•ÅczsZlx~ÐË~ŠZ47X�YäÑ•Åeg9f™Å�XZ¤pg"ÃÌZk~�áï™1YñÂ0õ90YC�Xv»t
ÂxZy0vV~ÐË~Ì�xz¾wŠZ476�¬Ñ•Zzgv~�ÛtCñY`�XZ[ŒVfñçÜ+Æ&Ã�XZqt�ѬѕZy0õ©V~«ìZzgvZy~ÐË~Ì�xz¾wŠZ47XŠzuZÃtì�'�Y™Zxä�Zlxf™
ßgÂV z Å�z{µm7ÔÉ�YäÑ•Å%z»Z`ZY™ÆZkÅgzÝ~„�Ûâðì'®ZZ¤Ñ•ÅÃðßg]ZyZlx~ŠZ4:ƒZzgÑ•ÆZßwµ�~ÐËÆÜsÌ:ƒÂz{YƒÏX
ŠZÃ|]œZÑ#Öåâ~gõZvm»ìXZrVä�Ûâcì�ZKÇgzbÆZ±gÐv
(3`464 Ñ•Áy~ŠZ4ì)ZæZŠZ2zòmZ¤pvʼnZ+S:]��czsÑ•Áy
~70ðY'pZyÅzzÐÁyÅ|ps(79 7ƒCX)m
ñÑ*¢ã™rÅt„g]ÐÏìXvZzgÑ•ÆŠgxy�ÛtÒy™DƒñÑ•ÃÇf™HT»ÈƒZ�
Ñ•-Å0ßg'Zk~ŠZ4�pZ{z{csegƒVcZyÆ´z{ÃðZzg)czs̃ZzgvZyƒÐ]ZìXQñÑ*ävÃÑ•Å)ZqZzg(n¯1ZzgQñÑ*åâ~gõZvmÅ„g]ÅgzÝ~tCŠc�Zk~ÁyÅ|Ì!¹ìX
¾nvЬѕÅÞÔÅQZkÔÅÔ™DƒñZkÊgz$gzÑ•Áy~ŠZ4™ŠcZzgZyÆ™ñZŠ}ñß~/ZyZÑs¢ã™räÂZkÆÑ•ÁyƒäÅ?
?¥ô™Š~XAs mentioned in the books and
research papers of Islamic jurists,
companies come under the ruling of
Shirkat-ul-Ainan. (Meazanbank's
guide to Islamic Banking)
6��ñZsxÅÂ1VZzgó£ßV~èÃgì|VÑ•ÁyÆ�WC�X
Ðz ñÑ*i¢ãæØÅt„g]ÌZyÆE&[ÅzìX
LL'ZϧbvZ’ZYßÍVÃZk!]ÅŠú]Šîì�?Zk»gz!g~øg}‚BÑqƒYî®Z�¿Zkz‰Ü~¥qÝ™g;ìz{Íc�Ñ•»
(8 çn™g;ìXóó)¥iÅyhz�Ûz|mYètìƈ�LL?Zk»gz!g~øg}‚BÑqƒ
YîóóZkì»HȃZ�LLz{Íc�Ñ•»çn™g;ìXóóñÑ*ÃÂ-VIe’å�LLz{Šg|Ñ•»çn™g;ìXóó
%zzZsòîg~ÅPyZÒV%zzZsòîg~ÅPyZÒV
ñÑ*æØÆaE&[Ðå»gZ3
ëë��Z¤ñÑ*i¢ã™røg~?mÐZ·t™,Âz{ZLE&[ÐòM�Xøg~?mtì�tZzÑÑ•Z5uìZzgQ-ZYg{ìXZkÅzŸstì�‰ÆyhZgZzgZ’Zðuât»gZLâw5™Z‰™f�Zzg-VZyÆâw~Ñ•‡ìƒYCìXQeZ]Ii»OîHY@ì�Z]ZzgjVÆún~Zkœ�uât6»x™D�ZzgœÃ
CÙZqÆuâtÆڃЄ™ŠcY@ìXZk§bÐtÑ•Z5uÆÑ•-7ìZYg{ìX
ŠZgZ‰x»Zq:~|1425 gßZ{ã 19 pŠZgZ‰x™ZcÆZq:}ñgQ
äT6ñÑ*i¢ã™rÆÌŠ\�øg~?mÃgŠ™Dƒñ–X
LLvÆz�Š~WäÆnLL-ZYg{óó¢zg~7ìÉZ&tZqLL-xg�óóìZzgZ
vz�Š~WYCìZzgúZxZk~zŠZg‘�ÂZqºmæ]ÆZ0gZk»¬xZ°kšcY@ìT
~Óx¥ƒ®giÅzzãÐvÆeZ]ËZyÉGYD��vÆ»gz!gÃ`D�ZzgZkÆnœ™D�X
teZ]ËZyLZL»x69Z{f�ZzgL7fXZ¤z{9Z{zßw:™,ÂeZ]ËZyZzg¬x¥ƒ®giÆŠgxyu}ÐÃð-ZYg{ì„7ZzgZ¤z{9Z{zßw™DƒVÂZyÆŠgxyZq-ZYg{
:îg6z�Š~W@ìXóóøgZ�Z[
ZkÆ�Z[~ëë��vÆz�Š~WäÆn¡ZâÑoƒCì�Puât»guât½™,ZzgZqY%A™ÆZzgZ°zçZ*ð™ÆÓ#ÖÐZkÅgZc™ZBX
Z7¸Z°zçZ*~t!]Ì�áïƒCì�ɃäzZáeZ]ËZyZ]6»x™,ÐX¾n¬„ÐZ]6»x™ä
ÅYðƒCìXt7�¬ÂÑ•ÁyðƒðQZkƃDƒñ8-ZYg{0cYg;ƒX
g„t!]�eZ]ËZyL9Z{7fÂZzwÂZ+|V:ƒäÆ'Z'�ÔŠzu}ãŠ~9Z{:fƒVpZÑîIÅÔ™*ÂìZzgŠ}t�eZ]ËZy~ÐÃðÌZzgLÌ:átZzgÌ*ŠgìXZzg*ŠgZßq6¬»ŠZgzæZg7g3Y@X
¾nË%³~ÌÑ•Áy»çn7HY@ÉvƸZ°zçZ*~tðƒ@ì�vÆɃäzZáeZ]Ëv
Æ»gz!gÃ`NÐZzgZKœ6Z]BÐX¡vBäÐçnÑ•Áy»70Y@XÑ•Áy~¬ïÑqÃZKœZzgZLuâtŠzâV»Z±g™Æœ~ÐpЃzMìXZ]»Â}f™„7ƒ@X;VZÝuât~ÐZ]h»f™ƒ@ìXZ¸Z°zçZ*„~Z]6»x™ä»f™ìÂt-ZYg{ƒäó™ŠêìX
¥iÅyhz�Ûz|»Ñ¦¬¥iÅyhz�Ûz|qgzfsyZçVÅzzÐ*Yì:
vÆnözŠf)ŠZg~»ƒ* -1ZkÑoÐ¥iyh*�¥iÅâqÅlZgÐicŠ{vy
Åßg]~z{iZZvy»f)ŠZg:ƒÇ*YìYèZeZ]IZyZkŧsÐÌ»gz!g™D�ÂZkÆz~ƒäzZá7g}vy»z{f)ŠZgìZzgözŠf)ŠZg~Æ)Ѧ‡âyÆfg=Ðz{'~Z¯)7ƒYX
eZ]ËZyÅZ]!wìX -2z{|V�!ÁnËΊ~AŠ+~C_:ƒV¥iyh
™Zy~zŠZg“Æ�Zi~�Zqâúìz{tì�eZ]IZyz){ÅZ'!wƒC�ªçn™DƒñD
7ƒ@�z{XZ]zßw™,ÐXZk~—7�ZyÅãŠ~9Z�¥ƒC�ÔpZyÆjVZzgZÑîI
%zzZsòîg~ÅPyZÒV%zzZsòîg~ÅPyZÒV
(ÅlZg¬Ð Allowances)³7ƒCÔaètZÑî÷ÌŠg|ZyÅZ]z9Z{»zƒD�ZknZyÅlZgÆ*¥xƒäÐÀZ]!wg{YCìZzgt!]ZYg{Æ9ƒäÆo°ìXt˜ª8{Ì7ƒCªZâ©àÌ7ƒC�ZkÃÃZ0ZiHY
Æ*x69Z{ÐÌ}icŠ{ÃZ} Allowances nÔYèZVñYD�X}ZqvÅ‚Ñ:g7g^~…tMì�
YÆ 1994 )rZhW(Å Chief Executive ZkÆ‚wÅ9Z{&ÑÄMDÙZggz9¶ÔZ�jVZzgZÑîIÅßg]~Zkä‚hñegÑÄÐicŠ{ÆZZqÝGX2
vÅY+лg̽ň):YäZq„¶ciZZ‰(F r e e TÆÓxZyZY]vÆfó¸X´z{Zi,
ªWgZö”{g;öÌj furnished accomodation
½ÅˆXtydvÆŠvZyZY]~�áï™ÆŠ3ñ‰YÆ‚w 1993 �XZϧbZqZzgvÆŠzeZ]IzVä
Y1994 zßwHZ� (79000/-) ~g;›ZÑî÷Z*ÏDÙZg~ZrVäZkæ~ŠzÑÄe:DÙZggzBzßwHX
¾naèZyeZ]IZyz){ÅÀZ]!wz*¥xƒCìÔ®ZtZYg{ÇìZzgZkÐZA[¢zg~ƒ@ìX
ZkÆ�Z[~ŠZgZ‰x»:òHìXLLaèZk-ZYg{~eZ]ËZyÅ9Z�Zzg
ZÑîI²8³ƒC�!w7ƒ'ZknZk~‡.ÞZDwÃð!]7ìXóó:}ÅZk„g]6*8uâVì�ZÐHíX'
¸ÈM��øg~!]»Zq!gQ_·™1YñX7ƒC ]Öo]Ö߈]Å ÚË–o Ãðtìw™}�t˜ª
·HYYìÂt97YèZzwÂßÍVÃZy)b»D ®ZZk»„7ZzgŠzu}Zy»Ãð'Ì7¸ZknÃðWzZi7ZÀzg:°fZMÂz{4Zq»!ìX
vÆeZ]ËZy»ÎŠ~AŠ+™* -3z{|V�Ί~AŠ+~C_ƒVZzgZÑâ�áYZv½ã
ƒ„Zk~C_�¥iyh™Zy~zŠZg“Æ�Zi~èÃg{!ÑâúÆ´z{ZqZzgâúÌìZzgz{tì�-ZYg{��
vÆeZ]IZyZzg¥iƒ®gÆŠgxyð0@ìXZk~ZqÑoÇÌì�tì�vÆeZ]IZyÃthq݃Ç
6ŒÛ£áM�ZzgZk6ΊÅZŠZ5™ Behalf �z{vÆM�Xt!]aèeZ]IZyÆZ(gZ]ÆÒy~Zzgv
M e m o r a n d u m o f Æ™g&xWsZÁÏZc~èÃgƒCì®ZZÃð¿vÆ¥i association
Z’ZY~cŠgxy~yh@ìÂz{ZkÑoÃt™Dƒñyh@ìZzgaètÑo~ñ-ÆÜsì®ZÇìTÐ-ZYg{ǃZX
ZqvÆeZ]IZyÆÒy~Zk§bŠg`ì:The directors are empowered by
t h e c o m p a n y ` s a r t i c l e s o f
associat ion to borrow or raise
money or secure payment of any
sum or sums of money for the
purpose of the company's
business.....
vÆWg<WsZÁÏZcÆ�eZ]IZyÃZ(gqÝì�z{vÆ»gz!gÅ{§ËÌlZg~ŒÛ£áM
�cg¶ZÇ™M�XZk§bZqvÆ™g&x~-VŠg`ì:
To borrow money from time to
time required for any of the purpose
of the company by rece iv ing
advances of any sum or sums of
money with or with-out securi ty
upon such terms as the directors
may deem expedient ..........
To issue or guarantee the issue
of or the payment of interest on the
%zzZsòîg~ÅPyZÒV%zzZsòîg~ÅPyZÒV
shares, debentures,
debenturestock or other security or
obligation of this company......
vÆeZ]ËZyÃZ(gƒÇ�vÆ¢ŠÅ{§z»¯»¢zg]Æ”gg¶ŒÛnáM�XZkÆnz{!gxÌáM�ZzgJ-Æ‚BcšJ-ZyÑZ_6ÌŒÛnáM��z{oƒ−'z{‰6Ôe&4-?ç GEEFi6Ôe&4-?ç GEEF6u6cZâ-6cvÅËZzgzZZZÑŠZg¶6ΊŠ}M�X
ZkÑoÇ»Òytì�eZ]IZyZÃðŒÛnf�ÂÆ*x6f�ZzgZkÅzZ3Zzg z{ZL*x67fÔÉv
ΊÅZŠZ5Åf)ŠZgvƒCìÔ®Zz{ŒÛnv~uât»g~™äzZáÓxZ�ÛZŠ)ªeZ]IZyZzg¥iƒ®giz){(6ZyÆuâtÆڃЄƒY@ìXZ[CÙuât»gZLZLuât)c°Š‰(Æ”gŒÛ£ÅzZ3ZzgZk6ΊÅZŠZ5»f)ŠZgƒ@ìXZ¤vÃvyƒÂŒÛ£ÅzZ3ZzgΊÅZŠZ5¥ƒ®giÆZÝuât~ÐÅYCìXZzgZ¤vÃœƒÂ¥ƒ®gÃäzZáœÐZkÅZŠZ5ÅYCìX
tŒۣhÅßg]~ìXZqZzgz{ßg]ìZvZCÃåuâtËJ~gęΊqÝ™}ZzgZkΊÜ~�áï™Æ¥ƒ®gi~„™}X
Z¤pñÑ*i¢ã™rtÉ`��:LL�áh„ÃðvZ+ƒÏ�Ë:˧bΊ~
»gz!g~C_:ƒXt|VŠz§jÐΊ~»gz!g~C_ƒC�:
ª§itì�t|V-(JäÆnšÐΊ6ŒÛng�ZzgZkŒÛnÐZC»x`C�XŠzuZ§itì�vÆ0k�iZZZzgÃåg¶ƒC
ìz{Ί~Z»î.~gÅZCìZzgZk6z{šÐΊqÝ™CìÔz{ΊÌZyÅWæã»Zqzƒ@
(17 ìóóX)¥iÅyhz�Ûz|mZzgëâyf��Z[¼Z+|Vz�Š~WˆƒVÏ��Ί~»gz!g~C_:ƒVp¾qwz{QÌZ�¾�X
¥iÅyhz�Ûz|Æ�Zi~ŠZgZ‰xÆ:}Åz»ª
pŠZgZ‰xÆ:}ÅY0Zgz»ªŠ¶Xqì:LL|tì�CÙvÆÂx~ŒÛ2h»
f™ZzgZkÅÑo7ƒCXQXµVÆÂx~ŒÛ2h»f™ƒ@ìZyƒ~ŒÛ2Æ‚BLLΊóó»Â7ƒ@X®ZZyŠzßgÂV~Âu}ÐÃðÑo
7ìX;V‰µV~Ί»Ìf™ƒ@ìXZkßg]~Z¤pÑoÇ0ðYCì1tÑo-xg�ÆZ0gìYè6�Zz6CcŠvÅZÝ-xg�ìZzg-xg�Zy.Š~Ðì�ÑoÇÐÇ7ƒDÉpŠz{Ño!ëÑgƒCìX
D޳ϡ÷÷Âà]ÖËj^æp 296/5 ʳo]Öfv†]Ö†]ñÐEƒÒ³†ì³ç]a†‡]�åÊo]æÙ]ÖÛ–^…eè ]Ö³’džp!
]ÖË^‰‚éXX ]Ö�†Ò^lŸif_Øe^Ö�†æ½ÃðŠZgZ‰xÆZy|Z]Ð7i�vÆÂx~Z¤
ŒÛnh»f™ZzgZkÅÑo7ƒCÂHz{vŒÛnÆ%„»x`CìXZ¤Zk»ŒÛn¢czsìc¥xì�ŒÛnÆ%
»‡°{‡ììX ]ֳ۳ÆæÍÒ^ÖÛ�†æ½ Ãðv7¹ÂZϧbZŒÛnh»f™ƒpZkÆ‚BΊ»f™:ƒÂ
»‡°{»7ƒY@X ]ÖÛÆæÍÒ^ÖÛ�†æ½Qz{-Ñ•Áy7ZYg{ì6�ëzZã™`�Â
ŠZgZ‰xzZßV»tÈ™tƒY*�Ñ•ÑoÇÐÇ7ƒC"»g¡ìX
ñÑ*i¢ãæØÆ4Šq¥iÅyhz�Ûz|»æzo�Zi
øg}ñ�Æ'@aèñÑ*i¢ãæØèÃg{ßg�w~Ì¥iÅyhz�Ûz|ÃYB�Zkaz{ZLñ�ZzgZ+ÑwÃÒy™Dƒñ˜�:
LLZ¤Ëv»ãŠ~»gz!gù¦îg6'wìÂ
%zzZsòîg~ÅPyZÒV%zzZsòîg~ÅPyZÒV
QŠzÑîVÆ‚BZkvÆ¥ihÅRöìXœZÑ#Ö|]ñÑ*ZÑsZåâ~òZzg÷}zZ−â]|]?·Ã™rò»¸ñ�åZzgZyŠzâV|Z]ÅZnq~~ÌZkñ�Êg„&ƒVXz{ŠzÑ…t�X
«Ñotì�z{¥ƒ®gZkvÆZ0gΊ~»gz!gÆÜsWzZi¢zgZVñZ¤pZkÅWzZišŠ
(ƒYñZzg÷}4ŠqWzZiZVä» Over-rule)(Annual 4§itì�vÅ�‚Ñ:)
ƒCìZk~tWzZiZVñ general meeting)
�ëΊ~AŠ+Êg„7BÔΊ~AŠ+6gZè7�ZkaZkÃÈHYñXZ[ªCÙì�ñ�Š{qÑ]~tWzZiÕg{ä~îïÅWzZiƒÏZzgGZkÅtWzZišŠƒÏXpZz{tWzZiZVñÂ|]åâ~òƸwÆ_.Z+ßg]~z{ZyZKf)ŠZg~7g~ZŠZ™Šêì)¥iÅyhz
(17-19 �Ûz|mñÑ*ZÑsZåâ~ò»:~TŧsñÑ*i¢ãæØ
äZ�ág{Hìtì:LLÎTzŠZgÃzŠZ4™Dz‰ÜZkÅZ:q
:ƒZkä»g)yvÃZyŠzZ%)ªÎŠÆhZzgŠ¶(»zV„7¯cZkn»g.V»t÷Zkŧs™[:ƒÇZzgXÃZ:qƒz{¥%ZkИƙŠ,ÍZkÆ6¿:ƒÇ1ZkÆÐZk÷ŧsÚÂ:ƒÏóóX
(489m3 )ZæZŠZ2z~`
ñÑ*åâ~òÆ:}»�Z[ëë��ñÑ*åâ~g¶ZvÅ!]Ðt¥xƒ@ì�ZyÃtD:å
Zzg Memorandum of association �vƙghx
̃D�XÇâã Articles of Association Wg<wq݃CìZzg‰Åyhz�Ûz|ÓxÅÓxZy„Æ
_.ƒCìXZyÆÓxï]-~æzozÅpƒD�X®Z‰ÅyhÆ‚B�ZYg{ZPYƒ@ìz{ǃ@ìX
pŠñÑ*g¶ZväÌ�¹ìZk»qÝtì�TzŠZgÃzŠZ4™Dz‰ÜZkÅZ:qƒz{¥%ZkÐÆ™Š}ªzÃyhDz‰ÜvÆÇhZgzVÃÈŠ}t7�Y…1w¬Â‰yháˆ~ËZ°k¬x~ZkÆÜsWzZiZVñXt-ZqŠiǃYñÂZq²�ƈWzZiZVäÐZk»YŠù%EƒÇZ�ZkŠzgZyΊ~AŠ+̃DgìƒVX´z{Zi,Z¤zÅyhÆz‰ÜÜZš
I™ä6vŧsÐt�Z[A�ëÂΊ~AŠ+™Dg�ÐÂHzŠZgZ[Ì'~Z¯)gìÇX
ñÑ*¢ãæØÆ4Šq�ZiÅegÑ…ñÑ*i¢ãæؘ�:
¥iÅyhz�Ûz|Æ�ZiÆaÀegÑ…ƒI
vwZx»gz!g:™g„ƒ}z{Ί~J: -i
ƒXΊzãg6FZ›g÷v:ƒXÑZ[cŠzu}wZxâw»»gz!g™äzZà:ƒz){X
vÆÓxZUPZzgZ5uÜs×g¶Å -ii
~:ƒVÉv伡½hå EHZUPqÝ™nƒV}¤8¯àƒci}yhàƒX
Z¤vΊ~AŠ+™CƒÂZkÅ‚Ñ: -iii
)~ZkÆÜsWzZiZVðYñXZo«„ƒVÂœ»AzΊ~ -iv
e0i^Ðq݃ZƒZkÃœ‘™Š}X
øgZ�Z[ëë��TÑoÇZzgX¢‡»f™ëZz6™`�
ZyÅñ�ŠÏ~ñÑ*i¢ãæØÅf™™Š{ZyÑZ_Ð:ÂYŠ»ƒ@ìZzg:„�Ziq݃@ìÔYèZ¥ƒ®gä‰
%zzZsòîg~ÅPyZÒV%zzZsòîg~ÅPyZÒV
yh™ÑoÇƂB-ZYg{HÂz{ZYg{ǃŠXYÑZ_Æ‚BZqÌ*YÑoïYñÂZk
Ð-ZYg{ǃY@ìX˜VJñÑ*¢ãæØÅf™™Š{Š~Ño»mìÂZk
Ь„ z Æ!g}~ëë��-ZYg{ÂÑoÇÅzǃ[Z[¡ZkÆÜsWzZiZVäÐZzg-VìÐ�LLëΊ~AŠ+Êg„7BÔΊ~AŠ+6gZè7�ZknZkÃÈHYñóóXYŠ»7ƒYñÇX
´z{Zi,Ë»xÅÑZ_ÂZk)æzo(»x6lxƒC�XñÑ*¢ãä�Z¯ÑZY)yhÆ�Zi(ÃæzoZzgWzZiZVäÃÑoŒÛZgŠcìXyh‰YƒäÆnÑoì�WzZiZVðYñÔZzgaèÑoæzoÐlxƒCìÔ®Z¢zg~ì�yhЬWzZiZVðYñzg:yhY:ƒÏZzg¬WzZiZVð7Y$ËÔ
Yè‰ÅyhЬ‚Ñ:Z°k¬x~ËqZzgZî`™äÅZYi]„qÝ:ƒÏZzgyhÆZî`™}ÂyhÆ‚B�ZYg{ƒZz{ÑoÇů6ǃ„[ZzgZYg{ÇÆ
¡WzZiZVäÐZ�ÑoÇ$2g‡ìgìYŠ»7ƒÇXÂtWzZiZV*-ÇÆZ±gС"ÃZ{ìX
¥iÅyhz�Ûz|~'×hŠzyZÒVΊŠ¶ÅC -1QΊÆh~ÂñÑ*i¢ãæØƾÆ_.z
ŠZgt™Yì�qÝ”{œ~ÐΊÅlZgœ‘™Š}pΊŠ¶Ðz{ZLW\ÃËßg]~7XYYèeZ]IZ
ÃðŒÛnf�ÂvÆ*x6f�{mZKfZ]Æn7fXZkŒÛn»â´Ãy¯XËeZ]Ë7‘XvÃZ¤p
Æîg61Y@ìpz{Zqs~qì�f) Person ZqŠZg~Jw7™$ËX®Zz{ŒÛnzŠZgzVÆŠgxyZyÆ
uâbÆڃЄƒ@ìXZkŒÛnÃZ¤»gz!g~ÎcÂœÌZÏÚƒÐzŠZgzVÅ!ƒÇXZÏœ~ÐZkÅ
„иΊZŠZHY@ìXZzgZ¤vÃvyƒŠÂŒÛ£ÅzZ3ÌZzgΊÅZŠZ5ÌzŠZgzVÆZÝuât~ÐÅYC
ìX¾nv�ΊÅZŠZ5™}Ïaèz{¥ƒ®gÅY+Ð
ƒÏ®Z¥ƒ®g6ΊŠ¶ÅCÌÑixWñÏX
pŠCÐåÆnŠzu}ÃC~ -2
2™*Z¤Ã𥃮gteì�ZyyZçVÐvÆnZL‰zZ:™Š}Âz{vÉzZ:7™YXªŠzu}/V~ZC-ZYg{vл7™YÔÉZkÆ0k�Zq„ßg]ìZzgz{t�z{ZL‰ËZzgÆ;B�Ûz|™}Zzgz{yhZgvÆeZ]IZyÆ‚BÇZYg{™}XÍcC
ÐåÅ'¸ßg]ì�ËŠzu}ÃZkC~2™Š}X
%zzZsòîg~ÅPyZÒV%zzZsòîg~ÅPyZÒV
3X:
!iZg‰(Stock Exchange)
¬gsz¢zg])ZkÄZyÆ�*yñÑ*i¢ãæØÅÂ[ZsxZzg
]huzg]Ðâpfì(ZÃð¿vÆ¥iá™Zk»zŠZg0YñÂZk
Ænte7ì�Ëz‰Üz{ZKg¶zZ:á™Ñ•»™nXÉZJvz�Š~ìÔZkÐ{Åg¶zZ:7àY$Ëpaè¹ÐÑ»YteT��z{ZKÑ•»™ÆZL{Ã×~ps™BÔZkntJ-�ÛZë™*¢zg~å
�g¶Îäƈ1‰Ü¢zg]ZL¥iÃ×~ps™*eƒÇÔZkÆnLL!iZg‰óó‡ìHŠÔT~¥imYM�XªvÆzŠZgZKÑ•»™ÆvÐÂZCuâtzZ:7áMp!iZg‰~z{ZCzËZzgÃÖM�TÆË~yhZgZyÅ(v»zŠZg0Y@ìT(¥iÅ
ë (Stock Market) yhz�Ûz|ƒCìZkÃ!iZg‰�X
¥iÅyhz�Ûz|ÆŠz§j�XZqt�Šz¿ËZŠZg}ƉÆ%¥iÅyhz�Ûz|™,XŠzuZ§itì
�ËZŠZg}ƉХiÅyhz�Ûz|ƒXz{ZŠZg{Z6uZÞì�¥iÅyhz�Ûz|ÅôZãÌ™@ìZzgzZôÌá
ìXZ6uZÞƉÆ%�¥i»»gz!gƒ@ìë�X (Over The Counter Transactions) ZÐ
