!
"#
    
$ % $  &
Moral works and governance’s practices in contemporary works organizations

Bouyoucef9@yahoo.fr :
  3   
 
  
 . .

:'

#% 
&
'( 
)*+ 
+ 

 ,-  
#$  !"

  

#% 
&
5  
2*0 3,( ,# 
 4(
  1 0 '
!0 &

./

* # :) 

9 '( 8+# ) 

 !"

,67/ ,(/ '( */
./



?"$ ): >!
   +
 , !# '( <* =
 '( 
)* ;0 66*

)
 . C 
'#
% / >
B ? #:
 @A
/" .,

.8
 4

  ): ;+#  # 7+)  )
:;0   ,
../
 
#$ 
&
'( 
)*  
#$  !"$ 1&  1)7 -C D6 E# 
../
 
#% 
&
'(  !"% F
  *
+ E ,&0 *

.
)*+ 
+ 

 
A
;0 
#% 
&


;+# 
6 &
@ 7 

JEL Classification: G34, D23

2015 00 :‫اد‬ 

‫ ا  د وا‬ 76
 * &  . .

U# D6 ,

(90%) 0 
) D  
 :
 +

<)
 
) .
 A '( K
 !"
G
 *   '( D
A%  
)
 !
I!< U  U) (25) 
)*+ 
+ 

 ,-  
#$
U<* U)
(16) # 6 % 
3A .
+ 
#% 
&
'( ,# 
 4(
 
* B 
" '( 
#$  . C  !"$ H . )
/ */
I* ./

 
 "
 "1 C 7 " /# \  D( &+ 7+
 J  * ;+# 
A$

 
#$  A
K+H" 6* " !" ! ,
 K L #  <
.<) *+-/

 !" 

  ( "/": D6 6
 !"
 . C  !"
7&  !"

 
)*+ 
+ 

 ,-  
#% 6 * 
( % C 
  .
#$

4

+" ) % % ) # 
. 6M 3:  
N 47
8
6 
(  ..-6(
7 A&

,<* ,
 

 * D
A% )
'A .>7) )
(

DO ;+# D!C 4

,( 
 1 C .* 
  '$ , A J 
)7 
' >6  7  7  ,- ;&* 
)*   !"$ */

#N
% & 0 
$  / 
;+# '
!C    A$ O/  D
A%
.)  7
  +" / 8# ^-" ):  !"$ 
  6-
D!C G,
 
$ 4   : 
  '-H 4 "
D
A% A
 .
#$
6
# .<)  *% / ? &( K*  !"
 , .7+"
 %



8 
( _ +<
$ .
  !"
 ,'B C >  !"
 'B
# ,# `+
 %* ,
..

.A&  * ;+# K > 0 # <*
  =
 '(  !"
O 

- 6
D K ;0 A (<   !"


'( .
  G*+ '-   J( <
K B  
   

 ;
>#
6
 
 2 
' J7    1949 D# 
 -  # ./ - ,

.A/* 
 4 % <) AO   # / D+ +H:
 9<
;0 (0
O 

 : ?
I * @A <
0 .1948 D# D+ +H:
+ '
 *%
I*( D >*
+"
   '(  !"$ 
'( K  D+ '( @ 4$ -
% 
)*  
#$  !"
KO ( # U

# #/  '7( .
#$  !"

.A& A 
0, ,   
8 

a" K) ,( / 2 .
 @A "

;+# -"
8 
  ) ,
): 
# '(  .4  9- ;+# ,
  //"

1 C > $  1/ % 
  '#
%
$ 6
(500)
<)
U* .*
 %
) D
A ;+# .A& @A * A
, '( 2 
#$  !"
 6

'
77 2015 00 :‫اد‬ 
‫ ا  د وا‬
 $  % $  & 
   !
"#
    

>    

O U  % , 0 ;0  >    ) 


;0 , 1= 1 '#
%  ' !"$ / .3 
!
 `/ 4 A:
* 
 

< 5. & " U 7+)
 '( " +):
 @A 
3 
AH)  

#$ 
&

? ' . DA7
+  *()
 D&
, 
K ;0 ,M( ,
D& ;0 A 
  ,6 

, ./
 6+
   7% ;+#  / 7
J ;+# *   >70 ;0 ?


J 7& -+ 
 .>0 7 *

D
A 3 4
 #:
 @A '( *  1 C 7 .-" ;+# .)=
   3+
.
)*  
   !"$  #% J  D  6 ,
, 7& -+ 
 .>0
#:
 '( J/
 "  6

) 20 9( 
 eA1427 D*
21 '( c=
 0106

.6
%* D

,( . C  <* 7
  9+ 2006   (


K / A 
;+# ,( D)*  K/ .8*()

;0 ?

A #
% *
5-" A # - :87 f- 1  = '
O '(  !"
+):

)* KO J/
! /.  -. "
"#   
 
  6
4  9- '( 6 +  %- 1 # # 0# 

 ) %* E '( 8
DO( .%*  4/.  3" ! 2+ %- .


) – !
U , ^ 
 ' !"$ 3+ :! .
 
.

iC h H '( 
?:  '( 
 , '( *   
A
;+
% .<) %* '( 8
%0  
G
 >,% 
+ 

 ,-  
#%  !"
j()
 J
'( * A 
) U!, 
 ) &

./
 
#% 
&
'( 
)*+
'( 
K
  * # 
  
3,( ,# 
 4(
  1 0 '
!
+
    6 '( ' !"$  .# 
D# ./
 
#% 
&
5  
2*0
  6 
.   6( .7+"
  C 

 !"

,67/ ,(/ '( */


 27 A 
 *
)   * # :) 

9 '( 8+# )

@A .
 !"

   ,
%0 7+) '( <* =
 '( 
)* ;0 66*
,
%0 '
 '( ;#  ) D 5
 ?"$ ): >!
   +
 , !#
  '(   D
A! .<0 <)
*/
? #:
 @A
/" .,
 

"  +"   / ;+# e* . C 
'#
% / >
B
.):+ ): ;+#  # 7+)  )
)

): M( <
  ;+# .8
 4

 

!
.# 4( 
(GM)  
2015 00 :‫اد‬ 
‫ ا  د وا‬ 78
 * &  . .

:<   &;
"# : 9 8  :6$
  *  7 -. !

:   /; 1  !"$ 1&  1)7 -C D6 E# 
k> !): "
)* " "
  !"
" */
./
 
#$ 
&
'( 
)*  
#$
3 K6# ): '( 
 #/
 .9- %
 D,7
 I*

.       J7

, 6 

  ' <  6< +/ 0 *


2!"% D  /" 1 C 7  D   !+ !+* 7 <)$ 
 *5) 
)*+
;+# ): A,: ' 7 !H  .:  
6  > ,6- * 4
.


