Professional Documents
Culture Documents
ì…ç’ß¹]<íÃÚ^q<–<ÑçÏ£]<íé×ÓÖ
ﻣﻘﺪﻣﺔ
!
- $./ %& ! "'( )*( +' ', - $"#
7' .' 4- 4* 5- 6/ 3
2 ( 0 ! 1
(
7 ;9
7 $79 '( + : 9 .',
* 7, 79# +' .<& 1 ! %'&
(
9 )*(
=0, > 7? ! 3 *, )*( 5(0
. 6@ +9. >, ! %'&
( 6, 0- $7!!
60 %'&
( <& '- $:/@ ! !A 9 >,
C) )*( 9 6?& .-
9 :( * @ 2 , B?
D* )E 9 70& $
'& 6* )*( 6?&
5- 9 >F %'& G
+H
5
. !
+ +( ! 3 9 I ) 69 ) $G
- $
.()+= C-
$0# "12 34 " ) ,- & & .,.& )&# * & + .& ()
. RQ .OOP $7
@ $7,0 G(
+ D 6 $1 # +' 7 :' 5*(
* 5- ,
G#0 #' 5 >' % ( M $9 % ( 6
!?.7-@ G
3 6' 5- 7
@
6 $9 %& 3 0 5- @ G
7
40 5*( D $ 7'/ ==, )E T# =0
U,
%'& #
( )
F ) $6, )- 7'/ 9.
?.#. & )E 6? )& 6 6 $M
5 $6 /@ G? T?, 7? 7= +,
? %.(" :& G #
D*' 5- $5 +, 7= =@ 5-
@ 7 @
#! 5- # + 7? G.@ # T?, 5 "5,
.53 ' G
, ! 5- +H,
وآ ارة از ا
"ﺕ ا
ه ا
ري"
,- G,ﺕ*ا"
"%د ا
"
%*+اد #و(' ا
ر %ا
&%ت
"#
ا
"94ة 78ارﺕ3ع أر ا
"53ة ا
34و(
12أر#م اء ا
رات ..وأ< ى
ذ
? آت ا
ه ا
ري
م > اء د%ن ا
A ,( 4ز%دة ا
"53ة
و 'F,ت ا
" ،Aو #ه CDا
> آت " ذ
? ,ﺕ ?2ا
*9م ا
وض
إ
1أ*+اء ,LJة وJ '- Kرة أ' و"Iات ،, HوG
',
%
ا
H4ت وا
> آت ا
ﺕ "5
N98إ(
( ،
#
دون أن G4%ا
Iس ﺕ 4,# ,OLا
ه أو I A,ز
' "ت ﺕ?2
',
ا' ،'4,#و Tت ا
I8ك ا
ﺕً *+ ' R39ءا آ ً ,8ا رأ ،'
4و"أ
ا
' م آ"% U2ا
.1
و"ت از آ Gة ا
V2Wا
+ -"4ا
ا 8
2ا
رات
"9ث ﺕYﺙ ً ,ا
ا" أ G%ا
ﺕد ا[#د%ت ا
إ
1ا
ا
Lوا
.
S
& 61 5
W
ﻣﻄﻠﺐ ﲤﻬﻴﺪﻱ
ﺩﻭﺭ ﺍﻟﺘﺄﻣﻴﻨﺎﺕ ﰲ ﲪﺎﻳﺔ ﺣﻖ ﺍﻟﺪﺍﺋﻦ
@ 5
9 %'& $7 G= %'& 10 7 7
(*$3 )*( 7 6 <& $10@ 7
5
@
5- %& 5 $7 " 50 D
0 5*( #
.50 D
0 )*(
9
@* +, 3
&50 D
0 7., \ +, 3 5- %
:, .
10
10 $ 7 5* D
0
!.
C- 6 Q?! T@ %& Y- $
[
=0&
9 "F 4 43! $70 7 ?
( 5*( =0&
.: :('
\
G * @` * \
6& 6 @ > %'& )\@
.()
@ _ ( H
T?
N! ) 6 >, 6 7-@ +, 3 6 :( )
/ ()
Sa[ :
*( Q
$1 G( #*( \
=0
:
*( Q
."# : C +#=* )*( =0& =0 " :
G,-
T? #
/ C3 E 7A C )*( =0& =0 " :
G,- Sa]
-&
# 7= G# G D@ +=* ":' 7'\
#
?
