Vous êtes sur la page 1sur 71

VÒZy

PÅ~g îòsZzz% VÒZy


PÅ~g îòsZzz%

ànÚ^–Ú k‰†`Ê
6 w¦ÑÅ~g ZŠ)fŠzöÅVµ 1X
54 Y|
?ì ^ Û zh
 z• yÅi¥H 2X
73 ¬zsg ¬Ô‰g Zi ! 3X
92 ?ì òsZx »…‚ H 4X
133 V ÒZy
PÅ~g îòsZzz% 5X
164 ™
¬¦Ñ» eg »^i 6X
173 ¬¦Ñ»VŠò ÅZ Cg ˆ 7X
VÒZy
PÅ~g îòsZzz% VÒZy
PÅ~g îòsZzz%
 gŠì YY1Ãw ¸ÌË~]gßkZgzZì s %Z
ì 7„
Vß ¸VâzŠ6°Z ¸¨XgzZXì 7s %Z »+$[ZtèY
yZ ] !
žžì ~ kZ sÜs %ZgzZ •.{zì g Zæ »
Xì ³#žgzZì ¬ZñÆ°Z ¸ Â7
Šú* •Z f *Z gzZ ?T
Ññg Æ c Z™x‰Zg ZŠ VŒ
*
:•D WÃïŠ {gttr
 ™ã¢sÑ Z !Üm†ÓÖ] äÖ牅 o× o×’Þ æ å‚ÛvÞ ä×Ö] ÜŠe

Û W] Z|Ž L L
Æ yZ • 4gzZ • D â • Ô]Ñ ç ~g ø 4Š »gñZ òsZ)Ð ˆ Æ„Æ [f
G
î%¬ {zžìt ]gß4}ÐW~k  ’c
ã! in (
» yZ = Â[ ôZ Xì ;g Y „ k(iz'izg ~ ugzZ „
gîiŠpx ¦ÑwŠ • »< ~ŠÎnÆ ÁZ Æy Z n}g øgzZ•Ñ ~ ¶Š8
gòsZÃyZ c
䙨 £
ó Xó n Y Å ~zc Å:%à VÆ yZž @ Û ì‡6
N â• Xì 7zzðÃÅä™—~ mï
Y: ZI|q
( 7:m{^ Z ~g îòsZ ) Æ b) ~Š OZ {æW7Ð zz ź! f
~ }g !
6V Â!
Ϲ *
™ì‡6gîiÃx ÂÆ<ž• ë ë ƒiðûyZ~ÝzgÅ<Ñž•yuZ 5„ƒ
X ’ e * 
Ö ÓÔ *
z ðÃx ÂkZ »# ƒ »g »[ ôZ Ô * Š OZh
ƒ »b‚z }ì s ¸ñ ~] c ]ÃXØæã ¢i*Ññ[ »Æc Z™x‰Zg ZŠ
: Ì] !ðÃÐ ~ y ZX * ™wJù Ð ÷g›Z òsZgzZ < òsZ ä VrZì Ýq ugŠ Ì
™yz¬ Zg7 Zg7 Ð kZgzZ *
 ™sÑ ZŠú*
Å Ñ^³_³³mŸ^³³Ú {gt»r u Cc
Ññ~]gßkZ ƒ 7 à{ Ì~ y Zy iÉ 7„ J ÃsÜ0
? ¹É • ‰ ÁJòsZÐ ¹ sÜ: [ ZgzZì ÅÄg
} g ø Xì CY {g™0 m
g » [ ôZ: Ô• b‚z ã Z: k0
} g ø n¾Xì µÂÅäZëÐ #Ö Ó:gzZì,j Ú Z: Ô• ê b§ÏZ X • „g W~ŠŽz V|…‚ c ÷g›Z òsZ Ï
x‰Zg ZŠB‚B‚ÆDI ZvŠëžì âZsÜ„® , Z k0 )fŠzöÅVµgzZ Þ Z u 6Ô | Û zh
 z• yÅi¥Æ Vµ
ÔDLZ {zgzZX , Š™7] • á g Z¦ Ö }
KZ~ # Ññ~hÆi ZŽÆX•Ìb)ë Z‰~g ZŠ
ÅD[ ôZÆ Øæã ¢i*
L Z ëX N Zz™¿6y Z ª
z$Å|@ ] ¸gzZ b‚z Ô,j LZ X슎ñ•ñãZz»
EG
+
~ ú {BgzZÆ•r  ™ =g ? ™SV¹‚Æ Y ëÑZg ZŠ ~}g ! Æ b)Ñ!
{gÃè yZÆØæ 㢠*
Ññ‰‰
Ñ~ „z g¨B‚} g ø { zž • g‡Æ¥q
gzZìg q Ñ „zg¨LZgzZìg D™g¨6yZë‰ D Wt ‚bÑŠgzZ•ñ
zç~g ø D™7~ #
h… ä³×Ö ‚Û³v³Ö] á] ^³³Þ]ç³Â• †³ì• æXìg D ™- Ö }
ÅDI ZvŠgzZØæ ã ¢ i*
Ññ̳»
!ànÛÖ^ÃÖ] 
@WÌp Ò…gzZì Ìs Z ‹Z » ÏgNÅØæ *
Ññ…Xìg
uZß Z† | 1429 y @ 7igzZ•D™¿#ÅœÅw ‚A‚ÅØæ* Ññëžì
ezg ~zZg 6æ eY X Y ëÑZg ZŠ vZ ëgzZì Å+ Š ] !
pD™7yz¬Ð y Z Ì~ Äg
Š …{zž• D™ ¬ŠÐ \¬
gƒÑ KZ[ ZX OghZzÐ ~g ZÈ c
ug 0Y'
a HZ z Y ëÑZg ZŠ yZ Ì[ ZX Œƒ
 o *
™ù •á ŠÆ™ ã U
Ãä ëÃVØz»
gƒÑ -Y ²ZgpgŠ Ã] Ÿzc~g ø Y NgÆ y ZgzZØæ *
Ññžì
Ì~ #
] †Ãb)yZ {zžì lg Z ¦ Ö }ÅDI ZvŠXÐ
6gzZKÐ bÑŠ ñ OÆ
ZgzZ X ,™ÒÃÅp
ðÃ~g ø ¤
dtž xgÖÆ ™w ìt X ,Š Œ… ÂñWt ‚ t
VÒZy
PÅ~g îòsZzz% VÒZy
PÅ~g îòsZzz%
P-224)
ž²¹ ~ Ð w ÅD̈ ¤b
¬ q
ZÆ <Ñ )
; g Y H7w ìŽ ~ y*kZgzZ Vƒ ;g @
™g¨6XkZÐ 1:X
Zt X ñ Y ª: ] !
zg¨ðZ’Z q Áê6qçñkZÃkZì
X ( ì * Û Šã
™ë Z• c ïh
'× ÑÝZ »kZgzZì³»„ w¦ÑÅ~g ZŠ)fŠzöÅVµ
X Zƒ7t · ZЕ¸ÆØæ*
Ññ…