ZkZ0ZiÅyhz�Ûz|»Ãð{mÄ7ÔZ%�yhz�Ûz|Z6uZÞÆfg)ƒCìZkż,tì:
Z6uZÞZq6ZÇfZŠZg{ƒ@ìX�Ó#ÖÅZYi]zu64Æ‚BµVÆ¥iÅyhz�Ûz|»»x™@ìXpZ6uZÞZ4µVÆ¥i»»gz!g™@ì�‡.ÞZOŠƒVZzg
¼:¼‚ÄgBƒVXXµVÆ¥iÅyhz�Ûz|Z6uë�X (Listed Companies) ZÞ~ƒCìZyÃ
Z+µVÆ¥iÅyhz�Ûz|Z6uZÞ~̃$ËìZzgLLZzzgŠ~»îÚóó̃$ËìXËvÅÅh45ëHEYLZkÆz�Š~WYäƈƒCìXLvàgƒäƈZkÆ»gz!gÑzqƒäЬÔÉL¥ij^ƒäÐ̬vÅ
Åh45ëHEYë�XZk (Provisional) Åh45ëHEYƒYCìZkÃg~»»îÚÌZµƒ@ìXXµVÆ¥iZ6uZÞ7©
ë�XZyÆ¥iÅ (Unlisted Companies) ìZyÃyhz�Ûz|LLZzzgŠ~»îÚóó„ƒ$ËìZ6uZÞ~7ƒ$ËX
M’Z6uZÞ~CÙ¿¥iÅyhz�Ûz|»»x7™YZkÆnMƒ*¢zg~ìÔM’Å:̃CìXMƒ*Zkn¢zg~ì�Z6uZÞ~¥i»»gz!g¹zWÔ*iuZzg/âλƒ@ìXz;VźmZ˜q]ƒC�XZq**Š/»g¿»gz!g~tÌ™YìZzgZŠZg{z;VƒäzZáÓxç5]~ZŠZ°V»f)ŠZgƒ@ìX®ZZŠZg{CÙ¿Ãyhz�Ûz|ÅZYi]Š}™ZkÆçn»f)ŠZg7àeLÔZkn
Mƒ*¢zg~ŒÛZgŠhcŠìX
Z6uZÞ~ŠÑàZ6uZÞÆMZLnÌ¥iyhD�Zzg¨
ŠÑwzᙊzuzVÆnÌyhD�X)MÃ¥iyhäƒVÂz{ËŠÑwÆzZWÐyh@ìX¥iyhäÆ
nŠÑwÃWgegŠ¶Åtßg'�X:ªZ(WgegT~ (Market Order) âgLWgeg -1
ŠÑwÐtÈŠcŠƒ�âgL~�ÌgfƒZk6#VvÆ¥iyhnYNX
%zzZsòîg~ÅPyZÒV%zzZsòîg~ÅPyZÒV
:(Limited Order) ™Wgeg -2
ªZq7Hg™ÆWgegŠcYñ�Z¤Zk76¥iïYNÂánYNÔZkÐicŠ{76:yh}YNX
¥iņV»çµVÆ¥iņV~¶�ƒCgSìXZk~
vÆZUNVÃÌŠ4ƒ@ìXZUP("Ð7(fìÔpZUNVÆ´z{ZzgF{gYúZïÐÌ©ZW5kƒC�Ô}o«ÆZk*]ÔÔzg‡»gDyÔ(ÏqÑ]ÔñŠqÑ]Ô)âŠ~úZZ¯ZƒVZzgéVÐÌ©ZW5kƒC�Xaè†VÆZ@gmJî~{gYúZïÌZWZ0ZiƒD�ÔZkn¥iņVÐvÆZUNVÅÇúÒÏ
7ƒCXyhZg‰Å9
¥iyhäzZáŠz§bƃD�X‰ßvv~zŠZg“Æn¥yhD�Zzg -1
¥ZL0kgÄ™‚Ñ:œqÝ™D�Ô1Z,ßv¹ÁƒD�X
ZÒßvZ,ƒD��¥iÃ&Z]pŠâwg]™™ -2
ZkÅyhz�Ûz|™D�ÔZ¥iÅ7ÁƒZkz‰ÜyhD�ZzgZ7(|YñÂÖŠï�XŠzâV†V
Ð� z ~��Ûtƒ@ìz{Zy»œƒ@ìX†VÆ("Åzë�X (Capital Gain) œq݃@ìZkô4545ÿ GFGH”
Zk»gz!g~¬(ZzgZ0Zi{Î*ƒ@ì�õ¥iÅ©WÒ{ÁƒVÏZzgõ¥iÅ©(³ÏÔZk¿fÃ
ë�XtZ0Zi{L9U"ƒ@ìZzgL (Speculation)
ßX
¥iÅyhz�Ûz|»§&»g¥iÅyhZg~Æ&§j�X
tyhz�Ûz|»¬x‚Š{Z0Zi (Spot Sale) q¢ÎŠZ: -1
ì�Ëä¥iyh™ZyÅ7g~7ZŠZ™Š~XZkq¢ÎŠ}
6ïÀ˜Zq‹Æˆƒ@ìX w ~Ì¥iÆu:ZkÐ%ZŠ¥iÅZ+yhZg~ (Sale on margin)-2
ìT~¥iÅ7»¼‚z°ZÒwZŠZ™ŠcYñX!¹‚ZŠJgìXZkÅÀ˜ 90 ZŠJgƒX}Šk‚7ZŠZ™Š~Zzg
ßg]tƒCì��ßvZÒ¥iyhDgT�ZyÆŠÑßVЩ]ƒD�XZ[Ãð¿ŠÑwÐHì�#VvÆ
6yhßÔTÅÑbð™àYCì}Šk‚Ô Margin ¥i‚ŠÑwZK§sÐZŠZ™@ì 90 Zâg¶ÂyhZgŠhêìÔ!¹
Xtg¶ŠÑw»ŒÛnƒ@ìyhZgÆfóXŠÑwLZk6Ί©ìZzgL7XZzgL-Ṽ@ì�PŠyJÂúšÎŠìÔZkÆΊZŠZ™*¢zg~ƒ@ì}Z¤!¹â0{7&ŠyJZŠZ™Š~ÂΊ7ƒÇXpZkÆΊÑÇXZk~ŠÑw»ZÝÃZ{zƒ@ìXZC»gz!gYg~gpÆnZzgzhÆ
nz{ŒÛnŠ¶ÃÌ»gƒ@ìX:�ág−Šg|LLß)¢uóó» (Short Sale) -3
*xìÔª!ùZ,¥i�Ûz|™Šêì�ZÌZkÅ!~7ƒDXpZÐtµƒCì�ΊZƒYäƈ~t¥i³yhZgÊhzóX
q¢ZzgTΊ}(Spot ¥iÆΊ}Šz§bƃD�XZqÃq¢ÎŠZë (Forward Sale) ë�ZzgŠzu}øTΊZ Sale)
�Xq¢ÎŠ}~¥iÅßZ̃YCìZzg£tÅÃÌ
Z̃YCìXyhZgZÌÐ¥ih»,Zgƒ@ìÔ1‰ÅZŠZ5)e=g~(~ w ZOò6g-VůY6¥iÆu
@íƒCìXÀ˜ZqÐ&àVJ@íƒYCìXpicŠ{Ft@ígZe¥iÅZŠZ5~ƒCìÔX6qï»*x–ƒZƒ@
ìXqï»*x$%Ænvŧsg�q™*7@ìZkÅÐ@íƒYCìXUg¥i~icŠ{@í7ƒCì' zz
q¢ÎŠ}~Ìaè¥i6ïƒä~@íƒYCìÔZkÃZKAs~hЬWÐ w nŒVÌyhZg¥iÆu
%zzZsòîg~ÅPyZÒV%zzZsòîg~ÅPyZÒV
ÖŠêìXÎZz‡]Œ»z‰ÜWä6ZkÅF;ðV~߃_ƒCìX
q¢ÎŠ}~¥iÅ߃YäƈŒÐ¬Z¤vœ„™Š}Âvœ!ùÆ*x„Yg~™CìÔp§&»g¸ì�aè߃äÆœ„ƒZìÔZkn!ùz{œyhZgÊhêìX
¸TΊ}~ßÂZ̃YCìÔ1wŧspsƒCìX‰ZÌ¥iÅ߃_ìÔ1Œz){Æ£t#V@gõÐ0ƒVÐX¸TΊ}~Zz{@gõWCìT6¥iÅZŠZ5ðŶ‰Zz‡]¥iyhZgÆjZᙊØYD�ÔZzg‰Zz‡]t̃@ì�!ùZzgyhZg¥i
hÆOñyhZg~Å@gõÅ7ZzgZŠZ5Å@gõÅ7»âgaÅ@gõc 30 �ÛtW:~'Z'™f�X}J†g~Ã
¸TΊZHŠåÔZzg°¥Škgz97Hgƒð¶XpZâgaÅ@gõWðÂ¥iÅ7(|™!g{gz9ƒXZ[!ù 30
yhZgÃ¥iŠ¶ÆOñŠzgz9°¥ZŠZ™ŠêìÔcZ¤7WJgz9g{ˆÂyhZgOñZk�!ùÊkgz9ŠnZkÐ
¥izßw™}ÔZа¥Šzgz9ŠhêìZzg¥izßw7™@XQ¸TΊ}~Ί}Å@gõƈZŠZ5Å@gõWäJ‰Zz‡]¹ÐΊ}ƒYD�XªªyhZgŠzu}ÃÔŠzuZŠ}ÉgLìXZzg‰Zz‡]Wy~ƒ
¥iÆAŠ+ÆOñ†V»�Ût'Z'™f�X
Z»k~q¢ZzgTΊ}‰˜´~Z6uZÞÆfg)‰¥iÆq¢Zzg
¸TΊ}ƒD�Z,„Z»kZzgZâYÆÌq¢Zzg¸TΊ}ƒD�XtΊ}PÉ(~(~Z»k~ƒD�}nxÔ¾kz){X
Z»k»q¢ÎŠZÂtƒ@ì�˽ÅZÌ߃ðZzg£tÌvƒ‰ZzgyhZgZÌÐŒ»,ZgŒÛZg0cXËZOò6g~ůY6Œ~@íƒÂz{Zµ!]ìÔ1z{,ZgŒ»0[ìX
¸TΊZtì�î:Š}™ßƒÔ1ŒÆnÃðEmpire WÒ{@gõHgƒYCìÔZkÅ,Zqv
Æ_.tì�ŠpgpzZÑ¿ZkvÅ Resources
�ác~ŠkDÙZgeZ°¦™ZÆY»gÁ0Y@ìXQz{vÃZCWgegŠêìÂvZy¦”{ŠkDÙZgeZ°~ЊzDÙZgeZ°�g
Æ–™gìZzgWgegÃZL%œ~ (Security) î:cDŠíàŠîì�Š*ÆˈgC%œ~ñ�ŠŠÑwÐWgegÅ
Š™ÆyhZg~ÅZ:qŠêìXZßàîg6ZkÃÌ (Future Sale) Ìë�Zzg (Forward Sale)
ë�X1W`Àiîg6ZyŠzâV~�Ûtƒ@ìX¸TΊ}~Z¤Y"54è EEGE»ÑHg{@gõ6¢ÔŠb„ƒªœ~»
(Forward ѽzßw™*Zzg!ù»Ñ7¢ƒÂZkÃë�ZzgZ¤Y"54è EEGE»ÑHg{@gõ6¢ÔŠb:ƒÉ Sale)
(Future ½Ã¡çAÅãŠÅwÐZ(gHŠƒZkÃë�XZzg²!~ZkÃLL!h4©5Ò5é
GGEG]óóë�XZk~ Sale)
½»¢°Š7ƒ@ÔÉÑŠz!ÂV~ÐZq!]ƒCìX
@gõHg{6½hÔŠ¶Å (Speculation) ¢: -1
Oñ†V»�Ût'Z'™Æœ¾cY@ìX}JŠcÃtçnðƒZ�J†g~þkÅÎǵZqÑÄgz9~Š´ƒVÏÔ1:!ù»Ñ¾kŠbƒ@ìZzg:œ~»Ñ¾k¢ƒ@ìÔÉ@gõWä6ŠzâVW:~œcvy'Z'™f�XZ¤J†g~ÃÎÇ[VÅ7ZqÑÄŠkDÙZgƒÂ!ùœ~Êk
DÙZgƒ 90 DÙZgŠ}™çn™s™áÇXZzgZ¤J†g~Ã7Â!ùœ~ЊkDÙZgá™çn™s™áÇX
»ŠzuZÑÂvyÐDƒ@ (Future Sale) -2
ë�XZk»qÝtì�Ãð¿Ë Hedging ìXZkÙ@ìZzgZk»ÑzZª (Forward Sale) ½»¸TΊZ
½zßw™*„ƒ@ìÔ¢°Š7ƒ@XpyhZgtç{Ck™@ì�Z¤Hg{@gõJZk½Å7¤Â=vyƒÇz{
~(Futures market) ZkvyÐvÆnZϽÃ6�Ûz|™@ìÔ@�Z¤Zk½Å (Future) ZÏ@gõÆn
%zzZsòîg~ÅPyZÒV%zzZsòîg~ÅPyZÒV
7¤Â¬çA~AvyƒÇZÚ„Šzu}çA~zßwƒYñÇX
}ihäJŠcþkÅÎÇÖZqÑÄgz9~yh,ÔïJ†g~ÃðƒZÔXZk»ìwtì�J†g~þkÅÎǵá™WÐÖ™œ¾îVÇÔ1ç{tì�J†g~þkÅ7¤ˆÂZkÃvyƒÇXihZkvyÐvÆnt»ggzZð™@ì�¾kÅÎǵJ†g~JZqÑÄgz9~
âgL~{−ÃÖŠêìXZ[Z¤J†g~ÃÎ (Futures)
DÙZgƒÂihÊkDÙZg»Äg{ƒZX1Zâ„ 90 Ç[VÅ7Æ!iZg~�ƒð�Ô (Futures) ǵaèZkä{−Ã
DÙZg~Šzu~ǵyh™{−ÃZqÑÄ 90 ZknJ†g~Ãz{~�Ûz|™ŠuZzgZk§b¬çA~ihÃ�ŠkDÙZg»Äg{ƒZåz{Zkä{−Æ‚BGƒñçAÐzßw™1'LLAlûóóZk§bvyÐvÆñCìÔZÏÃ
k(ë�X ì)Hedging
z){»»gz!g‰˜´~Z6uZÞ„ (Futures)
~ƒ@ìZzg‰˜´~Zk»Zµ!iZgƒ@ìX
(Financial Market) â1Cr~Z6uZÞZq(}!iZg»zìTÃâ1Cr~
ë�T~ Capital MarketcFinancial Market
ÜsµVÆ¥i„7ÔÉŠzu}ZŠZgzV)JÔŠvâ1CZŠZg}Ó#Öz){(ÅYg~™Š{â1CŠ*zmZ]Åyhz�Ûz|
̃CìXÍZk!iZg»ÃðZµ'Z5ðz�Š¢zg~7Ôntƒ»xZ6uZÞ~„ƒM�Ô1Z˜b~Zk»s~
~LLu»g~‹]óó Financial Market ¦gìXZÏÅßzÑZỸCìX (Government Securities)
LLu»g~‹]óóZyŠ*zmZ]Ãë��Ó#Öz»¯»úZxÐŒÛnhÆnYg~™CìXZÓ#ÖÆfgZùWæã)Lz){(PÆn*»°ƒVÔÂÓ#Ötâ1CŠ*zmúZx
ÐŒÛnhÆnYg~™CìX}'ZÅò!&XT~CÙ!&6Âœ7ƒ@ÔÓx!&i -1
Ðq݃äzZàgx6ù¦îg6œƒ@ì�ŒÛ·Z0Zi~Єƒ@ìX
w 'e̱8u -2
w '{me6i^u -3
w ÃgyZÞu -4
ßÍVÐÃgyZÞ�gŒÛnhÆn�Š*zmÓ#Öë (F.E.B.C)w äYg~ÅZkÃÃgyZÞUgu
�'ZkÅ^tì�Ó#ÖeZ°á™Zkz‰ÜÅ7ÆYg~™Šîì}Zkz‰ÜeZ°Å w _.0Îãgz9»u
gz9ìZzg!CÙÐWäzZÑÎeZ°á™WcÂÓ#ÖZk 65 7Yg~ w ÐÎeZ°á™ZkÃbDÙZg0õÎ0Îãgz9»u
Æn0Îã w ™}ÏÔT»Ètì�Ó#Öqïu‚hñbDÙZggz7VÅHznìX
‚ZŸ†MìZzgZk»qï 12 ZpZ~!Ï6‚Ñ:7™ÆŠz!g{eZ°áYìXZzgqïZk w Zeìtu
uwÃÖÌYìXtÓxu»g~‹]�Zy~ZÝçnÂÓ#ÖZzgŒÛn
Šy{)qïŠ*zm(ÆŠgxyƒ@ìÔpúZxÅœªÆn~(Financial Market) ZyÆ&ÅÌRög¿ˆìX
ZyÅyhz�Ûz|ƒCìXqïŠ*zmZZkÅß™}ÇÂZ[z{ŠZí7gìÇÔZk»çnÓ#ÖлƒYñÇZzgZ[yhZgŠZíƒÇZzgÓ#Ö»çnyhZgÐzZhƒYñÇX
Rng~.Þ -5
(State ˆgCËVÐŒÛnzßw™äc%œ~J(Treasury Zq.ÞYg~™@ìTÃZôm~~ Bank)
(Face Rng~.Þ¹Y@ìXZq.Þ6èƒð7 Bill)
Îgz9ƒCìX value)
t.ÞHg{æ]cYg~ƒD��À˜bâ{ƒCìXt.Þ&g=8xmYD�ZzgZyÆZ’ZðyhZgÜsˆgC
J„ƒD�XŠzu}ßvLËVÐyhf�X8x»§itƒ@ì�%œ~JZ´y™Šêì�Zâg¶)}Šk
%zzZsòîg~ÅPyZÒV%zzZsòîg~ÅPyZÒV
Zg[(ÆRng~.ÞYg~GYgì�ZzgJZKZKÔCD�XCÙJC@ì�~Zâ7
‚ì 14@13 6Zã.Þyh*eLƒVW`ÀZk»gfÀâgz9~�Ûz|ƒ@ìXTT 87c86 ªÎgz9».ÞÀ˜
JÅ1àJwƒCìZkÃZkÅÔÆ_..ÞŠ}™g¶Zkgz9~ 86 Ðzßw™àYCìXZ[TJät.Þ}
yhZz{bâ{ƈZkÆ7g}Îgz9zßw™áÇZzgaŠ{gz9ZkÆΊcœÆƒVÐXZk.ÞÅæ]WäЬ
~Zk.Þ6 (Stock Exchange) ÃJ„c!iZg‰z~ŧb"0î EHÌÎcYYìªZkÅeeîì̃$ËìX
¥icŒÛ2ÅŠ*zmZ]˜VZyÆYg~à{ÆOñËŠ}¿Ã�Ûz|ÅYNZk!iZgÃUâã!iZg
¹Y@ìXXŠ*zmZ]»Ãð (Secondary Market)
Uâ~!iZgƒªz{ËŠ}�Û&Ã�Ûz|ÅY$˃VZyÃicŠ{6æŒY@ìZzgßvgz9ÆúntŠ*zmZ]h~Zk
nŠpgn��Ze�ÐZ7Uâ~!iZg~�Ûz|™Æ×g¶qÝ™BÐX
!iZg‰)6uZÞ(~ŠÑàÆ»xÅѦw
!iZg‰~TnÆ»xƒD�ZzgŠÑw�»x™D�ZyÊN™¸³Àì�Ñ<ÅgzÐtY7Zkż
,tì:
¥iÅyhz�Ûz|~yZÒV -1úëC`��vÆ»x~P(~yZÒV�XeZ]IZyÃΊ6AŠ+™ä»hƒ@ìX -i
eZ]IZyƽ�ZyÅ9Z{„»zƒD�z{!w -ii
ƒD�ZzgZyŘªZâ©à7ƒC�ÃZ0ZiÅYnXÐvÆeZ]IZyZzgŠvq�‰Æ z ZyŠzyZçVÅz
ŠgxyçnTÅ|ZYg{ìǃYCìXèÃg{!ÑŠzyZçV»ZŠgZu™ÆZ[Z¤Ãðqï‰Zy -iii
ÐÈeìÂz{ZL‰vÃzZ:7™YZzgZkÆ0kÜsZq„ßg]ì�z{ZL‰ËZzgÆ;B�Ûz|™}ZzgZkÆK~z{yhZgvÆeZ]IZyÆ‚BÇZYg{
™}X¾nCÐåÅ'¸ßg]ì�ËŠzu}ÃZkC~2™ŠcYñX
vÆeZ]IZyZzgq�‰özŠf)ŠZg~Æqï -iv
ƒD�XözŠf)ŠZg~»¦g)Ѧì6�ëäú,ÐCcìX
vyÅßg]~qï‰ÃΊZŠZ™*7@ìXZkÅ -v
,Ìú¦g_ìX
¢!i~ -2¢!i~6uZÞ»¹(ZZzgZëzìT~Î
Zz‡]¥i»AŠ+!Ç°Š7ƒ@ÉWy~Y™W:»�Ût'Z'™1Y@ì}ihäZqDÙZgÆÎ¥i (Difference)
%zzZsòîg~ÅPyZÒV%zzZsòîg~ÅPyZÒV
yhä»ÎŠZHXZk»¥i6ï™ä»ZgZŠ{7ì'tÑì�}Gg{Šyˆ7ÊBÐZzgZk~�¶�ƒÏZk»ˆ[™BÐZknihyh}ƒñ¥iÅ7ÌZŠZ7™@XQGg{ŠyˆZ¤
7ZqDÙZgZq΃Âih�Ûz|à{ÐÎgz9ááÇZzgZ¤7¤™â΃ÂihZkÃÎgz9Š}ÇX
Zϧb»¢6uZÞcËŠzu}!iZgÆfg=Îäe0~Ô™ZzgŠvZ»k~̃@ìXZ,Ί}ÃT~‚ây6ïcÃðWÒ{@gõHgƒYCìZôm~~
ë�XZk~¬xîgн»¢°Š7ƒ@ future sale
ÉïÅ@gõи„Zk@gõ6!ùÆ;BΊZzZ:ÖŠcY@ìZzgœcvy'Z'™1Y@ìX}JŠcÃçnðƒZ�J†g~þkÅÎǵZqÑÄgz9ÆúnŠ´ƒVÏXΊ}ÅzZ:�Ûz|Æz‰ÜZ¤7ZqÑÄŠkDÙZgƒÂyhZg‚âyzZáЊkDÙZggz9á™çn™s™áÇZzgZ¤Zkz‰Ü7â}DÙZgƒÂyhZg‚âyzZáÊkDÙZgŠ}™çn™s™áÇX
¢~yZÒVZ¤yhZgZÏ!ùÆ;BΊZzZ:�Ûz|™@ìZzg7 -i
•™â}DÙZgƒYCìZzgyhZgä‚âyÅ7Å7g~ZŠZ5Ì7ŶɡIÁÆîg6¼zŠcåÂtΊÅ
ßg]µYè!ùÃZC‚âyÌzZ:5Zzg‚B~ŠkDÙZggz9iZZÌAX
³à]Ú†œé]eo‰Ën^áÎ^Ök‰ªÖkÂ^ñ�èÊÏ×keÃk‡m‚q³^…mè]Ö³o]ֳó_³^ðe%³Û^ÞÛªéæ]ejÃjã^ÚßäeŠjÛ^ñè eà]…ÎÜ
]ֳ׳äÂß`^eò‹æ]Ö×äÚ^]�j†mk]e×Ço ÊÏ^ÖkÂ^ñ�è…•o‡m³‚e³à]…γÜ]Þ³äγ‚]e_Øqã^�åÚÄ…‰çÙ]Ö×ä"#]Ÿ]ámjçh!EÂf‚]Ö†‡]ÑD
|]Z1çyñÅZâ9�~ä|]¬ÈñÐ)Y*Y¥x™äÆn(¹�~ä)ZK(Zq!0~u»g~znY)Æz‰Ü(J)ZŠJg6(WJΊgëÆúnih0Zg¶ñ
Æ;B�Ûz|ÅXQZÏ!0~Ã~ä)7ÅzßàЬ(bΊgë~ZyÐyh1)T»³tƒZ�ÍcbÎŒÛnŠ}™•ŠHg{6WJΊgëÅ�ƒX!0~ÌzZ:BZzgŠzΊg뻜̃Z(X|]¬Èñä�Ûâc}ZÅn?ä.e'ZçnHìXih0Zg¶Ã)÷Zt�x(àŠz�ZrVä)tΊ~çn™
Æ‚BHƒZZC˜ŠŸù™ŠcZÑt�z{Â/™ ~ Æ(gÎwZvBX
Îäe0~c™ÅyhÅßg]~Zy»ÂZŠJgƒ@„ -ii
ì7ÅÌåZŠZ57ňqÑèÎäe0~Zzg™ÅZŠJgyhz�Ûz|~tÑoì�ZqY+ÐåïƒYñX
‰³ò³Ø]Ö³v^ÞçioÂàenÄ]Ö„age^ÖË×çŒÞŠnòèÊ^q^he^Þämrç‡]ƒ]Îf˜]u‚]Öf‚ÖnàE…�]ÖÛvj^…D!
´)qâCòÐjk)}gz9(ÆúnÎäÅZŠJg�Ûz|Æ!g}~7YŠÂZrVä�Z[Šc�Z¤ŠzúçV
~ÐZq6ï™1ŠƒÂYìX~á̃@ì²á6 (Commodities) ‚ây -iii
ïG%ZkÃWÐ�Ûz|™*!Ñ·t*YìX³àÂf³‚]Ö³×äeàÂÛ†]á…‰çÙ]Ö×ä"#Î^ÙÚà]�j†p
mfÃäujomŠjçÊnäæmÏf–ä!EÚŠ×ÜD ›Ã^Ú^Ê¡ä�Ûâc ~ |]†Zv0/ñÐgzZeì�gÎwZv
TäáyhZÂz{ZkÃ�Ûz|:™}ZJZkÃ7gZzßw:™áZzgZk6ï:™áX
~77g~Å7g~>-~Š´ Future Sale -iv
ƒCìXtÑoÌ7g~7ƒðXug~ì:Âøàô]eûàôÂöÛø†øæø…ø]ÊôÄôeûàôìø‚ômûsõ]*á$]Öß$fôo$"#ÞøãFoÂøàûeønûÄô
]ÖûÓø^Öôoûeô^ÖûÓø^Öôo!E�]…Î_ßoD|]†Zv0/ñZzg|]gZ«0}ógèZvÅÐ
äZŠJgÆúnZŠJgÅßÐI�Ûâc)aè ~ gzZeì�ÑÃgzge−ªßÅ~ΊZZŠJgƒ@ìZknN·ßÐv
Æn>ß„~À7ÅZŠZ5¢zg~ì(X~�Ñyh~Z¤z{yhZg~ÆŠy Future Sale -v
„�Ûz|™Š~ˆÂŠÑwcŠÑà™äzZàvÜsZCzzßw
%zzZsòîg~ÅPyZÒV%zzZsòîg~ÅPyZÒV
™CìZzgZ¤�Ûz|~¼Šyµ‰Â-ðƈ[Ðz{ΊÌzßw™CìX‰ßgÂV~pŠ
äZkÅzŸs Empire Resources ¸ÀÃΊMìX-VÅìX
Interest/Premium are paid or charged
basing on the number of days for a position
trade.