 ;0 

 * D ?
../
 
#% 
&
  !"$  

, !# * . kl m <)

#  !"
  !"% F
  *
+ E ,&0 *

# !( ,
  ):  >!
  +
 ../
 
#% 
&
'(
2) ):  A5 /" DA7
  

&


;+# 
6 &
@ 7 
'( k
* %
U * 
#$  !"

A5 
 .
+ 

 
A
;0 
#%
=
+  !"$ 
 5: D 1
 :
   7
): 96*
4 

) 6( .):  H '++* '7/
G,
 ;+#   


"  4+ i0 !"

A
+ k*
=
 
)*  
#%  !" ) D6
'( . J +   6+ U6( ( 5 -H !"
./
 
#% 
&
'(
=
  ): 8(   ' 4

 8  +"
 1& D6  
)$
;
D$ @A '( ): n1* .,-:

+/   B 4
 +* :)
' 6
 #  !"$ 
 $ =
 
)* - 



 
  9  2   
: .#/ '(
.1
  '( */  
! : $ -6 \ 
e !" e* @% .<0
;0 E :
.<   &;
"# : 9 8 
@,: 
-0 '( 
* 

_  
#% . > /.  < 9=
e
&
8e,  e
 
 H
    !
  "? /. 9==
% 'e  J ;0 , ' ./
 
#$ @
@ A @ # 9
eA
#
-H  H
80 ,
@ & 
    ! 
. ) ' D6( D6 < D# 5
 ./7 
9e+ =e e*
D */
'
 '(  !

0 & B# 98

3A 2 8M( 3 ,, 
, )
M .
"# A  33 C7 
  
.e6 :C 

 *  
#  !"
79 2015 00 :‫اد‬ 
‫ ا  د وا‬
 $  % $  & 
   !
"#
    

D,-:
 
;+# /* # <)

A 
* # 
 .6
 !):
 

" 3
#  !"$ 
+ U6( .2
#$  '( ^-" A 
 J*/
# 6 
 E " 
 .6'  e
+ **e/ 2$ . C D
A

,% D,   "% )  !"$ :
A A 8+( ?
#
%

 ,( 4- % '  
 '( /" 'e e7) e# U* <)
. C  .1
.71,% 3+  ' !"$ 3+   7 .
#$ > 
'( A
# D, E7
 !"$
) 9- ;0 *
 e
 e, e e
)5 '( # .2
4: 1
 4
9(  % **/ 6- 
  e e# e: ;7  
$ 


# 
 "


#$  @ 1 .3 !"$ #
% 

"& ! &" 1
 4
 "Business is Business ,5 
#$  !"
( (Valock) 5! 


, " %  !"$ 5 Milton Friedman e
De ' ' !"$ "+ ,
   "
I* .8" Business is Business 
# 
 " D,7

*  A ".4 A 
" ,!"
'(  . ;+# * & ! & 1 ,e D U
+# U 
#%  !"% '-
4( 
1963 '( / ) '( / % . C  !"
J/ % ;* . C D+#

87&
 a" :
 2
'A / % e,
 e  '(    -6 'A


D,$ +
* J/ J D& 'A $ eA 'e(. 7+"
 ,+
# ,    . o
4(  - ,M( #
%   !"$ 

? (P.F.Dracker) " 
 @%
:
 -
 / % O  "% G 1 D+ "'A . C '( 9!"$
/  )(

 !- 1
 A '5 a" ;0 =
   D6 2
;+# !6
: '  1776 D# D
$ .< ) '( B Ue . C e !"
;0  "5 A$
    ($ 
A .< 9+"
;0 .U#

.<+ 5:
) '6
A ' A , ): .# ;0 
+   !"$ 
 D,( ?
 
2
 ;
* 9 ;0 ,+ 
 4+ G 
 9!"$ #  : ,
A&

.J D& 
   !"$ +-
 '+#  + 

@A )5 '( /
 . C D!#
*
;H  !"$ K  .# 
 
,  0 

;0 ,#  
;0 a" :

+ = / ;+# 7&
  
 7* 

4(  .:  % D,- DA ) )!



DO ;+# . !"$ 

 86 
 U6(
/(
66*  9* 66*

 J 
 9!"$ # K) 
  3A M( D6
.7
O )

O 

 !"$ # 
  E I* 
O I* 86- 1
    .k" k

  !"$( 3A
K % . !"$ K   

2015 00 :‫اد‬ 
‫ ا  د وا‬ 80
 * &  . .

3+ ;+#
, ' F

#

,$  !"

#
# .# 
 )+
)
 
) 5-" 
J*/ A 
 9+ 1 C . "B A( .* ;+# <=
. o ' !"$ 3+ ;0 k
:
6+
   "   ($
3: %
 A
96* '( 7&
  
 K*/
  " # pm 
0 ,
 +
 

<5 ;0 , 9!"
#  ' 
=
 3 / >  % D
3  >   !"


  !"
M(  k"
 . 7&
 )+ '( 3 D,M( 3 !" >%=A A& 
0 .% D


$ )  !"$ D6 D % '  
D,( q ,O ' C K  )
1- .
 '( (9/  6<  
6%   K*( 3 2 .10 !"$ D,- )
.'
 3+ ;+# I* A
)0 ' 
 '( 9!"$  A 0
:
"# /; 2 .
  
 -" ?"
 **/ 9- 3A
,  D ' <* 4 


)*  & '( B /  )(
;+#  
(
;  ,0 .:C K  '*   '( .)  C %*  H 

 -
=
) 
&  - '( ,
A
K$ ):
 7/# ' 
$ 

3 (7+"
 =
  ):    DA7
   @# 
  !"
%
8 > 0 1 C f!/C j , !# !" " '( 9   
+ 
)* /# 9!"$
'( 
)* D& '( 
,
 / *
 1 % 

 !"$ D6 # 
 > 


 - '( D,m 1  '

 f!/C D++ E
.-7+ 
8$ !- <
.