sg¬» ~g ZŠ)fŠzöÅv ^n×’Ú æ ]‚Ú^u ä×Ö] ÜŠe


ÑñŠp
X •D Z™V-sg ¬»kZØæ* Ð xs Z g¦ » ~g ZŠ ) f ŠzöÅ Vµ „ ~ ‹Z ~Š !
The l i m i t e d l i a b i l i t y i n t he X • Dƒ ù Ÿ t £Æ VzÈ ~ kZèY ‚
g 7“ _
moder n e conom i c and l ega l } gŠzŠ ˆè~ hÆi ZŽÆkZ ÅØæ ã ¢i*
Ññ[ »
terminology is a condition under X ŽÃ" 7…, k
’×
which a partner or a shareholder of ó ó]g ˆz uh
]gzZxsZ L L[ ÂÅyZŽ ~zŠg Zq
Z -1
a business secures himself from 79 mÐ yZÄÆ ó Ð
83 m @ ó w¦ÑÃq
Z6v~
bearing a loss greater than the X슎ñ
am o unt he has i nv e s te d i n a sÑZ yZ/~ßñ} Š Z ñ™Æy ZŽ ~ ~ môZ ~uzŠ -2
company or partnership with limited Meezan Bank's guide to Islamic [  Šã¢
liability. If the business incurs a loss, The Principle of 6232 @223 ] ,Æ Banking
the maximum a shareholder can XìÐy ZÄÆLimited Liability
suffer is that he may lose his entire X •˜Øæ* 
Ññ~k’~ môZ%Z7Â~k
’zŠg Z
original investment. But the loss As a humble student of Shariah,
cannot extend to hi s personal this author have been considering
assets, and if the assets of the the issue since long, and what is
comp any ar e not suf fi c i ent t o going to be presented in this article
di scharge al l its li abil iti es, the should not be treated as a final
credi tors cannot cl aim the verdi ct on thi s subj ect, nor an
remaining part of their receivables absolute opinion on the point. It is
from the personal assets of the the outcome of initial thinking on the
shareholders. subject, and the purpose of this
Rather, it will be truer, perhaps, article is to provide a foundation for
to say that the concept of 'limited further research.
liability' originally emerged with the ( Meezanbank's guide to Islamic Banking
VÒZy
PÅ~g îòsZzz% VÒZy
PÅ~g îòsZzz%
The b asi c quest i on, i t i s emer genc e o f t he
believed, is whether the concept of corporate bodies and joint stock
a 'juridical person' is acceptable in companies. The basic purpose of
shariah or not. Once the concept of the introduction of this principle was
'juridical person' is accepted and it to attract the maximum number of
is admitted that, despite its fictive investors to the large-scale joint
nature, a juridical person can be ventures and to assure them that
treated as a natural person i n their personal fortunes will not be at
respect of the legal consequences stake if they wish to invest their
of the transactions made in its savings in such a joint enterprise. In
name, we will have to accept the the practice of modern trade, the
concept of 'limited liability' which will concept proved itself to be a vital
follow as a logical result of the force to mobilize large amounts of
former concept. The reason i s ca p i t a l f r o m a w i d e r a ng e o f
obvious. If a real person i.e. a investors.
human being dies insolvent, his The question of 'limited liability'
creditors have no claim except to it can be said, is closely related to
the extent of the assets he has left the concept of juridical personality
behind. If his liabilites exceed his of the modern corporate bodies.
assets, the creditors will certainly A c c o r d i ng t o t h i s c o n c e p t , a
suffer, no remedy being left for joint-stock company in itself enjoys
them after the death of the indebted the status of a separate entity as
person. distinguished from the individual
Now, i f we accept that a entities of its shareholders. The
com pa ny , i n i ts ca pa ci ty of a separate entity as a fictive person
juridical person, has the rights and has legal personality and may thus
obligations similar to those of a s ue a nd b e s ue d , m a y m a k e
natural person, the same principle contracts, may hold property in its
will apply to an insolvent company. name, and has the legal status of a
A company, after becoming natural person in all its transactions
insolvent, is bound to be liquidated: entered i nto the capaci ty of a
and the liquidation of a company juridical person.
VÒZy
PÅ~g îòsZzz% VÒZy
PÅ~g îòsZzz%
Ë Y ½] !
»XÆ ~g ZŠ )f Šzöž ì $ t corr espo nds to t he
Z• Ð , ã ⠇ŠVzg ZŠ Z ~g !
zg »žœ{ŠŽñ death of a person, because a
Z ._Æg¦Æ ~g ZŠ)fŠzöXì m
žœq company after its liquidation cannot
‰•qŽì B Z vu 6
g,x{eq exist any more. If the creditors of a
Ð Vo~Š ZÐZ Å
t Xì ïq Å w: Ç Z] real person can suffer, when he
Û p¤
Ýqg ±Z ãâ ‡ÃkZpì è• Z ,: Ç Z]
 dies insolvent, the creditors of a
m ¬æ gzZ ¦æ Šp {z Ð zz kZ gzZ ì
] 5ç Ô “ juridical person may suffer too,
g !ÅŠ ZG Yx *
ïq ÅqZ Åp LZgzZ ä™ when its legal life comes to an end
Å¿ÇÃkZ~] 5çx ÓLZÆ+Š AgzZì by its liquidation.
~« £Æ¿Çc
ÍXì Ýqw ã â ‡Ï Meezanbank's guide to Islamic Banking pp
Xì ¿ã â ‡c
~st 223-225
½Zt wZÎ~Š ã
g¦ » ¿ãâ ‡ Hžì @ [ Z Š OZ h
b ˜Z Å ] c ]gzZ yâ ‡h
]:ÀF
 ?7c
tÃkZ Z ì‚g “ _B‚Æ <Ñ q {zÐ~g ZŠ)fŠzöªlimited liability~
ª
¿ÇÆäƒ ~sŠŽz!
ÿãâ ‡žñY1™ • v‰ïq c
 ZÑ c zg »~Tì Š Z%
Ñ »g !
q
6gîƳxÆ kZ Âì YY Hg ±Z b§Å ÃKZÐy v{Š c
~' iÐtâuñƒñ ÎLZ~
™tÌÃ~g ZŠ)f Šzö
ì ãZzzz Å kZ X Ç} 7* g !
zg »kZ {zÂñYƒy v~g ! Z Z®Xì ‚
zg »¤ g
Æ kZ Âì @
Y%™ƒ Íy̈Z Çðä ZèY  ZŠ'
“ u Åtâu LZ ñƒ ñÎ ~
yv ÂJ
E
45J"ZŠgzZ VƒZpnŒ
VN U
J ZÆkZ sÜð‚g Å èEG Û kZ] YX U ZgzZX 7{Š c
ZÆv¤ iÐ kZÔÇ}™
VN U Û 6kZ¤
ZÆ kZ 2 Œ Z X Z%™hg{zŽ ì Sg ÂVƒ: }g7 n Æ 5ZŠ Z Å VçŒ Û Y ZŠ ÑZ Z
 Zz6
»kZgzZ Ç} 7* ÛZ
ƒxzøÃyZÐnŒZi ÂVƒZ
ZiÐ Û {0
c_ »3Zz ÅVçŒ â ¹!LZ { ZpnŒ 4E
Û gzZ èEG5J"ZŠ
ãâ ‡ž ñY à ™t] !Z gzZ X ǃ: ZzZæ ðÃ
t¤ Z CZ fvŠÆ‰•q
™7Ð~] YX U
XM
ïq ÅV-g ZŠ)f z t £„ y Z vÐ wÅ¿ » ~g ZŠ)f Šzöž ǃ „
 gŠ {Š c•
ih á It '
Ì6vDZ-Š z Í‚ Ÿ¸ Âì ‚
g ¿ÇŽì ÆVµu 6zZŽgzZ Vzg ZŠ Z f
g7g » ÖSZ’Zg¦
ËgzZ σ¹!õÑÅvˆÆäƒÍX ǃÍÑ X Z½ZÐäW~ŠŽ z
* ƒ ¹» v
Z‰ì „, Z *
Y% » ¿Çq ~Š ã
» ä™g ( Z  Ÿ Æ ~g ZŠ ) f Šzö
ŠŽz» vˆÆ䃹èY
ZX Lg7¹!
Ǥ {Š c
i ~ V1µ~g !
zg »žœ} (
žì t Ñ
Û Æ¿
xzøÐzz Å]ñ~ ¿Å kZ { ZpnŒ y EZ 7ZgzZ ñ Y HáZgÃVzg »tâu{Š c

Æ kZ 6äƒ »Ð ¹Å ¿ãâ ‡ • M ƒ ÑŠ
ñƒ ñ ÎÆ y Z ~ ]gßÅ y vž ñ Y c
E
45J"ZŠgzZ { ZpnŒ
ƒxzøÌèEG
X •M Û } 7: Š i6] YX U
Z C Z f vŠÆ y Z { z´Ætâu

ì ¿ã â ‡¬Ñvu 6zZŽ H g¦ » ~g ZŠ) f Šzö~ ` ZzgÆ ]g ˆ{ŠŽ ñX Ï


»ä™uÃÃtâuÐ ¹
X ì ¯ ̄ !
Û ¿ã â ‡Ãvu 6 zZŽØæ ã ¢ i*
ïŠg ZŒ Ññ
''''''
VÒZy
PÅ~g îòsZzz% VÒZy
PÅ~g îòsZzz%
Legal personality is therefore an artificial  Ð òs Z}ä VrZgzZ•
w ÓZ š
creation of law. (Jurisprudence by M. Farani Ðg ±Z ¦Ñp• G 7 Â]ÂÆ kZ~ ]gßÅ•zgzZ
p.119) Ë 0 „ ¿ã â ‡sÜv
n Æ kZ 7¿ÇÔì $
Û ¿ì eÃÚTgzZ •Ty â ‡ -2
Xì Y} ŠgZ Œ  žìgŠ c
»¿ã â ‡{ z Z X ~Š 7?Š ¦ÑðÃä VrZ
so a legal system may pesonify whatever ÇXì y â ‡¦Ñ)±Š Z%Åy ZÐ y ⠇•D ™w EZ
beings or objects it pleases. (Jurisprudence by ¼ ._Æ y â ‡±¬ ë~ }g !
Æ ¿ã â ‡gzZ ¿
M. Farani p.118) X •D™™f,

zzÅ q Z ºZÆ,ãâ ‡ Xì ÅV-p°Å¿ä(Salmond)r‚


A person is any being to whom the law
But legal personality remains, in essence,
attributes a capability of interests and therefore
merely a convenient juristic device by which the
of rights, of acts and there fore of duties.
problem of organising rights and duties is
(Jurisprudence by M. Farani p.118)
carried out. (Jurisprudence by M. Farani p.120)
Ù ¿
 & Åw qZ z ] ZŠ ¢ ã â ‡ÃTì •{zC
Т
Tì =gf ã â ‡y‚ Wq
Z , ã â ‡žì t Ýq
Û éÐV- g ZŠ)fgzZ t £~³gzZ
Xì êŠg Z Œ
YHiÃXÆx OZÆV-g ZŠ)fzt £Ð
Xì @
Xì Åp°„+Z Å¿Ìä(Gray)}¤