]ŸÚç…eÛÏ^‘‚â^ }»‡°{ì� -vi
aèvÆZUXY]~Ñ•°Š„7Â¥xƒZ�¡¢!i~Zzg�Zì�Z¥iÆ»gz!g~7(|ÂÛ‰Zzg7¤Â;g‰X
6uZÞ~¥iÅ$!Æ*xÐyhz�Ûz| -3ZkÅßg]tƒCì�Zq¿Ã¦VÅ¢zg]ìZzg
ZkÆ0k¼¥iñ�Š�Xz{¿Šzu}Æ0kz{¥iá™Y@ìZzgZkÐHì�~t¥ivg};BW`Zâ76‰ƒVZzgZq‹Æˆ~7(J™?ÐZã~yhßVÇX
yZÒVtÑÆZ±gÐŒÛnìZÏn¥ÅZÝ7Z¤p -i
¤ÌYñAÌz{iZZ76„yh}ÇXZzgZZkÅ|ŒÛnìÂiZZ7�¥zZÑŠzu}Ê}Çz{ΊƒÇX
¥iÅyhz�Ûz|Å�yZÒVZz6f™ƒNz{ŒVÌ -ii
0ðYC�X
6¥iÅyh Margin -4ZkÐ%ZŠ¥iÅZ+yhZg~ìT~¥iÅ7»¼‚°ZÒwZŠZ™ŠcYñ!¹ZŠJgƒ}Šk‚7ZŠZ™Š~Zzgâ}‚ZŠJgìXZkÅÀ˜ßg]tƒCì��ßvZÒ¥iyhDgT�ZyÆŠÑßVЩ]ƒD�XZ[Ãð
6yh (Margin) ¿ŠÑwÐHì�#VvÆ¥iâgXßTÅÑbð™àYCì}Šk‚ÔZâg¶ÂyhZgŠ}Šê
ì!¹â}‚ŠÑwZK§sÐZŠZ™@ìXtg¶ŠÑwÅY+ÐŒÛnƒCì�yhZgÆfóƒCìXŠÑwLZk6Ί©ìZzgL7XZzgL-Vƒ@ì�PŠyJÂúšÎŠìZkÆΊZŠZ™*¢zg~ƒ@ìX
yZÒVŠÑwZ¤ÎŠ©ìÂΊÅyZ!ƒðX -i
¥iÅyhz�Ûz|ÅèÃg{!ÑyZÒVÌ�áï�X -ii
)¢�¥iÅ�Ûz| -5ë�X!ùZ,¥i Short Sale ZkÃZôm~~
�Ûz|™@ì�ZÌZkÅ!~7ƒDpZÐtµƒCì�ΊZƒYäƈ~t¥iá™yhZgÊ}ŠzVÇX
yZÒV)¢�qÅßѬ!ëƒCìX -i
¥iÅyhz�Ûz|ÅèÃg{!ÑyZÒVX -ii
u»g~‹]6"0î EHÎ* -6}Rng~.Þ6"0î EHÎ*ZzgZpZ~!ÏÃÁz�76
yhz�Ûz|™*Ί~�áïìX
qݯxtì�6uZÞÆ»gz!g~¹ÏyZÒV�Zzg‰
yZÒVZ+�XÐÖg}ÅÃðßg]7ìX®Z6uZÞ~gRqÝ™*ZzgŠÑà™*Ñ<ÅgzÐY7ìX
%zzZsòîg~ÅPyZÒV%zzZsòîg~ÅPyZÒV
4X:
H‚…»ÂxZsòì?øg};V‚…ªZsòZ›g÷»�ÂxgZòHŠìz{
ñÑ*i¢ãæØ»zäHƒZìZzgz�ZzgZkÆegZ°6FìXñÑ*˜�:
æÚ³àâ³ß³^¾ã³†l]Ö³v^qè]Öo]áiÓçáâ„å]ÖÛvË¿è³×o]‰^Œ]ÖçÎÌÊ^á]ÖçÎÌÖä�í’nè]Âjf^…mèÊoÒØÚà]Ö�†mÃèæ]ÖÏ^Þçá
ZkÐt¢zg]ªCÙƒð�Z›g÷»-z�ÅãŠ6ƒ*e’Yèz�ÇâyzÑ<ŠzâV~‡âãzZ±g~,qÝìX
z�ÆegZ°t�:×~)gz9(»z�Šg„ìX -1
zZ�ZLGƒñz�ÐpŠœZVYìX -2
z�Ã�rqªP{HYñz{z�Å!áìpŠ -3
z�7áXz�c*¦kì�z{!syZ+æcƒ�L»:ƒ} -4
LZYcƒXz�ÆZyegZ°6FÂx‚…Å-^tì
i³^‘n³Ø]Öj³^Únà )â^:²!„g]ñÑ*i¢ãæØÆg‚!Åì(X Â×o]‰^Œ]ÖçÎÌæ]Öv^qè]Ö‚]Ânè]Önä ]ÖjÓ^Ê×o
‚…cZsòZ›g÷vZLuâtÆZqzÐz� -1
»Zq-‡ì™CìX�ZzÑÂ-~ÑqZyßÍVcƒÇ�-ÅÑZ_Æ_.ËqŠUCvy»DgƒñƒVZzg!synÆ»:ƒäzZá»ñVcƒÇX-ÆuâtÃpg"6ŠcYñÇZzgq݃äzZáœÃ-Æ£œ~yaHYñÇX
i³ß�³®�³†Òè]Öj³^Ún³à]Ÿ‰³¡Úo‘ß‚æÎ^Ö×çÎÌæ
ڳó׳çÚ³³^Ú³à…]ŒÚ³³^Öã³³^mÓçáæÎ˳^Â×o i³Ã³ˆÙqˆð]]Ö³’³ß‚æÑuŠgÖç]ñx ]Ö³Ûj³–³†…màÚà]ÖÛ�j†ÒnàÊo
]Ößã^mèýÊnfÏo ]Ö³’³ß‚æÑæÂ×o]Örã^l]Öín†mèÊoæi‚ìØ â³„]]Ö³rˆð]ÖÛÃ×çÝÚà]ÖßÏç�ÚŠj%Û†]e^ÖÛ–^…eè
]Ÿ…e^|Êo]Ö’ß‚æџƆ]š]ÖçÎÌ!z�-ËÅ!~7ƒ@XZkÅpŠZKs~ -2
,ƒCìTÆfg=Ðz{â´áìZzgâ´¯@ìX]á‘ß‚æÑ]ÖçÎÌŸmÛ×Óä]u‚(æiÓçáÖä�í’nè
mj³ÛÓàeã^Úà]ámjÛ×Ô]ŸÚç]ÙæmŠj%Û†â^æ ÚÃßçmè]Ö×ç]ñx]ÖÛß¿ÛèÖ„ÖÔ! mÛ×Óã^uŠg
Z›g÷~ŠphzZá-ÅÑZ_Æ_.ZkÃP{ -3
Š}™-ÆM0M�X]á]Ö³†]Æfn³àʳo]Öj³^Ún³àm�j†ÒçáÊo–çmè
uŠg]Ö×ç]ñx e^Öjf†Å]Önä ]Ö’ß‚æÑZ›g÷0ŒhzZáz�-Ã�P{Š,Ðz{ZyÅ -4
!Ðò™z�-Å!~ŠZ4ƒYñÇpŠz�:ƒÇX®ZZkg¶ÅZk§bЙ«zZZ:ƒÏT§bz�g¶ÅzZZƒCìXz�-ÆÃZ}ÆnP{Åg¶ÃÌ
œj»gz!g~ÎcYñÇZzgP}ÅZÝg¶ÃZkÆo«Év*]ň°cZzgz�ÆŠv£œcyaH
YnÇXÚ³^mjf³†Åe³ä]Ö³Û�j†Òçámí†tÚàÚ×ÓãÜæm‚ìØ
]Ö³’³ß³‚æÑ]Ö³çÎËo(æeÛ^]ÞäÖn‹æÎË^æ]ÞÛ^âç ÊoÚ×ÔÊ¡mrg]ŸujË^ÁeÛf^ÖÈ]Öjf†ÅÒÛ^ ÚÛ×çÕÖ×çÎÌý
]ÞÛ^iŠj%Û†ÖÛ’^Öx]Ö’ß‚æÑ mrgÊo]ÖßÏç�]ÖÛçÎçÊè(ææ]Ƴ†]š]ÖçÎÌ æi³’³†ÍÚ³Ä]…e³^uã³^Ö³‚ʳÄ]ÖjÃçm–^l
]Ÿì†p!-»ÑZ_*)ZyÑZ_Å¥ô™}ÇX60Œh -5
zZáÝÅg¶Æ,ZgFÐXi³ß³“Ÿñ³vè]Ö³’³ß³‚æѳ×o�†æ½]‰jvϳ^Ñ
æÚf³³^Ö³È]Öjf³†Å]ÖjomjÜe³ä Ö³×j³Ã³çm–^l ]Ö³Û�j³†Ònà]Þç]Å]ÖjÃnnà! ]Ÿ�j†]ÕÊoÒØÞçÅÚà
%zzZsòîg~ÅPyZÒV%zzZsòîg~ÅPyZÒV
0ŒhzZßVÃÝÅ�g¶AÏz{ -6
ZyÆP}»ún7ƒÏÉz�-ÅÑZ_Æ_.ZkÆÐAÏX z ,Zg“Åz
Ú³^m³v³’³Ø³×nä]ÖÛ�j†ÒçáÚà]ÖjÃçm–^lÖn‹Â³ç•^ÂÛ^if†Âç]eä(æ]ÞÛ^âçÂ_^ðÚŠjÏØÚà‘ß‚æÑ
³×nãÜuŠg�†æ½ ]Ö³çÎÌÖ³‚ì³çÖãÜÊoqÛ×è]ÖÛçÎçÍ]ÖçÎÌ!
z�-Å!~qgzfsgSƒVÏ: -7
z�×~Ðq݃äzZÑœ -i
0ŒhzZßVÆP} -ii
PzVÐq݃äzZáo« -iii
Zzgz�-ÃZ(gì�z{Zyg¶V~z�-ÅÑZ_Æ_.¥s™}X®Zz�-{Øœ~�eì¥s™Yì}
z{Zk{ØœÃZôoÆîg6ZL0kgÇ@�WÒ{ -i
‚ßV~ƒäzZáZ·µvyZzgÄg}Ð$ncz{7g}{ØœÃcZkÆZqzÃ-ÆMZy~„ -ii
™}Xp4tì�z�-{ØœÆ&{™}XZqzZôoÆîg6WÒ{7WäzZáv*]Å -i
ˆ°cgÄáXZ›g÷Ð�Ût z ZqzMZy~„™Š}@�%z -ii
ƒnXZqznÆ»ñV~yaHYñ@�-»z�ƒ* -iii
ÌzZãgìXun³&]á]Ö’ß‚æÑ]ÖçÎËoÚ^ÖÔÖrÛnÄ]Úç]ÖäeÛ^Ênä]ÖßÏç�]ÖçÎËnèæ]Öjf†Â^l]Öjo΂Úã^]ÖÛ�j†ÒçáÚÄ ]…e^|
Ú³^ÒŠf³kÚ³à]Ÿ…e³^|e^Ÿ‰j%Û^…Ê^áÖ×’ß‚æÑ]Öj’†ÍuŠ³g]Ö�†æ½]ÖÛß’ç”Â×nã^ ]Ö³Û_×ÐÊoâ„å]ŸÚç]Ù
³×oÞËŠäeÛ^�^ðe�^á ʳoÖç]ñvä!Ê××’ß‚æÑ]ám�j†½Êo]Ö’ß‚æÑ Ú³^mŠ³Ûo]ÖË^ñ˜]Öj^ÚnßoÊnrç‡]ámÛŠÓä
Ò³^ujn³^›³oÖ³Û³^γ‚m³v³‚'Ú³à]ÖßÏ“Êo]ÖŠßç]l
]ÖÛÏf×è(æmrç‡]ám�j†½Â×oÞËŠäÊo]Ö×ç]ñx]ámç‡Âäqˆð]ÚßäÂ×o]ÖÛ�j†Ònà! Ò¡]ææ…eÛ^mŠjvŠà]ámÏŠÜ]ÖË^ñ˜Â×o$¡$è]Ί^ÝVΊÜ
e³äÒ³^ujn^›o(æΊÜmç‡ÅÂ×o]ÖÛ�j†ÒnàÖjr×nè mvj˼en³ßäæenà]Öj^Únà]ÖjÏ×n‚pe�ÓØæ]•x ]ÖˆÑ]ÖÛ×ÛçŒ
m³’³†Íʳoæqçå]Öín†Ÿe†]‡ Ö³‚p³^Úè]Öß^Œ(æΊÜ]Ö’Ëè]ÖçÎËnèÖ×’ß‚æÑÒ؉ßè!
Z›g÷vz�-»ZOx™}ÏZzgZkÆâwà -9
(JñÏÔZkÅ,øfsìXZOx:Z›g÷vz�ÆáàŧbZOx™}Ï -i
ª0ŒhzZßVÐP}zßw™}ÏÔ,ZgzVÆvy»DZgu™}ÏÔ{ØœÃ-ÅÑZ_Æ_.„™}ÏZzg-ƈ!]vƈ!]ÐZµgÇÏX
Zyƒ}â]6vZ]áÏXâw(J*:ZkÆnvzV!Ñ]0™»x™}Ïc -ii
pg[ŧb»x™}ÏZzgZLz»œáÏX]á�³†Òè]Öj³^Ún³à]Öj³oi³ß�®]ÖçÎÌiÏçÝe^�]…é
æ]‰j%Û^…]Úç]Öä!]Ú^]�]…é]Ö’ß‚æÑÊ^ÞÛ^iÏçÝ ]Ö’ß‚æÑ]Öjf³†Â^læi‚ÊÄ e³äÒ³ÛjçÙÖ×çÎÌÊjrÛÄeã„å]Ö’Ëè
]ÖË^ñ˜uŠg�†æ½]ÖçÎÌ ]ÖjÃçm–^læij’†ÍÊouŠ³^h]Ö�†ÒèÊ’¡ æi³Ë³’ØuŠ^e^l]Ö’ß‚æÑÚà
]‰j%Û^…]Úç]٠Ⳅå]Öí‚Ú^l]q†é!æ]Ú^ i³^Ú^æiŠjvÐÖÏ^ðÖ³¡‰j%³Û^…ÊjŠjvÐ ]Ö³’³ß³‚æÑÊn³Û³Óà]áiÏçÝeäÒçÒnØ
e³„ÖÔ]q†é]æiÃÛØÊnã^ÒÛ–^…hÊjŠjvÐe„ÖÔqˆðÚà]Ÿ…e^|]Öv^‘×èe^Ÿ‰j%Û^…! ]Ú�^Â^Zk§bv&§hVÐÃZ{qÝ™}ÏX -10
ZLuâtÆo«Ð -i
z�-ÆZOxÅZ]Ð -ii
pg"~œÆzÐ -iii
æ³׳oⳄ]]Ÿ‰^ŒmÛÓà]áiÓŠg]Ö�†ÒèÂç]ñ‚]¨Ÿe^‰j%Û^……]ŒÚ^Öã^(æ$^Þn^e^q†é]�]…é qã^lV Úà$¡'
]ÖÛ–^…eè ]Ö’ß‚æÑ(æ$^Ö%^eߊfèÚà…ex
%zzZsòîg~ÅPyZÒV%zzZsòîg~ÅPyZÒV
‚…cZsòZ›g÷ÆÂx»qÝ
ZsòZ›g÷vZL¼uâtÐZqz�-‡ì™CìXZk-ÅÑZ_~Ðì�z�-ÆXMZy»ËqŠX~vyƒYñZk-Æo«~ÐZyÆvyň°ÅYñÏX-»M“cZk~Zq{mP{ŠbƒÇ�CÙâqÅZ›g÷Æ_.ƒÇX
ZsòZ›g÷vZqÂz�-»ZOx™CìZzgZkдÓx}â]ÃZ]6uZ�xŠîìZzgŠzu}z�-Å
z�”{Zzg¢�g¶V6pg[Æîg6»x™CìZzgœ~ÐZCzzßw™CìX
-(1) Zk§bÐvÃäzZàWæãÅ&Ï�(3) ZLuât»œZzg (2) д}â]�ÛZë™ä6Z]
pg"~œ»zX
‚…cZsòZ›g÷ÆÂxÅãŠ,!ë�ëä7g~ŠcÈZg~ÐZkÂx»_·HZzgZk6gz„H
p…Z\kì�ñÑ*i¢ãæØäZkÃz�ÆXZ°6ZVcìëäZyZ°ÃZk»‚BŠêƒZ70cXñÑ*æØäZyZ°ÃW:~�h™‚…»Âx¯cìqÑè)®!YGZŠ
~z{Z¤paD�pSî×~Æz�~Zy»a*ûÃìXñÑ*æØä%zzZ›g÷ÆZsò�ŠwÅ~™äлx1ìqÑè¢zg]¶�çâ]Æñ�Š{F¹cCŠzg~‚…ÆÂxÅãŠ,p[¢oƒ'X
«!ëãŠñÑ*i¢ãæØ»f™™Š{ª‡°{�LL×~»z�Šg„
ìóóZzgŠzuZ‡°{�LLzZ�ZKi0Ï~šÑ•)}ZLz�ÐpŠœZVYìXóótŠzâV„ZKZK(›�pZyÃ�h*Šg„7ìX
ñÑ*Š?Šïƒñ˜�ʳo]Ö³„ìn³†³éV]ƒ]æÎÌ]…•³^]æ�n³ò^�ì†æ
Ö³ßËŠä]æ�†½]ÖfØÖßËŠäÚ^�]Ýun^æ �†½]ÖÓØe³Ã³‚åֳ׳Ëφ]ðÎ^Ù]eçmç‰Ì…uÛä]Ö×äiÃ^ÖoF]ÖçÎÌ
]Ö³×ä]ì„æ]eÏçÙ]eo ‘³vn³xæÚ�^ñîe×î…uÛãÜ]ÖçÎÌýæ mç‰ÌæÂ×nä]ÖËjçpi†Ænf^Ö×ß^ŒÊo
Â×o Ö³çγ^Ù]…•oâ„å‘‚ÎèÚçÎçÊèir†pÆ×jã^Ú³^Â�³k$³ÜeÂpÂ×oæÖ‚pææÖ‚æÖ‚pæÞŠ×ãÜ
Ú^iß^‰×ç]Ê^á]Þφ•ç]ÊãoÂ×o]ÖÛŠ^Ònàq^‡ ]e‚]Êoìˆ]Þè]ÖÛËjnàXX ƒÖÔÒ„]
fí{~ìÔZÃð¿Ãði}cÃðZzgÚz�™}ZzgtÑo™}�ZJz{i0{ìz{Àz�ÃcZkÆZqzÃZLZEw~gÇÇÂZ1-Šg9*îGZv
më��z�9ìZzgxY›äZ1-ŠgõZvmÆwÃZ(gHZzgZÏ6:òì@�ßÍVÃz�™ä~gÉgì'ZzgZ¤Ãð¿-V¾�÷~ti}œ‘z�ìZzgZJ~i0{ƒV~ZkÅWæãßVÇZzg÷}ˆ÷~ZzÑŠ6ZzgZzÑŠÅZzÑŠ6Zzg÷~7g~
±6ZJz{−ÔQZ÷~±»ƒYñÂz{~Z,„ 쳈]Þè]Ö³ÛËjnà )W6z�ìÂYìX
ìX
ëë�zZ�»tÑo™*�i0Ͻz�™Š{ÚÐÜsz„œ
ZVñÇÉZKZzÑŠZzg7g~±cÌtÑo™*)®!YGZŠ~´gìYèz{YGZŠpŠZ$~zŠZEƒCìLŸù7ƒC²×~ZzgŠv®!ZâY~Z$ezŠzZxŵ„7ƒCÉ×~~Âç{ƒ@ì�»gz!g~vyÆ!ZÝg¶¼cÀ„YCg첊v®!ZâY}¹Ð'@ÔÂÁZzgrzz){Me:‚wÆZEwÐ1¦{ƒYC�ZzgËŠzu}Æ»xÅ7g�X´z{Zi,z{ËqŠX»Dg̃$Ë�Zzgag~̃$Ë�XZkn®!ZâY~Üs¸ßg]eì�WŠòZyÃz�{í~¯g~z�™Š}ZzgÑo™Š}�z{pŠÌŠzu}Æ‚BœZVñÇcz�Æo«»,Zg
%zzZsòîg~ÅPyZÒV%zzZsòîg~ÅPyZÒV
Њzu},ZgzVÆ z ƒäÅz‚BÑqƒÇX
øg~!]ÆŠÑbqgzfs�Z¤p®!ZâY~z�Šg„ìpz{Üsªk¡ -1
Ðz ÐÔ¬ïÅz z Њg„ìªugÅz z ZIyÅzÐX z ZzgLZYcœƒäÅz
Ÿm³r³ç‡æÎÌÚ³^m³ß³Ï³Øæm³vçÙýæÎ^ÙÚvÛ‚]ÖŠ¡|æÚÃß^åææÎËäÊo‰fnØ]Ö×ä ]ÖÓ†]Åæ mrç‡uf‹
]‰jvŠ^á!æ]ÖÏn^Œ æ]e³çmç‰ÌÚÃäÊnäÂ×oÚ^Î^Öç]æâçŸmjª EÚà�†½]Öj^en‚æ]ÖÛßÏçÙ ]áŸmrç‡ÖÛ^enß^åÚàÎfØ
e‚Dæq³ä]Ÿ‰j³vŠ³^á]¤$³^…]Ö³Û�ãç…é]pÊo]ÖÓ†]Åæ
]ÖŠ¡|æ³àÚvÛ‚]Þämrç‡æÎÌÚ^ÊnäiÃ^ÚØÚà]ÖÛßÏçŸl
æ]ֳϳ‚æÝæ]Ö³Û³ß�³^…æ]Örß^‡éæ$n^eã^ æ]ÖÛ† Ò³^ÖË^Œ]eomç‰ÌŸmrç‡ æ]ÖÏ‚…æ]ÖÛ†qØæ]ÖÛ’^uÌæÂß‚
Ÿá]Ö³Ïn³^Œ]ÞÛ^mj†Õe^Öß“æ]Öß“æ…�Êo]ÖÓ†]Åæ]ÖŠ¡|ÊnÏj’†Â×näæÚvÛ‚mÏçÙ]ÖÏn^ŒÎ‚mj†Õ
]Öj³Ã^ÚØÊoâ„å ]Ÿ‰j³’ß^Åæ΂æq‚ e³^Öj³Ã^ÚØÒÛ^Êo]Ÿ�n^ðEa‚]mäD
Z®!ZâY~z�Æo]ÅãŠ,„]Z�ÂZy~)®!YGZŠÆz�ÆZq¬ªz�ZZlÃYg~™*cªkЃÇcZIyЃÇXZIyÜs˜h}ZzgÏg
~ìËZzg®!Ú~7ìXg;ªkÂz{e„7Yè®!z)®!~Ãgtñ�Šìªt�Ûtì�)®!YGZŠZ$~zŠZEƒCìZzg®!Ú¬gèZzg)ŠZEƒCìZzgŒÛ"
£/z°Š{JZk»)$zlz‡uƒ@ìX
Ò:ŒVëäŒÛ"£/z°Š{»f™HìXZkÅzztì�
z�ZZlÅßg]~ŠznÅŒÛ{f™ÅYC�XZqz{�z�ƒäÅzzÐÑiòìZ0øxgõZvm˜�X
Ÿá]Ö³çÎÌm³’³xÖ³Û³àm³v³gÚà]ŸÆßn^ðe¡Î’‚Ÿe³‚ʳo�ì†åÚà]Öφeèe�†½]Öj^en‚ æ]áÒ^á ]Öφeèæâç
EÊjx]ÖÏ‚m†D Ú’^Öx]ÖÛŠr‚ æâçe„ÖÔÒ^ÖËφ]ðæFÀ:ŒÛ"ÆpÆ%z�Z´gÆh~Ì9ƒ@
ìZ¤pZ´YÆZ$eÅÑoÆ‚BŒÛ"Æn}Zk»LZYcƒ*crÔKcƒ**¦kìX
ZzgZ0+B-êEEGgõZvm˜�X
æγ‚m³Ï^Ù]á]ÖçÎÌÂ×o]ÖÇßoi’‚Ñe^ÖÛßËÃèŸá³׳o]ÖËφ]ðiÓçáÂ×o]ŸÆßn^ð!æ]á Ò³Û^iÓçá ]Ö’‚Îè
]Öãfè³߂eÖãÜæ ]Ö³ÇßoÚr^‡]Âà Ò³^á]Öj’‚ÑÂ×o]Öj³’‚ÑÂ×o]ÖÇßoÞçÅΆeè ‘³†|Êo]Ö„ìn†ée^áÊo
D5t 187 �æáΆeè]ÖËÏn†E]Öfv†]Ö†]ñДFÀ:¹Y@ì�"6z�滜‘ƒ@ìY蜑
‰LZY6ƒ@ìZϧbZ´Y6̃@ìXZ¤p‰|Z]Æ4Šq"6œ‘»ÈSz@tƒ@ìZzgfí{~¥ôì�"6œ‘ÌZqâqÅŒÛ"Zzgnì�MÆ‚BnвŠgzŃCìX
ëë��"6œ‘zZà!]Z¤p°$©pî EE$zgìpZ¤ZkÃt
ÌHYñÂZk»ÃZ{�ZÚƒÇ�z�ZZlcz�ZZÑ´YÆz�ƒäÅZqÂä0YñÏpZkÆ!z�Š!syZk»Z$~îg6LZY6crÔK6z�ƒ*ÑiòìXZkÐ¥xƒZ
�LZY6œ‘ŒÛ"°Š{ì²Z´Y6œ‘Z¤ŒÛ"̃Âz{ZkŠgzÅ7�ZkÃWy]ÆZ±gаŠ¹Ynɬxîg
ÐZ÷zVʶÃnŒ„7Y@ÎZñZkÆ�‚B~0ðYäzZàZh+nZzgNZ[»!ƒCìX
Zk6Ãð¾�™r@ZtäÂZkÃÌŒÛ"°Š{¹ìZ�z{ZâxZ1-ŠgõZvmÆwÅ@G~˜�X
æŸáڳϳ’³ç�å]ÖφeèæÊo]Ö’†Í]ÖoÞËŠäƒÖÔ]Ö’¡éæ]ÖŠ¡ÝÞËÏè]Ö†qØÂ×oÞËŠä‘‚Îè Î^ÙÂ×nä
tì�zZ�»°ŠŒÛ"znƒCìXZzgZL z FÀ:z
%zzZsòîg~ÅPyZÒV%zzZsòîg~ÅPyZÒV
Zz6ya™*ÌnìYègÎwZvä�ÛâcWŠò»ZLZz6ya™*œ‘ì(X ~Zk»�Z[tì�WŠòZLZz6¢zg~ya™@ìZzgNZ[
0@ìp�ZLZz6ya™äcÃðz�7™@Zzg:„Zk»Ñ¦o]ìzg:¹ÐßvZK¹ÏqzVÃz�ŒÛZgŠ}Š,Xz�~ÚZKoÐÇìZzg!syLZY~cz�{
Ðz í~YCìZzgZ4ÆZ±gÐz�HY@ìZzgZÏÅzßÍVÃz�ZZlÅF(Š~YCì�ZCŠE~ÃZ{ÌìZzg!syNZ[ÌìX
γ^Ù]Ö³’³‚…]Ö�ãn³‚æ]ÖËjçpÂ×oÎçÙ]eomç‰Ìæe³ÏçÖäi†Ænf^Ö×ß^ŒÊo]ÖçÎÌýæÊo ÞËjo Þvà]m–^
γçÙ]eomç‰Ìi†Ænf^ ]Ö³Ûíj^…Ö×Ëjçp ]Ö³v^æp]ÖÏ‚‰oD5 t 220 Ö×ß^ŒæiÓ%n†]Ö×ín†E]Öfv†]Ö†]ñД
FÀ:œgLgõZvmä¹�:òZâxZ1-ŠgõZvmÆw6ìZzgëZ4Æw6:~Šï�@�ßÍVÃz�™ä~gɃ'qz~ŠÏ~ì�:}ÆnUgwZâxZ1-ŠgõZvm»ì@�ßÍVÃz�™ä~gɃZzg
íÅßg'icŠ{FXZkÐzZãƒZ�z�™ä~ZÝ°ŠLZYcŠvz�{í�pŠZKfZ]cZ´YZÝ°Š7Éz{Â�gza�X
ZâxZ1-ŠgõZvm��)®!YGZŠ~z�Z -2
ZlƇb�®!ZâY~ИhzVð−Zvz�™äÆ̇b�pZkÆ!z�ŠZ0øxgõZvm˜�X
$³Ü]ƒ]³†Íqç]‡æÎÌ]ÖˆŒæ]ÖrÛØÊo‰fnØ]Ö×ä]ámÛŠÓäÚ^�]Ýun^]á]ÚŠÓäÖ×rã^�q^‡Öä Â×o Ê×çæÎËä
m�j³†½Ò³^áÖ³äƒÖÔŸáÖ³r^Â×oʆŒ ƒÖÔŸÞ³äÖçÖÜ]…]�]ám³ßjËÄeäÊoÆn†ƒÖÔ ]ÖŠfn³Ø]ámr^â‚Â×näæ]á
Ö³Üm³Ó³àÖ³äƒÖÔæ‘xqÃ×äÖ׊fnØmÃßomf_Ø]Ö�†½æD6t 219 m’xæÎËäÊjx]ÖÏ‚m†”
FÀ:QZh}ZzgZz.ð−Zvz�™ä»�Zi¥xƒZÂZ¤ËäZkÑoÆ‚Bh}Ãz�H�z{ZKi0ϽZkÃZL0kgÇÇÂZk~Šzßg'�X
Z¤Zk6pŠ˜Š™äcZkÃZL0kg3ÂtZkÆ (i)
nYìYèZ¤z{tÑo:Ì™}AÌZkÃhqÝì�pŠZk6˜Š™}X
ZzgZ¤z�™äzZáÅ%ZŠtì�z{h}ÃZLŠv (ii)
fZC»ñV~ZEw™}ÂtZkÆnY7ìZzgZk»z�Â9ƒÇpÑo!ëZzg»³xƒÏX
Zkb×Ðl!zZãƒ@ì�®!ZâY~z�ZÏz‰ÜYƒÇZz{z�{ícLZY~¯g~Zzg×z�ƒz�ZZl
ƈ:ƒXZzgZ¤z�ZZlHƒÂz�ƒYñÇpZZl:ƒÇX
pºëz~qæt~ZkÆ#³Šz:}X�XZknë¬ZyÃÜ™D�QëZK!]}ÐX
ʳoÊj^æp]Ö�×foæÎÌ]Öfß^ðe‚æá]Ÿ…š‘vnx -1
e³ä‘³vn³xÖ³Ó³àÊoæÎËäÂ×oÞËŠä]�Ó^ÙÚà æ]ÖvÓÜ]ֳ߳˳‹]q³^‡å]eçmç‰ÌæÚßÃäÚvÛ‚! qãè]á]Ö³çÎÌÂ×o
æÎÌ]Ö³ÛßÏçÙæŸmÏçÙeä ÎfnØ æÎÌ]Öfß^ðe‚æá]Ÿ…šÚàÚ†Òf^ÚàÚ„âfnà ]e³çmç‰ÌeØÚvÛ‚ÊnÓçá]ÖvÓÜeä
]Ö³ÛËjoÚ^ Ÿm³r³ç‡ÖÓà]Ö_†‰ç‰oƒÒ†]áÊoÚßnè æâçÚ³àÚ³„âfnàæÂ×oâ„]mjí†t m³Ën³‚qç]‡]ÖvÓÜ]ÖÛ†Òg
]æÎ^ÍÒ%n†é ]Ö³v³ÓÜeçÎÌ]Öfß^ðÂ×oÞËŠäÊoÚ’†Êo]Ö³ßÛ¼uÓÜeã^]ÖÏ–^ð]ÖŠ^eÏçáæÖÃ×ãÜeßçå Â×oâ„]
q³ç]‡]ÖvÓÜ]ÖÛ†ÒgÚàÚ„âfnà]æ ³×oÚ^ƒÒ†Þ^ÚàÚj³Ï†…éÖ¡ujÓ^…ÞˆÖkÚ߈ÖèÚ^ Â×o]á]Ÿ…šÖÛ^Ò^Þk
]Ÿ…šen³‚]…e³^h Ö³çæÎÌ]Öf³ß³³^ðÚ³Ä]Ÿ…šÚàqãè]áiÇnn†Ÿ ]Öf³ß³^ðmj³’†ÊçáÊnã^eÛ^�^ðæ]Úàâ‚Ýæeß^ðæ
mj³Ã³†š]u‚ÖãÜÊnã^æŸmˆÂrãÜÂß`^æ]ÞÛ^Â×nãÜÆ×è]Öí’^Í! içì„ÚßãÜÒÛ^]Ê^�å
FÀ:ëzò]Í-öIE~ìi}Æ%¡qg]»z�9ì
ZzgZk»¬Ì9ìpZkÃZLZz6z�™ä~ZkZ±gÐZDwì�ZLZz6z�ÃZâxZ1-ŠgõZvmäYHìZzgZâx·gõZvmä*YHìXi}Æ%¡qg]»z�®w»z�ìTÆZâxZ1-ŠgõZvm‡b7É
%zzZsòîg~ÅPyZÒV%zzZsòîg~ÅPyZÒV
Zâx·gõZvm‡b�X®ZZk»¬ŠzèÖVÐ%“ƒZZzgtY7ìXp§ÎÏäf™H�$40î EGGZ
Å.©-öEG~Z+!]èÃgìTЊzèÖVÐ%“¬Y¥xƒ@ìZzgZÏ6~¹ÐZz‡s~ZyÆZz6qg]Æz�»¬ÀìX¦‡r3ð EGVäZϧbÐêŠcXZy»êcÂZk6Fì�ëäf™H�ŠzèÖVÐ%“¬Yƒ@ìcZk6Få�i}ZògŶªyÃ'ŒÛZggpc
ÂÏ‚]q^…émÏ’‚eä E]Ÿ‰jvÓ^… ¶ u»g~i}™Zt6àˆgŠZêgm ]æŸu‚âÛ^! æ]ÖdžŒ ]‰jfÏ^ð]Ÿ…šÚφ…éÖ×fß^ð
t¶�z{i} z ¶Xz `(ÂÍcqg]i}Éz� 428
qg]ÆâÃyÆï~ƒCìZzgz{qg]~�eì¥s™D�¤ZD�Ô¯D�ZzgZk~p~™D�ZzgÓ#ÖZyм°n7™C'ZyÐi}»™Ztzßw
™CgSìXZki}~âÃyÅzgZV̹ìZzgzZgNV~„̃CìX
æƒÒ³†Ê³o]æÎ^Í]Öí’^Í]áæÎÌuç]Þnk]Ÿ‰ç]Ñm³r³ç‡]áÒ³^Þ³k]Ÿ…še³^q³^…³éʳo]m³‚p]Ö„màeßçâ^Ÿ
ÚàÎfØ]Þ^…]mß^â^Êo]m‚p]‘v^h mí†qãÜ]ÖŠ×_^áÂßã^]Öf³ß³^ði³ç]…$çâ^æiÏŠÜenßãÜŸmjÆšÖãÜ]ÖŠ×_^áÊnã^
i‚]æÖã^ì×Ì æŸm³ˆÂ³rã³Üæ]ÞÛ^ÖäÆ×èm^ì„â^ÚßãÜæÂ³à‰³×ÌæÚ³–³³o³×nã³³^]Ö³‚âç…æâ³oʳo]m‚mãÜmjf³^m³ÃçÞã^æm©q†æÞã^æirç‡Ênã^æ‘^m^âÜæmã‚Úçá
mÃn‚æÞäæmfßçáÆn†åÊÓ„ÖÔ]ÖçÎÌÊnã^q^ñˆ eß^ðâ^æD3t428 E…�]ÖÛvj^…”
æʳoÚç•Ä�ì†Úà]ÖçÎÌÚàÊj^æpF]Ö�×foÚ^Þ’ä -2
æÎÌ]Ö³‚…]a³ÜÖ³Üm³†æ]ŸÂ³à‡Ê†æÖÜm†æÂßäÊo ʳ^ƒ]Ò^á³׳o]ÖßË‹unßò„Â×o mj³ªioæÎËã^ æÎÌ]Ö³ßË‹�®Ê¡u³ß³Ën^uÓÜe’vèæÎÌ Î³çÖ³äÖ³Ó³àÖçʆ•ß^]áu^ÒÛ^
]Ö³ßË^ƒÚfßo ]Ö³‚…]a³Ü³׳o]ÖßË‹âØmßË„uÓÛäÊßÏçÙe³’³vè]Ö³v³ÓÜ]ÖÛ×ËÐæen^á]Öj×ËnÐ]á ³×o]ÖÏçÙ
]Ö³çÎÌÂ×o]ÖßË‹ŸmÏçÙeä]Ÿ]eçmç‰ÌæâçŸm†pæÎÌŸm†p ææÎÌ]Ö³‚…]a³ÜŸm³Ï³çÙeä]Ÿ‡Ê†æâç ]Ö³‚…]aÜ
ʳÓ^á]ÖvÓÜerç]‡æÎÌ]Ö‚…]aÜÂ×o ]Ö³çÎÌÂ×o]ÖßË‹Ò³Û^i†p!æ΂Ú�o�nî u³ÓÛ^Ú×ËÏ^ÚàÎçÖnà ]ÖßË‹
�mf³^qèi’vnx ]Ö³‚màÎ^‰ÜÊo Ú�³^ñ³íß^]ÖáÚè‡màiçÊnÐ ]ֳϳ‚æ…p³׳o‚ÝÞË^ƒåæÞÏØÊnã^ÂàÒj^h
]Ö³v³Ó³^ÝʳoƳç]Ú³˜]Ÿu³Ó³^Ý]á]Ö³v³ÓÜ]ÖÛ×ËÐe^›Ø]Ö³ÛŠ³×ÛnàæÚ�o]Ö_†‰ç‰oÊoÒj^eä]ÞËÄ]Öç‰^ñØ e^qÛ^Å
ÊoƒÖÔÖÛ^…]åÊoÚßnè]ÖÛËjo! Â×o]ÖßË^ƒÚŠjß‚]FÀ:ëzò]Í-ö
IE„~ZqZzg£x6tf™ì�ŠgZë»z�ÜsZâxi�ÛgõZvmЮwì²ZyÐZLZz6z�Æ!g}~¼®w7ì®ZZyÆw6ŠgZë»z�ZZl
7ápZ¤ë�Ûn™,�Ë4qÁäŠgZëÆz�ZZlÆ9ƒä»¬Yg~HÂHZk»¬*ǃÇX?