 -  f * +
 8  4  -
4
;( 6+ "

8
 D D& :,5 11
 / ,(_#  C ,
;+# ): ' $ D6 )
 6
#

;0 =
 -: "0  ,* A
  !"$ .)7 /

. 96* ;0 , '   6  
&$  
 + ,+<
6 
, \# # 
K$ " 9- # > $ '( 
  .: -" '(
,( A
 =
 --" 96* s7  
 .

r 
;+# "
  !"
" D,7
1-
<= ' %  -%   ! - 
#$  !"$ 9  *
 3A 2+(
.> $ '( 
  !"
D,7
'( -!" 3A 0 
. 0 
 
)*
'
! ? ' 6( ' !"$ 3+  . C  !"

D#
  - 4
'A  
&
+ 
+ +
:  M)  !"$ D " 
  !"

. 0 +
: . C 
: 4 ,0 0 
,7
;0 :   .): > 
 
 * 
#
.*
 A
;0 /+ (7: # .>7) 
 )+   6  !"$ 
  H: > D& J  9  ): ) I*.  2 A( ;+# A<5
81 2015 00 :‫اد‬ 
‫ ا  د وا‬
 $  % $  & 
   !
"#
    

* 9-
  &(*
 ?
 '- /* +6
= 
&
 
 =

)
 ' '
 4

 
&
<
+*
  'A ?
 .  C  A$ 96* ;+#

 5:   6 " '( k K+
O 
 K  ;+#  + U+) U
& <

.
  =
8 D& A -  

=
>( '( 
)* ) 
& 
)* '
C G
 

12,+
)5 K  
&
 

.# '  =
-:
D :( 

,
;+# ,(# 6( (UNDP) .*

 D
N
) , . C 2+
D

=
) 
=: . C  C    / % -+
 
#$ <
/" )+
)+

+
# L !"

 () ;+# 
-6+ )+

)  "% , ):  96* #

   (N J =

...
)* 2 
  7:
 <
D .13,*/

.AO I!< 
)*+
 ,& 9 
!"

:
"# A  9192 :'A D#
F
<!< 
)* '( <* ' $ * 4/ j +<

 :/ % 
 
# 
:'A , .,>7) --" +
   6

(7: */
:Transparency
!;?  O/ -
  
# 

# '(  
  : *+-/
 .,)
t  '*   '( 
&
   
=
 7 .>7) L '( +<

  C 
# 
 / '( 
,
 
 

.*  . @A
'( 
)*  26 L ,0 0 ., ), 
: ' B ,5 
)* t 3
'A 0 8#/  6 " +
# 'A 4

 A
 ' 6  

  =
 

+
  (
 ;+# /*  (N  ' , 96*
)5+ =
 
 . 0
  6 "
D,)
 I* 
)* 6+
 -"

+6 

#

!"

3:
 <5   '( D,  
<
 
- 
   '
!#( U)
):
  :Participation
"? > $ * 
<%  
$ 2= K
+
# '( D,t 0 C 
 )

D,7
I*
%
<!< 3A .'
)*

- 
 .* '( <= '   6 4/ :14
)*
D& * ;+# D6 #: =
!"  4

 :  
 6
"#


, % . 
)* M( 3 .  .
)* a/" # "

)* .
 ):
 

;+# 1* + * '( 1
:
 C0; !
"#
.
 
)*  4/ '( #( i
) ?
 :,

.# 3A * 
2015 00 :‫اد‬ 
‫ ا  د وا‬ 82
 * &  . .


+  C  A$
 

 D&
t :accountability
CQ
D "% ;+# # 
,
 ,0 
6
  .6+ "B 8 >
 -  

4 * >
   
+ <
$ D+ D  'A ) .6 ) >

c
 9+" '( 
!
#  , 0 
" D ' =
 # C 
*
 "B

<% K+ ;+# # ,0 0 
#N  .D, A0 
A0 D,*

.7 D& 

<% +
 .>7) * :
"# * . 9292
=
 
 
 D& ;+# 
 ,
4( 96* ;0 ,( A
!"

)* ;
K+ ;+# A# 
 ( 
,  D# +7) 
&$ 4 =
 > 
.>7)
9+" 
  4+ 
# +*

 /
J/
 K \H +6 
7"
.. 
# a(  + 
&
4 6
 O (/ 

+ ' % @C * ;+# 
 4 * )A 4 .=
 3+ > 
;+#
 C   6 " 9- # 
&
+ # 6 * =
  96* ()
.=
  
;+# &7*+ / "  
  6+
 --"
   > C 

 =
 '(  / %*
7" ,66* )
 '  A$ 
0 )
 .=

J/
 K*/
 #7  i
C %* :15'5 
 
)* D&u 9- 
   >
  f/(C +#( . 3 . 0 >m
'( 9* J
    (7: 96*
.7*  .
 ,+ =


#

9- # + . C . 0 <
 .# 
4

 )+
+ 
! 
* 96*
. C ;+#  :C ,O -:  
,
 7+"
  =
4
+

 J/

7& ;0 1= 1 ,)+ 8 .)

 *+/
 7 '( -+ !H
* 
D,6# J/
 K*/
K+6 .


 

< 
0 +
: 
&
>#
i"
> $  
/( 96*
) ;+# . ,+ D&
G,
9( =
 //"  
,
, ) 7 . C
.  / +6 "   H
4
.+6
 _(   96* *!/
96* '( D, 
 J/
 K*/
4
i
% '( D,m 
 '
6 / % . 0 '( 6< .
.( .
 7

 %
96* 
<% %
4(
: > /.  < 9R= .'
6 " '(

."$   8,: 
;0 @

  
:
"#
. 9392

+ C * ;+#  
   H
 
# '( *+
* 5

)* *
6
/ %  
 
$ 7/# I* e  :% KN 3 16D
83 2015 00 :‫اد‬ 
‫ ا  د وا‬
 $  % $  & 
   !
"#
    

):  A
 .>7) DA7

'( * 1 ) E U"=
<* ' 

<* ): '( J/
 "  6 3 
 ) 
  A ;0 
 .) / %
(
)* ) 
+ . C F
>0 4 
6 '( 6< ' ;0 ?


,
E
K  D+ D
A% 5 * %=
 <u
  , 0 ;+#
'#
%  
A
 6 f D % 6 .  C 3+ /" 
+ O 


* :+ 7
A 
i0 # I* 7 * & 3+ & '( '-
)
.* #   !
 / % ) ,  '
  !
 "? /. 98== ;0 ): 
)* D,7

.H/
:
      I* U  U  ;*
 

A% . /
<  !"$ ),%  9j
 '(   0 ' 1 +ee" ?
# 
$ 3+ 7:)
D,7
'( - - * %=
<)  )A .
 ) ;e+# )e: D&
8

/ ;0 : 

) .@
 
#$  !"