7 " C +=*
, )- 1\
7=. 7 <
E .
\
)*( =0& \
=0 +, Q! O[ 7
[ +
' 23 ."# :
.G,- SaO $aP $SaR @ H
. .7
- ^! & )- 7(= 7@*
]
.()
*( ?' \
G 6 * 7-@
C-*
6 7
, 7
5*( 9 6@ 6?& $C 7 ' ?'
4 ..
` @
'& 5*( 9 6@ 6?& +( 5
, .%&
6,
=@ G# 5
$7, 2(
6/ C 7 Y- $
'* 2 : ! +#
6@ 6& 6, - $
9* 7
'
.()!A
*&
$6 C=0 $0# # )&# & &*.& )., & A$ .& ()
aQ .5
0# 3 0C 0& & 3A# @ D+ % ! " 7 & ., & .& ()
. S Q $R
$aa[ 5 7, $:& 7, G 7,0 G( $&
R
G
:@- G#H +, 3 # >, 5 ! "# 2 H
$7&
'& )*( 6?& 5- 2 = 9* ) , 5@ 7?!
.! 7&
+, 3 # >, 5 !
0 5@
9 ,
9 "F 5*( +' 5
, D&? 9-
@ . 6& 6 7
'& C\ 5- 7 5-
6 6H E
G-? @ 9 Y- $4 := 53'
.
- T? 5& $ .
` '/ C-* Q?!
P
6?- +/ .+= C- + +( ! 3 9 ?&
.
93'
"?
)- += 4 #
5*( 5*
' 6H 5- C3'
'\ 5- D 0
$3
2 7' F 7 5 $ )*( 5
+ %.
6 @ 7 " Y- +/ $+= C-*
` E ^ 6@
(
'* + 7'\ & '- # 70
.=& 3
( 5 + $', 5*( )*( 5&
G= + :=& 6'
@
= + 5 7
."= + = + 6@ B? $=&
+H
#' @ E $F & =!* + G # 34 * :;
O
= +/ $%& ( ! 7
, %'& 4\ +/ 7@* %&
7
, G
@ + E $7, 7
, %'& 7*? 7
, %'&
M 7?! G
- +=* G 5- 7, 7
( ` '& E
.5*? 7 5E ! + 7 +3
5
' @\ +' $5*9, 3 T,3 $7 G(0* %&. Y- 4 ()
E $7?! G
)*( 7
, G
:@- %\ )E ; G 6, " 6@
)E 40 .0 60 5- $@ 7 G G= :! " G
@
/@ 7?! G
"- 70 G*, 5- =. ', +( 7(
.7
, G
$] + $ORW +( )0# "12 34 % '& )
!- & $ & .& ()
.Q
a
.
93'
"?
5-
, $2 ( 2 0
*\@ 5?!
:5 &
)*(
0! * E&" ! * %"12 7* + B1 4 :=
:I
6, ', "? @ 5?! %& 3 =0 5 J
$? ? %- $
' D . C/ 1 F
.() 7?! G
#
3 =0 7?! %'& " 6@-
%& 6& @ '-
*& @ 5?! %& 3 @ =0
+= # +'- 6( ( (
2
.
` ( 5
( %& 6'
5?!
6,
= 3 7\@
` +' 6'- $
= 3
` 7\@
)%&0 0 K2 % 6 " 7 &* - & . & H
6?\ = ()
73#
$5'\ 5\ ? B'
$# "12 34 % 2# D-$
. , Q $W
$OOW :' $7,
( >,
= (
7\@ +' 1 F 6, +=** =0 5*( (٢)
.
' +=** D . C/ $+=** =0 @ $6,
.()
+' #,
:I L I #F ! F "12 H + B1 4 :==
2 0
3 5?! %& 4 Q! E O
" .
93'
"?
5-
, #-
, 2 (
.Q?
/@ 5- G' $Q! G' + 7̀,
e* C-* `
3 @ B0 $5
( %& 6'
3 +' Q! D (١)
.'