ëë�*ǃ*Zk6Fì�&Ò©3þGE
G”{¬Ã9â*YñZzg&Ò©3þGE
G»Òytì�z�ZZlƇbZâxZ1-ŠgõZvm��ŠgZëÆz�Ƈb7²ŠgZëÆz�ƇbZâxi�ÛgõZvm��z�ZZlƇb7�X®ZŠgZë»z�
ZZlZ(¬ì�ŠzßVÅ&Ò©3þGE
GÐq݃ZìX´)i+~–ì i³’vnx]ÖÏ‚æ…p qä �mf^ Z−+‡ÌgõZvmä
i³³çÊn³³Ð]Ö³v³Ó³^Ýʳo �z{¬*Ç:ƒÇXz�ZrVäÂ[»Z)qì�&Ò©3þ
GEG ÐÜH�Zk6›âV Ƴç]Ú³˜]ŸuÓ³^Ý
~¬Æ ]Þ³ËÄ]Öç‰^ñØ ”{¬!ëƒ@첧ÎÏäZKÂ[Ð�$40î EGGZ
Å.©-öEG~èÃgì(X z *ǃäÃZ(gHZkz
Q´)Z0¬$+gõZvm¬Æ*ǃäÆh~˜�:
æ…]m³ke³í³¼�n³îÚ�^ñíß^Ú¡Â×o]Öj†ÒÛ^ÞoÊoÚrÛçÂjä]ÖÓfn†éÞ^ΡÂàì¼]Ö�nî]e†]anÜ]ÖŠç]Ÿio
ÂàÊj^æpF]Ö�×foÚ^Þ’ä]ÎçÙæ Öè ]ÖÛßÏç eÂâ„å]ÖÛŠò×èÊj^æ]åæ]á]ÖvÓÜ ]eç]ÖŠÃç�Êo e^Örç]‡]Êjo�nî]Ÿ‰¡Ý
mßË„æÂ×nä]ÖÃÛØ!FÀ:~äZL�ZSY5ZF¾ãÆ(}ù·~Zy
Æ;BÅ’kŠ@XZrVä�Z'Z�ÎZÑCÅ’kÜÅT~ëzò]Í-ö
IEÆf™™Š{Xƈt–å��ZÑsxZ1:Šä
%zzZsòîg~ÅPyZÒV%zzZsòîg~ÅPyZÒV
ZLëzò~ZkÆ�Zi»:òŠcìZzgt�¬*ÇìZzgZk6¿ìX
Zkƈ´)Z0¬$+gõZvmä´)‡ÌgõZvmÅZk!]»�&Ò©3þ
GEG”{¬›âVÆZ)qÐ!ëìt
�Z[Šc�]Ö³Û†]�eÛ^qˆÝef_¡ÞäÚ^]ƒ]Ò^áÚàÚ„]agÚjf^mßèý
]ƒ]Ò^áÚ×ËÏ^Úà]Îç]Ù]‘v^h]ÖÛ„âg]Öç]u‚! Ú^ eí¡ÍT&Ò©3þGE
G”{¬Æûy»ZrVäbxHZkÐ%ZŠZèZ<ØÐ5™¯cƒZ¬ì'gsZkßg]ÆZ
&Ò©3þGE
G”{¬Zq„è<ØÆZô[»ƒX
ëë�´)]Í-ö
IEgõZvmÆŠzâV:}ûÃ�XZyÆèÃg{!ÑŠzâV„:}Zk6F��ŠzßVÐ -1
FIz&Ò©3þGE
G”{¬²z{ŠzâV¸wZqè<ØƃVYƒ@ìX&Ò©3þGE
G~�Šzw¦G‰�z{t�:×~z®Ñ]»z�YìZâx·zZâxi�Ûg9+:)é XZvÆ -i
4Šqz�ZZlYìZâxZ1-ŠÆ4Šq -ii
pZâxZ1-ŠgõZvm®Ñ]Zzg×~~z�„Ƈb7ÂÑõ!Zy~z�ZZlÆ̇b7�X®ZZyÆ4Šqz�ZZlÇ7ìÈì)®Ñ]Æ‚BXZkÃÇhÅÃðzzZzgŠ?ñ�Š7ìXZϧbZâxi�Ûg¶ZvÆ4ŠqŠgZëÆz�»�ZiÈìZkÆ‚B�z{
LZY6ƒZZl:ƒXYèz{z�ZZlƇb„7�XZ[Šzw-V¶:
)®Ñ]»z�ZZlYìZâxZ1-Šg¶ZvÆ -i
4ŠqX×~z®Ñ]»z�LZY6YìZâxi�Ûg¶ZvÆ -ii
4ŠqXŠzâVßVÃ5NÂt³†Ç�)®Ñ]»z�ZZ…ZY
zZZlYìZzg®Ñ]z×~»z�ÜsZZ…ZYYìX
ZkÐ&Ò©3þGE
G7kXYè&Ò©3þGE
G~CÙZqƬÃ7gZ$›40î EGE1Y@ìt7�ÈÃÇá1ZzgÇÃÈ™Æá1X¾n´)§ÎÏg9*îGZvm»CcƒZ&Ò©3þ
GEG”{¬|~&Ò©3þ
GEG»³7
É®Ñ]Ã)®Ñ]Æz�ZZl6ªk»³ìTÆÐz !g}~묄C`��tªkìZÖgtƒäÅz
Šg„7ìX¬:}~´)]Í-ö
IEgõZvmä§ÎÏgõZvm -2
ÐÜH�æ³׳oâ„]mjí†t]ÖvÓÜeçÎÌ]Öfß^ðÂ×oÞËŠäÊo
]æγ^ÍÒ%n³†³é³׳oⳄ]]ÖßÛ¼uÓÜeã^]ÖÏ–^é Ú³’†Êo³׳oÚ³^ƒÒ³†Þ³^Ú³àqç]‡]ÖvÓÜ ]ÖŠ³^e³Ï³çáæÖ³Ã×ãÜeßçå
Ö³Û³^Ò³^ÞkÚjφ…é ]Ö³Û³†Ò³gÚàÚ„âfnà]æÂ×o]á]Ÿ…šÖ¡ujÓ^…ÞˆÖkÚ߈ÖèÚ^ÖçæÎÌ]Öfß^ðÚÄ]Ÿ…š
FÀ:ZzgZÏ6ƹÐZz‡s~ZyÆZz6qg]Æz�»¬MìX¦‡r3ð EGVäZϧbÐêŠcX�áhZy»êcÂZk6Fì�ëäf™H�ŠzèÖVÐ%“¬Yƒ@ìcZk6Fì�i}ZògŶÂÍcqg]i}Éz�ŶX
ëë�§ÎÏgõZvmä!]ÃZk§bÐf™HìÍc¦¸
‡è¹ÐZz‡s~i}Æ%qg]Æz�ZZlÆ�Zi»êŠïgì�qÑèZzg|Z]ZyŧsÜsqg]
Æz�Æ�ZiÆêÅÚ™D�ZkÆz�ZZlÆêÅ7X
Z0øxgõZvm˜�Xæʳo]ÖËj^æpÖÏ^•oì^áæÎÌeß^ðe‚æá]…šÎ^Ù
m³r³ç‡]ÞjãoÖÓàÊo]Öí’^ÍÚ^mËn‚]á]Ÿ…š â¡ÙŸ]ƒ]Ò³^Þ³kÚj³Ï³†…³é]ŸujÓ^…q^‡Ê^ÞäÎ^ÙÊo…qØæÎÌ
iÏçÙÊo e³ß³^ð�]…Ö³ä�æá]Ÿ…š]ÞäŸmrç‡!ÎnØÖäÊÛ^Úßã^[Î^Ù]áÒ^á uç]Þnk]ÖŠçÑ]áæÎÌ…qØu^Þçi^
m³í†qãÜ ]q³^…³éʳo]m‚p]ÖÏçÝ]Ö„màeßçâ^Ÿ ]Ÿ…š
%zzZsòîg~ÅPyZÒV%zzZsòîg~ÅPyZÒV
q³^ñˆýæ ]ÖŠ³×³_³^áÂßã^Ê^ÖçÎÌÂ×nã^]Ö‚âç…æâoÊo]m‚mãÜý i‚]æÖã^]Öí×Ë^ðæÚ–o
æÎÌ]Öfßn^áÊnäæ]ŸÊ¡EÊjx ]áÚ^Ò^áÚ%؃ÖÔq^‡ Ê^Ê^�D6t217 ]ÖÏ‚m†”
FÀ:ëz~‡è{y~i}Æ%Üsqg]Æz�Æ!g}~hwòë�tY7XpásÅ!]Ð¥xƒ@ì�i}ZZògÆnƒÂYìYèásòä¹��¿i}Æ%Üsqg]Ãz�™}ÂtY7XZyÐ7YŠ�W\!iZgÅŠ»âVÆ!g}~Hë�
ZÃðZy~ÐÃðŠ»yz�™Š}XZrVä�ÛâcZ¤i}Š»yzZßVÆ0k™Ztc96ZkîgÐï~ƒ�z{�eT
�¯D�Ó#ÖZyÃz;VÐFFiââVJ"Š47™CÂz�YìXZkÐ¥xƒZ��ßg]ZkÅéƒZk~Ìz�YƒÇzg:7X
Z,„´)�áògõZvmägŠZÅ+B5éGg~ásgõZvmÐÜHìX
¬:}~§ÎÏgõZvmäi}Æ%qg]Æ -3
z�ZZlÆ�ZiÅŠzÂz�;]Cð�XZzgZCìwªCÙHì�‚—‡r3ð EGVäZLêÅãŠZy„Šz~ÐËZqïc
Hì?ZzgZyŠzâV z ìÔÍc´)§ÎÏpŠFŠŠ~��zZªzz9Að EXV»qwëÒy™`��&Ò©3þ
GEGk7Zzg¦¸©x»ê
i}Æ%qg]ÆÜsz�Æ�ZiÆ!g}~ìz�ZZlÆ�ZiÆ!g}~7XZzgZ¤z�ZZlÆ�Zi
g]Æ q ƬÃÌt™1YñÂz{ZògzZài}~ñ�Š!g}~ìTÆ‚Bi}ÌÍcz�„ƒCìX®Z{Ø
®w~z�ZZl»�ZiU"7ƒ@X´)]Í-ö
IEÆŠzu}:}»æZģÎÏgõZvm6Zzg -3
ZyÆZkw6ì�×~~z�ZZl¬$Ò©þEz%“ìXZk&Ò©3þ
GEGÅ|ëZz6C`�Xg„t!]�§ÎÏgõZvmÅ!]ô)]Í-ö
IEZzg�ZÑsxZ1:ŠZzg)�áògÂZväÌZ(gHìÂZkÐ�Ût77@
YèZZrVäŠ?f™ÅìÂZ[Š?Å|ʬ
X7 YñÇZ¾mÃ
Šzu~!ëãŠÔtΊZzgãg6Fì -2Zz6ëñÑ*i¢ãæØÅtŠz!'f™™`��Šz!g{
f‚d™heÂX]á]Ö³çÎÌÖ³ä�³í³’nè]Âjf³^…mèÊoÒØÚà]Ö�†mÃè -i
æ]ÖÏ^Þçá‡âyZzgÑ<ŠzâV„~z�ÇâãzZ±g~,
qÝìXÚ³^mjf³†Åe³ä]ÖÛ�j†Òçámí†tÚàÚ×ÓãÜæm‚ìØ -ii
]Ö³’³ß³‚æÑ]Ö³çγËoæeÛ^]ÞäÖn‹æÎË^æ]ÞÛ^âç ÊoÚ×ÔÚÛ×çÕÖ×çÎÌ
0Œƒ®g�P{Šï�ZyÅ!Ðò™z�-Å!~ŠZ4ƒY@ìZzgz{z�Å!áìpŠz�7áX
ñÑ*i¢ãÆŠZgZ‰x™ZcÆZqZ*ŠeZËñÑ*ZÚiZ£/Zã™r¼zŸs™Dƒñ˜�:
LLz�aèpŠ¿‡âãìZzgŠñ‰Š]'Z{gZ„z�Å!~−YD�Zzgz�QZLð
ÅZŠZ5™@ì (Claims) ™Š{çZ*ÅgzÝ~®Í-,çGEZknz�»ÂxicŠ{‡.ÞZEyìXóó)‚…Z›g÷
(100 »Zsò§imLL�ßvz�ÅãŠ6“zZá7wÃrq
™D�z{rqz�Å!~`Y@ (Donate)
ìZzgZkÅVwZ+ì‰Ëz�}æg�cG*ycP{ŠbXZÃðqz�Å!~WYCìÂz�ZL¸Z°ÅgzÝ~z�cP{Š¶zZáÃÌÃZ{àYìXÍcz�ÃP{Š¶zZácz�ÐÃZ{qÝ™*YìOçZ¤Ãð¿}Ëæg�ÃP{Šêì@�Zk~›âVÆai-g½ÐWgZ3ƒV'ÂZkÆnÌYì�ZLaÃÌZkæg�~½ŠßZñXtZkn�z{z�ZÏÑc‡ìƒZ
%zzZsòîg~ÅPyZÒV%zzZsòîg~ÅPyZÒV
ìXZϧbz�ÅãŠ6�‚…‡ìƒ@ìz{{mnÆZ�ÛZŠªZ,Z�ÛZŠc‡ìƒ@ìκmn»vyVYìÂZkz�ÃrqÆîg6g¶Š¶zZÑZϧb7wÐÃZ{ZVYìT§bæg�cG*yÃ
(101 P{Š¶zZÑ)‚…m
ëë�‚…~z�-ÃP{Š¶ZzgZkÐvyň°qÝ
™äÆZkÂx6PZDwaZƒD�XÃpŠ/Zã™räf™HìZzgQZy»�Z[ŠcìXpZyÆ�Z[*»°�ZzgŠb‰Âx6Z‹Zn!¹gT�XZyÆ�Z[Ü™ä
ƈëZy6ZCû{ÌŠ,ÐX
ªZDw)æg�c.,Å(�VBZz6f™ÅIZyÆZ0gz�
ÐÃZ{qÝ™äctÑo7�z�ÐÃZ{ZVäzZá¿ä̼:¼¾¢zgŠcƒÉ}ZÃð.ZVz�ƒŠ
ÂZ[ZkÐCÙ\‚¿0ã8YìeìZkä.,Ãyh™z�™ä~Ãðz5cƒc:5cƒX)É-VIe’�pZ{Zkä.,ÆZyZY]cP{Šcƒc:ŠcƒX
X102, 103 ''†ZßZu(‚…m
/Zã™r»�Z[LLz�ÆZ0gZk!]ÅѬRöì�z{˺m6cZ�ÛZŠcƒ}Ãð¿tÑoÎñ�~#V!rZkÑo6z�™@ƒV�Zk»VÜs#VgŠZgzVÃc÷~ZzъÊcYñc÷~i0Ï~=MgìZzg÷}#VÂÆLZYZkÐÃZ{ZVN'
z�™äzZÑz�ÆrÔÆ7Ãz�ÆŠZ]{úmZ�ÛZŠJözŠgeìÂZ(™YìX‚…
v~z�ÅãŠ6‡ì7wÃZ¤!Ǭx™ŠcYñZzg™äÅ (risk cover) CÙ¿ÃZkÐZCg‹Ãg
ZYi]Š~YñªCÙì�Zk7w~CÙ¦ZkÅRö7®Z¢zg~ƒÇ�tz�˺m6 (Capacity)
cƒX:Z¤zZ¢¨4èGE
GEÑzq~tÑoΊ,�Zkz�ÐÜsz{ßvÃZ{ZVM��Zkz�þ
Î**Y7 (Restriction) Š,Ât{ (Donation)
(103 ƒÇX)‚…m
ëë��ZDwtå�Zz6Š~ˆVßV~}.,Ð0ãÅ -1
~cæg�~”VýŠßZä~tÑo7ì�WŠòäz�üP{Šcƒ²‚…Æz�-~tÑoì®Zz{‚…ÅVB:FXZyÂ…ÅVB¯äc/Zã™rÊz~
ÐZq»x™*åXcÂz{ë�.,Ð0ãÁÌP})c7(Æ‚B -i
æzoƒYìZzgæg�~½ÌP})c:(Æ‚Bæzoƒ$Ëì�çz£ìX
p/Zã™räZk�Z[ÐZ²ZnH@�z{-çz£Æ6~:úYNYè0ãZzg½Âgz9Æún~ƒM�pZ›g÷»æÂpŠgz7V~ƒ@ìZzggz7VÆçz£~¶�ΊìX
cz{të�Zz�~ZâRö7‰æg�~ -ii
¥Å®ZŠZquJ„ƒ$ËìZϧbP}ÅÑoÆ%˺m´‘ÆßÍVÃZkÅœª½ÅYCc¬gZ‚™äzZáÎZ�ÛZŠÃz�ÐÃZ{àcY@X
p/Zã™räZk�Z[ÃÌZ(g7HYèZk§b‚…vüÃZ{7ƒ@X
Zkn/Zã™räZLŠú}6�ZDwªCÙHZkÆ�Z[~ÌÜsŠú}Ãf™™ŠcXZy»Šúòå�LLz�Ãrq
Æîg6g¶Š¶zZÑZϧb7wÐÃZ{ZVYìT§bæg�cG*yÃP{Š¶zZÑóóZzgZk6ƒäzZáZDw»�Z[tŠc�z�™äzZÑP}ÅÑoÎYìX®ZÜsz�ÃP{Š¶zZÑ„ZkÐÃZ{ZVYìXtªCÙì�zZ�Æ
%zzZsòîg~ÅPyZÒV%zzZsòîg~ÅPyZÒV
ÑoÎäЄÑoz�Š~WCìZzgZØqæzoáìpÎZwÂtì�6æzo7ì²6!
æzoìqÑè6ÃÌæzoHYYìXZ(YVì?ZkÆ�Z[Ð/Zã™rä0ÄZàìX
/Zã™rÆtZÖp -2
LLZkz�ÐÜsz{ßvÃZ{ZVM��Zkz�þŠ,Xóó
(Commutative Zk6zZãŠ?��t-çz£ìYèz�-Zzg0Œƒ®gW:~únÆîg6A deal)
Š+™D�Zzg.Š~Z±gç㻃@ìZÖp»7X -i
z�¿‡âãìZzgz{tHì�LL?=P{ŠzР-ii
qŠXÅßg]~~»ˆ°Åg¶ŠzVÇXZzgðhZP{ŠzÐÂðh~ˆ°™zVÇicŠ{ŠzÐÂicŠ{™zVÇXóó
Z¤ñÑ*i¢ãæØZzg/Zã™rZk6ZÜZg™,�P{Â@tz¾ìZk~ún»p7Zzg0Œƒ®gÆvyÅ
ÐìÂtÐ6ìXZyÅ!]Zkz‰Ü z ˆ°z�ÅÑoÅz´gƒ$ËìZÃð¡n»»x™™z�-~P{Š}Zzg‚…cZ›g÷»ZküØ:ƒcZk»ZkÐWÒ{ZØq»zZª¼ZgZŠ{:ƒXQZ·tÐqŠXÅßg]~ZkÂ…v
äcËZzgäCc�?Â#Vz�-Ðvyň°Æ,ZgƒXp˜V¬„!bçnÆ‚g}ÑZ_zçZ*ðGYDƒVZzgÃðÌúnÆÑÓcµÆ%‚…vÆŠí~Šx:g‚ƒZzg7g~°7MÚÅYCƒz;VZknÆ.·äçnÅ|Ã7$szg:Âçâ]ÆZkZ•ðF¹cCŠzgÆßvtK~hO+ƒVÐ�çâ]~Zsx
ìX 7 Æ0kÎZñ.·âVÆZzg¼
ŠzuZZDw/Zã™r˜�LLz�»t§iÌì��icŠ{¾
Š})ªicŠ{6ÀŠ}(z{Zk¿ÐicŠ{vyň°»,ZgI@ì�ZkÆ£«~Á¾Š}�z{Ávyň°
»,ZgI@ìÍc¾)6À(ŶZzgicŠCÅãŠ6vyň°~¶icŠC™*ZÐ-çz£ÆŒÛd™ŠêìXóó)‚…
(102
/Zã™r»�Z[0Œƒ®girq)¾(Æîg6z�7w~�gx¦
™ZNZk~¶icŠCÅãŠ6ÁcicŠ{vyň°Z¤0Œƒ®g»‡âãh:ƒÉz�ŧsÐÜsz°{ƒÂQtçnšµ-çz£~ŠZ47Zkn�-çz£~CÙ�Û&ÃZCçz£h»hq݃@첌VZ(7ìX)‚…m
(103
ëë�‚…vÆz�-ÅÑZ_~t!]¦g_ì�z�
ÐÜsz{ßvÃZ{ZVM��Zkz�ÃP{z¾Š,ÐXªzZ�»ÑoÎ* �³†½]Ö³ç]ÎÌÒß“]Ö�^…Å ZzgŸ‚ì�
(T»Šzu}/V~ 100 Z(ì‰�ágq»�Ûây)‚…mtÈì�zZ�ÅÑoÇâãwqÝì¡Zܹ7ZzgZkÅãŠ6P{z6ÀZŠZ™äzZáz�ÐÃZ{ZVäƇâã,ZgƒñZzgz{‡âããŠzV6ZChzßw™M�X
»[/Zã™rÌZyƇâyhÆZÈwÃt™D�pZkßg]~z{Ð@zs™D�z{˜�:
LLpZ¤rqŶZzgicŠCÅãŠ6vyň°~¶ZzgicŠC0Œƒ®gi»‡âãhƒÂZkÅŠzßg'�X
«ßg]tì�0Œƒ®gZkãŠ6ZL‡âãh»Šúò™}�Zkä#Vz‰Üz�7wÃZâg¶»
ÐZkÆvyň°™*z�Æ z 6ÀŠcåTÅzf)ÑixìXtßg]G*YìYèt!]ZÐ-
çz£~ŠZ4™ŠîìTƳ~z{‚g~yZÒVaZƒYC��#Z›g÷~ñ�Š�X
Šzu~ßg]tì�0Œƒ®gZLŠØ‰rqÅãŠ6vyň°»Šúò:™}Éz�ÆZLð
%zzZsòîg~ÅPyZÒV%zzZsòîg~ÅPyZÒV
”{Z°zçZ*Ã㊯™Zk!]»Šúò™}�~Zy¸Z°ÅãŠ6z�ŧsЈ°
vy»,ZgƒV'0Œƒ®gѬZk§j6ZC‡âãhZEw™YìZzgZk»t‡âãhZkßg]Ã
(104, 105 -çz£~ŠZ47™@X)‚…m/Zã™rÅZk„g]»qÝtì�0Œƒ®g»Z¤
‡âãhÌt™1YñÂZkÆZEw»èÃg{ŠzuZ§iYì�çz£Æ|xÐ{àìX
ëë�ZzZ�ÅÑZ_ÇâãwqÝìZzg0ŒhÃÌ
‡âãwqÝìÂtIÌŠg„ì�z�6ÑixƒY@ì�Ño7g~ƒä6z{0Œƒ®gÆvyň°™}XZzgtIÌŠg„ì�0Œƒ®gÃYzуhƒ@ì�z{Ȩ̈jÐZC‡âãhqÝ™}pZ{/Zã™rÅf™™Š{«ßg]ÐcZyÅf™™Š{Šzu~ßg]ÐX
Zk»Òytì�zZ�ÅÑZ_»mŠzqzVЇìƒZìZq0Œƒ®gÆP{c6ÀZŠZ™äÐZzgŠzuZz�ŧs
Ј°vyÐXZkn0Œƒ®gÃZ(gì�z{ZyŠz~ÐËÌm»jZ!Š}™°»_c™}X¾nz{tÌÈY
z ì�~ä#Vz‰Üz�7wÃZâg¶»6ÀŠcåTÅzÐ÷}vyň°™*z�Æf)ÑixìZzgtÌÈYì�z�ÆZ°zçZ*ÅãŠ6~vyň°»,ZgƒVZzgŠzâVßgÂV~z�-Zzg0Œƒ®gÆŠgxyçnÆ
-çz£ƒä~¼ZDw7gLXçnÆ-çz£ƒä6qgzfsŠz!'ÌzZãŠ?