 / C  
 
$ #  (
 !"
8    % ' $ !):
  '( ): 
)* D,7
6 ;0 
%*
)
 .
+ 

  DA7
 / ;+# 
#$ 7 D I* '+
 4  ;0 

16
:'5 
( /  !):
 @A ;0 :
) 0 ): 3+ 
)* 
&
  > 0
 !"
D,7
0 I* :DA7
 -!" 91 ($ <
$ 9- , 7

A 
) ?"
*+-/
 DA7
 -+" 
#$ &7* ): 
)* 5: '(  


?"
,
 . C  !"
D,7
'( * '( A DA 
6 / % ) ;+#
K L #  4
-+" . C  !"
M( .-  / %  60 ;+# &(*

.,  6  K-) +6 ,
 <
,
 5 '6 ' $ 
6

k>
e – .e( – 7 -
 / 92      " " *   !"$
 +
'A 
)  +- – . C  !"
'( 
+ , --"
8+<
 
 **/
. +- @A  1 – 1 C 3+ <L 4
K ,
A
  I* . 6 4/
e
#$ e !"
 ! -
 / 93 D
A% 
  !"
&* 6(  6 G
e*$ e<) '(  ;$(  C .>7) *+-/
,& &+ 7+
 J  * ;+#
e<
 .>e7) e) M( ..>7) ;+#  ,5) 7&  !"
 ,
 K L #  <
.
. C  !"
M( J D& ;+# U U:=
9 ):  
#$  !"

e7+) Je
eO !
U
# *$ <)
'(  A f-
  =   !"

 /C
e# )e:+ ( .

* (0 ;+# C , - A D
A% A 

e
<
;+# )5
% .9 '( (
 :'+ 
 3
2015 00 :‫اد‬ 
‫ ا  د وا‬ 84
 * &  . .

K$ ;0 / )
 6 -6 @A
3 6
 .>7) D
A%
!
U - U"
#:
 K*/

 ( ' 66* .. C  !"5 
A
 1 D
A
6
 4:
 D6 ;0 -
  .H/ De6+ )e: e- -
 / 94
'( '#  % +6  
#
,
,#
-e e
( . !"$  "
)$
 !"$ F
 
  ,

Ee
e/ e,+)  !"$ 

 4
'A
 3 KH K 
!C  e" $ ('e !"
%) e
 ('e !"
)
K  6+
 
&
 D 2) 
 # e& 'e( e<) 3
6#
. o  !"$

  @A 5:
 #
%   !"$ e/ e,
 " @, ) 
>: 2 K 
&
 '( +
 `+ Je/
 / ): '(  ($ D  J/

17
&
 .?"
,
7+"
  -N
4

A 
!C 
#$ .* A 0 'e !"$ 2e* e /" / 95
 >*
 : 4
K % A/# D,  e 'e( D,e e
 
+
 
;0 ,#  F
 @A 4
DO 'e( e
(  !"$ 
  D6+ 7+"

. '( f D
 J  ,( .#-
 D,e
#
.
;+#  % D 
#$ D#
K) 
 )
 

6) 
*
 K e*   ?*0 )
6 . !"$ D6
. !

 '( *  e
 'e( 7 
 ? D6 Dv+
%  
+
 K # 
$   % e
 'e( 4e6 / % D6
;+# +
*
 
$ ' ;0 3) 
 
0 ,# e#
%  
 D6 > * '( ;$
D# ): .-
  A)
 ':* De e) 3e !" D, K 
 ;
'(
* ;+# DO <* . C 2

6 )
 e De6 e,( >e 'e  
?  1 
$ >*
 : 4
4- '5e ;$ K 
 
 D< #
%(
',C 4: 9
# D, )

+
 Dv+e 'e( .e"$ 
 '( / % D6
.* 
   -$ 4
 8*!/ .D, D6 K J 1 D    .'
6
D, D,+, 'A ?) 
+
 /

O &   &  S  /+ < 1/  
< &-; &  &  
6- 

 / ;+# @A # DA  1
 

  /+
  /+
$ $ L 6( A ) .
 !

  2 & #
%
3  

4  D, 8+# 1- 
:) 
+
  4  
5 
 &
6A:  w+
D,)
 /#

: 
6
 
 
 

DO () iC  
 
'( +

  % . C (1990):A (  +A 2
 :

,
145 w/ D A . '

* # 
*
.
K
U/ U6
# )* U
K+- 3 144 a a E 
 . C

85 2015 00 :‫اد‬ 

‫ ا  د وا‬
 $  % $  & 
   !
"#
    

, 4
 
&
 >#
 ::
 .1 
 '( D,
#
U//"  
+
 D
#
.
 ):
  ,,
 ,

 .'#
%   .  
  *
.#  '
  6 '( :
+  .2 #  -   < A  * D!C(
. !  %/%  E7 '( : /#  .3 .  
 O -:$ E D* 9-
;+# 17 ?
 ;+# :
/
+= .4 a/" '( 3 DA I*  )
  
6)
.
 9( ?
U" .
<
  
 -: *  

.-"  **/ ($ # :
U .5 : ;+# D!C  /0

) .4

+
,66*
 % 5
'A :
 .6 86* 9* 1 ) >-#0  # J
 
D '  -  6+ <
% E O$ )

#
 ) D @ D# #
.
#$ 

,
 - /":  !# .+ 4
,  4



   
#$ #: H/ >7C .*  4

  (
 .6

 @A 7
. ;+# )= U !"

!C F
+ '!6 9- M( 3 )
& ,
 !"N $ *
+
j:
 @A " A 
#$ j:
/ ;+#
)+ 
!C # 6
# ;+# D!C f$

 96* ,< AA D#

'( ) * 60 ;0 6
)
 
,
4(
3A 87   '( .,*/
) 4

  o  !"$ (/ D,  6%  @( , 9- # +H:
+
3+ 8
 
E ;0 & # 0 8
&
# !
U ( @5 4

 '  '( 3 DA 
+<

18
8* q
(
)
C
 # 6 ."B .* '( <

3
D,5 *  ($ / ; 
 A  # 9
J*/ A 
) * *
 
 :
 & 
    ! 
 ^-" A 
) #  8 

 :/7 

'( 2
 % ' 
#$
3
E6 ;+#  
&
 '(  !"$ 
 
A$ 
 -% E
 '
!C : -0  !"
,5 / ' 
&
 '(   C

*) 4) . !"$ = @A <
4  '( !"
 !"$ 
 3+ D# 6 ;0 5+
...++ 'A!
 >:0 " D* 
*
  ),
  ($  
 -  ($ .5()


&
7
)
 -C A '( .h   '(  !"$ 
 D " )
 3 #
 !"
# $ *
+
./
 
#%
3 5:
 
&
 '( ' !"$ c


# ;+# D!C & ,

#$ + 1_ 3+ D " !"
96*
86 ;0 6
)
 '
!C K #  ;+# )5 # 3 ' !"$ c
 *
:'+ 
F
 @A

 A '( .) :19'B +<

  3+ 3 


2015 00 :‫اد‬ 

‫ ا  د وا‬ 86
 * &  . .