~g »tâužœ) u 6zZŽ~ÃÅyâ ‡± An entity to which rights and duties may be
(Å attributed.
Û éÐV-g ZŠ)fzt £ÃT•{z
ŠgZ Œ
Xì YYc
ì ¿ãâ ‡v H5µgL zZ
X •D™s  ŸzÐW (Keeton) èE4G
A group of persons, such as a Joint Stock
In law, we are concerned with legal persons,
Company or a Corporation aggregate may be
whether they are natual i.e., human beings
regarded as a person in law Here although the
capable of sustaining rights and duties or
company consists of human beings it is the
artificial or juristic i.e. groups or things to which
company as such, distinct from the human
law attributes the capacity of bearing rights and
beings that comprise the company, that is
duties. (Jurisprudence by M. Farani p.118)
regarded as a pesron in law and invested with
{ Zpì CƒÅm¾Z ã â ‡] !
~g ø~yâ ‡
rights and duties. (Jurisprudence by M. Farani
™·» V-g ZŠ)f z t £Ž Vƒ y̈Z ªVƒ Ç{z -i
M
p.119)
cVƒ
~ y â ‡Ãcg7 g » cvu 6 zZŽ }·ùÆ Š Z• ÛZ
ÃXVƒY âZ c ªVƒ ã â ‡ c
( ´ ù ) \z¤ è•Û {z -ii
sÐ y Zpì Œ6V â ̈ZPp ¤ Z vX ì YY ¹¿
Û éÐ /‡Å·ÆV-g ZŠ)fzt £yâ ‡
Xì êŠg Z Œ
c
)f z t £gzZ ì Š Û ¿~ y â ‡ÃvsÜÆ ™Ã
Šg Z Œ
:ž Zƒx¥~ÝzgÅVÂ! Ñ!{gÃè
HhZzÐ kZÃV- g ZŠ
Xì Š
Xì Š XZ¦Z ºZgzZ¦¡Åyâ ‡¿ãâ ‡-1
VÒZy
PÅ~g îòsZzz% VÒZy
PÅ~g îòsZzz%
XÏ Û ~•
t• ÑgzZ v
)fŠzöžì s Z ‹ZŠpÃr
 ™ã ¢* Ññp p ÖZÆØæ ã ¢i* Û ‰~ vgzZ •
ÑñŽ • t• Ñ

ìµnÆyÇyŠ nŒ 4E
Û gzZ èEG5J"ZŠg¦» ~g ZŠ :•t~
q x»VN U
Zx ÓÆg ! Ù ~•
zg »¿C Ñ -1
X •˜ŠpØæã¢i*
Ññ
@ Ñ}uzŠ q
ƒ Vz » q Ù Xì @
ÑC ƒ ´ â 6gî
No doubt, the concept of 'limited
Ù Xì
+Š ðà }ì Cƒ V 7 ~g ZŠ )f Å ¿C
liability' is beneficial to the share
1σq¬~ZgŠ'
Z'
Ð Y »Ñx Ó ÂZƒZ
 Zz
holders of the company. but at the
ƒ7(Z~v
X @
same time, it may be injurious to
tâu CZÆ™ Z•
Ñq
ÑðÃ~•
Ñ -2
the creditors. If the liabilities of a
Ñï7tâu CZÐ ~ v1ì Ywï Âì e Üï
limited company exceed its assets,
YG |
X •M Û ‰%Z YY
 z•
the company becomes insolvent
ƒ 7ŠŽz ãâ ‡ðÃÐ µ Z »•
» vÔ @ Ñ -3
and is consequently liquidated, the
ƒŠŽ zã⠇Рµ Z
X •ë ã â ‡¿ÃTì @
creditors may lose a considerable
VN U
J zg » ~g ZŠ)f ˜À~ •
ZÆg ! Ñ -4
amount of their claims, because
xsZ )Xì CƒŠzö~g ZŠ)f Åv² Cƒ7Šzö
they can only receive the liquidated
]
( 61, 62m]g ˆzuh gzZ
value of the assets of the company,
and have no recourse to i ts  H » ~g ZŠ)f Åv
ì:
share-holders for the rest of their LZÆ y Z {z c
Cär ÑñŠpŽ :
 ™ ã ¢ i*  » kZ
claims, Even the directors of the ìt~p ÖZ
company who may be responsible The basic purpose of the
for such an unfortunate situation introduction of this principle was to
cannot be held responsibl e for attract the maximum number of
sati sfyi ng the cl a i ms of the investors to the large-scale joint
creditors. ventures and to assure them that
Ævg¦» ~g ZŠ)fŠzöž7—ðÃ~kZ their personal fortunes will not be at
4E
µc èEG5J"ZŠt„B‚pì ÆnƉ•q stake if they wish to invest their
VN U Û zy-ŠÆvŠzö¤
ZÆkZ] Y£Œ ZèYì savings in such joint enterprise.
gzZ ì CYƒ ¹™ƒDZ-Š vÂN Y ™izˆÐ žì t Ñ~Š ã
» ä™g (Z ÂŸÆ ~g ZŠ)f Šzö
gZl~(ÅVçŒ Û gzZ y-Š LZ y ÇyŠ nŒ 4E
Û z èEG5J"ZŠ áZgÃ~g »tâu{Š c
iÐ {Š c
i~ V1µ~g !
zg »žœ} (
Z {”¹ÆvsÜ{zèY• D YƒxzøÐ
X U ÑŠ yEZ 7ZgzZ ñY H
Æ yZ ~ ]gßÅyvž ñY c
¹! Û gzZ y-Š LZÐ ~] Y
™wßz nŒ
gzZ• M } 7: Ši6] YX U
Z CZ f vŠÆ yZ {z´Ætâuñƒ ñ Î
VÒZy
PÅ~g îòsZzz% VÒZy
PÅ~g îòsZzz%
vÐg ±ZÆbzg ÇKZžì cÛ ä VrZXì
â• ‰•qÃyZ n Æg Zl
J
( 37,464 mòz2 Z Š ZæZ ) ì 4ZŠ ~ yÁ•
Ñ ÌÃy ZI]Z eÆvžJ
V ŒXì 7ð‚g ðÃ
ÑszcŽ •] :S+Z‰Åvp¤
yÁ• Z Û gzZ y-Š • g ZŠ)f ÝZÆ {g ÄžŽ
~g7 Å VçŒ
sp|ÅyÁÐzz ÅyZp'Y ð0
7~ ¯7g ZŠ)f »5ZŠ Z
X YYc
( 79m )X Cƒ7 Òë Z
•ëë ]
z uh gzZ xsZ [ Â KZ ä r
 ™ ã ¢ i*
Ññ
ÑgzZ vXì ÏÐ]g „t År
Æ•  ™ ã ¢ *
Ññ g¦ Û Ž yxgŠÆ vgzZ •
6zZ {z • G yÒ t• Ñ~ ]g ˆ
ž ZƒÈ »T H™f ÇÕ Û yxgŠ q
Ññƒ D™yÒt• ZXì ZÐ • zg » » vžì ãZzÐ yZX •`
Ñg !
Vƒg eszc{z{Zp•4ZŠ~kZ'gß0Å-•
yZ c Ñ ] Z|q Ñžìt Ž • D™†ŸZ ë »s %ZgzZ
Ñ~•
*
ÑñQ Xì Z]  y Z vgzZƒ szc)gzZ ðÃ{z´Æ yZI]Z eÆ v² M
Ð ƒ á 7{ Z 9{zì @
ƒ„œsÜ~
mvZõg ~â å*
ÑñQgzZ 1¯ n( gzZq ÑÃvä
Z ) Å• X •D™wßz̽gzZ {Z 9
Xì ¹! Š Ct~ÝzgÅ]g „Å ~ßñ}Š Zñ™Æ yZgzZ ã ¢ i*
Ì|ÅyÁ~kZž c ÑñŠŽz!
Æ kZ p
D™ ÔÅ ÔkZQ Å ÔÞ Å•
Ѭ Ð vn¾ E
gD »[& Æ |Å vã ¢sÑZ yZ/
Ð~ }g !
}Š Z ñ™ÆyZgzZ c
Š™4ZŠ~y Á•
Ñzg$
zgŠÃkZ ñƒ gzZ xsZ [  ÅØæ 㢠i*
Ññ¬ Ð + YÃkZpX •
ÑÆkZ Âär
?Åäƒy Á•  ™ã ¢sÑZyZ/~ßñ X # 7k½Z »]g ˆzuh
]
X ~Š™ ô¥? Æ yZ • ðWt ‚] :SŽ Å v'L L
As mentioned in the books and 4ZŠ ~ ËÐ ~ x lZ szcÅ•
ÑvÐ p Ò
research papers of Islamic jurists, Z X • Å ™f 9g e Å •
¤ Ñ ä Y • X 7
companies come under the ruling of 0 9õ0 á ~ kZ ÌÃ"
Âñ Y 1™ï• g p
Shirkat-ul-Ainan. (Meezan bank's yZx Ât»vX •CY
zx ŽÌ~ËÐ ~Vv0
guide to Islamic Banking) Û ~ vgzZ•
Y ñ C t• Ѭž 674ZŠw¾
~Vß £ ógzZ V1ÂÅxsZ ñ•ž 6) X •`
X ( •CW•ÆyÁ•
ÑV |ìgÃè X •Ã`&Æ+Üçñ fVŒ[ Z
Ð zz Å [ &
Æ yZ Ì]g „t ÅØæ ã ¢ i*
E Ññ gzZì«~ V©õ0 Ñ ¬Ñžt q
yZ • Z
Xì X 74ZŠw ¾zx ŽÌ~ËÐ~yZ v
]úŠ Å] !
kZÃVÍßY Z’Z vb§ÏZ'L L ™f x lZŽ ä x Z™Y •'žìt Ã` ZuzŠ
Z® î Yƒ q zg » kZ ?žì îŠ
ÑB‚}gø ~g ! VÂgßzz%Å•
Ñä Y •É Ô7mµ{z• Å
Ñž c
»• Ü z kZ ¿Ž
Í {zì ;g™Ýq ¥~ ‰ Û „~ Ýzg ÅkZÆ™Y Z`Z »
Z Z®'ì ðâ •
¤
Û zh
 z•
( 8m| yÅi¥) ó Xó ì ;g™nç
 ÑgzZƒ: 4ZŠ~x lZyZ]gßðÃÅ•
Æ• Ñ
zg » kZ ? L ž
}g ø ~ g ! L ˆ Æ ìt èY Y{zƒ: Ìs ÜÆËÐ~žµwßZ
X σ^
ž c L Zƒ È H »ì kZ ó óî Yƒq
Í { z Lž ÑB‚ Ö ÑZœ]|Ã` ZŠ
»mvZõg ~â å#
VÒZy
PÅ~g îòsZzz% VÒZy
PÅ~g îòsZzz%
yZ ä kZ n kZ 7wJÆf : Zg ZŠtâu] !
tp Ññó Xó ì ; g™nç »•
ÂÃ * Ñ
X H¨Ðb§~uzŠÃVzŠ ã
 ó Xó ì ;g™n绕
Ñ|gŠ {zLž
L å’ e IV-
Ð s§ Å }uzŠ ËJ
½ w ‚ ~ x » Æ v -1 t · Z Ð m?~g ø r
 ™ ã ¢ i* Zž • ë ë
Ññ¤
Xƒ: ìZæ izZtžìt m  òÐ [ &
?~g ø X • M ELZ {z Â,™
Xƒ: ¶~kZì ZƒÝqtâužœŽÃv -2  Ÿz Å kZXì {g YZ-QgzZì u5Z •
‰žìt s Ñ
XƒŠzö~g ZŠ)f Åv -3  ™ ‰Z™5w â LZg »tâu ðZ’ZgzZg Zh
yZ V- gzZ• f y
Æ
Ûq
n kZ 7ÇgzZ -ì q ~sgzZ è•Zèa vgzZ Y H î O » iI]Z eQ Xì CYƒ 쇕
Ž ì @ Ñ~ wâ Æ
gzZ HÝqÑ CZV- gzZ c g ZÃkZ Ã œgzZ • D™x »6tâužœkZ~ núÆV jgzZ ]̀Z
Zz ã â ‡¿Ð y â ‡[ !
ž ðƒ ~g7 ] !
t t Ð b§kZ Xì @ Š™„Ð ƒ
Y c  ÚÆtâuÆ q Ù
ZC
But legal personality remains, in essence, ÑQgzZì u5Z•
Xì {g YZì 7-• Ñ
merely a convenient and juristic device by which Z Æ c Z™ x‰Zg ZŠ p
ã { Z ßg 19 Qgñ } : q
the problem of organising right and duties is ~g ø • \Š ÌÆ r Ññ6T ä | 1425
 ™ ã ¢ i*
carried out. (Jurisprudence by M. Farani p.120) X –ñƒ D ™ŠgÃm?
Tì =gf ã â ‡y‚ Wq
Z , ã â ‡žì t Ýq É ì 7~gz¢ ó ó{g YZ-L Lc äW~ŠŽzÆ vL L
i( •*  )ÃXÆ x OZÆ V-g ZŠ)f z t £Ð
'Aø óì
ó óž
ó g x- L Lq
Zt& Z
g ZvŠgzZ ã¢sÑZ yZ/~ßñÔ ã¢ i*
Xì YYH [ ! •
Ññ[ Zh á