�XP}ŶzicŠCÅãŠ6vyň°Å¶zicŠCX -i
6ÀZŠZ™Dz‰Ü0Œƒ®gÅt+ƒCì�ZÐZk -ii
Æ$á¼:¼AÉZ¤Zk»vyicŠ{ƒÂicŠ{AXZzgZk6îŒÛÜtì�pZ{ZsòZ›g÷„ƒWŠòZϾnЙZ@
ìZzg‚g~°7MÚ™@ì�ZkÆvyň°AX
/Zã™r»ZkÆ-çz£ƒäÐZïg™*z ZzgZïg™äÅz
/Zã™rçnÆ-çz£ƒä»Zïg™Dƒñ˜�:
LLz�ÃP{ŠbZqxçnìZzgz�ÆZ°Æ_.P{Š¶zZá»vyň°™Zä»,Zg
(106 I*!ÇŠzuZçnìXóó)‚…m-çz£ÅÔ™äÅ{§/Zã™r0Œƒ®gZzg
z�-ÆŠgxyç5]Å'×hzŸs™Dƒñ˜�:LLZk-ÆZ0gz{)ª0Œƒ®gi(Zkng¶¦
™Zg;ƒ@ì�Zk7w~ñ�ŠZ�ÛZŠ)ªŠv0Œƒ®gi(~ÐZ¤ËÃâàvyƒÂZkÅg¶ÃÌZk
vyÆ7gZ™äcZEwHYnZzgù¦îg6Z¤ZÐÌÃðvyƒÂŠzu}Ñ»YÌZk6»g��Zy
Æ6ÀÐZk»vy7gZHYñptÑo7�~Zkn6ÀŠ}g;ƒV�÷Zvy7gZHYñYè
=vyƒä»¢7Zzg:„Šzu}Z�ÛZŠÃ¢ìÉvyÆZÈwÅãŠ6tg¶¦ÅYg„ìóó)‚…
(114mLL0Œƒ®gÆvyÃ7gZ'™äÅf)ŠZg~
0Œƒ®gÆr¬]Ðz�Š~WäzZájn)7w(6ƒCìX)‚…(vt9ì�t7wvgZvy7gZ™}ÇZ¤ZkÆZ0gvy7gZ™äÅRöƒðÂW\Ævyň°™Š~YñÏZzgZ¤7wÆZ0gRö:
(115 ƒðÂtvy7gZ7HYñÇ)‚…m
ëë�/Zã™rÅt!]Fz�{ÐûÃìX
/Zã™rä0Œƒ®gÆg¶¦™ZäÅ�@zs -1
Åìz{¡ZyÅZºZqì�ZyÅŠv¥%]ÆÜsìXZk!]Å¥ô¬¦g_ì�0Œƒ®gŦ™Zðƒðg¶
%zzZsòîg~ÅPyZÒV%zzZsòîg~ÅPyZÒV
z�-Å!~ŠZ4ƒYCìT»Ètì�0Œƒ®g»Z[Zkg¶ÐÃðm7g;ZzgZ[z�-6ì�z{ZkÃZL¸Z°zçZ*Æ_.ya™}Xp
/Zã™rZkÃz�-Æ$Ó»4-öGGƒäÆOñZkÆ0kZâ-ƒäÃÒy™D�Zzg˜�LLZk7w~ñ�ŠZ�ÛZŠ~
ÐZ¤ËÃâàvyƒÂZkÅg¶ÃÌZkvyÆ7gZ™äcZEwHYnóóqÑèZ[z{ZkÅg¶Âg„7XZϧbz{
Ð0Œƒ®gÅg¶vÆ z t̘�LLZâ-»-TÅz(114 0k)cz�-Æ0k(�gZâ-WYCìóó)‚…m
‚…vÆ‚B0Œƒ®g�Ìçn™@ìz{ -2
Šg|Zqåçnìªt�0Œƒ®gt¥x™Æ�z�-ÐZkÆñƒxvyň°Qìz{ZkÆÑÓ~‚…
vÐÏgÏåçn™@ìXp/Zã™rZkçnÆ{i}™D�ZzgCÙzÅe{e{@zs™ÆZkæJŠ3äÆŠg9�X
Zk!]Ã7Ãg3Yñ�z�-pŠZq¿‡âãì -3
Zzgz�-Ã�P{ŠcYñz{ZkÅ!~ŠZ4ƒY@ìÂ/Zã™rÅèÃg{!Ñ„gÂV»qÝtƒÇ�z�-ihÐHì�?=ZÚP{ŠzÂ~Æoñ�ŠÏz‚bvg}Âvyň°™zVÇZzgihtY…ƒñ�ƒYì�Zk»vyƒZzgƒYì�:ƒZzgtÌY…ƒñ�z�-Å!~ˆ°cg¶ƒYìƒZzgƒYì:ƒP}Åg¶z�-~¦™Z@ìX
/Zã™rÅZk!]»Ü�ïBÂt†Ç�ihñƒxˆ°Å{§z�-ÃP{ŠêìXt!]-çz£ƒäÆo°Ì7Zzgz{Zi,ãgƒä6ÌÜôŠ?ìX
ZqZzgU�‡.Þgìz{tì�0Œƒ®gÅY+ -4
Ðz�-þzP{ŠcY@ìpÑoÇƂBªñƒxˆ°ÅÑoÆ‚BXZ[Ãð¾�@tzP{ÑoÇÐÇ
7ƒ@ÉpŠÑo!ëƒYCìXZzgZkÐtƒ@ì�P{Š¶Å!ÇxZzg)æzow0YCìZkn0Œƒ®gZkÅãŠ6ˆ°vy»_c7™YXZzgz�-Å
Y+ÐvyZq!ÇZµZzgxçnì�zZ�ÅÑZ_Æ�ìX
ëë�Zâ!]Šg„ì�0Œƒ®g»ŠcƒZP{ÑoÇÐÇ7ƒÇXZzgz{ñƒx°»,Zg7ƒÇXpZ¤z{ZkÆ!z�Švyň°zßw™@ìÂZ[t‚gZçnZqƒ™Ã‡ƒYñÇ6�Zkßg]~ƒ@ìZih–Ã
¾�~»ZqDÙZggz9»ŒÛnZkÑoЊêƒV�?=ZkÆŠg{ÎzZ:™zÐX–äZqDÙZggzBzßw™1XZk
uJÂçn9ƒÇZzgÑoÇpŠ!ëƒYñÏpZ¤–äŠg{ÎzZ:GZzgihäz{Jw™nÂtƒçnZqƒ™ÎŠ»ƒY¨Zzgt7ÈM�ih»ŒÛnŠbÌŠg„ƒZZzgaèÑoÇ!냶®Z–ä�Îgz9iZZzZ:Gz{ZkÑoÆ�7WDÉz{Zq*SìX
qݯxtì�0Œƒ®gZzgz�-ÆŠgxy-çz£zZµƒ@ìZzg‚…cZsòZ›g÷Æ�tçnΊÔãgZzg¾g6ŒìX
Z›g÷~̸&yZÒV�pŠ z ‚…Ð?Ø™%z/Zã™r-Vf™™D�X
Z›g÷ÆZ0gãŠ~îg6&yZÒVñ�Š�X z LL%z(Interest) g!-1
(Gambling) ãg -2
(120 )‚…m (Uncertainty) ¾g -3
/Zã™raè‚…Æ-rqƒä6¢�Zknz{ZkÃCÙ%nÅŠzZB�Zzg˜�:
Z›g÷~ƒäzZÑçn-çz£åTÅ z%zЊg`!ÑyZÒVaZƒð�XZsòZ›g÷~ZÐ zz
-rq~ps™ŠcŠTÐg!)Ί(ÅyZ!Â!Ç»ƒYèΊZÏßg]~0cY@ìZŠzqzVÅp~-çz£ÅãŠ6ƒXZçnçz£ÅãŠ6:ƒÉÃð¿ZK§sÐrƒicŠ{Š}Š}ÂZk~Ãðw`7ÉуIh{ì}Ë¿äW\ÃÎgz9@bÆîg6ŠØXQËñµ6W\ÅZkÐ5‡]
%zzZsòîg~ÅPyZÒV%zzZsòîg~ÅPyZÒV
ƒðÂW\äŠzÎgz9@bÆîg6Š}ŠØÂt:ÜsYÉIh{ƒÇZzgZÐg!
7¹YñÇYèZkäW\ÃÎgz9ZkÑo67ŠØ¸�W\Zм(J™zZ:™,Ð'
!¹ŠzyZÒV¾gZzgãgÅ�XZyŠzâVÅãŠ)D6ìXªCÙì�)Dª (Uncertainty)ª
‚…ÆZ0gÌñ�ŠìYèZk~0Œƒ®gZqZ,vyň°c6À¦™Z@ìT»0cY*)D
ì�t¥x7�0Œƒ®gÃz{vy7WñÇc7?pZsò‚…ÆZ0gZk)DªÐ-
*Y7ƒ@YèZkÅãŠ-rq6ìZzgr¬]Æ»0cY*Nq7 (Uncertainty) Z0g)Dª
².Šçz£ÆZ0gNqìXZkÃ&g=Vw-VzZãHYYì�}÷}
0kZq$~¼g¶ì~ËŠ»0ZgÐZq6yh@ƒVZzgZkÐHƒV�ZkÅ7z{g¶ì�Zk$~ìXªCÙì�tßg]*YìY芻0ZgÃ¥x7�Zk~Xg¶ì®ZZkÆZ±gÐ7!w))¥x(ìZzgßÆ9ƒäc¢zg~ì��YäzZàqÅ7�ۢåxƒÔpZ¤~ˤDÐtHƒV�Z¤W\ZJy~ZzwW‰Â�g¶Zk$~
ìz{»ZÅxÆîg6ŠzVÇÂtßg]YìqÑèñ�Š (Uncertainty) ŒV̘ªZzg)Dª
ìpaèt-rqìZknŒV˜ªZzg)D»0cY*Nq7XZk§b (Uncertainty) ª
ZëäZ›g÷»eJç$wŠcÂŒV6Ì)Dª0ñYäÆ!z�Šçn*Y7ƒÇXóó)‚…
(121, 122m
ëë�/Zã™räŒVÌz„»xHì�çnÆ{
i}GZzgQCÙzÅYƒäÃVwÐf™™ŠcXçnÅ�
ù¦ßg]ìZk6Ùä6z{WâŠ{„7�qÑèŒVZÝÂù¦ßg]„ìX
Š¶/Zã™rärqÅtVwŠ~ì�Ë¿äW\ÃÎgz9@bÆîg6ŠbÔQËñµ6W\ÅZkÐ5‡]ƒðÂW\äŠzÎgz9@bÆîg6ŠbÂt:ÜsYÉIh{ƒÇXZkVwÐ/Zã™rätŒäÅÃÒÅì�‚…~Ìrqƒ@Zkaz{YìX
ëë��/Zã™rÅtVw‚…Æ‚B_“7gBXZkÅVwÂ-Vkì�ih–о�Z¤?=Îgz9@t™zÐÂz‚bƃäÅßg]~L»¢zg]7~Â~»ŠkDÙZggz9ŠzVÇXZkÃÃy¡-rq¾ÇZzg
-çz£:ŒÇQZ�z�-Zzg‚…v‡âãwgn�ZzgZyÆZ°zçZ*ZzgZ¾Znz£œÃ‡âãwqÝìÂtZzg¢-çz£¶ÇX
iyZÒVvpŠ„g[ZÓwZzgpŠ„pg[kìX -1
‚…v—ìXThe Company shal l act as a
Mudarib for the purpose of managing
the i nvestment o f Pa r t i c i pant 's
contribution. As such, the Company
stands enti tled to a share in the
investment i ncome there of as
Mudarib.
FÀ:Ñqª0Œƒ®gÆP}Ðq݃äzZáuât~‚…vpg[Åwлx™}ÏZzgZk§bÐq݃äzZáœ~pg[ÅwÐzŠZgƒÏX
ëë�v�pŠzZ�ÌìZzgáàÌìz{pŠpg[70
$ËYèpg"Šz�ÛhVÆŠgxyZ(-ƒ@ìT~Zq
%zzZsòîg~ÅPyZÒV%zzZsòîg~ÅPyZÒV
ÅY+Ðâwƒ@ìZzgŠzu}ÅY+пƒ@ìXaèvz�-Åáàì®Zz{g[ZÓw
ìZzgz{pg[70$ËXZ¤t¹Yñ�vÂ0Œƒ®gzVÆuât~pg[Æ
îg6»x™Cì®Zg[ZÓwÂ0Œƒ®gƒñXÂt97YèZz6tf™ƒ[ì�0Œƒ®g�P{Šï�z{z�Å!ƒ@ìZzgvZkÅÌáàƒCìX
´z{Zi,väz�-Æn�uât�ÛZëHìZk~ÌÂv„pg"Æîg6»x™}ÏÂvpŠ„g[ZÓwZzgpŠ„pg[µ�97X
ZkÆ�Z[Æîg6ñÑ*i¢ãæؘ�æ]Ö³¿³^a³†]Þ³äŸÚ^ÞÄÚàÒçÞã^ÚjçÖnèÖ×çÎÌæÚ–^…eè
ʳoæγkæ]u‚e�†½]áiÓçá]ÖÛ–^…eèeÃÏ‚ Êo]Úç]Öã^]Ö³†e³xŸiˆm‚ÂàÞŠfè…ex]ÖÛ–^…h Ú³ßË’ØæeߊfèÚà
ʳo]ÖŠçÑÊ^á]ÖËÏã^ð]q^‡æ]Öß^¾†]ÖçÎÌ]ámŠj^q†]…šmˆm‚Â×o]q†é]ÖÛ%Ø ]Ö³çÎÌe^q†é]ÖÛ%ØÂß‚eÖãÜæeÛ^
Ên³ÛÓà]á D421” 2 ³߳‚�쳆m³àE]Ö³Ëj^æp]Öãß‚mètiÏ^ŒÂ×nä]ÖÛ–^…eèæ]áÖÜœ…åÊoÒ¡Ý]ÖËÏã^ðe’†]uè!
FÀ:ªCÙtì�vZq„z‰Ü~z�-Åáà̃ZzgZkÆZñZw~pg[̃ZkÐÃðâú7ì²ZqÂ
pg"»-]ZƒZƒZzgŠzu}v»œ~zâgLgfÐicŠ{:ƒYè�Yäz�Æ*øcYCcì�z{z�Åi}ÃpŠZ]écZkÐiZZÆún™Zt6ááXZk6pg"êkHYYìZ¤pZkÅ¥ô=�YƯx~7BX
ëë�t!]gÔì��Yä*øcz�i}ÃZ]6
hÆ�ZiÅ¥ôÅZzg*øÆpg[“Æ�ZiÅ¥ô7ÅXWyZyŠzâV~¼�ÛtƒÇA„Â�Yä„CÙ�Ûtg3ì
Zzgz{�Ûttì�z�ZgZèÃð†™áÂZ¤pz{Z]
6Š¶Æn:ƒA̸šÃZkÅZ]銴ƒCìXZϧbZ¤*øcáàz�ÅZgZèÃpŠZ]6ááÂ
Z¤pz{czs§j6ZYg{7ìpZ]ézZZƒäÐZkçnÃWiUZYg{ÈŠcXpg"~ÇcWi~ÃðÌßg]7kZknpg"ÃZYg{6ªk™*e7ìX
ñÑ*i¢ãæØÌZkªk67g~§bt7�Zknz{Zq�Šwßg]ÌCD�Z¤p‚…vän«„ßg]ÃZ(gHìXñÑ*æØ�Šwßg]t�:
æÖ³ò³àÒ³^áâß^Õ�ÔÊoqÛÄ]Ö�†ÒèenàiçÖnèen³à]Ö³Û³–³³^…eèÊn³Û³Ó³à]ám³Óçá]u‚Ú‚m†p ]ÖçÎÌæ
ֳ׳çÎÌe³’Ëjä]Ö�í’nè Új³çÖn^ ]Ö�³†Òè]æ]u³‚Úç¾Ënä]Önã³^ æmŠj³³^q³†]Ö�³†ÒèŸ�]…³é]Ö³’³ß‚æÑe³^q†æm‚ÊÄ
]ŸÚç]ÙÖ¡‰j%Û^…Â×o]‰^Œ]ÖÛ–^…eè!FÀ:Z¤vÆàz‰Üáàz�ƒäZzgpg[ƒä
~¼—ƒÂ��Šwßg]eìz{tì�vÆeZ]IzVcÁzV~ÐZqZKfZC,ÆZ±gÐz�»áàƒYñZzgz{z�-ÆZOxcvÃZ]6ááZzgz�
ÆZñZwÌpg"ÅãŠ6vÆjZᙊ}X
ëë�t¬Ð$Fßg]ìZzgW�yФZLg~Z“»]Zt
ìYèXi³ß�³®�³†Òè]Öj^Únà]Ÿ‰¡Úo ñÑ*æØÉ`��
ڳó׳çÚ^Úà…]ŒÚ^Öã^mÓçá ] Ö³×çÎÌæiÈÙqˆð ‘³ß‚æÎ^)ZsòZ›g÷vZLuâtÆZqzÐz�-‡ì æγ³Ë³^
™Cì(T»Èì�¬v‡ìƒCìZzgz{ZLuâtÐz�-Çì™CìX
QñÑ*æØÆ–wvZq‡âã¿ìT~eZ]IZyÅfZC,˃YCìZzgÓx£tzf)ŠZg-VÅ
ÚvƇâã¿Å§sÅYCìX®ZÃðeZ]Iv»�Ì»x™}ÇZkÊg|v„»™*}ÐXZk»qÝt��vz�-‡ì™ÆzZ�0X
Z[ñÑ*ë��ZqeZ]IZKfZC,ÆZ±gÐ
%zzZsòîg~ÅPyZÒV%zzZsòîg~ÅPyZÒV
z�-»áà0YñXp�Z[~ëë��ZvÆ»xÆZ±gÐeZ]IÅfZC,
v~ËìZzgZk»™*v»™*ìÂZk»qÝtƒZ�zZ�“ÆvZLW\ÃZq6çnÆ‚Báà¯C
ìXQñÑ*æØÅZk?mÆ_.v„pŠÐZOxcZ]6çnÌ™CìZzguât»g~cpg"»çnÌ™C
ìX¾nñÑ*æØÅ!ÂVÐz„Z²ZxU"ƒZ�ëäZy6¬ZHå�ñÑ*ävÃg[ZÓwZzgpg[ŠzâV„¯Šc�Y7X
z�cZkÅ!û™* -2‚…v9ì
This Policy may at any time be
terminated at the opti on of the
Company on 14 days' notice to that
e f f e c t b e i n g g i v e n t o t h e
Participant............. In that case, the
Participant shall be given an amount
equivalent to a rateable proportion of
the contribution for the unexpired
Period of policy from the date of such
cancellation. This policy may aslo be
terminated at any time at the request
of the Participant, in which case the
Participant will be paid an amount
equivalent to the actual contribution
made initially by him / her, less the
amount worked as per the following
scale.
14 FÀ:t‚…0ŒvÆZ(g6ËÌz‰ÜŠyÆâF6»ÅY$Ëì'Zkßg]~0Œƒ®g
Ææ]ÅÚÐP}ÅÎg¶kìzZ:Å
YñÏX0Œƒ®gÅŠgpZ„6Ìt0Œ»ÅY$ËìZzgZkßg]~ŠØ‰ÏÆ_.Îg¶kìz{t™ÆZkÆP}Å!¹g¶zZ:ÅYñÏX
ëë��P}Åg¶z�Å!ìZzgÑ<ÅgzÐZkÅâÃ
zZ3Y7:ÀÅ:bzÅXZkg¶Ãz�g¶ÆœÅ§bÜsz�ÆrÔz£œ~yaHYYìXZ+Ãðßg]g7ì�áàz�Å!âÃzZ:™Š}cP{Šy{ZkÃzZ:ááX
%zzZsòîg~ÅPyZÒV%zzZsòîg~ÅPyZÒV
5X:
Zsòîg~ÅPyZÒV z%zeŠÜ]Ö×äu^Ú‚]æÚ’×n^!
ZkŠzg~ñÑ*i¢ãæØZzgZyÆ™ñZŠ}ñß~/ZyZÑs¢ã�ÅÃ@VÐ0Îy~Zsòîg~»
ŸÑzqƒZìXŠzu}›âVŧbZ:vëÌZsòîg~ÆpZéq�pëeT��tÂx{ØZsòƒZzgZk~ΊÅZzgŠv)ZsòZñgÅWöl:ƒX$¬Ð
øg};VgZò™Š{Zsòîg~Âx:΂ZsòìZzg:„΂ΊÐ0uìXT»tÃZ{Âì��ßv¬Î‚Ί~C_¸z{Z¤ZLâàç5]ZzgËVÃgh™ÜsZsòJЙ,Âz{}e:‚Ί6WYNÐpŠzu~§s
Ðz ZkÐ(Zvytì��ßvZKŠgZg~ZzgZKZôoÅz6¸z{Ñõ!ΊÆe: (Zero Level) Ίz){Æ#Šgz
‚Cw6WYNÐZzgGtZq(ZvyìXñß~/ZyZÑs¢ãäZôm~~
Meezan Bank's Guide to Islamic Banking
ªLLZsòîg~ÆnöZyJÅgZÉóó*òÂ[É™�áùÅZzgŠZgZ‰x™ZcÆZ*ŠñÑ*eZËZÚiZ£/ZãäZKÂ[LLZsòîg~XZq|IY{óó�áùÅXZyÅãŠ6ëäZkîg~ÅŠg`fsPyZÒVè�X
ÑbΊãg¯cY@ìX -1ZsòJ z ËÚÅ7c™Ztð™äÆn%z
gff™™D�T~ãŠ~ZÌ (Floating) Zq‹wà Karachi Inter Bank Offered RateªKibor
q݃Cì��ËVÆW:ÆAŠ+ÅÑbΊƒCìX
Ètì�ZkÑbΊÅãŠ67c™ZbÅ”ÅYñÏZzgZkÅp~Ð7c™Zt$mgìÇXZk~ŠzyZÒV�X
7c™ZtÆð™ä~ÑbΊãg¯äZzgZkà -i
f™™ä~ZsxÆ)Ί~ÂxÐo97ìXZkÐtÌZ06ƒ@ì�Ëz‰ÜZsòJÃuâtÅ -ii
ÆKibor ¢zg]ƒÂz{ÌŠzu}ËVÐŒÛn©ìZzgZyÈ[ÐΊZŠZ™@ìX
ŠZgZ‰x™ZcÆægkñÑ*eZËZÚiZ£/ZãZk!g}~�Ìð7™D�z{øg}ZÏZ06Å@G™CìXz{˜�:
LL…Zk!]»ÌY{¢e’�ñ�Š{qÑ]~ZsòJÑbΊÃYV£g¯D�ZzgZk»�Šwˆl™ä~Z7°ZÒwÁ)]»‚oìX
ËVÆ!bÑbΊ»:©tì�¬xîg6ZJZq‰qÑ]~7^gìƒDÔ‰JZ,ƒD��ZyÆ0k¢zg]ÐiZZg¶ƒCìZ�‰ËVÆ0k+÷Æng¶ÁƒCìÂXËVÃg¶Å¢zg]ƒCìz{ZyËV
Ќۣf�XÆ0kg¶iZZƒCìXŒÛ£Š¶zZÑJZqºmÑbΊ6ŒÛnŠêìZÐ
¹Y@ìªËV Inter Bank offered rate
Æ!bç5]~7HŠÑbΊXZk»ÃìX0Îy~¬xîg6™ZcÆËV»Ñb Ibor
Karachi Ί�ge:ZEwƒ@ì&»Ægªë�X Inter Bank Offered Rate
Z¤0Îy~ZsòJ»ÆgÃgh™ÃðZsò£g¯*e�ªCÙì�ZkÆnZsò<ÅZq(~âgL»z�Š~W*¢zg~ìXZ:v0Îy
~ÌW×W×tâgLF¹™g„ìXóó)Zsò(54 îg~Zq|IY{Ôm
%zzZsòîg~ÅPyZÒV%zzZsòîg~ÅPyZÒV
âàâ:zßwHY@ì� -2
�Ίìñß~/ZyZÑs¢ã™rZq§stë��JZ¤
ËÆ‚B%ZÌ»çn™}ÂZkÆ'z‰ÜZŠZ5:™ä6:Â7~p~ÅY$ËìZzg:„ZkÐÃðâ:zßwHY
YìpZkÆ!z�Šz{JÆnt@ZeÌYg~™D��z{ÇH�Zqâ{ÅúYÆ!z�ŠËëw±gÆ%Yy1ú™ZŠZ57™@ÂZkäJÃAvyàcìZk
ÆDZguÆnZkÐZâg¶zßwÅYñXŠ¶/ZyZÑs¢ã™rZq§sâ:Æ
*YƒäØ�:Another issue with Murabahah
is that i f the cl ient defaul ts in
payment of the price at the due date,
the price cannot be changed nor can
penalty fees be charged.