: [

 :
::
 1
#/ 9/ ,( K ' 
$
 4 + 9-
 6 A 9*  A ::
"
D+ 8+# q '+/ ' #    .  *
* # – 
!C 9!"$ "66* 
:,
.<) I*
!
)
 
C 



9/ " 8)*
 " :D+ 8+# q '+/ q    6( 8 7/
 ;+# ' q '<
, D!C
> ,:  6/   4

$ 9/ V  .  
 &U &" :'
1
 @  " */  .20K *$ "W

 : 8# q ' .A '
#    / 
 ' 8* q 


67
+* " :6 D+ 8+# q ;+/ q  2 " V + X &- >" :;
": @  ")+ 6*

++ .119  "& 


 _
: 
,# q ' 
#  #  &" V 
!  /3 -Y!" '  
.21
8*/ 8_*   D- D+ 8+# q ;+/ q 
*
/ 
;+# A 4" :6( >1 D- M( 8( @ "5( 5Z>!  V 2 &" :
'  

*
@  "
2+( :O
( .* ;+# A .* &+
 & & / V / &- 2
,( 
 8  
)" ' H D
C   > "+! 5Z &# &#
 C ?
-  D+
 8"5  %
 
0 D+& /
 & 
 V %3" : #   69
)( 87 K* 
%0 8"$ K* %
8( ;+) / <  C? &$ &+! <-
.23

'H( 8+ ;+# 6< 8+# 9: 8 
#  
K *$ "
8
A @# 1
'H  8 @O 
 % W :
 :
 C %-" : #  
.23 .22
"@O DA 
 "&+ /. 5Z
9: 
 W
; q '+/  
$ " 


 9ee/ 
.,( 2 
 + ;+# ;< %
.1  0 
" 
$ @A   %" De+ 8+#
.!/
: ,7/ 7" ,#
D) %
.2 97
"
* 
* 0 # 
)* 0  /
.: A 6
 ,
D) %
.3 .8+#
4
% 

 8(#  
A
D) %
.4 ::
  
0 4 ;+# D*" 1
* +# h:   1  9/+ %

< ' *   )
 .1
-7 8" @H

< 1:
 , # '( 
#$  !"
-0 '(   @A '( 
,

) 8+

 8*/ 8+# K  >!H 8 '( :
A -
  .H/ #:

."
 @O 


87 2015 00 :‫اد‬ 

‫ ا  د وا‬
 $  % $  & 
   !
"#
    

,# # 
'A #  ,  '(
 92
"8# # 
A   @ 
'( D"  &6 
  )
86

K  D!C "

$ ,( " ; %
  1" @  8 2* 2 96* q 96* 8 /
.,
.
 .<) K
D<
 
AC  -7 '# 

x " y 0 A 
 A : +
Z  .24" )
D+
 ;+#
.6 a/6 . z 
$ 1
{ 6 
| 5
K* 6+" 7 *

$ :
 *
'
 ) 
 7/ A 0 D 
$  ."  'A @<0 9*
D '( . C >
+# ,# Iy* ' 6 8  27 '( < 9+" , '( 
$ "
) 4 
$ '

.M 
,# I* & 8 5, 0 9* 8 8 2 
# C
K/
 !( 8 9!  8  )
 '( ^: # 8 ! # )
 8+# 
1  %0 7& N
 % 8 96* 8*/ %0 0 @H 9*
8 
8+# 
8 1= 2

 
#$  % #  ,0 87) 8(  o # )
 8
,
-
..<) @
< 


.25"2 #
: z'+
 %
  :+ :  '
( V  X &- >" :' q 6
 30  
 : D< '
_ )
;+# @ K( .27 97C " & / /"  

%0 
 1" 
6 D ,0 

,0   U & /"> V &$" : # 6
.D+
@  ",( 8+# 1 1
 ,6* A"
  "# & \ & /"# -$ . 6$
f!/ 8
%  +
 

+ 7) 0 "
  &" V &$ W /"  V &$

C * . '  )  27 .58 >
8+ 
.:
 !A=


* % 8)  6
 0 $" :
6
.
7& '( 
 &+;? # & &>!  ]
> 
;+# .6  >)  .>7) ' + 72 K *$ "   &" &$ &7 #
 
,
 !" +-
 .6 +" 
,
 

%
 
0 %" :D+ 8+# q '+/ 6
'( .6( ,* 
# ) '( .6  
  .
*
@  "8 ,# %
  % 8
." ;0 K+6 #: ;0 4 K* .
0 
 'A %   : & '( 
$ 
;0 4 2  D)* '( .6  K* '(  >
 : 
 ,-
': 
;0
.6 ;0   L6 8+#  1  D+ 8# 
85 D 8) 0 80 ) 

)
 .6 6( A&

 D)*$ 7 ;+# D)+)" D) I* 8+/( 1 * ;+# 8 D


!

 0 '( >- 8 #
 6 
   D
C( 8# # 
D)+)  
+
  K)% K 1  
 '( -H  @

  8# # 
     8# #
2015 00 :‫اد‬ 
‫ ا  د وا‬ 88
 * &  . .