äƒ~gZŠ)fŠzögzZ,ã â ‡c v
6 zŠ6m
X , ™g¨{g ! ?~g øx‰Zg ZŠ
zŠë[ Z
X •Ìs§Å qçñÝZ {g !
wÑ+Z » ã¢i*
Ññ
,Š ã
&tÝZ ÅkZƒ|ÌŽ Åx »Æv
ÅkZgzZ ÌÃäƒãâ ‡¿Ævär
 ™ã¢i*
Ññ
zŠyZ *
VÂ! ÑñŠpXì Hwì^
Y¬ÑÌÃ䃊zöÆ~gZŠ)f •
X •˜ ñƒD™„0Å s§Å}uzŠ ËJ
¶ ½w‚~x »ÆyZË]ZeÆv -1
6gîm{Ð g ±Z ¦Ñ,q zŠ ~ v%Z L L Xƒ:ì ZæÐ
ÆgñZ y Z X • ŠŠ F
¢Z ~ }g ! ̄ ! Þ ‡
gzZg¨. : ¶~ kZì ZƒÝqtâužœŽ cx »ÃyZË]Z e -2
[ Z KZ
7nÆ„zg¨ÆDIZÝq » aÎÅJ Xƒ
Xì @
™ Šzö~g ZŠ)f Å ‰•qvŠgzZ yZI]Z eÆ v -3
ãâ ‡x CZ » v'žì tX ª -1 Xƒ
ƒŠŽ z
Y ¹ ã â ‡¿ÃTì @
t w ZÎ[ Z Xì @
zzÅä¯ã â ‡¿Ãv
Y ?7c
{^ ì„ gŠ ¬Ñg¦ » ã â ‡¿žì
)fzt £6VzŠ ã
zŠ «ÂBb§ÏZîE $ÃVzŠ ã
4›E
0G &y Z
Å ãâ ‡¿Í~ <Ñžì @ 
ƒx¥(ZÐ h
•m¾Z ÇŽ •CƒhZzЉ•qgzZyZË] g ZŠ
Z eV c
xs Z ) • ŠŽñ]
 ÂÆ kZ p7ŠŽñ b ˜ Z
Xì C0 Û ½ÐzzÅ䃇 ÃoÑŠ ã
gZŒ ~ŠgzZ
]
( ]g ˆuh gzZ
VÒZy
PÅ~g îòsZzz% VÒZy
PÅ~g îòsZzz%
natural person, can own a property. P {Š™ 7 Æ r
 ™ 㢠i*
Ññ
Se c ond l y . t he j ur i st s ha v e ]Â
clearly mentioned that the money 1. Waqf
given to a mosque as donation The first precedent is that of a
does not form part of the Waqf, but waqf. A waqf is a legal and religious
it passes to the ownership of the insti tuti on wherei n a person
mosque. dedicates some of his properties for
He r e a g a i n t he m o s que i s a religious or a charitable purpose.
accepted to be an owner of money. The properties, after being declared
Some jurists of the Maliki School as Waqf, no longer remain in the
have expressl y menti oned thi s o w ne r s hi p o f t he d o no r . T h e
principle also. They have stated that beneficiaries of a Waqf can benefit
a mosque is capable of being the from the corpus or the proceeds of
owner of something. This capability the dedicated property, but they are
of the mosque, according to them, not its owners. Its ownership vests
is constructive, while the capability in Allah Almighty alone.
enj oy ed by a hum an be i ng i s It seems that the Muslim jurists
physical. ha v e t r e a t e d t h e W a q f a s a
Another renowned Maliki jurist, separate l egal entity and have
namely, Ahmad Al-Dardir, validates ascribed to it some characteristics
a bequest made in favour of a similar to those of a natural person.
mosque, and gives the reason that This will be clear from two rulings
a mosque can own properties. Not given by the fuqaha (Muslim jurists)
only this, he extends the principle to in respect of Waqf.
an inn and a bridge also, provided
Firstly, if a property is purchased
that they are Waqf.
with the income of a W aqf, the
It is clear from these examples
purchased property cannot become
t h a t t he M us l i m j u r i s t s ha v e
a part of the W aqf automatically.
accepted that a W aqf can own
Rather, the jurists say, the property
properties. Obviously, a Waqf is not
so purchased shall be treated, as a
a human being, yet thay have
treated it as a human being in the property owned by the W aqf. It
clearly means that a Waqf, like a
VÒZy
PÅ~g îòsZzz% VÒZy
PÅ~g îòsZzz%
(Zakah) department, but the matter of ownership.
amount so taken from the sadaqah Once its ownership is established, it