%ZÌ~ŠzuZXtì�Z¤ÇHHg@gõ6ZŠZ57™@Â:Â7psÅY$ËìZzg:Ãðâ:zßwHYYìX
pQŠzu}„œz{têYg~�ÛâD�XIn order to deal with dishonest
cl ients who default in payment
deliberately,they should be made
l iable to pay compensation to
Islamic bank for the loss suffered on
account of default LL . P.129
$Šc-ÇH�Yy1ú™'z‰ÜZŠZ57ÐZsòJ z ™DZyÃ6gHYYì�ZkÅz
Ã�vyƒZìZkÆDZguÆn¼g¶Š,Xëë�
�Ãð»[/ZyZÑs™rÐ7i�vyÆz DZguÆîg6àYäzZàg¶â:7ÂZzgHìZzgâ:Zkz
ÐIå�z{Ίáå®ZJDZguÆ*x6Šg|Ίzßw™@ìX
»g98Zzgƒx+$k5ë EEY~Z›g÷c‚… -3ZsxÅgzÐZ›g÷G*YìZzgZk~ΊÔ�ñZzg¾gÆp0ñYD�X¸ÐV!'‚…ªZsòZ›g÷~Ì0ðYC�6�‚…ÆÒy~ë,ÐU"™
‚…Ì)Zsò§iìX z `�X®Z%z»g~JZL„*x6Z›g÷c‚…™Z@ìZzgy~
JZzgÇHpŠZLZL”VÆ”g™ZD�XZk~qgzfs!'ÃZ0Zi7ÅY‰:
ÇH�»g98cƒx+$k5ë EEY™zZ@ìz{JÆZ›g÷ -i
c‚…~2ƒä»:áìZzgaèZkÃDì�JZ(¢zg™}ÇZzg¡ZkÅzzЙ}ÇÂz{Ìk…gƒ@ìX
Provisional »gZYg{Y~öZyJÅYg~™Š{ -ii
)™Ztňg~ø(~ Rental Calculation Sheet
Šg`ì�¬â{»™ZtgZcZzg!g'ŠZg~ÆZyZY]ÃÌ�áïìZzg!¹¸VÆ™ZñZ›g÷)c‚…(Åg¶ÃÌ
gz9ìX 3,44,000 �áï�†ZqÇh~TÅ7Inclusive gz9ìZzgz{ 31,487 ZkƬâ{»™Ztof Registration, Rent and Freight charges
ìXgz9ìZzgz{Z›g÷Å 11,487 Z�ZŒCÙâ{»™Zt
ìX Inclusive of insurance g¶ÉìªìpJÅ (Provisional) Z¤ptø*)g~
Š*zmZ]~�áïìZzgÇHÃÌŠ3cY@ìÂtù¹YYì�»gZYg{~JpŠZK§sÐZ›g÷™Z@ìZzgpŠZK§sÐ6ÀZŠZ™@ìX
-ðuâtÅãŠ6œÅ„: -4
%zzZsòîg~ÅPyZÒV%zzZsòîg~ÅPyZÒV
(On the basis of daily
products)3MŠZgzVÃZZzgÎÌg¶ƒ¦™Zä6WâŠ{™äÆ
ËVä-ðuâtÅãŠ6œŠ¶ÅYïàìX/Zy z n%zZÑs™rZkÆ!g}~˜�:
"Many f inancial inst i tut ions
finance the working capital of an
enterprise by opening a running
account for them from where the
clients draw different amounts at
different intervals, but at the same
time, they keep returning thei r
surplus amounts. Thus the process
of debit and credit goes on upto the
date of maturity, and the interest is
calculated on the basis of daily
products. Can such an arrangement
be possible under the musharakah
or mudarabah modes of financing
(Meezan Bank's guide. p: 177)
If such an arrangement i s
agreed upon between the parties, it
does not seem to violate any basic
pr inc ip le o f the musharakah.
----practically, it means that the
parties have agreed to the principle
that the prof i t accrued to the
Musharakah portfolio at the end of
the term will be divided based on
the average capital utilized per day,
which will lead to the average of the
profit earned by each rupee per
day. The amount of this average
profi t per rupee per day wil l be
multiplied by the number of days
each investor has put his money
into the bus iness, which wi l l
determine his profit entitlement on
dai ly product basis." (Meezan
Banks' guide p:178)
LL¹Ðâ1CZŠZg}Ë»gz!g~ZŠZg}Æik¤ŠluâtÃZk§jÐFKŠï��Zk»ZqgzZV3MÅwŠï�T~Ð’.5ÿGZZz‡]~ZgSïs�Zzg‚B„Ãåuât
¦Ì™ZDgT�X¾ngS¦™ZäZzgï%»¿@gõZ•J¸gLìZzg-ðãŠzV6Ί»ˆ[ÎcY@ìXHZ(çnxg�Zzg%ZÌÅuât»g~~ÌHYYì?
Z¤0gkVÆŠgxyZ,çn6Z·tƒYñÂZkÐxg�ÆËãŠ~Ÿ‚Å#¿7ƒCXi
îg6Zk»Ètì�0gkVäZk‡°{zŸ‚6Z·t™1ì�xg�Æ3D~æ]ÆWy~�œ¦ƒz{ZkãŠ6„ƒÇ�Zz¹°-xHuâtZEwƒZìXZkа-x°gzBq݃äzZÑœ
¥xƒÇTÃZyZcxÆ°ŠÐ¢[Š,ÐX~CÙuât»gäZCuât»gz!g~ÎcìXZkÐ-ðãŠzV6œÅ”ÅYnÏXóóZk6/ZyZÑs™räQpŠ„ZqZ‹ZnzZgŠ™Æ
Zk»�Z[ŠcìXZ‹Zntì�ÑZ•~ÂÑrVÆgZkZÓw»Dƒ@ìZ�ZkÂx~3MŠZggSïsZzg¦
™ZDgT�Zknxg�~ŠZ4ƒDz‰ÜZyÆuâtÅlZg!wƒCìZzgZk˜ªÐxg�!ëƒY@ìQZk
jZ!Šïƒñë��t Æ�Z[~´)»‚ãg¶Zv»
%zzZsòîg~ÅPyZÒV%zzZsòîg~ÅPyZÒV
)×}» ڳ˳–³o]Öo]Ö߈]Å ˜ª7ìYèZ‚âyyhZY@ìÂlZg»Dƒ„Y@ !(
ìX˜�:"But the proposed running
account of musharakah where the
partners are coming in and going
o u t e v e r y d a y , no b o d y ha s
under taken to cont r i bute any
specific amount. Therefore the
capital contributed by each partner
is unknown at the time of entering
into Musharakah which should
render the musharakah invalid. The
answer to the above objection is
that the classical scholars of Islamic
fiqh have different views about
whether it is necessary for a valid
Musharakah that the capital is
pre-known to the partners. The
Hanafi scholars are unaminous on
t h e p o i n t t h a t i t i s n o t a
pre-condition. Al-kasani, the famous
hanafi jurist writes:
"According to our hanafi
school, it is not a condition for the
val idi ty of musharakah that the
amount of capital is known, while it
is a condition according to Imam
Shafi. Our argument is that jahalah
(uncertainty) in i tsel f does not
render a contract invalid, unless it
l e a d s t o d i s p u t e s . A n d t he
uncertainty in the capital at the time
of musharakah does not lead to
disputes, because it is generally
known when the commodities are
purchased for the musharakah,
therefore i t does not l ead to
uncertainty in the profit at the time
of distribution." (Meezan Banks'
guide: pp. 179-180)
LLpxg�»Xi{gzZV3MT~ÑqgziZ:ŠZ4Zzg{g`ƒDgT�ÃðÌÑqZk
~³g¶¦™ZäÅf)ŠZg~7©ìXZknxg�Ñzq™äÆz‰ÜCÙÑqÆgZkZÓw
Ðxg�Ç z )uât(ÅlZg*¥xìTÅzƒY*e’X
èÃg{!ÑZ‹Zn»�Z[tì�}ZsòÆŠ*>»Zk!g}~Z%sgZñì�xg�Æ�ZiÆnWcÑ»YÆgZkZÓw»¬Ð¥xƒ*Ñoìc7X4fY»Zk6Z·tì�tÑo7ìX�g4�´)»‚ãò˜�:
øg}ÃÆ_.xg�Æ�ZiÆntÃðÑo7ì�gZkZÓwÅlZg¥xƒZ¤pZâx�áwg¶ZvÆ4ŠqtÑoìXøg~Š?tì�˜ª&Z]pŠ-ÆnñZYŠ7ƒCÉÜsZÏz‰ÜƒCìZz{4Zq»!¶XZzgxg�Æ
Ñzq~gZkZÓwÆ!g}~˜ª4Zq»!7ƒCYè)xg�Æ�(Z‚âyyhZY@ìÂZk»DƒY@ì®ZœÅ„~z{˜ª»!7ƒCXóó
ëë�…Z\kì�)»‚ãg¶ZvÅ„g]»�Èñß~
%zzZsòîg~ÅPyZÒV%zzZsòîg~ÅPyZÒV
/ZyZÑs™räCcìëZkÐZ·t7™nX´)»‚ãg¶ZvÅ„g]-Vì:
æֳ߳^]á]Ö³rã³^ÖèŸi³Û³ß³Äq³ç]‡]ֳóςÖÃnßã^eØ]ֳ۳߳^‡Âèæqã^Öè…]Œ]ÖÛ^ÙæÎk]ÖÃÏ‚Ÿ ŸÊ³–^ñã^]Öo
m³Ã³×³Üڳς]…å¾^a†]æÆ^Öf^Ÿá i³Ë³–³o]Ö³o]ÖÛß^‡ÂèŸÞäÊn³Ã×ÜÚÏ‚]…â^Ê¡ ]Ö³‚…]a³Üæ]Ö‚Þ^Þn†iç‡Þ^áæÎk]Ö�†]ð
Ee³‚]ñÄ m³©�p]Ö³oqã³³^Öèڳϳ‚]…]Ö³†exæÎk]ÖÏŠÛè!D63” 6 ]Ö’ß^ñÄt
7 LLøg~Š?tì�˜ª&Z]pŠ-Æ�ZiÆâúìXZzg ƒäÅzzÐâúƒC ÚË–o]Öo]ÖÛß^‡Âä ƒCÉ
]Ö³Û³ß^‡Âä ڳ˖o]Öo -Æz‰ÜgZkZÓwÅlZgŘªzŠ*.ÃÂÑY@ 7Yè¬xîgЂâyÅyhÆz‰ÜaèŠgZë
ìZknZkz‰ÜZkÅlZg¥xƒYCì®ZœÅ„Æz‰ÜœÅlZgÌ!w7gSXóó
´)»‚ãg¶ZvÅ%ZŠtì�-Æz‰ÜuâtÅlZg»-Dƒ*Ño7XtI�-Æz‰ÜlZg»Z)àDÌÑo7욊?ìXŠ¶´)g¶ZvpŠ�ÛâD��yhZg~Æz‰ÜaèŠgZëzŠ*.»ziyHY@ìÂZkz‰ÜZyÅlZg»D��-DìƒY@ìX¥xƒZ�tz{ŠgZëzŠ*.��-Æz‰Ü‚tgĊ؉�ZyÆ‚Bxg•ƒÏX¾n-
ÐcZyŧsZ�ág{ z Æz‰ÜŠgZëzŠ*.‚tƒäÅzÐZyÅlZg»Z)àD¢zgƒZ²-ðãŠÆ z ƒäÅz
X~-Æz‰ÜuâtÅlZg»:ÂZ)àDìZzg:-DìX
WyÑ•Áy!ÑñZwÅ|¸Âì�ÁZiÁŠz�Û&ZL³uâñZk-~5mæ]JÆnºm™BZzgZyÅãŠ6)Zzg¢zg]ƒÂ¿ÅzzÐÌ(ZLnœÅ
Basis Ñbð™,X´)»‚ãg¶ZvÆŠzg~-ðãŠ)(»Âz�Š7å®ZùÎeYYì� of daily products
ZyÆŠzg~ŠzWŠòW:~xg�»-™,p-Æz‰Ü:ÂZyÃuâtÅlZg»¼Z0Zi{ƒZzg:„œÅÃðÑbð™,X¾n´)»‚ãg¶ZvÅ„g]Ã/ZyZÑs™rZL
h~ÑNt˧bŠg„7ìX6/ZyZÑs (Basis of daily products) -ðãŠ
™räpŠ„ZqZzgZ‹ZnÜHì�tì:"Some contemporary scholars
do no t a l l ow thi s me thod o f
calculating profits on the ground
that it is just a conjectural method
which does not reflect the actual
profits really earned by a partner of
the musharakah. Because the
business may have earned huge
profi ts during a period when a
particular investor had no money
invested in the business at all or
had a very insignificant amount
investsd, still, he will be treated at
par with other investors who had
huge amounts invested in the
busi ness dur i ng tha t per iod .
Conversely, the business may have
suffered a great loss during a period
when a particular investor had huge
amounts invested in it. Still, he will
pass on some of his loss to other
investors who had no investment in
tha t p e r i o d o r t he i r s i ze o f
investment was insignificant.
LLPë)fYœÅ”ÆZk§jÃY7BYèZyÆìw~tZq¡g§iìTÐxg�~ËÑq»¾cƒZÇœ¥x7ƒ@Xzztì�teì�»gz!g~¹icŠ{œZyŠâV
~ƒZƒZZqÑq»u}ÐcÂuât„ñ�Š
%zzZsòîg~ÅPyZÒV%zzZsòîg~ÅPyZÒV
:ƒcƒÂZÚðhZ�‡.Þf™„:ƒXZkÆ!z�ŠZkÃZyŠzu}Ñ»YÆ'Z'ŒYñÇMVäZkæ]~¹(~lZg~uâtÎcƒXZkÆ'@ßg]~teì�»gz!g»Zkæ]~¹icŠ{vyƒZƒZZqÑq»¹icŠ{uât΃XZkÆ!z�ŠZk»¼vyZyŠv
Ñ»YÃv™ŠcYñÇX»Zkæ]~¼Ìuât:ƒcƒÂ¹ðhZ�*‡.Þf™ƒXóó
ëë�Z‹Zn»qÝtì�Zk§jÐËÑqÆzZªœ
Å9lZg¥x7ƒCYè�Ûn™,xg�ÅÀæ]ZqΊyìXæ]ÆÑzq„~/ä0õDÙZgZzg–äŠkDÙZg¦
™ZñXZzg7g~æ]~¼g¶:dZðXZyÆ£¨~ihäÑzq~0õDÙZg¦™ZñZzgŠkŠyˆz{dZnXWyÆŠkŠâV~0õDÙZggz9Q¦™ZŠØX
ZyΊâV»uâtƒZ''Î!ÑÄÑÄ( 5)5,00,000= Šy 100x gz9 5000 ª/Æ
= Šy 1 0 0 x gz9 1 0 , 0 0 0 Zzg–ÆÑÄ( 10)10,00,000
ÑÄ( 1)100,000= Šy 20x gz9 5,000 ZzgihÆÑÄgz9ZEw~gìÂZqŠy~ 16 Šy~À 100
gz9ƒÂ-ð㊠8000 DÙZggz9ZEw~gìXZ¤Àœ 16
gz9Zzg 5000 gz9Zzg–»ƒZ 2500 ƈ[Ð/»œƒZgz9»œŠgxy 8000 gz9XZ[teì� 500 ih»ƒZ
ÆZ4ŠâV~ƒZƒZzgÑzqzWyÆŠkŠkŠâV~¼Ìœ:500 ŠzuzVÆuâ-V6ƒäzZáœ~Ð z ƒZƒXihÚz
gz9ï‰XZ,„vyÅßg]~ƒYìX/ZyZÑs™rZkZ‹Zn»�Z[-VŠï�:
"This argument can be refuted
on the g round tha t i t i s no t
necessary in a musharakah that a
partner should earn profit on his
o w n m o n e y o n l y . O n c e a
musharakah pool comes into
existence al l the part ic i pants ,
regardless of whether their money
is or is not util ized in a particular
transaction earn the profits accruing
to the joint pool. This is particulary
true of the hanafi school, which
does not deem it necessary for a
valid musharakah that the monetary
contribution of the partners are
mixed up together. (Meezan Banks'
guide:p178)
LLZyfYÅŠ~ƒðŠ?ÃZkãŠ6gŠHYYì�xg�~t¢zg~ì„7�ÑqÜsZLuât6œ¾ñXZZqŠixg�ðƒY@ìÂÓx„Ñ»YZkÐsÙDƒñ�Ë{m-
~Zy»uâtZEwƒZìc7xg�Ðq݃äzZáœ~zŠZgƒD�Xt!]{mîg6
ÃÆ4ŠqicŠ{¸WìYèZyÆŒVxg�Æ�ZiÆntÑo7ì�ÓxÑ»YÆuâ-VÑo™ŠcYñXóó
ëë�/ZyZÑs™rÆZk�Z[»qÝtì�xg�~
t¢zg~7�CÙÑqÜsZLuât6œqÝ™}XÑZ•ÆˆZ¤pÜsZqÑq»uâtZEwƒZƒpœ~ŠvÑ»YÌÑqƒD�X
/ZyZÑs™räxg�»Ÿ‚ÂCcpz{Zk»‹t7™0ñ�ihäZŠkŠyÆZKg¶dZàÂWcÑ<ÅÃ~ÑZ•!¹Ìg„c7XªCÙì�Zk§bÐÂ
%zzZsòîg~ÅPyZÒV%zzZsòîg~ÅPyZÒV
ÑZ•„»ƒYCìSîZ�))¬ïÑq(ƒZzgz{ZCÀuât Sleeping partner
)¬ïÑq(ÐzZ:ááXZ¤Àuât Active partner
zZ::áÛzZ:dZáAÌ‚—ÑZ•Â!ëƒYèÐ6-Å¢zg]ƒÏX (ratio) uâ-VÆ6Úƒ
¾n/ZyZÑs™rÆÓxŠÑb"ãŠ�XZ%Wy~z{ZqZzgŠ?Šï��WŠòÃg™ä66g™CìZzgz{t
]øÖû³ÛöŠû³×ô³Ûö³çûáøÂôßû‚ø�ö†öæû›ôãôÜû ßg]ìZzgug �tZq]hZ·t™BÂZ�ËwZxŹZzg'w Æ�›yZ¤Zk6
Å’*Ñix7WCZkÆZ(gÐÃðâú7ìXz{˜�:"In the proposed system, all the
partners are treated at par. The
profit of each partner is calculated
on the basis of the period for joint
pool. There is no doubt that the
aggregate profits accrued to the
pool is generated by the joint
uti l l ization of di fferent amounts
contributed by the participants at
different times. Therefore, if all of
them agree with mutual consent to
di st r i bute the prof i ts on dai l y
p r od uc t s ba s i s , t he r e i s no
injunction of shariah which makes it
impermissible, rather it is covered
under the general guidelines given
by the Holy Prophet ~ in his
famous hadith,as follows: "Muslims
a r e b o un d b y t h e i r m u t u a l
agreements unless they hold a
permissible thing as prohibited or a
prohibited thing as permissible."
LLXi{Âx~ÓxÑ»YÐ7VçnHY@ìXCÙÑq»œZkæ]ÅãŠ6ÎcY@ìT~Zk»uâtœ�3M~¦g;XZk~Ãð—7�
xg�~ÀœZZz‡]~¦™ZðˆZg¶VÆZEwÐq݃ZìXZknZ¤ƒÅZk6!bgŸq~ƒ�z{-ðuâtÅãŠ6W:~œ„
™,ÐÂÑ<ÅÃðùZ+7ì�ZkÃ*YÅZq�gug�›y ~ ŒÛZgŠîƒÉtÂÑ
ZKðŃðÑîVÆ0È�ZJz{Ë'wqÃwZx:™BZzgËwZxqÃ'w:™BÐU"”{Ÿ‚Æ�ŠZ4ìXóó
pëZz6C`��ZkÂxÆ�ËZzg»qÝHƒZœŠzu}Ê}ŠcY@ìZzgËZzgÃäzZávy»¼z
t!]GY7ìXZkzz Šzu}ÆuÌeZwŠcY@ìX»]Zt' ï ]øÖû³ÛöŠû³×ôÛöçûáøÂôßû‚ø�ö†öæû›ôãôÜ ÐèÃg{ßg]Ãug
Šg„7ìXWy~/ZyZÑs™r:YäYVËVZzgîgzV
Ð%ú[ƒ™˜�:"If distribution on daily products
basis is not accepted, it will mean
that no par tner can draw any
amount nor can he inject new
amounts to the joint pool. Similarly,
no body will be able to subscribe to
the joint pool except at the paticular
dates of the commencement of a
new term. This arrangement is
totally impracticable on the deposit
side of the banks and financial
institutions where the accounts are
deb i ted and c red i ted by the
depositors many times a day. The
%zzZsòîg~ÅPyZÒV%zzZsòîg~ÅPyZÒV
r e j e c t i o n o f t h e
concept of the daily products will
compel them to wait for months
before they deposit their surplus
money in a profitable account. This
will hinder the utilization of savings
for development of industry and
trade, and will keep the wheel of
financial activities jammed for long
periods. There is no other solution
for this problem except to apply the
method of daily products for the
calculation of profi ts, and since
there is no specific injunction of
Shariah against i t , there is no
reason why this method should not
be adopted."
LLZ¤-ðuâtÅãŠ6œÅ„ÃJw:HYñÂZk»Èì�:ÂÃðÑqÃðg¶dZYìZzg:„œ�-~Ãð5g¶�áïÅY$ËìXZk§b
ËÆnÌe:ƒÇ�z{œ�-~g¶¦™ZnÎZñ5•ŠÆÑzqƒäÅHg{@g:V~XËVZzgâ1CZŠZgzV~Y¦™ZäÆZ±gÐt§iu}Ð*‡.Þ¿ì˜VYàÇyZqŠy~FF!gb¦™ZD�ZzgdZD�X-ð
uâtƦgÃgŠ™Š¶ÐYàÇy6gƒVÐ�Ëœj3M~Ãåuât¦™ZäЬz{¸VZOg™,Xt!]Åzg]ÅF¹ÆnxVÆZEwÐâúƒÏZzgZk§bÐâ1C]z4ƼîsæÂVÆn!ÇYxƒ™g{YNÐXZkX»ZkÆ´z{ÃðZzgi7ì�œÃ¥x™äÆn-ðuâtƧiÃZ(gH
YñZzgaèZkÆÜsÑ<ÅÃðùñ�Š7ì®ZZkÃZ(g:™äÅÃðzz7ìXóóZz6tŠ3äƈ�-ðãŠzV»ÂxzZãîg6Ñ<ÆÜsì…/ZyZÑs™rÅZkZ⿽k6¼û{™äÅ¢zg]7ÎZñZkÆ�LLtˬx,Åi!yÆZÖpƒM�Zq¬ÝŠ+ZzgZsò,Æ7Xóó
¥iÅyhz�Ûz| -5úZL*y~¥iÅyhz�Ûz|Æ!g}~ë,Ðf™™`��z{*Yìpñß~/ZyZÑs
Åyhz�Ûz| (Shares) ™r%ZÌÆ�µVƉÃÌYŒÛZgŠï�Xz{˜�X
" T h e s ha r e s o f a l a w f u l
company can be sold or purchased
on Murabahah bas is because
according to the principles of Islam,
the shares represent ownership into
assets of the company provided all
other bas i c condi t i ons of the
transaction are fulfilled." (page 130)
LL%ZÌÅãŠ6Ë!‡°{vƉyh}Zzg�Ûz|GYM�YèZsòZßßVÅgzÐ
Z�-ÅŠvÓxãŠ~ÑZ_7g~ÅYg„ƒVt‰vÆZUXY]~!ÅŠ?�Xóó
"In an equity or mutual fund
(unit trust) the amounts are invested
i n the sha res o f j o i n t s toc k
companies. The profits are mainly
derived through the capital gains by
purchasing the shares and selling
them whe n t he i r p r i ce s a r e
increased. Profits are also earned
%zzZsòîg~ÅPyZÒV%zzZsòîg~ÅPyZÒV
t hroug h d i v i dends
d i s t r i b u t e d b y t h e r e l e v a n t
companies." (P,210)
LLËZr&4-öJGHcœ�-ÐYz6u
µVƉ~uât»g~ÅYCìX¬xîgÐZ4‰Ãyh™ZzgZZyÅ7~ZŸ†ƒYñÂZyÃ�Ûz|™ÆœqÝHY@ìX´z{Zi,|V�œŠî�z{Ìq݃@ìXóóZsòJ»ZLzúVZzgúÒzV6Z0JZOŠ -6
ëŠÙ��øg}çÑ}~ßÒãÃð(~q7ìXPg¦,ZzgzZîli¯*¬x©w»zìXZyqÑ]~ZqZëZzgZz!ÂxÃZ,ßÍVÆ–g}6ghŠcYñÂZk
ÂxÅƓЬ„™ä»¸~Z06ì�ŒÛdŒÛd¢ÆìXÉñ�Š{qÑ]~ÂJÆúÒ}Ť&6ÌZ±g7HYYXËÌ¿ÅÙ~0õÎcDÙZg»â^eZÑYñÂz{Š\YV:™}c“J:™}?öZyšZzg
City Z_�JZzgŠvZsòËV~Tn»oñ�Šìz{);8»8J( Hong Kong Bank );J(c Bank
ÐZ7ìXZkÅzäsZzgZkňÐZ(Ãð@W7_/g‚ìZ�Zz!n (Missionary) M�z{Ãð�~
Æ»ñVÅ»x!»Z®gZyßÍV6ƒ@ì�Zz!f‚Zzg�~ÐZ+µ7ÅY Professionals _/gnƒVX¡
$ËXZzgZ¤!Án¤&à{ŠcÈZg̃AÌZk!]ÅHJ-ì�
’.5ÿGä‚—7ZƒZâw:Š3ŠcƒcËÐzz¬geÆ�á™:Š3ŠcƒX
ñÑ*i¢ãæØÆŠZgZ‰x~>ï)bq¢{ä%Z̤Æfg=uât»g~Æ�t?mŠ~X
LL}Zq»ÞgJÐRIÅyhZg~ÆnŒÛn¢eLìÂJZkÃŒÛnŠ¶ÆOñpŠRIyh™zg]%Z̤�Ûz|™Š}ÇX
JÆnZipŠÓx£/ZâYÅyhZg~'Z{
gZ„ÂìZknz{£/ZâYÅyhZg~ÆnpŠ’.5ÿGÃZCzV¯Š}ÇZzgt
’.5ÿG¬z{q}RIJÆzVÅwÐyh™ï~ááÇZzgyhZg~ÅŠ6JÃi™Š}Ç�~äz»ªÅãŠ6W\ÆnRIyh™ZLï~á1ìZzgZ[~z{RIW\ÐZLnyh*eLƒVóóX
(119m7 )ZŒZ2zò`ñÑ*?gæZ£™rg¶ZväZk6qí–:
LL>äŒVtZŸ†ÌHå�¸„œU’kÐg{ŠìXJ’.5ÿGÆïŤ&ÆnZC
Š} w ÃðúÒ{ÇÇ�ïU"ƒä6Zk»u(119m7 ÇóóX)ZŒZ2zò`
pZsòJZ,ËD»ØZVäûg7Zzgz{ZL
’.5ÿGÃîñµŠêìXpŠ/ZyZÑs¢ã™rZKÂ[~ZkDÃ8ÃZ0Zi™Dƒñ˜�X
"An agency agreement is signed
by bo th pa r t i es i n whi ch the
institution appoints the client as his
agent for purchasing the commodity
on its behalf.
T h e c l i e n t p u r ch a s e s th e
co mm mo d i t y on behal f o f the
institution and takes possession as
the agent of the insti tution. The
client informs the institution that he
has purchased the commodity and
simultaneously makes an offer to
purchase it from the institution."
(Islamic Banking:p.127)
LLŠz0g‹V)ªJZzg’.5ÿG(Zqz»ª*)6Š\™,ÐTÆ�J’.5ÿGÃJÆnΊZyhäÅ{§ZCzVHg™@ìX’.5ÿGJÆn
%zzZsòîg~ÅPyZÒV%zzZsòîg~ÅPyZÒV
z{‚âyyh@ìZzgJÆzVÆîg6Zk‚ây6ï™@ìXQ
’.5ÿGJÃZ:qŠêì�Zkä‚âyyh1ìZzg‚B„JÐZkÃyhäÅ7¿Ì™@ìXóó
èÃg{!Ñ~çZ]ƃDƒññ�Š{qÑ]~ZsòJÅZkiÔ6ªCÙì�ZEy7HYYX
6ŒÛnÅÑo (Bill of Exchange) z~ -7/ZyZÑs™r˜�:
"The exporter with the bill of
exchange can appoint the bank as
his agent to collect receivable on his
behalf. The bank can charge a fee
for this service and can pvovide
interest free loan to the exporter
which is equal to the amount of the
bill, and the exporter will give his
consent to the bank that it can keep
the amount received from the bill as
a payment of the loan.
H e r e t w o p r o c e s s e s a r e
separated and thus two agreements
will be made. One will authorize the
bank to col lect the loan on his
behalf as an agent for which he will
charge a particular fee. The second
agreement will provide interest free
loan to the exporter, and authorize
the bank for keeping the amount
received through bill as a payment
for loan.
