Professional Documents
Culture Documents
أحكام ضمان الصكوك وعوائدها - د. محمد علي القري
أحكام ضمان الصكوك وعوائدها - د. محمد علي القري
W E
")('& #$%#"!
#1 J/78-." # J45
>#=#>? K#LMN#=IJ
@ECHFG
@@=CD)"E>#"AB
@
"O
@!KR='CHPQ)
@!=) C
#&M#CS
#8T
U
@!CW'=N V
#$"! $ J
"!
W$%&KKK
-"XWYZ)WD
$:57
,-.%1&809)5%6301,-./()*+
<0G 0% DE
570& C 5%6 / 5@
?> =!<;
M0-%
809K L$; % IJ<H;
-): L &
;SK5%6=;<!&R5E;PQ809MN&5@O809
&X=P)JYC09:;%$%TS
JUJ3V57/ K5%6
@ &\<; ) C 1<0P[ +.% 809 % ;.$-) /* ./
% D^9 C ]-NH ;PQ 5PQ % `.K/ 5;09% C _ 9
!=T91<D^JbUQ809G=<KJ%5a%T^%]-NHK0)/
G .1 ;:g 1+f-J d T91 e </!6< c: d* =& X
lJg
5bhY=iJ<:Cjk&809&F 809.@0n
C]$%\)5!6<%&Er-%9q-Yf/!ahe7&
/SCs+SJH0)$;@h:H!65)
$-/< K
-$/&() -JP$:(JY sK </0!& bs
:_h.809
wvu&@
b..%JU
%K.%!=.<Jb<K809
%
x:gJ S 0 -: <% I 5@$ 8095)H 5
% C P
%
xFU- K </ 5) b% 5@ X= E5kH 5.J0$: H 809
0!u5
^z));&S5=T^yRCJ).J5%:K</809
+1.{@0-JuF5
/:09Jjv%|+}.J0./ KE
+1 K 0bUQ T^q b & T91 C 9 809@ ~$
+1 T9K- )7 0 W 0e
x:gJ <0S+/ & </ %
809P
$@v5POC5$+.%
01%DEX=J0u
7<J*+ K0
+1CX=$*+015@<0%0
9K-_}`TT9K
C)h<0/M.Sn"\<% :5
! K-
^ -][U\U$#'W
)(
s X= T H 9 0K./ 5J-@H M* )( + 51/
K/0&Cv-:0Jr1;.
%0Jr15K%5h5/<u:X=TH=5
G$/r1+1
N".$K P&P-))Cr15%@&<5SK<:hJHMNu5P
C 5S<K% } &$ <% T!& 59
% P-)) C T^y =!< &<9q {S
5/P}NC{
-H0J>S0S0uC:P.9K%
K;.
v7.%&(&T!uP-
59
%T^y5%&<Pa809>h!=
S 0
?% DE {! GJ& +P7 0J Pa >h! ! = h! s S
K
h:r:a
(&T!&59
%T^y5%@&&<:rP7Ih!0v809x
K 0Jl:arP-.:5SOC5&5$h.%&
P-Q.;<!&0PeE() -JH809
</5SKr
%
T^% P-)) C r1 S09! ;<!& P= 0 () -J H Pu % JU% / X=
r1R=K5
?K-
;$%lC8<K:^<-HY_hTPu
&<
J 09: &* 51/ 5SK T T91 (70: 5% @ &<J:
KJ %
0 C r1 P-E< >S 0 ^-/ +S KE;.F J
bK 5Q H 0u % 5SK P& bO P
J& P X &9 Pu
() - 809; b37 5h
- 5$Y ; 5% @ &<JJ 1 R= 809
KIe?
W
8# -
}$,-.%T!&59
%T^y5%&<Pa5%6809{J$:9q
P.9KPuK:r1 bU+1C <*K C5S<K/%5T^y&
KPu5h
-P
$+1D@TQ&5-%Y;}\>Pa-:
JX=P:5JPC5.$%5
%C809x
).:5-/Yf/+1() -:
K</
0G%
W_)Z`a!=bJXT#I)G -
5%C-\J).JT^y5%&<H=r1%809.~$rJ
%<bK0r19+1Y=CP
-$Jd5PK</
()
<%K 7 P$-J 809 b0!u P
^y dJ ^ 809* %$7
5K809} KP
-#CP([UX8'W
G 5h9U-H brK C e? !H 5% X= %G5%
0G/C.U-(?G$-J@5h9.$@T$-J
G
J K_h.