6?\
"
5*( 5
' aW : 5 :'\ Q
5
, 5- (٢)
)*(
' Q
+ $
93'
)-
&? )-
, @ 6 $3 (
. F
ﺍﳌﺒﺤﺚ ﺍﻷﻭﻝ
ﻣﺎﻫﻴﺔ ﺍﻷﺯﻣﺔ ﺍﳌﺎﻟﻴﺔ ﺍﻟﻌﺎﳌﻴﺔ
: . &
1
E $2 & (
2
G 7 G= Y- $ ( .
` 3-
7 7= 1
5*( T,
5& $# >, +=* G= 7\*!
* 5E <& + '
$ . 7', 7'*, :!
:
:
:
www.pidegypt.org/arabic/azma.doc
S
ﺍﳌﻄﻠﺐ ﺍﻷﻭﻝ
: . &
5 ?*
( >, <&P]] +( 5- +, #-( 7= 6 G
@
5 +H
' G\?( 7 7= )E M $^.-g 7=*0
.()+, #-( 5 7 G= + 7= " , .5
W
!& .(
)*+
, "+ -.
/
0
"
(3
4
)*+-
56
. ,
12 ( %
,. ;" /
(2 ,
) ." 9. :0 9." 7
+
*+
* 12 = & ,. 3
< 2 ."
3 0-"
.()
>"
(2
0$ > -. ?
,
@
"
+A
0
" "
? C+ -$2 :(+
.B
? +
, 2$
-.
. 2
D +
E32
,
.()
,1
, ,1.
:
%
!
(62 :,
,1
, +
C
,
*
:0
E?
"
" (2
(
GB1
" 0*
+
.;
)
0 " 5
H
2
D
=+
).
+
0
,3.% "
=- 5
H
(2 C
"
JKLM )
2 =
-2 :$ ,
@.I @2
-.
.(S)0
, .
:))+
! #
5*(
<& $ O1 B12 # -; $% -N & & .& 40 ()
www. swalif.net/softs/swalif12/softs244276 :5 4
() Lucile TOURNEMIRE , La crise financière actuelle - comparaison avec la
crise de 1929 .www. oboulo.com/crise/hypothecaires/americains-f.htm
7
@ $T, :
) '* * ; )7&, ., .& 40 (S)
, ]a Q $ OOR
[
1. +3
-. + >
0
). 2 " = & -2 (
"
9&$
N&
-
)
= & .
1
D
D
2 -.
. ()
O
+D
: ++
:,-6
0 N$ 0 (-.
0 " (
,
= + , P
&
++ 5+ ) 4$
=+ :>$
G
.
) >D
1B + .
=+ ,
&% )
0 (*" ,Q
96+ 56 4&
0
?
=+ , ) "
G+ ,
!& 02 :
,
ﺍﳌﻄﻠﺐ ﺍﻟﺜﺎﻧﻲ
e* )E 7 A 6 @ 7, )0! +0& = <& 7= G\ ()
%
? 7?! 7\? 7 G I G*! .# )*& ;
)0E +0& %Pa
7
, ; \
6 * + 7 43 '
G 7=& d +- ) '
( - $M! 6 7
0 @
5- <& @ )*@# M? d.?.
40 .7=& " G3- 5 =
]
= & ,. 3
< 2 > G
+ +%
"
.
+
,%
, @( :
!& 5+ :
0" (-. . 0
. =+2
: (
"+
(-. :06
:
/0 ! .
-
D ;" :
,
6-$ G
+ =+
06
(-. = & :0
S
:
2
:7
:(
:/2
&
–
/
. 7
/ +.
, G+
& *
:
1- ,$ 0- B @
-.
-
> -. ? 0
Balance des .2
,
I <
!& = &
56$
1+
B-
&$ +.
!& ;" .paiements
+ N?
;" :
-.
D+
-
G+
2
, +3 2 ;" 9 :
-
=-
.() JKKT ). ' S 2
:
(2
! *
R
2
AD6 > > =+ 9D
+.
2
*
9 CA
)* 0/ 5
U )1 =+
, 2 .CA
" -B
B :CB ,-2 :(
"
-B
D
B
+ *6"
;" :
+
=- B$
&% ,.
-B
D
:0"
G+
& ,
- "
&% .=+
N
I
.()
2
"
=- 2 2 :N$ =+
:
4& ! 3
7
D+ 0
S
(2
,
;"
0
C6 +.