These agreements are correct
and allowed according to Shariah
because collecting fee for service
and giving interest free loan is
permiss ib le ." (Meezan Banks '
guide: pp 198/199)
LL'Wæà{TÆ0kz~ìz{JÃZCzV¯Yì@�z{ZkŧsÐg¶zßw™}XZk»x
ÆnJZ]zßw™YìZzg‚B„'Wæà{ÃZâg¶»)Ί~ŒÛ£Yg~™Yì�z~Åg¶Æ'Z'ƒÔ2'Wæà{JÃZKtgŸq~Š}Yì�z{z~Åg¶zßwƒä6ZkÃŒÛnÅzZ3~Ñg™áX
ŒVŠz]Z]Z¿�®Zç@}ÌŠzƒVÐXZqç@}Æ�JÃtZ(gq݃Ç�z{z~
Åg¶'Wæà{Ænzßw™}ZzgZk6ºmZ]áXŠzu}ç@}Æ�J'Wæà{Ã
)Ί~ŒÛ£½™}Ç2JÃZ(gƒÇ�z{z~Åg¶ZLŒÛnÅzZ3~gÄáX
tç@}Ñ<ÅgzЊg„ZzgY�YèË}#Ö6Z]¢ÌYìZzg)Ί~ŒÛ£ŠbÌYìXóó
ëë�:B i l l o f Zk„g]»qÝtì�z~ª
Ã}'Wæà{JÆ0káYñ�g¶Å Exchange
zßàÆn'Wæà{ÐZK:zßw™}XZ%J'Wæà{Ãe{Ð.ÞÅg¶Æ'Z')Ί~ŒÛ£ÌŠ}XtŠzç5]e{e{GYNX
tDÛ!Ç)oƒìYèZyŠzç5]Ãe{e{™äÆ!z�ŠZy~z{yZ!ñ�ŠgSì�ZyÆZNƒä~ªˆìXz{Zk§bÐ�JÅ0ŒÃ‡âãwq݃CìT6Zk»ñZ~{ƒYì®Z'Wæà{ZZL.ÞÅ
%zzZsòîg~ÅPyZÒV%zzZsòîg~ÅPyZÒV
zßàÆn:ZzgZ]Š}LJâãîg6JЌۣzßw™YìÍc‡âãZ±gÐZYg{ŒÛ£Æ‚Bæzoƒ@ìXtÑoZk§bÅ7T6�Û¢ä¬õM™1ƒZzg-~ZkÃf™:HƒYèZkÑoÇâã
»‡°{ ]ֳ۳ó†æÍÒ^ÖÛ�†æ½ wqÝ7ƒC´z{Zi,ÌŒV¸ìX®ZZYg{ǃÇX
J»ozâjw -8”yZ!Òy™Dƒñëä–å�:LLZsòJ~
Hong );J(c City Bank Tn»oñ�Šìz{);8»8J(ÐZ7XZkÅzäs Kong Bank
ZzgZkňÐZ(Ãð@W7M�z{�~_/g‚ìZ�Zz!nÆ»ñVÅ»x!»Z®gZyßÍV6ƒ@ì�Zz!
)& Professionals f‚Zzg�~_/gnƒVX¡zgzV(ÐZ+µ7ÅY$ËXóó
ŠZgZ‰xÆñÑ*eZËZÚiZ£/Zã™rZk»�Z[Šïƒñ˜�:
LLZqZë!]TÅDe¹ÐßÍVÙDŠ¬ìtì�ZsòËV~»x™äzZáZ�ÛZŠ»]kZzgzäsÌZϧbƒCìT§b.&4k5ÿ GEIE
ËV~»x™äzZáZ�ÛZŠÅƒCìÔZϧb.&4k5ÿ GEIEËVŧbZsòËV~"6Š{pZ&»x™C�XšµtŠzâVUÂzÔ�ZzgZsò
ËVÃe’�z{ZkŸ~¢~Æ‚BµŠxZVNXZzg~&ƒV�Z¤ZsòJÆ‚Bçn™äzZáe6iñiZzg’oƒ§jÐZy6Š!îeZBÂZkƹÆZWZ]‚tWM
�XpZk»tÈ7�ZJèÃg{p~iîg67WYCZkz‰ÜJZ7ZsòJI„Y
7X9!]tì�Z7ZsòJì»ÈÜsZzgÜsZÚì�Zy~ƒäzZáâàç5]ѦZßßVЃŠx7X
Zkz‰Ü0ÎyÉÄ„Zsò”V~Zsò-Eg-Vc¬x-Eg-VÆççgsZsð~ÌÑ~•kZ�ÛZŠZzg"6Š{pZ&
ÃWC�pW`JË?™r»Zy-Eg-VÃ)Zsò-EgbVcZyà]Ã)Zsòà]ŒÛZg
ªCÙ z Š¶»:~Z¢ÅÃÐ7*gZXZzgZkÅzì�ZyZŠZgzVÃZsòì»ÈÜstƒ@ì�Zy~Zsx]Ð0»[ŽŠ~YCìÔZk
»tÈ7ƒ@ì�ZyZŠZgzV~7"zZáCÙ�ÛŠÅzäsÌÑ<Æ_.ìXZ¤ZyZŠZgzVÃZsòìÅRöìÂZyËVÃÌZsòI*Y
7óóX)Zsòîg~XZq|IY{
(63m
ëë�…ZyÃZsòJ»*xŠ¶6(ZZ‹Zn7Yè*x
Š¶~´o9»ƒ*¢zg~7Ébz~o9Ì»°ƒCìZ%/Zã™rÆgÆnt!]Çì�ZsxW!ŠÅZsò-Eg;Zzg™ZcÆŠZgZ‰x~�ÛtHÜsZÚì�Zsò-Eg;ƱÆÌÑ^Û�Zzg±HV"6Š{gS
�ZzgŠZgZ‰xƱƙ@ÏZgÛZzgI8Zzh_�?ªCÙ~zäsÂZq1ì�Š3@ì�ŠzâVZŠZgzVÅZ‚Ï„~Zzg
z ½zFšZzg»[Æ'×Z`zÂx~{™�ÛtìTÅzÐZsò-Eg;»Ãð¤DZK)ZsòzäsÆ‚BŠZgZ‰xÆâjw~7�YX
ZyÅzäs„¬xîgÐZkÆgD*]z~*]ÅÐÂ-pgx6izgŠcY@ìZzg z ¶0„™CÃWCìXZÏz
-g\ZzgFÅ~úgÂV»egsc˜ZsgZX¯ƒZìXZÏaZËZsòJ~)ZsòzäszZáoÃ
Š¬Y@ìŠÚzZѸ³Z~™@ì�ŒVZsò-Eg;»‚âjwìXZzg‰Zsò-Eg;»½zFš»Âxz»[{ØZzg7ZZsò76�ŠZgZ‰x»ìZϧbZkZsò
%zzZsòîg~ÅPyZÒV%zzZsòîg~ÅPyZÒV
J»<ÂxÌ{ØZzg7ZZsò7ƒYZk~¢zg¼WölìX
¾nZsòËVÆâ´ZzgZy»oZ)Zsòzäs»qïì¬x™1úzZÑWŠòÌtK~hO+ì�ZyßÍVäZsò<Ã�~_/Ð71ÉZq{Ø&zg
ÅwÐ1ì6�'¤6~Ì)ÇVäZsò<ÃZ(gHìZzgtZL¢ŠZ]Æ@,�ZzgÃðê7�ËÌz‰ÜtZLÂx~ðe„p~™BX¸z{ãŠ~Nì�%zzZsò<ïŠêì�WyZyßÍVä��ZLz�Š6Zsx*Ç™äûg7Zsò<ÃYVZ(gHìZzg
Ðz øg~TÓ#Öä)Ί~<Æh~ꊶÅzñÑ*i¢ãæØÃѦ°ZªÐïwŠcåZkÆzikzVä
¼„æ]ˆZsò<ÅZfZ3ùŠ´Ñzq™Š,XZzgZ%M�øg};VÅ»[ÅÂ1VÐZyWìVÃdZ@ì
XÐ¥Ãð{§pZ{ÃZ{7ZVDÜs±„7ÉÎZÑZòPÃgx6ZãZëZsòÂxÃù'ŠZ“™g;ìX
6X:
™i^»ge»Ñ¦¬
™i^»geHì?™i^»geËJz){ŧsÐYg~™Š{ZqŠ*zm
ì�ZkÃL:ZŠZ™äÐZzgL:Æ%QìXZkÆfg=ÐJ»geƒ®g)qï»ge(ÊznÅœ—Š¶»Ç™@
ìXqï»geZ¤yhZg~™}ZzgZC™i^»ge@Ã7 -1
™}Zzg@ZkÃJw™}Â@Ã7ÅZŠZ5ÇHÆf):ƒÏÉJZkÅZŠZ5™}ÇX
Zq{mg¶ÅuJqï»geÃJŧsÐŒÛnÅ -2
œªƒÏ�Z¤ºmæ]ÆZ0gzZ:™ŠcYñšΊƒÇZzgZkæ]Ðzi™ä6ΊŠbƒÇX
JZzgqï»geÆŠgxyçnJL»geÆZZYÅ:cM’:á™»geYg~™@
ìZzgCÙ‚w‚Ñ::Š}™»geʼnh™ZðYCìXt:gcwJƒðìX)™ 1000 gcwÐ 500 :Š~²[~
(50 i^»geÆѦZ©x·Z‚)mJLZk:Æ%Ì»geYg~™ŠêìX:hÅ
ßg]~Zk:á»gecö8Æ•}Å7ìw™*c7ŒÛZgŠbŠg„7ìÉ»geÂZk!]Å´#Öì�Jäqï»geÃZk:ÆúnèÃg{!ÑŠzœ—Zzg}â]Š¶»ÇHìX
JZzg@ÆŠgxyçnJ@ÃZqá½™@ìTÆfg=@qï»ge» -i
äs™YìZzgÃð¢zg]7ä6JÃçnÐi
%zzZsòîg~ÅPyZÒV%zzZsòîg~ÅPyZÒV
™YìXJ@Ðá»™Ztzßw™@ìX
qï»geÅyhZg~».Þ@»geYg~™äzZáJà -ii
Zg‚w™@ì@�ZkÃZŠZ5™Š~YñX»geYg~™äzZÑJ‚cÁz�ZC 3 .Þ~ñ�Š7g~g¶Šg`7™@ÉZk~
z»ÒìX
™i^»ge~yZÒVΊ»AŠ+™*cZkÅf)ŠZg~¢ -1
™i^»ge»X¡PZqZ�ÛZŠ»7ìÉ7g~›yZ½Î»XìXZ,„·âVÐ@ßv›âVÃΊZzgwZx~2™D�X™i^»ge~ZknÅyZÒVt�:
ºmæ]Ʀgä6Ί»AŠ+™*�¬wZxìX -i
qï»ge»ÎŠ»çn™*Zzgtf)ŠZg~¢�@íƒä6 -ii
z{ΊZŠZ™}Ç&Z]pŠk{Å!]ìZzgŠ´)]ÆÜsìX
YeZðð™ZcÆ?·Ãgzt™rtșΊ~çnÅDsÃÁ™D��:
LLÃÆ4ŠqZßwtì�.Šrq~ÑoÇpŠÃ‡Zzg½ƒYCZzg-Ç7ƒ@Z%Zk~ÑoÎä»k{g{Y@
ìpZ¤Ãð¿Zk»åZEy™á�ZkÑoÇ6LÌ¿7ƒ*Zzgz{�VÅ7Hg{æ]ÆZ0gZŠZ™Š}ZzgΊÅZŠZ5Åâ":WäŠ}ÂZy�áYZvZkÑoÇÆÎä»k{
(132 Ì:ƒÇóó)™i^»geÆѦZ©xZi·Z‚)m
ëë�pŠ?·Ãgzt™rÆ–w-rq~ÑoÇƽ
ƒäÆ!z�ŠÑoÇ™ä»k{ƒ@ì¡t+zZEy™äÐ�ΊÅZŠZ5Åâ":WäŠ}Çz{k{YV:ƒÇXtZkz‰ÜÂeåZ™i^»gehÅÃðZ•ð6g~ƒC
pZZ+Ãð6g~:ƒZzg™i^»gehzZÑ¡ZLåZ(gÐÜsœpVÅ{§ZqΊ~çn6Š\™@ìÂQt
I�Z¶YZvk{:ƒÇ?·Ãgzt™r»eìX›yúZxÅZ½ÎÐ0Ãð¬ÎäЬúZx -2
ÅŠ´qªÃÌ7Ãg¢zg~ìZzgZk!]ÃÌ�TÚÐ0¬ŠbìHz{*¦kìc7Zzgt�ZkÚÆ;äzZßVÆH£œ�ZzgŠ*ÃZk»¬Ð¼Š/ìÂZkÆ}ò�ZiZzg°x�Zi~оÃFߊïÃWD�XëŠÙ
��:йРz ¬xîg6ßvŠ´Z©x~N�ZzgZkz -i
ßv:eTƒñÌΊ~2ƒYD�X�ßvZo�ZyÆ0kÌHJ-ì�z{'z‰Ü -ii
ZŠZ5¢zg™Š,ÐXÃðFg~ÔÃðqŠXZzgÃð”zEÙ@wZyÃΊÅZŠZ566g™$ËìX
J»@Ðz¢ -2
tì�J»ge z J»@Ðz¢*YìXZkÅz»ZZY:á™™@ìXt:¡"ÃZ{»geÅ77ƒ$ËX»geʼnhc‚Ñ::Zk6zZãŠ?ìXt:Šg|ZyœpV»únì�Zz6f™ƒNXZy~ÐZqt
ì�qï»geZ»geÐyhZg~™}ÇÂ@Ã7ÅZŠZ5J™}ÇX®Ztz»ª!ÑìZzgJäT}#Ö»z°{HìZkÅ:zZ]z{qï»geЬ„á[ìXZk}#Ö
Ð@äJÐá z Å−z{@ÃÌŠ}[ìZzgZÏz™Zt6àìXZ[J�zV!ÑìcTä@ÃZK§sjZ!HY*JwHìZkÃÃðh7g;�qï»ge»zVƒä6jZ!GYäzZá@ЂzÆ*x6¼Z]zßw™}X
ZkzÆ�Zi6Å@zf!ë�6�fs~ì:ÐÇHÃ@ÐCZcìX z Jä™i^»geÅz -i
ƒðZzgJ@Ð�z»Òìt (Brokerage) tŠÑàZkÅŠÑàÅZ]ƒðX
t@zs!ëìYèŠÑàÂÃð{mΊZ™Zä~!ùzœ~Æ5äÃë�XJZnÆŠ»0ZgzVÃáŠï�ZzgZyÙi^»geJw™ä»ë�ZzgŠzu~§sÇHÃ
%zzZsòîg~ÅPyZÒV%zzZsòîg~ÅPyZÒV
™i^»geh»ë�XZkÐicŠ{J»¿Š47ƒ@Zzg:„z{ÃðºmΊZ™Zä~Šîƒ@ìÔÇHpŠ„JÐtg{G%TÐeLìΊZyh@ìX
@äJÃZCŒÛnzßw™äùì®ZJ@» -ii
zV!Ñ>0™ŒÛnzßw™@ìXt!]ÌŠg„7ìYèZÝ|tì�ÇHä
™i^»ge7™ÆÍc@йì�z{7ZkÅY+ÐJÐzßw™áXÂ@äTJÐbzßw™ä�
cŠzu}/V~@7ÅzßàcTJÆjZáHŠìZÏÃZ]ÌŠ}tŸ‚ÆÜs!]ìX
3 JäZK�}â]ÇHÃ�ÛZëÅ�Zy»çz£z{ -iii
‚ƈ[ÐÇHЄzßw™@ìZzgz{Zk§bÐ�gz9 3 gz9ÚÅ7ƒðZzg 97 gz9Æ.Þ~Íc 100
JÅ}â]»çz£ƒñXt@zsÌqgzfsz�{Ð!ëì:
gz9».Þyh~ƒðÚ».Þ¯™ŠêìX 100 Z³X@[XJpŠZkÃ@Æ*x6zÈ™»ÒìX`XÇHªqï»geÐJ¬„:Æ*x6½Å
YäzZà}â]zœ1]»çz£á[ìXJä@ÃZkK~�}â]�ÛZëÅ�tZkÅ -iv
Z]ìXt!]ÌßìYèyh~ƒðÚÎgz9ŃcDÙZggz9
gz9Zzg 3 ÅJÅ}#ÖÅlZgz”]7VìÂQZk~gz9»�Ût:ƒ*e’X 30
ÒYeZðð™ZcÆ?·Ãgzt™rÅZkK~
YìZzgizgŠZgz»ª5±�ÛâØXz{ZL:}~˜�:LLJ»@ÐÌzzßw™*YìYètZ]
ÜsjZ!Jw™äÆ£¨~7ìÉZyY}â]Æ£¨~ì�J@Ã�ÛZë™@ì}J@zVÃt}â]
½™@ì�z{ZyÃïá�ÛZë™@ì)qÑèJZk6@ÐZµ™Ztzßw™@ìX†ZßZu(ZzgZyÆn¯g~�Z[Š¶»ZOx™@ìZzgƒÐ(ZÃZ{tì�z{ZiǃVÃ�q�»ge�Zyŧsé™Ñ@ìXQZyÆŠ-y)ŒÛn(Ãq�»geÐzßw™@ìXZyÓx»ñV~œZzgúìÂtzŠgZÝZy}â]Zzgœzú»ìZknZk»¢ŠbYìXóó
ëë�…Z\kì�t„g]ˬÝz?Å7ÉZq¢,
c™i^»geŠÑwÅ¥xƒCìXZ¤ËÃìwƒ�‡°}ÅgzлgeÅ:ÌуY7ƒãe’p?äZkÃ*YÑg7HqÑèZkÆúnJ�}â]½™@ìZy~ŒÛ£Å�ÛZbÌìZ[ÃðËÃŒÛnŠ}ZzgZk}#ÖÆún~Z]zßw™}pZ{ŒÛn6Ьcˆ~ÂZkZ]»ÎŠƒ*zZãìZϧb»ge
ÆZZYÅ:Ί6ŒƒðXZk»�Z[tì�ë™i^»geÅYÅu}Ð#¿
™D�®ZëZk:ÃÌYVY}ÐXtÂÜs�Ûn™äzZà!]ì�Zk:Ãqgzfsz�{ÅãŠ69�Ûn™1YñX
t:¡ŒÛnŠ¶ÅœªÆún~7ìÉZkÆ -i
‚BŠv}â]Ì�}»geYg~™*ZzgÇHÆZ»î.~Ð@Ã7v™*X
qï»ge»ŒÛn¢Ãð¢zg~7ìX -ii
ÒZ¤J»geÆZZY6¼Ì::©ƒÂHZkßg]~JÃ@Ðzc¼ún¢Šg„ì?Zkßg�w»�Z[¥x™äÆn…ƒÐ¬tð™*ƒÇ�JZ&¾Æn»x™@ìqï»geÆnc@ÆncŠzâVÆnXgHYñÂJZÝ~qï»ge
%zzZsòîg~ÅPyZÒV%zzZsòîg~ÅPyZÒV
Æn»x™@ìªZk»zVzúÒ{0™»x™@ì@»zV7ƒ@XZkÆŠÑbqgzfs�:
ZÝq»geì�z{ƒÇÂZEwƒÇZzg@ZkÃJw -1
™}ÇXnÅ ŒÛ »ge»ZÝÃZ{qï»geÃ@ìYèZkà -2
ÐZk»geÙi^»geªŒÛ£zZÑ»ge¹ z œªQìXZÏzY@ìX´z{Zi,»geƒ®gÙÉÔeZ�iãƒäZzg"Š·ãÐgzBÙФYäÐôpƒY@ìXZkÆ'@@ûgeJw™ä~Ãð{mÃZ{7ÉZk~ZkÆn
úì�z{¬JÅáÐqï»ge»äs™}QÃ6ý}ZzgQÃ6ÃZLZ»î.~¦™ZñZzgQÇHÃeeî.Š}ZzgJÃzŠ}XtÂJÅ»gv~ì�z{ñƒxÃZ}}ÇHicŠ{WNÐÔ–~icŠ{ƒÏÔZzgg¶Å™«gìÏ@ÃZ-¯™Š3@ìX@ÃZÝ}Zk»ƒ@ì�ÃðÇH�ΊZhûgìpqï»geìz{}zZ::`YñXZk}Ã|áŠN™z{6gƒY@ì�JÅÓxÑZ_ÃâyáX
yhZg~ÇH™@ìXZkÆf)7ZŠZ™*W@ìX -3
JZk»zVáìZzgÇHÃZkÑлgeYg~™@ì�@ÇHŧsÐZkÐ7zßw™YìZ¤pÇHÆZ»î.~¼Ìg¶:ƒX¾nJÇH»zV0Y@ìX
èÃg{!ÑŠÑbÐ¥xƒZ�JCÙqw~ÇHªqï»ge»zVƒ@ìpZ{z{z»ªZ]6ƒc%Z]ƃXŠzu}/V~z{qï»ge»zVƒ@ìpZ{Zkäqï»ge
Ð:àƒc:àƒXZzgZz{qï»ge»zVìÂZkÆnZKf)ŠZg~7g~™ä6@мúncZ]¢‡Y7
ìX
™i^»ge»Ñ¦¬:Ü�èÃg{!ÑyZçVÅzzЙi^»geÅYÌ*YìZzg
ZkâÌ*YìX
`]
ì(Debit Card) ™i^»ge»Y�ŠweP»ge -1
TÆfg=qï»geÜsZL„¦”{¦VÐyhZg~™YìXZk»ge6ZkÃŒÛnÅœª7QXZ¤eP»geÐyhZg~6ÌJ@Ðzzßw™@ìÂt*YìX
Z¤Ë¿ÃÃð{m6g~ƒ�Ãð¢zg~ZŠZ5™ãƒ� -2
Üs™i^»geЃ$ËìZzgZk~eP»geÌ:¸ƒÂJ~g¶¦™ZÆ™i^»geBZzgZkÐŒÛnÆ%ZK¢zg]7g~™Æ»geÃzZ:™Š,cŸù™Š,X
%zzZsòîg~ÅPyZÒV%zzZsòîg~ÅPyZÒV
7X:
ˆgCZÅòŠV»Ñ¦¬
ZÅxHƒ@ìZzgt¹VYƒ@ìZÅxz{ƒ@ì�Ë£[z�6j,Z‚ÛZðÆnŠcY@ìX}ZJy~ZzwzŠzxz){Wä6ZÅxŠcY@ì@�D~T»G£[z�ì¥Åj,Z‚ÛZðÅYñc{Šzh~�ZzwzŠzxWñZkÃZÅxŠcY@ìYè{Šzh~˜ŠÅFšìZzgtFšqÝ™*z�£[ìXawŠzhZzg¾ZÅz){̘ŠÅFšÅ+ЃVÂtÌ£[�X
æŸe³^Œe³^Ö³ÛŠ³^e³Ïèʳo]Ö³†Ú³oæ]ÖˆŒæ]ÖfÇØæ]Ö³v³Û³³^…ýæ]Ÿe³Øæ³׳³o]ŸÎ‚]ÝŸÞ³äÚà]‰f³^h
]Ö%³¡$èŸmrç‡Êo]ŸÎ‚]Ý ]Ö³rã³^�ÊÓ^áÚß‚æe^æÂß‚]ÖÛ¡Âg!E�…Úíj^… ]pe^ÖrÃØ]Ú^e‚æÞäÊnf^|ÊoÒØ
D5t 285”¾Z0Zi~~Ôh}Ô¢ñÔßZzgZz.ÅÎZg~~Zzg
awŠzh~£™ä~¼w`7ìYèt˜ŠÆZò[�X®ZZy~£¨ïìXŠv&Z[Æ4ŠqawŠzh~£¨~ZZÅxƒÂY7Z%ZÅxÆ%ƒ~£¨YìX
EγçÖ³äÊnf³^|ʳoÒ³Ø]ÖÛ¡ÂgD]p]ÖjoiÃ×Ü]Öˆæ‰è]Ö³r`³^�Ÿáq³ç]‡]Ö³r³ÃØÊnÛ^Ú†]ÞÛ^$fk æi³ÃnàÂ×o
]Ö³Ïn³^ŒÊn³r³ç‡Ú³^‚]â^e‚æá e³^Ö³v³‚m³&Â×oì¡ÍÚ³àÖÃge^Ö’çÖr^á ]Ö³r³ÃØæÊo]ÖÏ`Šj^ÞoÂà]ÖÛ×jϼ
m³†m³‚]ֳˆæ‰nèmrç‡æÂà]Örç]a†Î‚q^ð]Ÿ$†Êo…ì’è]Ö³Û³’³^…ÂèÖj³v³’n³Ø]ÖÏ‚…éÂ×o]ÖÛÏ^i×è�æá]Öj×ãoÊ^Þä
D5t285 ÚÓ†æå!E…�]ÖÛvj^…”z{Óxö�{ÎZg~2D�Zzg˜ŠÆn»g™D
�Zy~£™*YìYèZÅx»�ZiugÐU"ìZzgÜsªkì®Z!¹£�V~ZÅxÅÑoÆ%�ZiìXZzg ;k5é GXGã~$Ò3©û GGÐÜì��{ÎZg~~'g]qÝ™ä
ÆZgZŠ}ÐßÎyrÂYìZzg�ZCÙÐÜì�ÏÅgÁ»f™ug~ì@�Š7VбZð6‡ŠgƒnX¡ØµöÆîg6Ï™*(z{ìX
u³Ø]Ö³r³Ã³Øæ›^hý]á�†½]ÖÛ^ÙÊo]ÖÛŠ^eÏèæ]u³‚æu†ÝÖç�†½Ênã^Úà]Ör^ÞfnàŸÞäm’n† Úàq^Þg
$^Ö%^ÚvסenßãÛ^eˆŒÒË©Öˆ‰nãÛ^ ÎÛ^…]]Ÿ]ƒ]œ�ì¡m³r³³ˆýæÒ³„]]Ö³vÓÜʳo mj³çâ³Ü]ámŠf³Ïã³Û³^æ]ŸÖÜ
E�…Úíj^…” ]Ö³Ûj³Ë³Ïãèʳ^ƒ]�†½ÖÛàÚÃä]Ö’ç]h‘x!Dæ]á�³†›³³^åֳӳس×o‘³^uf³äŸæ]ÖÛ’³^…Âè 5t 285
ÖnŠ³kef³‚Âè]Ÿ]Ö³×j×ãoÊjÓ†åýæ]Ú^]ÖŠf^Ñe¡qÃØÒ³Ø�oE]pÚÛ^mÃ×Ü]Öˆæ‰nèæmÃnàÂ×o]Örã^� Ênrç‡Êo
D5t 286 E�…Úíj^…æ…�]ÖÛvj^…” e¡Î’‚]Öj×ãoýZÅxYìZzg0uìZ¤£¨~âwÅÑoZqY+ЃXZzgwZxìZ¤ÑoŠzâVY+ЃYèZkßg]~tãgZzg�Záì1Z�ŠzâVZLhzVÆ‚BZqZ,
Š}h}ÃÌ�g…Ñq™B�Šzu}ŠzâVhzVÆ'Z'»ƒZzgZkyƒ�z{Šzu}ŠzÐWÐ(|YñXZ¤ŠZ˜hZZ(:ƒÂQŠz§†ZÅxÅÑoY7XZzg¬Zô[DÆnì�Z¤tÑoÅ��Šg„�Z[Š}ÇZkÃZÅxAÇŠg„ìX
èÃg{!ÑZy„gÂV»qÝtì�)“cÂD~'g]qÝ™ä~YìcÜsZy»ñV~YìX~˜ŠÅFšƒZzgz{ÌZ�˜ŠÅ+ЃXZ¤¡öÊÆîg6ƒÂZkz‰Ü)“Z¤p%ZÅxƃ(z{ìX˜ŠÅFšÃZâZÌqÝì�ZkÆnŠz§†ZÅxJÃYg31ãgÐï%ÆnZk~…ÊZ4HX