5h9
@ f-: 5
SG 01 N" .$U- ~J0$-< C
@&<CP0/%0Hj0@sIG:&<<G/%CH=5<G/
*$-0H$JJh-=U~J0$-%<G&<5%/K
=>.G:O5<G/Gx::<0S+/~)J&<01?
%<G//
0G%.9
99 ea7)97CJU
*&FEl
5POK!<+1T^%G_C 0.z/u5V^TQc/CJ
5% *gK/0G%
s+S ) C7 s+ K<Q6 !< T^%s
G<%%V0.z_809=:&Qa-
9q)JG
01
%:) -%(\0-QcQu+S%*gK/DE5V
\cJs
!5-
809s+1T^%GT$J65
T*+
809C) -%.J5%</_=J0JT^yT!u59
%809
KP-
&809!C%5<G/T!u75S<K/&<G/sJKGJHJ/
=CH&*$-&Jh-5hK0TP7gKJ
5809
& 09J TS
jk& .%e ;H
e -)J 7*$-
Jh-5hK
bP)7D16
0Q+1T^%K@!<+P@.$/<
vrP)hr%6
ELF @<r0QgOe<&/
T%75<G/@v
.!s&5OT.eG( -
5<G%l<<G/ KT^/
9):5a/P-Q=5JJL-S%
&
5.
+1 v. G K
S JU <0-S 0.$ V ?e 0}v
C5J<^-H80.?5%6"0.$N?JIG:K5%u?H0)7
:D^S
=57N5a/@ S)7
=0QgOG
.*&<<G/ 59/< &5JiO<-N6:)T
)(
Jh:&5J.H=0.GJH?b.%u%0<G/0@
< rS0K
0%& T
C ./ 01 reg Phu s< -N @ Pu 0.e
0. e
=
KEF?$
W#CP`F5
=-de#> "!-
7 P$-J *+ 809< % <J *+ 0 I ~$
@
d5hGI.0
809P
^yd0!u&809bK
W809=!<T91CP%bUQ0+1Kh
-1T
@T@P..\
8095
0!u$$lJ*+</$J<Q6809!C ()
) 5JP C 0!u s
: P.% *gKJ a 809 5
$J j Qa-%
)%^ P.%0!us
:bK5.$%n&0@C < &Q6
P}Ow*& 809%<&0uxEC*JJ
(h-%
K</%
s^ % KE-%HF 0) P
09J d 809 C s+S( )
vJ0:(J0:-%8095
>=5J0$s5SO809!
_ $ P.%}K P:5.JK/ ;JSg,-.:;SO
K-%HsP}Ow%<@^Ks+P-
E&xE<;=0.
809< % 09J V 5<G/<
& ) 809 %& ()
09J bK 0 7 5<G% ) C % <& 809 5
< G%
K5.$%n&0@.)&$5JPCP.%r)%&5<G/0!&
$@
Qc% 0!& % 09-J b P
09J d 809 C s+S( )
KEP70!u5
Ev%F0J
Wde#>\U$#] -
C P<): >S =H= ;.