department shall be deemed to be will logically follow that it can sell


and purchase, may become a
a debt on the Kharaj department."
debtor and a creditor and can sue
It follows from this that not only
and be sued, and thus al l the
the Baitul-mal, but aslo the different
characteristics of a 'juridical person'
departments therein can borrow
can be attributed to it.
and advance loans to each other.
2. Baitul-Mal
The liability of these loans does not
Another example of 'juridical
lie on the head of state, but on the
p e r s o n ' f o u nd i n o ur c l a s s i c
concerned department of
literature of Fiqh is that of the
Bai tul -mal. It means that each
Baitul-mal (the exchequer of an
dep art ment of Bai tul -ma l i s a
Isl a mi c s tate ). Be i ng publ i c
separate entity and in that capacity
property, al l the ci tizens of an
it can advance and borrow money,
Islamic state have some beneficial
may be tr eate d a d ebto r o r a
ri ght over the Bai tul -mal , yet ,
creditor, and thus can sue and be
nobody can claim to be its owner.
sued in the same manner as a
Still, the Baitul-mal has some rights
juridical person does. It means that
and obligations. Imam Al-Sarakhsi,
the Fuqaha of Islam have accepted
the well- known Hanafi jurist, says
the concept of Juridical person in
i n hi s work " Al -M absut ": "The
respect of Baitul-mal.
Baitul-mal has some rights and
•z -1 obligations, which may possibly be
Z ~ Tì {g ZŠ Z Iè gzZ ã â ‡q
¿q Zt undetermined."
™–Š ZG YKZÐ n¾Å] Zíc
Xì @ + Š®
•á Z At another pl ace the same
ì CYòÐ !Å•zŠ ZGYˆÆ䃕z author says: "If the head of an
 7´ â Ì{zƒ •z6XgzZ
\¬vZ sÜÉ ‘ Islamic state needs money to give
´ âÆkZ
X •‘ salaries to his army, but he finds no
ì c Û ,ãâ ‡{eÕz ä Y •›
Šg Z Œ money in the Kharaj department of
Æ¿ÇŽ • G™f s ™zZ {z¼ nÆkZgzZ the Bai tul -mal (wherefrom the
:ì CƒãZzÐx © ZzŠsfzgq] !
tX •Dƒ salaries are generally given) he can
y
ÂñY ~h Š ZGY ðÃÐ ãæWÅ •z ¤
Z -i give salaries from the sadaqah
VÒZy
PÅ~g îòsZzz% VÒZy
PÅ~g îòsZzz%
ó Xó ǃ » •z Š l ŠpŠ ZG Y ðƒ ~h
y
 sÜ:žì À
kZÉ wÓZ š ³t Ð kZ » TXì CBu¢Å •z {zÉ CY 0 7z
Û yZX • M
ÅVçŒ ÛJ
™+Š A»nŒˆ~fÆ »Š ZGY Ì•z b§Å ¿Çžì t È ãZz
 É CW76÷Z Æ „
Æ w ÓZ š g ~g ZŠ)f
 c Xì Y0´ â
š Èt Ð kZ Xì CW6%´
 žì À 7z »•z {z ˆÅ {P ¶gŽ ÃK -ii
Ék
ÐwkZ KZgzZì ,xq Ù »w ÓZ
Z%C » ¶gÃKÌVŒ Xì CYƒ 4ZŠ ~ ! ÅK
Û b§Å¿ãâ ‡{z
¦ægzZì Y™Ì+Š A »nŒ Ht´ â
Xì Š
 xsZ ñ •n¾Xì Y0 Ìm ¬ægzZ
w ÓZ š ™fB‚Æ s
 ZÜÃ] !
kZ ä Y •Ëâ ‰
( •D™tÃ䃿ã â ‡Æ Zì B
p¤ g qZ Å“
 ´ â »q ËKžì H
°g¦ » ãâ ‡¿žì @
ƒ x¥Ð ]
 yZ L L Xì Cƒ-qZÅy ̈Z²ì ~sqZtÅK
EE
Y*
ðÃn Æ òsZ}: gzZ ì 7g¦^ ðÃîp©$ ¤z ˆÅ c Kž • ë k
ŠgŠ £ZžËâ g•
ó Xó ì 5gz¢b ˜Z%ZXìg¦bZ ´ â ÅŠ ZGYKž • D Ctzz Å kZgzZì ^
Y
Þ ‡Ðg ±Z ¦ÑŽ ¤S~uzŠ Å vL L -2
. Þ gzZ ñZu¬¸ {zXì $
X •… â Ìc> Ë 0
]
zuh gzZxsZ ) ó ì
ó ~g ZŠ)fŠzö'{zìg¨ ŠŽz!
Æ kZ pì 7òŠ Wp¤
Z •z n¾
( ]g ˆ gzZX •Ù Š b§ÅòŠ WÃkZÐg ±ZÆ!Y •
:–gzZG™f]¼ÆkZä*
ÑñQ !c•zZ
U
ž ǃt³x»kZ Âðƒ " 
¬Š Ð bzZi }uzŠ q
Z¤
Z ÃX kZ p L L gzZì Yƒ ÌnzHgzZ ì Y™Ì| Û zh
 z• y{z
Æ~g ZŠ)fŠzöÅ vžì CWt ‚] !
t ÂñY Û
n¾X Ìm¬ægzZì Y0̦ægzZ Ì{yŠ nŒ
ãâ ‡¿Xì 6g¦Æ ã â ‡¿ÝZgŠŠ ã
Åg¦ YY H[™s§Å•zÃmZpx ÓÆ ¿ãâ ‡
7Â 'â Ã ~gZŠ )f Šzöˆ Æ + â |Å Xì
]
( 82m]g ˆzuh gzZxsZ ) ó Xó Lg  -2
wÓZš
Once the concept of juridical
ZÐzz Š䃊 ZGY Å kÜZã¬
òsZp¤
p e r s o n i s a c c e p t e d a nd i t i s Gš©EE
3!
admitted that, despite its fictive
p• n Û Z x ÓÆ „
 Š Z•
g h ö- 6wÓZ š  c
g
nature, a juridical person can be w ÓZ š ƒ 7´ â » kZ ðÊŽz!
 ÌQ X @ Æ kZ
treated as a natural person i n X •CƒVc g ZŠ)fzt £¼Æ
8E
respect of the legal consequences ˜ ~ o„mvZõg ögux â Zž4g•
of the transactions made in its g ZŠ)f z t £¼ Æ wÓZ š
³Ž • Vc  Lž
L •
Z ó ó• 7
name, we will have to accept the
 c
„ Z L L• ˜ {z6x £gzZq
g òsZ¤
concept of limited liability which will
gzZ ƒ ]gz¢Å ¶g c ¶Š •Z 9Å ` ¯Ã÷ZÆ
follow as a logical result of the
former concept. (Meezanbank's
záZz > 2i z‘œ{z ƒ: ¶g ~zá Zz ` Zy

guide to Islamic Banking p.225). Û 6zá Zz ` Zy
g ÑnŒ t pì Y}Š™á Ð
VÒZy
PÅ~g îòsZzz% VÒZy
PÅ~g îòsZzz%
Û Å}g ZŠ ZÆ™i Z0
ÃV- g ZŠ)fz t £gzZ ,™g ±Z »,è• Z ½Z t w ZÎ ~Š ã
Hž ì @ [ Z
Ç!õÑ ÚÅ V-g ZŠ)f z t £Z®X ,™hZzB‚Æ kZ ?7c
ì‚g“ _B‚Æ<Ñg¦»¿ãâ ‡
X σs§Å¿ Û ŠŽz!
äƒè• 
à ã â ‡¿žñY 1™tÃkZ Z
x » Ì6tâu LZI]
Z eÆ vžì t |Å v Âì YY Hg±Z b§Å Ç¿~] 5çà â Æ
ÑgzZ ÔÌ6tâuÆ ‰•qvŠgzZ • D™
Æ u5Z • ™tÌÃ~g ZŠ)fŠzö6gîƳxÆkZ
} 7*
ÑñX • D™wßz ]̀ZÐ y Z™0ÞZÆy Zˆ
Øæ ã ¢ * X(Ç
ÃyZI]Z e gzZ • ënç » yÁ•ÑñO Æ {g YZ ÃkZ ãâ ‡¿žì t Ýq » w Ñ+ ZÆØæ 㢠* Ññn¾

5.) ªìg 0 Y ’
5. ªìg 0
ÿG ëE
5F 5Ò]É•q vŠ gzZ ÿG
4G ågz xsZ s Ü 'â ãâ ‡¿Ãvn kZ •ŠŽñ~xsZ]
ÂÆ
Ñ cƒ » {g YZ { Zpnç n¾ X • … â Šzö~g ZŠ)f ÅkZžì xiÑt Ãä™tà ã â ‡¿gzZ 7
wq¾ » y Á •
‰•qvŠgzZ9ZÐ s§KZ~g !
zg »Ævy ZI]
Ze X ñYÅt
» „yZ Ìtâu »g !
zg »X • D™s¥™0VzÐ s§Å tÐ T•` C|Åäƒ ãâ ‡¿Ævë6zZ
@
ƒôZzš gzZôZß !
Ä yZ Ì{Z
à »] Ã¥Æ yZgzZì @ ZÃ8ÃÇ¿ì Le V ˜ yâ ‡¦Ñ)ž Zƒ ãZz Ì
ƒ ™i Z0
ÛÆ
ƒ»p7»p ÖZg ±Zª Á^ËÖ¡Ö Ÿ oÞ^ÃÛ×Ö é†fÃÖ] gzZì x°zŠŽzÆ ã â ‡¿n¾Xì 4ä™g ±Z » ,è•
@
~sÅ kZ pìg H ,~sÄÑ ðÃà vn kZ ì *
ÑñpXì » ä™: ä™g ±ZÆ y â ‡¦Ñ) ±gZæ ~
ÝZ »y ZË]Z e ª ǃg ±Z » „ m¾Z ÇgzZì x³», ¿Ð zg Å<Ñž H7n°¼ Ð ] !
kZ äØæ ã¢
X™ƒÀ¸ÆyZ »‰•qvŠgzZ™ƒ ?ì6¾g Z滊Žzx°zŠŽzÆãâ ‡