.16
, ;" :bubble
.16
>*
;" . O G6
0 -. :
D >
P
– 0
0 -. ) – 0
@
, 7
, +.
2 .0$
-. 0
& > E :! G6
,. W+
4 !D
=+ , +.
I 0
+
P
"
!&
*
2 .&
" ) , :B
2 ! 2 0
= & C
GB1
E6+ (2 @
N$
)
"+
&
+2
.()N$
.B1
(2 )
`-! >' B
* >-
M 49 - M $^@, <&
( ()
M &0 .& 40 .:& > )- 7= <& D& G* C- )*( # +(
. P Q % 40 8? . : -; )I2
P
: 5% ( 6%&
:
G
+ (2 2< 3$
=+ , :S
5
03$ , :+
=- I >" , 0
. =+ , :
: (- 0
!&
- , :
&&9
. 8 2 8
# 7
X J
+U2 : C
?
-"
B$
+ +.
" =+
P ," 0
0 -2 .E32H
+H 5
0 51 – 0D
0B 5
H
2 C + N 2 CA
%
ID-
+
, 2 :0-
+ 0"
= &
).
N? :
1
H
+
=- 0 –>
+
N – )
1
+
.
-"
-
-"
A
(2
-
"
(2
" ;"
+% *
"
=- 2
-
,
@2
,. "
=- D +. 4
.()
+
=- S1"
+.
+D
O
: ()
:%
! *
-
I
$
=- 0 X
01+
4 1
0" ,
7-$ .N$ 0 (2 +
X )
S
+
ﺍﳌﻄﻠﺐ ﺍﻟﺜﺎﻟﺚ
&+
+I 7
>$
+Q
2 )
5
I+ )
C-B &+2 .,
@
$
" -.
-. N
B+
2 ;"
6-$
?
2 B
G6
?
=- ) , , .
N
www.pidegypt.org/arabic/azma.doc
$ 5. ? @\ 5*( / 7, 7 7= $7& . & .& 40 ()
www. fibsudan.com/pdf/hamdi.doc: 5 4 5*(
<&
a
2 N1
,
Y
S
2
+AH
Y0
.()
B
0 G6
Y>"
-. , 1
> 6 +.
!&
*
,. N D. % N
,. )+ D. :
:
B
0
%
.7
, . E32% ) , :
,
N >"
* (
: 0
,.
,
1
0
+
.
7
,1
(2 I (
:
?
) , :JKMK
(
6
(B"
EA :,O ,
?Z+ [
& :. C
.(S)"&
$ % 40 $ O1 B12 # -; $% -N & & .& 40 ()
SQ
5*(
<& $ & # -; ) ., Q" & & .& 40 ()
: 5 4www. greenbookstudies.com/ar/lectures/s-30-10-2008.doc
# 0# 7/./ #9
Y + = 7 I 5E : @ 0 (S)
$:& G 5- / T? @ 4 7 7 I " , $+P[a +(
: ! 60 ./ 60 5- 7?! 5, M )*( :@ 7=
T?
^.-E .( , . +aaP 7
</ 4 5- * S,OS '
,
.D SB+
3 ;" %
]1+ , (+ (
: >"
(2 >
?
0$
% 0
!& (2
1
G+ C2 4&
:
(2 "
.
()
S
(2
, -. , (
1
=+ , :B12 (11"
-. - ?
"
,-
,
(
B
"
1
.. (2 0
+ ) ++I , 1 ,&
,$
5 =+ ,% 0 :@
" -.
.()
0"
>% +1 ,+ 5
= &
0
.