hS
J 09: H 809 & S /
}$
5)70% Y P7 T -J J 809 C ^-/ u $%
}
H=TPuYf/5
\zYT -JT)J7P
%0CPu5@h:<%l
0
Pu5
.T
@>\
K809}%
&015SK0:*+vJ
5
vJ
x:gJ YO P)}\> .G: @ 809< : s+
xE C 09J< / 5SK X= 809 T r1 d 0!u 809
K<TrS0K J1
()
&%0$0/JP7=;G-)%0)$%r1@$<P:
vCT!uKTT&YOH=56&%HC1.-%
PJ& J? WX$: 0@ s0.%" J+ &07 0)$? F E}/@
0
?0
/
O@?PYC:-h?WM=RgK/&KxQ0J%
9JLQ0)7K9JL%0QQH%6
_09J-hgK/@K
GOTS! &7lhJ
9JL%0QEF? Q@<
?WCT!u0)$K 5H
P.%%H=TJHK
q=&@0)J%.? KEF
@ ) <
? IJ L % T97
<
! 0
%q0)$K0 77Pq
%.T7@X$:
SH
S7.+1%bOu&7%09J h%q
0=%%5
0Hs+97h%J
. KEF?%L
T<
T$Q0@%@sK)7=?W=1OTS
9 {N
@~ S % .}S TY 0P7 -S ^= 5 O TS H
9 { -S ~@.J H0 % 01 S:
$7 K H 0P7
K I:1 % .^-J H) brO I-G@
-S P
0< 5.
h: 5T}/~).a$:H51+/0@u<}P:HP75@%
@0K? KEF
+1
b.7x1+/OTS&q>^JL?}-$J7.rP.
;%0
b. O -9 5.) v7 5e K ,P.%+1 C `.
KT^%gO&vKb0sJLdP$.&Pq)J
c:T1*=&<EX&w5PQ&v%<&&0%uTS.7TY>S
0
N TS %S s P$.% )G: Pq
( J T>J0h:
u5
%=@.
5.`%=5QuU
7X|+}.)0-! -
<.)7D:
KP
J 1
J 2
J 3
J 4
:M-hK
5:-hMK
)I$@0/K
)I$@0/K
)(
E&F
k&</GJ7<G/T@%Jh-*$-.s+S
K-%C.JlJ
EF
.<Y%&01R=)$T91?x::?%bUQ_sTST@7
+1 x u MN& 5h! X= rP-.- P P7Y&
$J 5h &: 809
Ws
JbKU
/001b-P70Q0%)H
EF
K?/% @J1
Kv.)/O/l
h%H J2
()
5@C
&Js%M <EF
JcJ73-J/>H%$
T%Ph
&
V</J&j@5.J/
?75.J/=
?X=
0 I.%c/ D%& J? K b
Q % TQ< )7 P
0G% @
l<{
+N&V<{/+Na7e@-
$Q
K.
re<<hT$he@x
)\e@&)$+P7?/s
J?%MN&5h!X=x
).:\5h&:0)$%bP)hn EF
% K0)% ) 01 P P7Y&
$J d P-$Y s
: Xu 5h
Ws
bQKbP-vX=x
).:\b-51)$.:P7].u.0^51 J&L
.( ) ?KKKbP-5e$%b-:
v X= x
).J \ b-< Q= ].u . )$.J 7 .-H ) JL
KEF?bP-$DJb-<Q=)$.J0)?Wr1C@KbP-
DJ b-< Q= )$.J .-H C9 C +S KK ? W5J.j M-h C
<Q6 I u? KEF?rYNH 10Q C +S l 01 5
- T@ $
)$v.q<Q6)$v.qH
0)$/ub-<Q=1037|].:v
K 5j C .
$7 S KK
- T@ $ 1.
$Q b-< Q= 1-7 v
)$.: P7 ?KKK .$/
bP- $ h
b-H C 51 1- 0$
KEF?bP-$x
).:b-<Q=
5)
u?W.@6C@KbP-s
yb-5JH5
..5)
JL
KEF?bP-s
yb-5JH5%&
@KbP-vb-
{09J^).50-C59/. JL
v@ &r0
{ = @v -Q C WD9 K
r@0 5O C
$%09JH@*gK/)
.gKJ@uv}750-C%&?^
K0/
Kv}.v}
Kr1
K5J.jM-h
Kr1
K.@6
()
J 1
J 2
J 3
J 4
J 5
J 6
J 1
J 2
J 3
J 4
J 5
J 6
+jb-5
!)=<.?W(}@U.SO(})I:C@
-bP-5e$%KKr0S-s
qH%9
qH<6h
lJ
HbP-H<-<
6S7TQa-U
JHb-H<-
$7
^%<%U
J
KEF?KKKb.h_.uTQa-0
%<Q6PO.-u?W(}@U.SO(})I:C@
0)/01v5PK1&;0TJ.