zy- Šx ÓÆv‰•qgzZyZË]
Z eÆv g £¦Ñ »x°zŠŽzÆãâ ‡¿
Û
ÐVƒg ZŠ)fÆVçŒ t ‚Ã]ÂÆ wÓZ š
 z•z ñƒ ñC Æ ã ¢ *
Ññ
»ŠŽz x°zŠŽzÆ ã â ‡¿Ð zg Å<Ñë[ Z ñƒ n
g
g ±Z »,~sÅ vu 6žœž Š
ƒ "
U
tZ
X •D Cg Zæ
ì g ±Z »‰•qgzZ y ZI
] Z e ªm¾Z ÇÉ ì 7
CƒhZz Vc g ZŠ)fgzZ t £¼B‚Æ w ÓZ š  gzZ •z
ž Ç ñ Wxi Ñ Âì B‚Æ y Z Ìm» V- g ZŠ) f z t £gzZ
Å t £LZ Šp: Ðzz Å äƒ yY " c ~s¡{z p•
XÐVƒg ZŠ) fÆy Zƒ
 {zVƒ „Ä {Zp2 Œ Û gzZy- Š
~]gß+ZX •M ™ ZŠ ZV cgZŠ)f KZ:gzZ•M ™^
]¨Æ~g ZŠ)fŠzö{Š™yÒÆØæã ¢i* Ññ-1 @™D»t £ÆyZŽì @ Y HgHy Zôc à áq Z nÆy Z
[ ZŽ »yZgzZ Ð ] YX U ZÆVzg ZŠ Zy ZXì @™ Zg7 ÃV-g ZŠ)f ÅyZgzZì
ÑZzä0 ]i YZ Å]g ˆÐs§Å´ â :n« kZÃV-g ZŠ)fzt£nkZ @ ƒ7m: Ãâ ðû à ákZèa
H[™ÃyZ s§Å „ {g ZŠ Z Ug6n kZ YY H7hZzÐ
xÝ Xì @ Y¹¿ã â ‡c ¿~sÃ{g ZŠ Zn kZgzZì @ Y
X •˜ * Ññ gzZ ~g »tâuÅ=z à áÆ kZžƒ (Z {g ZŠ Z ðÃV˜ gzZ
ì ŠŽñnNŠ e .qZ Åv™~}L L û] Ã¥ÆkZgzZ VƒhZzÐ}g ZŠ Z kZ] ZŠ ¢ÆkZ
{Z
Œ
>g iZ ° yzf â †{zXì d Û „ ¹ Ð v™Ž hZzB‚ÆÏZŠpV c
gZŠ)fzt £ÂƒÃÏZŠpôZzšc
ôZß !
Ð s§Å ‡WÃkZgzZì @
ƒu¢» ‡WLZt Xì ÃÃm¾Z ÇyZ ëž7~g6ðÃ+Z~ ]gßkZX ÏVƒ
VÒZy
PÅ~g îòsZzz% VÒZy
PÅ~g îòsZzz%
 q Å äƒ Í¤
Âñ Yƒ µZz ]ñÅ kZ ~ ª Zp Ž Xì Cƒ ]i YZ Å ]g ˆ
7]gß ðÃÅ äƒ ZŠ Z y- Š Æ y Z Ôì @ î%¯Z [ Zy
Yƒ G  Xì Cƒ u¢Å ( ‡W ) \ñÌ{zì @
™{z ]g ˆ
]
( 82m]g ˆzuh gzZxsZ ) ó óX Sg  Zz y-Š¤
uÅ7 ÅxÝkZ {z ÂVƒ Z
J Z6kZ
'
c_h × Ð nzHÍž It »Øæ *
Ññž• ë ë ì Yƒc_Ð xÝ: » {Š c
iÐ kZXÐVƒŠzö
U
"  gŠì YY H„6
k#ZèY7„ äƒ"ÆkZsÜ ]
( 83m]g ˆzuh gzZxsZ ) ó Ð
ó \ñ:gzZ
~kZ ñ ¾¼Ž {zž @ Û ˆÆäƒ
ì Y™ ù»kZ {ZpnŒ  gŠ] !
:èYì 7„ tÅØæ*
Ññž•ëë
ij˳Þ] o³Ê Ù^³³³Î ì ~ …^³jv³Û³³Ö]•…Xìg @
™wßz¼Ð H| Û ÃxÝžì 7Ú Z sÜ Âƒ {0
 z• i¤
Z xÝ yzf â
Û É Ïñ Y ~Š™„~ Vƒ ZpnŒ
á] à m‚Ö ] g u ^ ’ ×Ê ä ׳n f‰ o•^ÏÖ] o×ì ^Ú ‚Ãe æ (Øñ^‰ç³Ö] nŒ Û 7 ÅkZgzZ Ç ñY
æ ä Þ ]ç ì ] æ ä Š Ë ße ä Ú ‡ ¡ m á ] ä Öæ ý x n v ’ ³Ö ] o Ê ä Ú‡ ¡m ð¾ÐkZgzZ,Š äƒ: | Û ÃxÝ{zžì Ýq hÃVƒZp
 z•
Š ™ Ì|
Dáçm‚ÛÖ] èÚ‡¡Ú o Ê g ×_ Ú E g u ] à Û Ú å ‚Ö æ c Û xݤ
 z• Û LZ ™ Zz™
Z gzZ ,™wßz }g7 2 Œ
]y
WÌA
N Y Ì%nzHÍgzZ xÝ yzf â ¤
ZgzZ ÂñYƒŠ Zi W{zLZ Û ÌA
 žì Ýq hÃVƒZpnŒ ñY
ÃyZ~]y )fÆy Z h»VzuzŠÐg ±ZÆ
WgzZì Lg ¹! Û LZÐkZ
X ,™c_»3ZzÅVçŒ
Æ ]y
Wwq¾ uÅ Vâ ›gzZ Ç } 7* [ ˆ Å^fm ý äjfΆe Ð×Ãjm ýé…^rje än× gqæ à³m• سÒæ
™ty
]gß+Z ðÃÅlçÛD Ë ƒ 7{ Zz6" Ð } ~
Z®X $ Zñ D…^jíÚ…•E ^–m] å ð^Êj‰] ÜãÖ æ änÊ
w J e ÅbÑŠ ¦Ñ6kZÉ *
ÅäJ m ¦ÅkZ c
™d *
™m? †Ú^e æ] ð^Ú†ÇÖ] o•†e Ÿ] äÃne ‡çrm Ÿæ DänÊ Å^fm ä³Öç³ÎE
Xì s ÜÇ!
ÆxsZ *
™Òà ÜãÏu Ù^ÛÒ ÜãnÖ] Ø’nÖ ð^Êj‰Ÿ] Ðu ð^Ú†Ç×Ö áŸ o•^ϳÖ]
o fßÖ] ‚ß ^‰ ç×q ^ßÒ Ù^Î ÅçÒŸ ] à ³e èÛ ³×³‰ à³Â -1 D…^jvÛÖ] •…E
Ù^ÏÊ ^ãn× ؑ]çÖ^ÏÊ é‡^ßr³m o³i] ƒ] Ü׉æ än× ä ×Ö] o ב oÏe ^Ûe áæƒ^ÛÖ] gÖç›æ ý“’vÖ^e äßÛ³$ ܳŠÏ³mæ
Ù ^ Ï Ê p † ì ] é ‡^ ß r e o i ] Ü $ ^ ã n × Â o × ’ Ê Ÿ ] ç Ö ^ Î à m • ä n × Â Ø â o Ê à m ‚ Ö ] … † Ï j Ö ä Ï j  ‚ à e ä ß Û $ æ ä f Š Ò à  ] ‚ ñ ] ‡ à m ‚ Ö ] à Ú
† nÞ^Þ• è$¡ $ ]ç Ö^ Î ^ òn • Õ †i ØãÊ Ù^Î ÜÃÞ ØnÎ àm• än× Øâ D…^jíÚ…•E èfΆÖ] ð^ Êæ Ý‚Â æ äjÚ ƒ
è $ ¡ $ ] ç Ö ^ Î à m • ä n × Â Ø â Ù ^ÏÊ è%Ö^%Ö^e o i] Ü $ ^ ãn × o ×’³Ê Xì ~tZ@gzZ
o × ] ç³×³‘ Ù ^ Î Ÿ ] ç Ö ^ ³Î ^ ³ò ³n • Õ † ³i Ø ³â Ù ^ ³Î † ³n Þ ^ ³Þ • ä m ‚ Ë m á ] Ÿ ] ð ^ Ú † Ç × Ö Å ^ ³f m è f Î † ³e è Ï ³× ³Ã ³j Ú ä ³Þ ç ³m •
äßm• o × æ ä ×Ö ] Ù ç‰ … ^ m ä n ×Â Ø ‘ é •^ jÎ ç e ] Ù ^ Î Ü Ó f u ^ ³‘ äßÛ$ ÜŠÏmæ Œ^ßÖ] à … †–Ö] ÄÊ • ijÚ^³r³Ö]æ ý o Ö ç Û Ö ]
Dp…^íeE än× o×’Ê àÚ ®• Ø–Ê á^Ê ýèfΆÖ^e Üãϳu Ð×ÃjÖ “’v Ö^ e Üãß³n e
vZ -vZwÎgë•ëÅ\¬vZèg qÃZ0•]| ð^Êæ Ý‚Â æ äjÚƒ oÊ àm‚Ö] …†ÏjÖ èm†vÖ] ‚Ãe ä³e g³Öç³› ä³Þç³m•
 ZpgŠ äVÍßgzZ Š
Å„ c Zž¸Æk0
Ñ{i »q ÆÅzm èfΆÖ]
Æ è H Y7 ä ÅzmvZ -\ WX £Š J 7{i » \ Wž
nzHÍ:n~uzŠ
Û ¼)f
Š[ ZŽ ä VÍß ?ì nŒ
äÅzmvZ -\ W Â7ž c
X •˜ *Ññ
H Y7 ä \ WX Š
c ZQ X ðJ 7{ i » i úÅ kZ
Ñ { i » gzZ q E
45J"ZŠ Â ñ Y ƒ ( DZ-Š ) ÍÇ¿L L
Æ kZ sÜ èEG
Y7 ä ÅzmvZ -\ WX V ; Yž Š ¹Xì nŒ Û )fÆkZ