+ ). 9D
7 ;" , @
(2
1
,
(-. 7+ , ,Q
+ ," :M^^L
. )1
;"
(2
D +
&
ﺍﳌﺒﺤﺚ ﺍﻟﺜﺎﻧﻰ
ﺩﻭﺭ ﺍﻟﺮ ﻫﻮﻥ ﺍﻟﻌﻘﺎﺭﻳﺔ ﰲ ﺍﻷﺯﻣﺔ ﺍﳌﺎﻟﻴﺔ ﺍﻟﻌﺎﳌﻴﺔ
&1
7 6.! ', F
6
+ '
.7, 7 7= ', 7.( B3
+/ $
&< : * 5E
S
ﺍﳌﻄﻠﺐ ﺍﻷﻭﻝ
ﻣﺎﻫﻴﺔ ﺍﻟﺮﻫﻦ ﺍﻟﻌﻘﺎﺭﻱ
:. & 5 S
= 5 Q9?! $
\, 6.! ', 7 ;,
&
)*( $', % Q9?! ( .3- $ #
:5
: 7# , T# :?H *
C- Q?! '( )*( 9 D @
'( ',
9 ,
9 )*( +' "3'
@ $2
( `'&
.@ )- ', /
'& C\ )- 7 )-
) '( )3'
), )
( %& ', - $ 5*(
)-
9 ,
9 )*( +' 9* 6! $'( )*(
',* M'
6' 7( 7\? $', /
'& C\ 7
.()@ )- $ e* >,@ $
40 , .!; 2 & )# 34 " ) & T6 & .& ()
.]aQ $aa
– G $7'& 5*& G
)-?
W
:7# , B:"1 :F=
=0 $M'( $), $)
( %&
', %& =
:) 6?\ )*(
.Q $P
$% 40 $7 & .# &.& ()
[
C=0 6@ )
, :79=0*
* , ', = 2!
3 C=0 6@ $ 6@ 7
3 7
G', ',
%\ )3'
' Q
+ $#*@ 7
G', ',
.
7
1\- @ 7 ', >' 7
7'/ 7.( 0
B
= > 3' + 60 B \ 7' )E >'
()
& 5- 6! )E 7! 7
)*( 7H-& 6 G-
.#, @
. SW Q $PS
$% 40 $%!- & $ & .& ()
40 $&20 0 .& 40 7'& :9\
E -3 ' 7! ?' ()
. R Q$%
]
>'* @ @ 7 3 > @ 7
@E
@ * 7@ 7' 3 > 7
@E .+
= )*( 6?& 7
@ +#/ : :\ @*# * B
'> (
\' 5- @ + D .@ , 1
, >\!
7& 5- 7', +#3 6 :(E )*( @*# :
\.:9
3'* 6# 7
/ 7', >' % = E
&?E $@*# * >' +' 6 ^ % ( 6 )*( 6
.M! G
)E %
A
& ', 7 )E
,
(7, 7 7= 7', 7.
ﺍﳌﻄﻠﺐ ﺍﻟﺜﺎﻧﻲ
"
5& :
1
S
.12 D6+
+.
R
: 5 &
5*( ', #.( 7= <& 7\@ >,
.+
@2
-. ).
4 ', 7= C T' ^9 D - @
@ 1\ )*( 2 ( 5@ % 5- 7', >' 5- @
> 5- ', >
G, <& .G', , 5-
.() )*( >\ : 5- H
2 0$
N"
1
S ) 12 = & ,. 3
< 2
P
+ 1 , :
--
- B
6-
1B >"
,+
(-. 76
-D (2 + 12 0$
N" _2
O
.(+A
"
, / +. >A6
C2 1
(2 + D ,. 3
< 2 .!
.()/-
-1
>A6
N& N1
, 2 :5@ 5\
.()
$
)+ @
0 5
5
2 )+ &$
1
=- )
G6
0* 2
51
!& 2 .
, – E
2 )
– ,
. (S)
, S
2
1
-. 0
O
2 >A6
M^^T M^^` (. 03$
<" :>2
;" 0$
N"
N C
O -. G6
51
2 H :
1
5 @. 6
)1
,
,. ,
C+2 : <+
1
0
.()06 N
1
:>
B
,+B
, C 1
=+
C
= & @
"
X )
ID ,&
:
1
, , . ,
+ 0 2
P- 92
, D (
,I
X
-
6 ,
7+ 12 .
,. 0$
" C+
2
1
,
,I
, ()
- 9- () ,A6 ,
+
.,
@? ,
+
(-. ,
B &$I
0$
,
!& C 41
5
H
=+ 12
0 ,
!&
(
.D$ >"
,
!& 0. ) :51
!& +
!& , B$
!& -.
.
(2 N G > S+
.()S+
<& $ 6
#@ ,=W -; :& & ., & .& 40 ()
www.iugaza.edu.ps/ar/ColgUpload/Documents : 5 4 5*(
Sa
N 4&
/
(
C
, 0 :c
2 , ,
& I ) .P-
>B
-A 2 .4
+- d" ,A
(2
-.