@+

" :D+ 8+# q '+/ q   A  97 
7)   
 ;0 1=
"+O ,( 3  "

(   @ ( 
# ;+# '
)*   . C _A '( J 
.(  
@ )    D&
'( 1:

96* '( 97 1 #
 

2!" 8$ U7H J/ 
# 7H%  7H%
:'  ?) J/
+ / > 67  >7 H: 2
! % U,7: U7H f ! U
\; " ! /=
+ / k  > f &" -:
A K :"
8 9( K+6
.161 
# L "& /. "   % ,# +7O ' / %  
 .6

5 87& '( q * D+ 1 

D! 8+# A A D,
+# 
KH 
&
?

q # ,( 8 - 1 K  " 6( / % 
  -: 8
 J/
q   8
+) >!#0 8 ./ A
 C^
_  ` 
a bQ Wa bc $̀ dQe /_ =e b/"e _ ^ dQ;a dfc b /g bc ^h
9* "5( 
 0 
 " :D+ q '+/ A . jb/"e a _ e 6c$̀ 8 _ e b/"e b 3g ^ ^ 8^b i /e"bc 
^
;* q  '( A
)  D 9* '-#
 J: D 80 z9_/   ;0 1 %



I* ' - @  "8 ;0 4  K*( @ 6 8 
 : . C 87
: , D 
+(  / ;+# $
! ' ] &Z3 6 " :
8
+# 8&7*
D6( :I* 1   .;
_ 0 1A
A D) A K+- 
  
 .55  "/ ;# $
8+# '<
 q 
*( D+ 8+# q '+/ q  
$  ,
@*( , +  @ D %
!(
– ;
_ 0 A
A A D) A :6( : D< , 
 2 *

#N '7-/ 5 '6
) 0 8A 85 ;* 8

 8
 '( 2+ 6(    
.: 
?, @O ;0 +
M(
z / 8*( " –   6 * )
q '6 %0 – 9* H : D)
*
"5 % q  

" :D+ 8+# q '+/ q  

* q '6 D)
*
(#
!( 
6 D 8+
* 6( 8
q '
A
D,( /# ;+# !
D< . .U : 
 " , .U 6 
>O 8 U .D)* @  " 
=
  8 q "
A D,+ :6 8-
E ?= ;* 8 4( :/  6
 9
.D+
@ " H+ # 1 8/
 H %

$

:
  93 
 4: M( 8   a": ; 7
 8(
K
D @
 
D+
 ? .
 D
&$h 8 '( 8 ; q 

0 .,

   J
 ): 

)*

 
j6+ %- C$ &#7   > V 9- ,+#  *


,
"

8 '( 8+A
K* 8 ; "  .* .*+ K) 'A +



 .*

 j&+ <# V &$ h

89 2015 00 :‫اد‬ 
‫ ا  د وا‬
 $  % $  & 
   !
"#
    

:   &+7 – &#7 94  . D)*$ '( 8 


)   $ '( ; 8
'
!C ( 6C    
 ' ) D$ j6 - &"   ! / -$h ;

 ;+# ) '(   

A ;-#
* j  "# & \ & /"# -$h  .
 " 
) B 8+# / 
A 4(   .26>
" 
=
  8 D)+
# q ?( +
# K
 )
 '( K
   A
.(105 B –  ) .!/ 8+# q  6 U /
2) 2
I*$ O ',( 7:  . 

3+ '( /#
!
U  

" D! 
;+/ 
*
' 6( .
 D& ' 7: " q " 6( 8
q ;
A
/
.">': ) '( *C K) q 0" D+ 8+# q 
$ 0 D)* 8"

=
 " 8

# 0 K* q 0" D+ 8+# q ;+/ 6 '( -7 
, ,
'H % 
&# 
 >*
 : '7( ."86
!
# D)*
A ; +): ;+# ) K !( ,6*
;0 # *C  .)  DA7
 F
;+# 7) D+   2

( '66*
:27!"
6C .# 

$
U 67( D,
 6+ <
 
I* '7( 
 D6 %0 D+
 "5 !( :/+ 4

 *+/
;# % K:
  
">': ) '( *C K) q 0" :: 8
6 '( a+"
  9/ @ D6 %
'7( . 6M D+
 @ K : .@A 

!
# D)*

# 0 K* q 0" : I*    ? ! W+ : !
."86 * ;+# (* 9-  

( 

8 ,
-
D+
 ;+# K : 
#% 
&

  ! I*
.> 

" 0" ;  +
  7   C 8+# 'H 

'  

 8#

." 
$ 16 5 
 4
 
   +

 

D# K* 8  D+

 D"
K : 9 #$    !"% # & EH
:;  .*
8*( ,+ '( 8 '( .  6
    
 9 7 


 %0 " '7 C 0 / " 

 E( D!C M( 3 ;0 (C 4 
/ /  9* /  */ +
# D+& ;0 1= ' *
  .*
 

 D D * D,



:\" "  4  '( . 7&
    '(
D&# 9+" ;+ 30 " ;  -# 2
;+# )
'H D,  
7&

/  ,# 
()  
 D"
K  ." ?
  ,
  '
)$ A5
% q 0 ( %" :;   0 D# .6  >7) 3) 6+" 7/ 
." (
 K*
2015 00 :‫اد‬ 
‫ ا  د وا‬ 90
 * &  . .

#:
 '( 
!C 
#$  !"
" '( : ;+# '
!C  I* :+
3  ($  
# -
  .H/ ;+/ 8 -"
;  8( 9/   6
.D,
#  ($ ,& % 
# :7 ,M( N )( 
# M( 
$ '( DA:" 8+# q
 !

0 & B# 98
D %" :D+ 8+# q ;+/ 6 "q ;+#
A  33 C7 
   @

'( I  +"
 : 9" "
:
"# ."q ;+# )( 
# M(
!):
 f!/C 
 ,
DO ;+# 4

 '(  ;0 D!C # :

!"
): E ,
# '  !"$ I* '7( 86* 9* 1 ) >-#0 

'
 / % 0 %0 
)* 6- DA7
."8 # 
 86* $ '-#
" ::

#



;  
'( 
 D  ;0 D!C # :\+
# 
0 
  9 $ '(  -%  /
. ,
6 D!C( 
  26

-: D)* 1 1+6 D& '( '+)A +" ."m  - +=  &!" :; 86
7/# ' 
 
$ <
1/ %  '
 7  & S / +  "  &


 ' !"
+" # 

 
j &#  /.; : 6 "U   *#
I* J * 1
 '  *%  H
/ &
 # &U? " !  

++ 
 ,: 
 9 $  '  ,0
 1421 -   
4 ?
I* A 

A"
) 
$ 
#% 
&
. 0 '( 
!C F
 @A
,& ;0 6 A     /0 '( 

.  6C ;0 # @! .
Hedge ) -* 9/ ;
 6:

 7  .>7) 96* 
 (
 , 

> ;+# 6:


 A 
 .(Funds '( , 0 )
  *!/0 ' % 'A
96* '( !