ˆgCZÅxÅ,ZzgZk»¬«!]tì�icŠ{yhZg~pZ{Š»0ZgŃc™gsÅÔ -I
%zzZsòîg~ÅPyZÒV%zzZsòîg~ÅPyZÒV
tÃðz�£[7ìXZk~:˜ŠÅFšì:d'g]ÅìZzg:„ËZzgIh{»}}#Ö»z){ÅìX®ZZk~)“ÅF(ŠbZßàîg6ß!]ìX
Šzu~!]tì�!ùTËßg]~ÌŠ)�Ûz| -II
Gƒñ‚ây(~ZŸ†™@ìpZ{z{ZÅxÆ*xЄƒz{ZŸ†ZÝŠ»zŒÛZg0@ìZzgœ~7~T*xÐÌZŸ†™}z{ZÝ7~ZŸ†Ñgƒ@ìX
摳x]Öˆm^�éÊo]ÖÛfnÄæÖˆÝ]Öf^ñÄ�ÊÃã^]áÊoÆn†‰×ÜæÎf³Ø]ÖÛ�j†pæi×jvÐ]m–^e^ÖÃÏ‚!Ê×çâ×Ók]Öˆm^�é ‡m×Ão
]Ö%³ÛàæÒ„]Öç‡]�Êo]Ö%Ûà†•^Êã×Ô Úà ‰Ï¼u’jã^D4t 187 eÏ‚…å!E�…Úíj^…” ÎfØiŠ×nÛä]ÞËŠî]ÖÃÏ‚
LLŠ~ZŸ†™*9ìZzg!ù6ÑixƒÇ�z{ZŸ†ÌyhZgÆ4Š™}Z�ßÅ:ƒZzgœ~ZkZŸ†ÃJw™
áXtZŸ†ÎŠ}Æ‚BÑhƒÇXZkaZ¤ZŸ†huƒYñÂZkÆ”g7~¶ƒYñÏXZϧbZ¤yhZgä‚âyÅ^~7(JŠ~Q4ŠGYäЬz{‚âyhuƒŠÂZkÆ”gΊZ»³xƒYñÇXóó
‰|Z]»ìwZkñµ6¬xîgÐt¹Y@ì�gCZÅòYÆ�YzZÑZÅxŠ~ZŸ†7ìÉ!ùÅY+Ð@tìZzg‰»Iì�t6@t)S‰P{(»”†z°{ìZzg‰»Iì�@t»z°{ì�yhÆ‚BæzoìX
ëë�Zy|Z]Åt!]Šg„7ìXZkÃKÆnqgz
fs!ÂVÃ7Ãg¢zg~ìXª»ñV»ŠZgzæZg ]ŸÚ³ç…e³ÛÏ^‘‚â^ ¨Ÿ‚ì� -1
ZyÆ£œ6ƒ@ìX@t»ŠE~ÑcÂúnqÝ™*ƒ@ìcæbqÝ™*c›qÝ™*X
æ‰ffã³^]…]�³é]Öín†Ö×ç]ag�ÞnçpÒ^ÖÃçšæuŠà]Ö%ß^ðÚà]ÖÛçâçhÖä!E�…Úíj^…(]Öfv†]Ö†]ñÐD æ]ÖÛvfè
ªW:~@t»AŠ+™z iã^�æ]iv^eç] ug~ì!ë›™zÐX
ZÅòY~Zy~ÐÃðÌÑ7ƒ@®Zt@t7ƒ@XYÆZÅxÐÑÜstƒ@ì�ßÍVÃ'×hyhZg~~gɃZzgt@t»Ñ7ìXz,̈gCgzZ`~Zk
ÑÃqÝ™äÆn�§iìz{tì�yhZgÆncŠ~ZŸ†ÅæÅYñc7~¶™Š~YñXZk0ˆgC§i»gÃÃZ0Zi™*ZzgŠ6ZŸ†ÆOñZkÆZÅxc@tƒä6ZÜZg™*ÐÏ!]ìX
ŒVëŠzZ‹ZnZzgZyÆ�Z[f™™D�X£œ¬ÅA7ƒDɬ6%AƒäzZáZWZ] -i
ƒD�XZyÆ:ƒäЬnzx7ƒ@}gzi}ÐqÝ™*ìXpZ¤Ãðgzi{gÄ™Ìk{™@gìÂt: ~ °Š$©ð GGW
}Ð�gzi{„:ƒZXZϧbZ!ùäyhZgÃΊ}ÅãŠ6@tHZzgZk6@tÆèÃg{£œ~ÐÃð%A:ƒÂt:¹YñÇ�@tU":ƒÇX
Zk»�Z[tì„ŠZ]ƒVcç5]ZyÅ|zßg]ó™ä~
ZyÆ£œ(~ZÌgn�XZ%ŠzâV~ZÚ�Ûtì�„ŠZ]Å|zßg]�ágqÅzäŃðìZzgpŠZyÅßg]ÃZŠZ™*�ágqŧsÐz�[c0[Æîg6£[ƒ@ìX„ŠZ]Æ'@ç5]Å|zßg]:Â�ágqÅzäŃðìZzg:„ZyÅßg]ÃZŠZ™*�ágqÅY+Ðz�[c0[Æîg6£[ƒ@ìX
Zk�ÛtÅzzЄŠZ]~Z−wZ%ª„Š]ŪCÙ~ßg]ÃZŠZ™*ÌZqÑѦìZ�ç5]~:ÂÔzZ%ìZzg:„Z−wZ%ÃðÑѦìXZknÃð¿gzi{gÇZzgk{™@gìÂgzi{gpÆZ%»Z−wZzggzi}Æ
£œ~ÐZqÑ0cŠ®Zgzi{ZŠZÑgƒÇXZkÆ'Üsyhz�Ûz|»ZÝÑtì�yhZgÃZK¢zg]»‚âyA@�z{ZkÃZK¢zg]~ya™nZzgZϧb!ùÃ7ï
z Yñ@�z{ZkÐZK¢zgc]ÃqÝ™nXZy£œÅz
%zzZsòîg~ÅPyZÒV%zzZsòîg~ÅPyZÒV
ÐßÅt|ðƒð�z{âw»âwÐnŠ!ìXZ¤ßÆÑ»Zqzª!ù»âwqÝ™*‚�™ŠcYñZzg!ù¾�»tÚš7Æ�Ûz|ìÂZkÆ!z�Š�yhz�Ûz|ÆZÖpZEwƒñ�Ñ7gZ:
ÐßÅ|®ŠƒÏXZϧb!ùL7Å z ƒäÅzZzg¿Ìf)ŠZg~Jw zßàÆ!g}~ZEyeLì�Ãð
ó™@ •³³ÜƒÚè]Ö³oƒÚè ™}XtÑñªÅ|쪜~Æ‚BZqZzg¿ÅJ-XZ¤}œ~!ùÃ
7»ŸðŠ}Zzg¾�t÷ZÓZzgŸðìZzgZ[?ÜsZÏÐ_c™*Âñª»ÑZzg|¯]ƒYäÐz{
çnjZ!»0YñÇXZϧb@t»ŠE~Ñì›qÝ™*c°pqÝ™*�Z[~šúnÃðÚqÝ™*XtÑ@tÅ| c
ó™@쪊zu}Ãj~Ë Ú³r³^Þ^ i³Û³×nÔ]ÖÃnàڻ⴯*XZ¤Ãð!ùZLyhZgÃΊ}ÅãŠ6Ãð@t™}ÂaèèÃg{&ÑzV~ÐÃðÑ7gZ7ƒ@ZknŒV@tÅ|®ŠƒÏZzgt�çnŠg„gìZkÊ~ZŸ†6úw™*7}ÇX
ŠzZÅvzZáeZËzVÃLL™Å»8ZzgLZÏ -ii
§bÅÃðZzggKñKq@t™D�XZk@tÐvzZßV»ÑeZËÐZKŠzZ�Z*ƒ@ìXaètÑ@tÆèÃg{
£œ~Ð7ì®Zt@t7ƒ*e’XZk»�Z[tì�„CÙÂt@tÌgØ]Æi%{~W*e’åYètgØ]„ƒCìTÐ@tÆ£œzZh7ƒDÉZCY*Y»xdZ*°Šƒ@ìXpQH7ÅZâYÐ:ÂeZËvÅŠzZ™66gƒY@ìZzg:„veZË
ÐÃð{mµ!0fìZzgZk~Zeñ¬xÌì�ŠvˆgCZŠZgzV~ÌZ+qzV»AŠ+¸ìZknZyZâYÃgØ]Æi%{Ðïw™@tÆÑæbÆ�ŠZ4ŒY@
ìªt�Zy@-VÆŠ¶6ZyÅ°pÅYñXp�Ðz{eZËZkvÅŠzZ™6¬xîgÐZL z 7ZâYXÅz
W\Ã6g0D�ZzgvÌZyÐ7g~Âu]gBìz{ZâY
gØ]„Æi%}~�áïg�ÏXËΊ}~*@t)S‰Y{(Zkz‰ÜáìZZk -2
Ê~Ñg™*e:ƒ6�Zâxi�Ûg¶Zvë�Xæγ^هʳ†Ÿirç‡]Öˆm^�éÚfnÃ^æ$Ûß^æÖÓàiÓçáâfèʳ^áÎf³–ã³^‘³^…lÚ×Ó^Öäæ]Ÿif_ØýýæqäÎçÙ Úfj‚œé
æ]ÖÛfnÄÚà]Ÿ‰Û^ð]Ÿ•^Ênè]ÖÛjÏ^e×èÊ¡ ‡Ê†ý]á]Ö%Ûà$³Ûàe¡ÚfnÄÊ^ÖÏçÙerç]‡]Öˆm^�é mj’ç…ÚfnÄe¡$ÛàæŸ
$Ûàæ]Ö%ÛàæŸÚfnÄŸá Úfn³Ã^æ$Ûß^ÎçÙeçqç�]ÖÛfnÄæŸ]Ö³ÛfnÄ]‰ÜÖÛ^ÙmÏ^eØÚ×Ô]ÖÛ�j†pæâç]Ö%Ûàæ]Ö%Ûà
Úà]Öf^ñÄ ]‰³ÜÖÛ^ÙmÏ^eØÚ×Ô]Öf^ñÄæâç]ÖÛfnÄÊ^Öˆm^�éֳ瑳v³kÚfnÃ^ŸiÏ^eØÚ×Ô]ÖÛ�j†peØiÏ^eØÚ×Ô޳ˊäŸÞäÚ×ÔqÛnÄ]Ö%ÛàæÖç‘vkÚà]ÖÛ�j†p$Ûß^
Ú³×Ô]Öf^ñÄeØiÏ^eØÚ×Ô]ÖÛ�j†pŸÞäÚ×Ô ŸiÏ^eØi³Ó³çá]Öˆm^�éÚfnÃ^æ$Ûß^ŸÞÂ]ÝuÏnÏè qÛnÄ]ÖÛfnÄÊ¡
afèÚfj‚œé! ]ÖÛfnÄæ]Ö%ÛàÊnrÃØÚßäZâxi�Ûò�ÛâD��ZŸ†”{Êc7IŠg„7Z%
z{*@tÑgƒÇZzgZkßg]~@tHƒZ¿Z¤Zk6ï™áÂz{Zk»â´0YñÇZzgZ¤Zk6ï:™}Â@t!ëƒYñÇ''Zâxi�Ûg¶ZvÆwÅzztì�7ZzgŠZyZ�Y
~Ð��ZqŠzu}ÅÚЃD�ZzgZqŠzu}Æ£.ÞƒD�®ZŠ%7ÆZzg7%ŠÆg7ìZzgiZZÊc7È™YIZkÆ%ZŠsì�Š%7ƃYìZzg7%ŠÆƒ$ËìYèŠZkâwÃë��yhZgÅoª7Æ£.ÞƒZzg7ZkâwÃë��!ùÅoªŠÆ£.ÞƒX®Z!ùŧsÐZŸ†»Z¤Šƒ*9ƒÂz{yhZgÅoÆ£.Þ7ÉZKoÆ£.ÞƒÇZkn�!ùZkz‰Ü7g~7»pŠâ´ìZzgZ¤yhZgÅ
§sÐiZZ»7ƒ*9ƒÂz{!ùÅoÆ£.Þ7ÉZKoÆ£.ÞƒÇZkn�yhZgZkz‰ÜÀŠ»pŠâ´ìX:ZŸ†”{lZgŠZzg7:¶ÏYèŠZzg7Å|nzxìZzgZkÃ*@tÑgHYñÇX
ZâxZ1�ÔZâxZ1-ŠZzgZâx·g9:êXZvZŸ†”{lZgÊ
%zzZsòîg~ÅPyZÒV%zzZsòîg~ÅPyZÒV
Zzg7~ÐÑg™D�ZzgZLŠÑbŠï��$ZùZÅ{5éEù~èÃg�X
Zâxi�Ûg¶ZvÅcÐ¥xƒZ�ZŸ†”{lZgÃZzÑŠc7~ЄÑgHYñÇX;VZ¤z{Šc7:0nÂQ
ZkÃ@t6úwHYñXŒVt!]Ìf‚dgì�ZŸ†ÐÃðyZ! z ”{lZgŠ0$˃pQZkÆ£gyYŠÅz
ÐZkÃ@t:¯cYñÇYèZkÆŠ“ z aZƒCƒÂZkzÐÃðâú7ìX
@tÃÑoÆ‚B¤™*ZigzñÑ<Y7ìX -3
ÑbC~ìXæ]Ú³^]Ö³„pŸm³’xiÃ×nÏäe^Ö�†½�†Â^Ê–^e_äÒØ
Ú³^Ò³^áÚ³à]Öj³Û³×n³Ó³^l‰³ç]ðÒ³^áÚf³^�ÖèÚ^ÙeÛ^ÙÚàq³^…éæ]Ÿ‰jòr^…æ]ÖÏŠÛèæ]Öãfè ]Ö³_†Ênà]æŸÒ^ÖfnÄæ]Ÿ
D1t 234 æ]Ö’‚Îèæ]ÖßÓ^|E”z{TÃÑoÆ‚B¤™*ZigzñÑqŠg„7Zk»Ÿ‚tì��')Ò1¹é
GG]�pZ{Zy~ŠzâV§sÐâw»nŠ!
ƒc:ƒ}ßÔZYg{6Šb¢Ô„@tÔœ‘ZzgïbX@tÆz°}ÃÌÑoÆ‚B¤™*Šg„7ìX -4
ÑbC~ìXæ]³׳Ü]Þ³äÖn³‹ÒØæ‚m’xiÃ×nÏä(Ê^ÖÛ†]�]Öç‚
D1t 239 ]Ö„pæ…�qç]‡iÃ×nÏä�†Â^!E”Yyß�CÙz°}ÅäŠg„7XZknŒVÜsZk
q»z°{%ZŠìTÅä»�ZiZigzñÑqzZgŠìXz{@tcz°{@t�yhZg~Æ‚BæzoƒZZigzñ -5
Ñ<Šg„7ÂZkÅãŠ6ZÅòYÌŠg„:ƒðXpZ¤ëZkÊ~ZŸ†6úw™BÂZÅòYÅãŠ0
$ËìQZÅxÅ�ßg'WÐf™™Š{ÑZ_Æ_.ƒVÏz{9ƒVÏZzg�ZyÆ#³ƒVÏz{*YƒVÏX
‰|Z]ë�Z¤@tZzg¤z°{@tZigzñÑ<Y7ÂZÅò
YŧsЊcƒZZÅx*@tª™0îE‰P{ÑgƒÇ:�Š~ZŸ†YèŠ~ZŸ†ÆnŠ»‡ìƒ*ÑoìZ�ZÅx
YÆz‰ÜÎZz‡]Šñ�Š7gLX2Z¤Š~ZŸ†tÌHYñÂtZŸ†ZÏz‰ÜƒÇZZÅxŠcYñÇZzgZkz‰Üz{ZŸ†¥xZzg³ƒ@ì®Zz{ŠÅÐÑZ_Æ_.ƒÇZzgZkÆ°x�ZiÅÃðzz7gSX
ë�Z[~ë�6�Zz6f™ƒZ6@t»Zkz‰ÜZ±gƒ@ìZZÅx -i
ʯ*e:ƒX¬„%³~ZkÃS‰P{IŸ‚ÆÜsìX
t!]�Š~ZŸ†ÆnŠ»‡ìƒ*ÑoìZkÐ -ii
%ZŠtì�ZŸ†~ZX[zJwÆz‰ÜŠ‡ìƒÔ:�Zk6ïÆz‰ÜXC~ìX
Úr×äD 254 Ö×f^ñÄ]ámˆm‚ÚÏ‚]…]ÖÛfnÄeÂ]ÖÃÏ‚EÚ^�åʳo�³†|]Ö³Ãn³ß³o³׳o]Ö㳂]mèÚ^Þ’äV‡m^�é]Öf^ñÄ
]Ö³ÛfnÄq^ñˆÚ^�]Ý]ÖÛfnÄÎ^ñÛ^Ÿá]ÖÛÃÏç� Ö×Û�j†pÊo]ֳóϳ‚Î^ñÛ^ÖÏn^Ý]$†åæâç]ÖÛ×Ô Â³×n³äÚ^�]ÝÎ^ñÛ^Ò^á
D2t 179” ]ÖÛŠjË^�Êo]ÖÃnà!E�†|]ÖÛr×ä@Zt6vg¶ZvÅÑb~ì:!ù»œ~ÆnŠ~
ZŸ†™*YìZJŠ‡ìƒYèZJZÝŠ‡ìƒ-Ð�Š z ªÎŠŻìŒY@ìZkÆZWƇìƒäÅz
~q݃äzZà!ìXª!ù» ‡m³^�³é]Öf³^ñ³ÄÖ×Û�j†pÊo]ÖÛfnÄ Zk~ZÖp
œ~ÆnŠ~ZŸ†™*Zk6zZãŠ?��%ZŠZŸ†™*ªZk»ZX[™*ì��!ù»»xìZŸ†6ï™*7ì��œ~»»xìXZzgZÅòY~ZÅx»ZX[-Æ‚B„ƒ@ìYèZÅxyhªZÝ-Æ‚Bæzoƒ@ìX
ZÅò!&Šg|ŒÛnÅg¦ƒCì�Ó#ÖZyßÍVà -ii
Yg~™Cì�Ó#ÖÃŒÛnŠï�XÓ#ÖZÅò!&hzZßVÐZÅx»z°{™CìX!&fz‰ÜÃðZÅxc@t7MX)Z¤M¾qwz{ÌΊƒ@(XŒÛ·Z0Zi~~�å6ZZÅxM
tz ìÂZIh~ÐÃðÌZkÃS‰P{È™'w7¯@Xzì�z{ZÅxŒÛnŠ¶Æ‚Bæzoƒ@ìªZ¤?=ŒÛnŠzÂ
»ZÅxz@t»z°{ìXp@t»z°{ËÑoÆ‚Bæzoƒ
%zzZsòîg~ÅPyZÒV%zzZsòîg~ÅPyZÒV
z{ZigzñÑqŠg„7ƒ@XQÌZÓ#֌۷Z0Zi~™ÆZÅxŠ}ZzghzZÑááÂtŒYñÇ�Ó#Öä-V¹ì�Z¤?=ŒÛnŠz»ŒÛn6iZZªÎŠŠcYñÇZzghzZáäZÏÆ�ZÅxcΊ1
ìX¼ßg'X~@tŠ~ZŸ†ŒÛZg0@ìX -6
yhz�Ûz|åƒäƼŠkˆ!ù¾�~ä» -i
¼'×h‚ây«Hc@tHXÖ³ç]�j³†pÂ�³†màe_níèeÃ�†màΆ�^$ÜeÂ]ÖÃÏ‚
]Â_njÔìÛŠ^]ì†p]m–^Ê^áÎfØ]ÖÛ�j†p Î^Ù]Öf^ñÄ]ÖÛr׋]ì„ìÛŠèæÂ�†màe_níèeÃ�†mà a„å]Öˆm^�éÊo
D254 Ά�^!EÚr×äÚ^�åZ¤äŒÛl~äF1iyh}XQΊ}ƈ!ùäyhZgй�~ä»0õZzgŠñXÂZ¤œ~äZkZŸ†Ã>)ZŸ†(~JwHÂz{äŒÛl~æF1iáÇX
yhz�Ûz|Æ‚B@t}!ù-V¾~ät‚ây -ii
vg};BZâ76�Ûz|HZzg»#Vq@tìXóóz„ì�ë¬f™™`��X zz
ŒV!ù»°Š@tŠb7ìX -i
Ί}Æçn~Š~ZŸ†6úw™*@t6úw -ii
™äÐlxìXZt!]zZãƒð�'×ú)ZÅxÅßg]
Šg|Š)‚ây(cy)7(~¶�ƒCìÂZk~qgzfsÑîV»Òpg¢zg~ìXZÅxZ+qƒ�ŠZzgy0nX -1
ZkÆz�Š~çzZ06:ƒªZ+:ƒ�:YäƒÏc -2
7XZkÅlZg~˜ªcFŠŠ:ƒX -3
Z¤Z+ßg]0ðYñ�T~tÐVÑ…0ðYCƒVÂz{ZÅx9ƒÇZzgZ¤ÃðZ+ßg]ƒT~«cŠzu~cŠ~ÑocÐV„®ŠƒVÂZÅx9:ƒÇX
ZÅx9ƒäÅVw˜eñÅìÆZ0g<ÅZqgKìQg„
ìXZϧbËIB°Æ‚BŠZÕV»'lgÄŠcYñcË‚» 20 �Ûó‚BI7cíza–™ŠcYñcâÅlZg~
ZŸ†ŠcYñÂ9ìYètZâYŠÌ0$Ë�ZzgZyÆz�ŠZzgZyÅlZg~ËnŘªZzgFŠŠ7ìX
ZÅx9:ƒäÅVB«Ño®Šƒ -1
ZkÅVwtì�vzZÑtð™}��ëÐZââq»‚âyyh}ÇëZkÃ/{™ZNÐcëZkÃegZÇgÉÇh~�ÛZë™,ÐT6z{%~ŧÆnYYìXZyßgÂV~
vo«½™g„ìX6ZYg{ƒ@ìß7ƒC®Zz{Š“Å&¢7gnZkntZÅxÌŠg„7ìX
Šzu~Ño®Šƒ -2ZkÅVwtì�vŠ»0ZgzVÐcÃðÌ!ùZLyhZgzVо��ßvZÚZÚ‚âyyh,ÐëZyÃÃ6Š,ÐZzgZyÆŠgxyŒÛ·Z0Zi~™,ÐTÆfg=ÐÜsZyyhZgzVÃZÅxAÇXÆ*x»ŒÛ·†ÇXZkßg]~ƒYì�ihÆ*x»ŒÛ·†ZzgƒYì�:†X
Š~Ño®Šƒ -3ZkÅVwtì�vŠ»0ZgzVо��ëÐZÚ‚âyyh,ÐëƒÃZÅxŠ,ÐpŒÛ·Z0Zi~ÐyhZgzVÃÁz�âÉ43ðGGVÆZÅxŠ,ÐX
ÐVÑ…®ŠƒV -4ZkÅVwtì�vZLyhZgzVо��ÃðëÐ
ZâZâyhZg~™}ÇëZkÃÃ6Š,ÐZzgQŒÛ·Z0Zi~™,ÐXTÆ*x»ŒÛ·†ÇZkÃë/{™ZNÐXT»Ètì�ë:ŠtWäYä»Zzgz;Vg;ö»Èzn™,ÐpZkÃ]7Š,ÐX
%zzZsòîg~ÅPyZÒV%zzZsòîg~ÅPyZÒV
Š~!]tì�aèZÅxæzo III
ƒ@ìZzg‰ßgÂV~ÑoǃCìÂZkÐΊZÌǃY@ìX
ZvÆZ´yÆ_.yhZg‚âyyhDƒñ -1
-V¾�~ZkÑo6ZÚ‚âyyh@ƒV�W\Ã=/{™Z*ƒÇc%~ŧÆnÇh~�ÛZë™*ƒÏXaètÑoΊ}Æ»2ÆÜsìZzgZk~yhZg»ÃZ{ìX®ZtÑoÇìZzgZkÅzzЂgZΊZ„ǃY@ìZzg!ùZzgyhZgŠzâV
k…gƒD�ZzgŠzâV6Ñixƒ@ì�z{ZkΊ}û™,ZzgZ¤e�ÂZkÑoÆ%6u}ÐΊZ™,X
ZÅòYtƒ��ZÚΊZyh}ÇZkûgŌ۷Z0Zi~ -2
~ÑqHYñÇXZ[�¿ZkZÅòYÆ_.ΊZyh@ìZzgÃ6½™ŠêìÂ6�ëäZz6f™H»gÌŠ»z¶Ïpaèt¥x7�z{AÏc7ZknŠÅlZgÌ!wg„XZknZk~ãgÆ‚BßÌǃðX
`]‰Zz‡]vÆ5ixyhZgÃë��Z¤»Zk -1
ZÅòY~¼FŠŠìÂëvg~§sÐÃ6pŠ½Šï�ZzgZkÌ۷Z0Zi~~�áï�X
vÆ5ixÆZk§b™äÐDs~¼¶7WCYèZZrVä¹�ëÃ6pŠ½Šï�Âz{yhZg
ÆzV0‰ZzgzV»¥s¸Àŧs™[ƒ@ìXŠzu~!]tì�ZtZq”ìÂZkz‰Ü5iñVÆì6{ñÙŠg„7É4™*zZZìX
µVzZá�Zã�7ZÅâ]Š»0ZgzVÊï -2
(Dawlance �tuâtŠZgZ:Âx»§iìX}eZî¾)vZLe’iÃZk§bF(ŠîìLLøg~¦ZYóóLÛ
óZzgŠvZŠV~W\Óxe’iä½7gzá™ 2 »�lZ7i'Š„§jлx[¯c'ZLZkgºÃWÐ
Æ6ä]ñµ6ëZq (2008)New Year (JDƒñËegZZYLLÛ» MEGA !gQÑgì�W\ÆnZq
óóT~�áï�o½~ÁZiÁŠz™zhgz9Æ 3 �lDÙZgzVZÅâ]XóóZÝgŠ~™gsЃãe’�ZkÃg¬eAzg:Š»0ZgzVÊñ‰ZÅâ]»1úÌ!sy™g@67}ÇYè¬xîgÐZÅâ]ÃÌZyZY]~Ñg™
ZZÒø³oŸmø³Óöçûáø�öæûÖøè÷ ZâYÅ7ðÅYCìXZk§bÐt ƪ@�:WñhŠ¶~vg}ŠzqzV ÚôßûÓöÜûXX eønûàø]ŸûøÆûßônø^ðôÅ#³ßg]kìX (7 ~X)Îg{�:
‰Zz‡]vzZáZK¡¬]ÅËZqìcP -3
Zqì~ZÅò6cgÄŠï�@�ßvZkZÅxÆÑÓ~icŠ{yhZg~™,Xaèz{ZÅxËZq»cPZq»ÂìZknCÙyhZgÆnZkZÅxÆå»z�ŠçzZ06»DgìZzgaè�ñÆp~t!]�áïƒCìZkn�yhZgZk
ñƒxZÅxÆÑÓ~z{‚âyyh@ìz{ZqŠgz~�Z™@ìX
|]ñÑ*?Ùrg¶ZvZÏÅéZqßg]Òy™Dƒñ˜�:
LLZnÅúUVÆZ0gŠZ¼»]ƒ@ìZzgúöÆátZ´y™D���¿}Škgz9»]7
yh}Çz{ZLZk]Æfg=¬xßÍVŧbúö~ÌŠZ4ƒnÇZzgZyæV6&g=ŒÛ·Z0Zi~¼ZÅxHgƒD
�T»�òWñZkÃz{ZÅxÌMìXtßg]ÜôãgÐÂòYCìYè]yhäzZáÃ
Zk]»çz£zg]ŠZ¼úöïY@ìXpZ[æZg+6g{Y@ì�¿ñƒxZÅxžnÐt]yh@ìz{ZqÍ:ãg»
(351m2 Zg‚[™g;ìXóóX)�ZCÙZÅ©ªî EG`
ëë�ZzgTyhZgäZkñƒxZÅxÆÑÓ~yhZg~7�ÉZK¢zg]ÐÅZzgÃðÃ6̽™7ŠcáäpŠ„Ã6½ŠcZzgQZ·tÐZk»ZÅxòWcAÌZkÆnqgzfsz�{ÐZÅxÆhÐ6Ì™*¢zg~ì:
Zk~Zq)ѦYÆ‚B¬zyìX -i
ßvŠßVŦVÃ7Y…z{Zk6¸ogOÐ� -ii
Zkä)ѦZÅx1ìX
%zzZsòîg~ÅPyZÒV%zzZsòîg~ÅPyZÒV
tyhZgŠgZgƒÇÂZzgßvZK+z -i
ÑÓƒäÆ!z�ŠZkÆhÃZLnŠ?zu¯NÐX
%zzZsòîg~ÅPyZÒV%zzZsòîg~ÅPyZÒV