0B D ) : N C2
5
3
.()=3
S
6.! $:@ :? )securitization %
5-
)E I >' * 7( G
)E 7
@ >' 6&
)E I ^.- #
. &E >, Y- 5 $7 G I
.M! 7 G I #
/,
5 5 1 ' # = M! 7?!
$M! 7&
D? ( Y- $f #,3 D 7 7 I #
^.-E
(
#H, 5 43 @ 5 $M! 7 G I 5- (
.()+#,9 D& )E I0* +/ $0
S
!& >
) 0+
+
0 12 := & (-.
>1
). +
& C : (2 (
0
7 (
E32% ) , :B1 1
4 0 , >
,
-.
. 7
,
++H
D"
;"
B -. N
!& "B
)1
D"
1 C $e N
G %
,+D
+D 5
3
2 2 ++H
.D
2
) )$ N&
.2 "B
"
9D" N&
N
#+H
,. - D
.
++H
)" )1
SS
ﺧﺎﲤﺔ ﺍﻟﺒﺤﺚ
7, 7 7= 7', <& 5-
0(
7?! 7
, G
,* +# >, 6.!
7'/ < 5- ', # 5*( 7
, G
7?! 7\?
#
5E I 9 7'/ #
5' ? 5- 9
. 6 /@ )*( /I 5' ?
6= 7
@ 7/@ 6/ $ 7, 7 7= 5- <&
5- ^ ? T? 6 +( 5- $6== 0\ #( 6H
6 $7 D, ^
:& 5-
E $ "& 5 +, @
" 5- 6 % T? G? $7?! 7\? 7
6 7@& #@*- 5- $5@ 5 5-? +H
* 7, 6
$ G/ +0& $ 5 @ <& Y- +/ $%
5- =0, $ 6 , 5- @ G? , >\!
F $ - :
, = $
G, I $ G
=
<& #
, E 6 $ 2 @ @ 5E #' 5- 5 $ 40\
.()6,\
G&? #
@ $ '- G 7= , + 7, 7 7= Y- @
@ 5, 5*( 0 G 7=
www.nfaes.com/Articliesfiles/3yujryuj.doc
SW
)*& ,? 5*( +@& :' : D* 5- 7 7=
6? ( =0,
@ d3 M
@
I " 6.! -
? +9. D
M +H
1 .- C,
* : /X
)& ). 5, , )- G@& T@
6@
7''& 7= : ! G( " D
0 70,
= /X # %&*
.5#
) D 5E
( 5#
<=
)*+ 2 :1 (
f (B
N
+
,% – J
+ ,. 3 2 .2 S/ 0
0 9+" , #$ ) (
."
,' (2
.D
:
3$
>B$
, ( )
7 (
+
E
,+% % 0
0D D
$
&+ :)
1
;"
0
12
"+
+/
0
" 4 :4
G
(2 (
)*+
*+
G. + ;" >B$
, ( .< 3/+
S
" (2
-
+ :>D
-
>$
&
9/
.+
"
%
-
(2 0
0$ ]-1
C :( "
(
)*+
?+- 9.
-.
"2
.
B$
-.
N1
,
(
!& >
) 0 0+
+
,% – g
-. >1
). +
& C : (2 (
0
7
,
E32% ) , :B1 1
4 0 , >
,
. 7
S[
:)
S
(2 +
,A
)*+ (2 * (
1
,% – h
#3. % 0
)6 ) , +
"
0* " 0 (
)*+
= :
3
-.
>D
P- S
)*+ , N. " 9D
,.
:S-
-
E 9+ %
(2 41
,
9 4&
B$
)O – `
*
0
,
.D D ;" "
4&
4
)*+
>-
.
%
!& .
"
.]$
)
,.B1
, 0 -.
:
2
> 5#
?
.
1
]"6 (
(
)*+
(2 *+
>.% XJ
.+
(3H
0
]3$
3H
0 , ;"
CD
?
+
E , > XM
7 ). 9+I ,
+
#$ , ?
B+ ,
)D"
P 4&
?
5 (
0- (11"
)D"
.D )"
S+ ?-
(2
+-
. + j
). Xg
>
U 0 2
< $ :
)"
2
06
.0
E
6 :,A
B$ :A
S]