!6

kL  

- 4
, : 4- % + D  
&


 I* 6
 '(   
 '( #7
)
 % + K)
,6  " 

  '( 
<% ;+# 
<%
 A '( -6(  ($ E , D6 .<
.
H

.?"
/5 
6# /5 .-H
 
#$  !"
' f $ 3 =

 4( 

 ;+#  .6 / ,66* )

 5

#% 
&
'( 
!%
A '( 4+ 
 - =

@
 % 1 1/ % ,%



,M(
  @, 
C 
6 H+   
<% , .  *C

6
)
  1

 A / 2006 D# % +
503 * <=
,)
   /  
#% 
&

.A& ,
&
'( $  
<%
9- ' =
 3+ f ;+# ) <5
6 '
 / ;+# 
 O  ' J 
!C 
#$  !"
 F

91 2015 00 :‫اد‬ 

‫ ا  د وا‬
 $  % $  & 
   !
"#
    

;+# JP Morgan Chase: O

' 8 9(    

.) ): A> 
 ', ') % +
236 ' * 8 : 3 )
 )

" )
;+# /*+

85 
6
3) Bear Stearns   3 
"  4+ iC '66* 
< # k
.29 
 ;+# D6 '
 
<!  
0
 +6 /
 E    3 ) -*% 3 U6( .29
 ,
'
 i
 '( , $  +"  
6 '
0 H+ (Fed ')
$ 1)

,: i
 A
I* '
!C '(/
  + 21
K6 
)  6+  

6
 
+
 K
>  k) k +- k
 
 H+   .2007  '( ')

%

 =
 4

+ :-
 KH '( x$
u ;+#   9*
A 

 
 " %
7 # 

!C
 .')

% + 10
K6 

(  '0 (C 

 '( ."B ;
!% 96* ;0 6 A 

1=
4 

'( O  
+
 O >!

J : .< '( ')

% + 2 
6 ."

 !- 
!C 
 =
 4

 +
75 ' * 3!,% E7"  )
!( 
!C 9!"$ 8:   !"
2
, # !
U (   O '( ')

%
'
!C 
 -% -"
 *
# ' 0 ' 3 !#0 <
6 9/ E
9!"
 D6 8
 /$ 9 6 9
<!< 8 !O0 # '
 2-O
9 '( 
!* D % <
@- @
 D)* ,
/N  D#
,
 86/
3+
 * )*% 4
 D * K  9   '( 8( +#
1   '( (9/ )

$  9/  '   #:
 8+ . : <
 .( 
<!< 9/ 

;+#   >6 * H  \H D# !#0  3 ,)
 
$ 6+-
' <
4: iC 7* 
 D D& 
 , # 
<%  ):
9
   () 96* 3!,% : "% 4   A ' -* 9/
<
..< 4 '(
a+" ;
* ;0 ?


8,: 1
e, 
e 9 $ e,: 87   ;( * I* 9/
 A '( 
<%
'(/
 
  
 L ; Ue .-H
  
+
49  

<


=

'
!C 1
<%  O '( )
$  "   ;0 /5
3 Merrill Lynch \ 
<
6# +6 Bear   3 k
, 
) .*  

 Banco National de Paris '- 2 % '( 
<% 3 )
2
" Stearns

2) 
e Robert Flemmings G
+( A 

> 
)
$ .*

Willington ./01234  Goldman Sacks
 D,+ %  4 I* 6
2015 00 :‫اد‬ 
‫ ا  د وا‬ 92
 * &  . .

) 

0 
+
 )+,

 ($ )+

 <
?"
 ?
;+# Management

) , ')   3 '( A- D GA 


      ) .*


!C 
 ,& -6( 
<
 D)*
 97 ' !

 H+ I* G)
,)  '( .*
 )+

 '(  (N :%

#  
!C :
3
+ #
 .9 9- ;+# ) >
+"
;0 
 ,+ 
A 4 
D6 '( L 9: K -$ 9:
9+ 
( ./ %  
 ) 
 D
.
 > : 
 <
- 
'( :=
# !#C D 6( 
 2
 9 5
k k
 ."$   2
" ,:   

D,$ $ 26
( 1999 D#
'  D ?
;+# '
!C 
 #/ 
!C 
 =
 K

<%
.D '( %15 ;0 10  f   6 Dow Jones '
!C   " 9 :=

A

 ) 
 *
'A .*
 )+


# /+ '

 '
!C :=
 ++

k) >k 
;0 .:C  .   D* `+   .Financial Times 
 :(
k)
<
 */
'  '( ) 
 3 % + 10 ' *    '( !

.# ;0 3 4 .'
!C 
+ }: k
# :

) D *  40
<)
'( ')


'
!C 
+ '
 4 :,

# 4 '( 8# / 6 '( ' 6 9/
)(N %  )% '( . 
 O  . 0 '( > " #

@#
 2007
"$
# :  

D!
 > 0 . 4 * 
 2
 9 
 
 D&
CITI <
?)  =

) ;0 3 ?
 '
!C 
 @,: 1 4
K -$ 9: '( HSBC Deutche # "
 '
!C 9 !

'( .7-
'( .      .# 
L 9:


 6
 3)/   /0 .
67/  ;+# # ' -$ 9: % +
27 ;0 2004 D# '( % +
7.2
<
.*
 )+

 '( 
!C :+ 6( 
 .30 2006 D# '(
;+# ) 
=
 * 67/ : 4
6( 
 !

  4
.Aston Martin 
L 
< ;0  '( 
 9 
'( 
!C
 J
'( ,O - 
)* 
  67/ D " 4 6( '
 6

)
0 )
k6 %3 <
 ' 
+
 k ( I* 
+  / '( * 

4
97 ' 
 
" ;+# /* 9: 6-
'( =
+ 
k)
+0 3 4
 3  D, 6
'( ):  
<

AO -$
- 
 
" A Bank of England )+

 '( ):+ 

 9 
-
;*( . - @A D# ;0 ; ' FSA +-
+ D D 3
DO ;+# ..*

93 2015 00 :‫اد‬ 
‫ ا  د وا‬
 $  % $  & 
   !
"#
    


#$ +)
<) ) .4  9- ;+# - 
 
" A 6(  '*  
/

.7% ;+# D * .  6( s
) 
!0 3 <!< 25 ;+# FSA

6
   #C 6 ;+# 
#%  9!"$ Islamic Bank of - '( '
!C 3  
): D,
#
. C 
#% 
&
.
 