7c_ » h × Ð kZ • M
' ™ à ßz Å +Š Ð VN U Z
} hggbŠ&ž c Š[ ZŽ ä VÍßXì Z hgž F ¼ äkZ H
Xì YYHc_Q[ Z ÂñYƒ"{g ! zŠ {z¤
Z%Z'M
™
ZŠQX ðJ 7Ì{ i » i úÅkZ ä ÅzmvZ -\ W ÂX •
VÒZy
PÅ~g îòsZzz% VÒZy
PÅ~g îòsZzz%
äe… oÖ] çÓŽm äßm‚e …ç‰^Ú àm‚³Ö] gu^‘ Ü׉æ ä n× Â ä ×Ö ] Y7 ä ÅzmvZ -\ WX Š
c
Ñ{ i »
DèߊÖ] |†•E èÚ^nÏÖ] Ýçm é‚uçÖ] g bŠ &)fÆkZž c Û )fÆkZ H
Š[ ZŽ ä VÍßXì nŒ
mvZ -vZ wÎg • ëÅvZ èg [i ¬ 0 Y Z']| Š[ ZŽ äVÍßì ZhgžF
ž c ¼ äkZ H Y7ä\ WX •
Û )f LZg Z¡Œ
gzZ ǃ~ ( ðË){Ðzz ÅnŒ Û cÛ ä Åz Šp{i » » ¶‚ LZ vß ?ž c
â• Û ä ÅzmvZ -\ WX 7
â•
Ö ª ~£Œ
DÅ ðË{Ð[g LZyŠÆ#
X Ç}™e Û »yZžÅ„
 ZpgŠ äÅ\¬vZèg {Š y1Z6kZXß| 7
Ù^Î Ü׉æ än× ä×Ö] oב o fßÖ] à oF ‰çÚ o³e] à³Â -7 ä ÅzmvZ -\ W6kZX £Š J 7{ i »\ WVƒ ©
)f LZ
ojÖ] †ñ^fÓÖ] ‚Ãe ]‚f ^ãe å^Ï×m á] ä³×³Ö] ‚ß hçÞ„Ö] Ü ¿Â] á] X ðJ 7{i »i úÅy Z
ð^–Î äÖ Å‚m Ÿ àm• än× æ Øq… lç³Û³m á] ^³ã߳ ä³×³Ö] o³`Þ k ×jÎ á] km]…] ä×Ö] Ù牅 ^m Øq… Ù^Î é•^jÎ o³e] à³Â -2
D•¨]•çe] æ ‚Ûu]E ä ×Ö ] † Ë Ó m † e ‚ Ú † n Æ ¡ fÏ ³Ú ^ ³f Šj v ³Ú ] †e ^ ‘ ä × ³Ö] Ønf‰ oÊ
ZzgÐÅvZ èg ~ÄZ .ñ1Z ]|
mvZ -Ñì e Ü Ã Þ Ü × ‰ æ ä n × Â ä × Ö ] o × ‘ ä × Ö ] Ù ç ³‰ … Ù ^ Ï Ê p ^ m ^ _ ì o ß ³Â
ÆvZˆÆ y Zì H Iä vZÐ X{ k
{Lž cÛ ä Åz Øm†fq Ù^Î ÔÖ„³Ò à³m‚³Ö] Ÿ] ÜÃÞ Ù^ÏÊ å]•^³Þ †³e•] ^³Û ³×³Ê
â•
Z (
wqkZ {zžìtÇA Ð kZ™á {È{ k Ѓ Š 4
 Žq DÜ׊ÚE
Û )fÆkZž}%~ } Zž Y7 ä ¿q
XƒZhg:¼ c 5ZŠ Z ÅkZgzZƒnŒ Zž• ëÅvZ èg {Š y1Z ]|
^ ß Ò Ù ^ Î • ³v q à e ä × ³Ö ] ‚ ³f Â à ³e ‚ ³Û ³v ³Ú à ³Â -7 Vƒ @ Z wÎgÆvZ
™ñžV î Y HOb§kZ~ { Zg ÅvZ~¤
än× ä×Ö] oב ä׳Ö] Ù糉 … æ ý ‚rŠÛ Ö] ð ^ ß Ë e ^ ‰ ç × ³q vZ H  @ gyZ Å[ Z NgzZ
¢7" Vƒ k(ÐWgzZ Vƒ ‚
冒e ä×Ö] oב ä×Ö] Ù牅 Äʆ³Ê ^ßm†`¾ àn e ‹Ö^q Ü ×³‰æ ž cÛ ä ÅzmvZ -vZ wÎg X Ç}Š ™s çN æ ~÷
â•
Û 1V;ž c
ä jã f q o × Â å ‚ m Ä • æ æ 冒e ª›^› Ü$ †¿ßÊ ð^ÛŠÖ] سfÎ nŒ Û gzZ Zg åÐZä\ W ÂZ&
â• × :Zz¿{zZ
 X V;
Ù ^Î ‚ m ‚ Ž j Ö ] à Ú Ù ˆ Þ ] ƒ ^ Ú ä × Ö ] á ^ v ³ f ‰ ä × Ö ] á ^ v f ‰ Ù ^ ³ Î X c
Cäx?Zmsƒb§ÏZX Ç}™: s çÃ
Ù^Î ^ß³v³f‘] oju ]†nì Ÿ]†Þ Ü×Ê ^ßj×nÖ æ ^³ß³Úç³m ^³ß³jÓ³ŠÊ än× ä×Ö] oב ä×Ö] Ù牅 á] æ†Û à e ä×Ö]‚f à  -3
^Ú Ü ×‰ æ ä³n× ä³×Ö] oב 䳳׳Ö] Ù糉 … k³Ö^ ³ŠÊ ‚³Û³v³Ú DÜ׊ÚE àm‚Ö] Ÿ] gÞƒ ØÒ ‚nãŽ×Ö †ËÇm Ù^Î Ü׉æ
ZzgÐÅvZègz/0vZ†]|
‚ Û v Ú ‹ Ë Þ p „ Ö ] æ à m ‚ Ö ] o ³Ê Ù ^ ³Î Ù ˆ ³Þ p„Ö] ‚m‚ŽjÖ] vZ -vZ wÎgì e
Û ñZÎ Çñ Y c
o Ê Ø jÎ Ü $ • ^ Â Ü $ ä ³×³Ö ] Ø ³n f ‰ o Ê Ø j Î ¡ q … á ] ç Ö å ‚ ³n e nŒ Š™s ç{kÙ nÆL c
C Û ä Åzm
â•
ä n × Â æ • ^ Â Ü $ ä × ³Ö ] Ø n f ‰ o Ê Ø j Î Ü $ • ^ Â Ü $ ä × ³Ö ] Ø ³n f ‰ XÆ
D‚Ûu]E äßm• o–Ïm oju èßrÖ] Øì•^Ú àm• ä n × Â ä × Ö ] o × ‘ ä × Ö ] Ù ç ³‰ … Ù ^³Î é ³† ³m † ³a o ³e] à ³Â -4
I9
öÆKëž•ëÅvZèg øBE 0vZ†0·]| (oÃÊ^•E äß o–Ïm oju ä³ß³m‚³e èÏ×ÃÚ àÚçÛ³Ö] ‹ ËÞ Ü× ³‰æ
yxgŠ }g ø ÅzmvZ -vZ wÎg gzZ '¸ ñƒ Æ ~ Dp„Ú†i æ ‚Ûu]
Û p= ÅzmvZ -vZwÎg•ëÅ\¬vZèg {k
QX ¬ŠgzZ ðVZs§Åy• WÃKZ ä\ Wž ¸â • Ù 1Z]|
C
!vZ y4 cÛ gzZ 3g6ã %
â• KZB; CZgzZ à q ÃKZ ä \ W ¼ Û 6kZ bzg Åðñ c
 gzZ )ì Sg ¤Ðzz Å nŒ Ûä
â•
lñ{ ] Zg yŠ q ñ„ H !vZ y4 ñY c
Z ëž• ë X ðƒ wi * Û Ð s§ÅkZžJ
Š™ ZŠ Z nŒ VŒ ( Cƒ 74ZŠ ~
: ( Dƒ wi *
¤gzZ )¼ Æ ð> ñZÎ ä ë pìg Å è c
Ð+Y Åg ZŠ¸g ËÆ è c  { Zp )
Ð w ÓZ š
Ð ÅzvZ -vZ wÎg ä ~Q • ëÅvZ èg·X @Š X ( ™wZ euÆkZV ×Z'
 Û c
ÅVƒZpnŒ ™} ŠV)
Û {z c
nŒ Û ä ÅzmvZ -\ WX ¶ðƒ wi *
â• ñH{zž Y7 o × ‘ ä × Ö ] Ùç ‰ … Ù ^ Î Ù ^ Î h ‡^ Â à ³e ð ]† ³f Ö] à ³Â -5
VÒZy
PÅ~g îòsZzz% VÒZy
PÅ~g îòsZzz%
Û Ðzz Å‘Ã} Tì nÅ] Z f kZX ¶~}g !
ƒ Z hg: wâ g”Æ 5ZŠ Z ÅkZQƒ 1nŒ Æ
+ZèYÐ Xzg : Ð ¼ZŠ 6¼
 ÐZ \¬vZž ì yZ Q ñ YHO~5 ZgÆvZ¿ðä
Zì y YÅ·~ïÆ
 {zžì @
» kZ Ð w ÓZ š W)f Æ y Zx ¬ ~ ]gß Q ñ Yƒ {0 zŠ ) Q ƒ {0
iQ ñY H O~ { Zg ÅvZ ( {g ! i
Ð s§ÅkZ \¬vZ ÂH7ZŠ Z ä kZ Z Û ( yŠÆ #
 gzZ}™ ZŠ Z£Œ Ö ª) {g !
zŠQ ñY HO~ { Zg ÅvZ (û% ~Š)
k0 Û ÆkZžÐ b§kZÐ ,™ ZŠ Z {z ñ Y H: ZŠ Z£Œ
LZ \¬vZÃVƒZpnŒ Û » kZ J
Z Û )fÆ kZgzZƒ {0
 ƒ nŒ i
XÐB™èZg™}Š¼Ð X ǃ: 4ZŠ~¼