@<Q6PK
7v.x
Y7
-T@bP-$b-<Q=)$.JT@v9&%S%7.JQ&
%S%P7>^JH<Q6-S:%70-JT1&;0TJHvu
KEF?5CP$<+$-x@$-
P..$37v9&
u<++1<+uih:<Q6?W(}@U.SO(})I:C\@
5J<N7 >^J v+S f7v
S<-7 KKK<G%U
J v
9& G%& $J EF?MJ L % MgO u ih v.-
09J <-7
KbP-vb-<Q6
\cJbP-C{!0v%G-%)$b-C{!009J&9q J
1037|].:v<Q6Iu?Wr1C@K-K%
s
1-7v)$v.q<Q6)$v.qH
0)$/ub-<Q=
1-0$K5jC.
$7SKK
-T@$1.
$Qb-<Q=
b-<Q=)$.:P7 ?KKKK.$/ bP-$h
b-HC51
KEF?bP-$x
).:
W/-MG[\UQ!)pG>M -
SF5SOsT%</I5@$&:V809:v@
SF8095
X=T!&59
%)-
x:gJ$&E5S<K/809!C
rP-.:
(h-%nv@&P:%5JP-s+S-:E<Q6809!C
r1<Q6809!^/T
+Nasle0-K</5%C.JD:
K<K-8090&^S&
v7.
0%!&8095
Q0*gKJv)$&:<Q6809!
&5JPK Qu
0 E0u xE C /F s $ DQa: *
K@}(U.SO(})I:
K@}(U.SO(})I:
K@}(U.SO(})I:
Kr1
()
J 1
J 2
J 3
J 4
.9 809 0Y s -J K809 5
vJ T^y d 5J0.
^ T!u s bK @ DNu u s< / 5% C .J lJ rP-.J
< = =!Ks T@ &/ 9 bP-H S b0 809 % * <&J
KU
/0+1x5h!X=5h!%)$)G-:5
%$%809
s+S)J<Q6v9&5SK9P}-C+Na:809
K809:{@0-J5
/+1C0J9&+NaJ|+}.JX=x
).J-
W/-M\UI#G[` %
!CXqaN -
(:<Q= rh.`.C &J .-H)C01S
v
7 -.! % v rP-.J - s+S -J <Q6 9&
K- !}Ov9&
(:vX=+| }.x
).J0P7v.-/X=0./
5
% C \ <Q6 5SK v
-$% &: P7 809 s+S
809=!<5@h:IG:(JYT)H+1K0JX=x
).:5.$%
WP.%sX=PrP-.:YO
Wu>!FM#"M^#rst#CS -
(
$-%^7TQu)<$JT^%5.J/^<
&-H5
>%@=
Ks015fK;GJ\(0:%aH
0G%01-%+
T)%^-JJ%X=k&<
JV5S0^<
)-H-=%&
|+}. l % 5 T)% 1JJ E)F 5<G/ $: &
&Q&
Y
x:gJ +1 r
Q KGJ 7 5%& J /
I- C J 09:
K^-/E() -7G-J]\0TP757e=
U
J\]U-
J.$5%X=5%e*&5h9.$G
5Q7H-
=@7^JT01TU}<0%u%0G/
7 <G/ T^% 0G/
U
J H % U- .$ G s+S 0G/
]YbQ7Jh-*$-CH=0HT
%H_/<&e
I /) $ C 7Y _ =s+ -% / < 5<G/ % <&G7 \
809!aKrr%6rP)hv%<@!<@U}Q+P7I7
809! !< &6 K C . % O v.q % 8.1 _? W7 bQ 5e<)/
5.$%5@s.sGJV80.v%</(h:s+/5JPC;<
_+1r
QQ&T)%s.s%<!e01/5JPC;
<
/Ih8095
Js.T@%QaU-01R=5h9T
Kv%$7() -J%^
<;Sv@0-/
()