 H+ 2004 D# '( 8-: Britain

.( ' !"
8 +

140 ' * 2007  '( 8 


:'+ 
f6 A '
!C '$ 3
 
) .'0
e !"
* >:0 '( 4 . 1 European Islamic Investment Bank 
<!
D# D6 //"
 +6
 
!C 
#$ 6 

#  
 2006 D# '( 8-:  

e* @e, e)
 A '+A  '7 3 25 
) .'0 8 +
302 ' *
D,
7 //"
 9!"$ > "  
2
 2007  '( -$ 9:  
e !"
G

8* 
*
)
 ') .31'0  +
175 @
e
 EeH e, * 
   -0 '(
:   DA
:


'e !"$ c
+ **/ 
6
 (

'e

e 
#$  !"
D,7
4 
He/ >7C ./
 
#% 
&
'(
;e0 : D# 
~ ): 8)  ($ +"
 7+"

U !"
./

 
#% 
&

#$ #:

e '( ^-" A 
 J*/ A 
(

.e"$ @A 7
. ;+# I* )=

 J*e/ >'e: > 
D_ <
 
  

e& ,
 !"N $ *
+

3 D6 D
A J*/ >': > 5 /6


)+e 
!C # 6
# ;+# D!C
e6 e
(   !"$ F
 ;0 U >':
e
'( ) * 60 ;0 6
)

 
 ;0  J*/ >': > 
5 "L
e) 4e

  eo e !"$ (/

: 3++ D+# 9!"$ ) 3 & 

3e+ 8
 
E ;0 & # 0 8
&

'e e$ # 6 # _ '  !"$

8*e q
e(
e)
C
 # 6
 e6
 4e
G
e '   C .* D)*
3e
D,5e *e  e($ / ;
3e+ * ;0 6  !"

):  !"$
J*e/ eA 
) * *
 
 :

4e
#7  !"
#  D_ <
   ;0 $
e ^-" A 
) #  8 


=
 
 D *% <
 !"$ D6
'( 2
 % ' 
#$
3
E6 ;+#
.AO
 -% E
 '
!C : -0

#$  !"

'( 4$ _ - 
. !"$ = @A <
4  '(
9!"$ .
*/
 K  D+ - '(
e !"
E#   @A
, ) 2
,
  //"
 K) '( / 2
e
#% 
&
& ,
'
!C 

2015 00 :‫اد‬ 
‫ ا  د وا‬ 94
 * &  . .

)* f6
1& -0" .(2012) # K6   / 11 De) e6 L
# -0 '( ./

"+
: . v+-
> '( ,6-  :=
 

> $ - v+


6  #$ '( :+ 6
I*
e*
+  Fe
 e* '(  I*$ 
../
 
 – '
 3+ #  
'( (
 ,  $
12- Gopalsamy, N., (1998). "Corporate Governance :The New
Paradigm" ,Wheeler, Publishing ,New Delhi. fe: De6 4
.h ...
$  9/   )
N=K4 " .(2008) 1,4 JM14  KL4 A- 'JH 13
R   . "44OP4  
#$ : 
#$ N !Q
 N#4OP%
e
#% e
&
> 
e7) e# )  
.S2+ 1 

'
!C 
  !"
./

:9  '( _+*
 
)* 
" .(2010) * '+# '- 14
1e
 ../
 
#% 
&
'(
/  H 
 "
*
 >6 '+*
 2+
 '(  
 
.9   / %  . C +) .e
#$ 
 * . 
A '$ K ,
N(7S 4&24 N KK=4 " .(2004) KL(2 15 D6 #-   @A 6 )
 ,
.'J J6OK4 "K7 L(‫آ‬4 '(

)* f6
1& -0" .(2012) # K6   / 16

!C  !"$ 
>!
?
# 
# *

"+
: . v+-
> '( ,6-  :=
 
 e
#% e
&
'e( e
 e

'(
> $ - v+


6  #$ '( :+ 6
I*
;e+# *(   @A M( 3 4
 ../

../
 
 – '

9 4
 27 – * '+# '- 17 e
A
e* 
)$  

 #
 $
 '
+ );+# . '(  
 3+  : 
 18 e
#% e
&
'( '
!C 
  !"

 '( . C    ):  .! (,..
.A6 KO )


../


  % . C (1990) :A (  +A 2
 19 :2
,
145 w/ D A . '

* # 
*
.
1-Paine, L.S (2003) "Is Ethics Good Business?", Challenge, vol
144a a E 
 . C 46, no 2. March-April
20- Daft L. Richard, (2003), Management, 6th. Ed., Thompson 2-(http://www.managementhelp. org/ethics/ethxdge.htm
South-Western Publishing Co.
 
  
#$ 
&
 !"
. 1
 q # 
.  93
– '
!0 &


#$ j:
. 0 :   D&) . 21
. C +) . 
&
+ f6
i

 !"$ (
financial -  25/02/2008 '( K) '
 
 +

./
 
 / / % 
manager
22- (http://www.lockheedmartin.com) (Carolyn, 1995, 25): 4-P.W.Van Valock (1967): Ethics of Management, in
H.B.Maynard (Editor) Handbook of Business Administration,
\
  K) K L   D+# >*0 . ' H D
% 23 McGraw - HillBook Co. N.Y.. Part I. P 471
2005.:  #-+ /
, . D+
 9+" . ' H 
*
24 K+/ 
)4

  . C  ) :) .   5
. 1976 .A6 . K)+ 
 /
 , 2-
. ,
 
!C 9!"$ . ' 
 )*
* # 25 6-Thomsen, S. (2001) "Business Ethics as Corporate
Governance" European Journal of Law and Economics", vol
9!"  6# K) .D+
 i,
.1   ) 26 11, no 2,
2002.I* K)  .!

  # 7- Arthurs, H. (1990) "Ideology, Interest and Implementation of
a professional Ethical Code", in D. MacNIven (ed) Moral
'* > % * '( +
: . .  .  
 27 Expertise London. Routledge.
8- Grace, D. and Cohen, S. Business Ethics: Australian

. .:
O . ) *- . / % =
+ Problems and Cases. Oxford, New York, Oxford University
. 2006   Press.
* +
6 A 

1:: 
 
*
. 28 e
 4e

  . C  e) :1976 )  .  9

.2008  /

 .A6 K)+ 
 /
 , 2- K+/
29- US Mortgage Crisis, Institute of International Finance, Feb. 10 Woller, G.M (1996) "Business Ethics Society and Adam
2008. Smith: Some Observations on the Liberal Business Ethos",
Journal of Socio-Economics, Vol 25, n° 3, pp 311-332.

95 2015 00 :‫اد‬ 

‫ ا  د وا‬
$  % $  & 
   !
"#
    
2008 2
23 9( 
 *$  '#$ 6 9 
6  30
.www.nbk.com '- ) 3
. www.imf.org ' 6 9/ *7/ 4  31
32- Islamic Finance in the UK, Nov. 2007 by Michael Ainley.

2015 00 :‫اد‬ 

‫ ا  د وا‬ 96