Z eÆvgzZxÝyzf âž7Ôg¨{Š c
I] i] !
tVŒ Ö ª\¬vZ nŒ
yŠÆ # Û ÆX• vßÆ b§&%Z
ÛŽ
7Ì~g6x ¬ H Â~g6JðÃÃyZ • D™Ýq nŒ XÐ, Šg @
ZŠpÐØgKZ
X Cƒ Ÿ] èÚ^nÏÖ] Ýçm “jÏm àñ]‚Ö] á] ^ÂçÊ†Ú äq^Ú à³e] pæ… -8

wÓZ[ggzZ[g pÔn~Š oÊ äiçÎ ÌÖi Øq… Ù^’ì p] Ù¡³ì '¡³$ o³Ê àm‚i àÚ
å‚ß lçÛm Øq… æ åæ‚ o× äe pçÏjnÖ àm‚jŠnÊ ä×Ö] Ønf‰
X •˜ *
Ññ
äŠËÞ o× Í^ì Øq… æ àm‚Ö] Ÿ] åˆãrm^Ú ‚rm ¡Ê ܳ׳ŠÛ³Ö]
Û Ð VzuzŠ Ã[g pw ÓZ [g J
nŒ Z LL
Ýçm ðŸçâ à o–Ïm oFÖ^Ãi ä×Ö] á^Ê äß³m• o³×³Â ènŽì x³Ó³ß³nÊ
g p}Š: ]i YZ Åh
)f ÅwÓZ [g Ì~ " 
D6 t 104 ” xni^ËÛÖ] é^ΆÚE èÚ^nÏÖ]
ZçOì CƒŠzöJ
wÓZ[g¤ ñ âuÆkZ ~g ZŠ
Û yŠÆ #
Zg7 Ã{ ZpnŒ Ö ª cÛ ä ÅzmvZ -vZ wÎg
â•
~Š 7]i YZ Åh Ûh
 nŒ'× gzZ c
ŠtâuÃ[g pä
1nŒ Û Ð V ðAXE
9z&ä VMÐ VÍßyZ1ÇñY c ÑŠ!$
Zg7
 Zz y- Š6[g p~³Æg !
+Z ‰ƒ Z zg »Q
g Ï }) Xƒ ˆƒgz$] ¸~ { Zg ÅvZ ÅT¿{z q
Z Xƒ
Åñ âuÆ kZ {Š c
iÐ {Š c
i » wÓZ [g~ ]gß
Ã] ¸KZ6ÔŠ ( ™h
yg Ï )ž @
 Û {zgzZ ( ƒ Š
á nŒ ƒ ùŸ
7c_Ð wÓZ[g » {Š c u
iРkZ ǃ yvJ
Û gzZƒ ˆƒ]ñÅy ›Ët ‚ÆT¿{zZuzŠ ñ J (

ä kZèY ǃ [g pg ZŠ)f » {Š c
iÐ kZÉ Çƒ
~*
i6
zZ LZŽ ¿{zZŠgzZƒY™: \z½ÅkZ {z%n
Û %Æ ]i YZ Å wÓZ [g
„z n kZ • n 2 Œ
Û c äXÃ+Š LZ {z ƒ ‚
b ï™á nŒ g sp » äƒ 2
Âì ; g™: ¿ŠpŽg®ƒ¥„, ZXì g ZŠ)f »y Z
Û Ð s§Åy Z à ¬vZyŠÆ#
ÅnŒ Ö ªž•vßtXá™
g poÑÅ䃊zöÆ~g ZŠ)f ÅkZ
wßZÆ"
XÐ,™Šp5ZŠ Z
Xì Cƒx¥96
X •˜mvZõg ~g ‡Z5ÐzzÅy*Æg
uÏZ
Æ Vµ x Ó ã½ž ì Yƒµt VŒ cZ
Ä Ïm o ju è ß rÖ] à  ‹ ³³f v ³m p „³Ö] à³ñ] ‚³Ö] Ø ³n Î Ü ³$
Æ ]gz¢ vž ì Cƒ `gŠ ] !
t ~ MZ6
àÚ ^Ú] æ †Ë‰ æ] äˉ oÊ äÞ]‚j‰]^Ú Í†‘ p„Ö] ç â ” ^ ’Ï Ö]
Û Ð {)zV¶6µZñ
vvߎgzZgzZ Ïn á nŒ
oFÖ^Ãi ä×Ö] á^Ê ð^Êæ Õ†jm ÜÖ æ èÎ^³Ë³Ò gq]æ Ðu oÊ á]‚j‰]
 Z®ì Cƒx¥] !
Z  ig®ƒ¥Æ
tÃyZ•‘
än× á^Ò á^_׊Ö] ០oFÖ^Ãi ä×Ö] ð^• á] èßrÖ] à äŠfvm Ÿ
g ZŠzÆ v™NŠÃMZ6{z
s§ÅyZ • ‘
!äñ^Û’ì ð^•…^e äß ä×Ö] ˜Ïm äß •©m ÜÖ ]ƒ^Ê äß p•©m á]
Û cg !
ì YY 1nŒ zg »žì ]i YZ ~sc
ÍÐ
J
~¼  ä™'
Z' Û žì Š
[ ˆÃTg Z¡Œ ¹Q
Û Ã[g pw ÓZ [g Z
Â}Š }Š ]i YZ ÅnŒ  gzZ
Û ñƒn äT ǃ {ztÇñ Yc
ÃnŒ Š uzgмZŠ~4ZŠ
X Sg7Šzö~gZŠ)f ÅkZ
ÐzzÅhZ
 ZzËäT{z; gXƒ H ay
 Ü ×
~s ZuZ c

VÒZy
PÅ~g îòsZzz% VÒZy
PÅ~g îòsZzz%
» ¶Š h Û Ã[g pÌA
 nŒ ƒ Ç"
g pèYì w‰ žì Yƒ [ ZŽ t»µkZ p
xÅkZŠpwÓZ[gZ Ü zÏZg (ZtX @
 ì M‰ ƒ7g (Z Åig®ƒ ¥žì Cƒ `gŠ Ì] !
t ~ „ MZ6
X} Š}Š]i YZ6
gî Å Vzg ZŠzž Zƒt È » T σŠzö~g ZŠ)f
u Å ñâužì Š Z% ÅØæ *
wÓZ [g J Z gzZ -3
Ññ¤ B‚Æ oÑkZ ]i YZ Åh Û ÃvÐ s§
 nŒ
* tž 67Å{Š c
Ññ] ! iì êŠ]i YZ Åh Û Ã[g p
 nŒ Û y Z 6ëž ì Cƒ
ñƒ ñ Î ~g ZŠ ) f Å VçŒ
Û ÃvÐs§Åy Zg ZŠz Lž
 nŒ
Åh L ì VÈÐ]kZÆ [gžì t n9Å kZ Z®Xƒ: {Š c
i Ð ñ âu
Û yZ6ëžì CƒB‚ÆoÑkZ]i YZ
ñÎ~g ZŠ)f ÅVçŒ Û B‚Æ oÑ kZ Ã[g pw ÓZ
 nŒ
]i Y Z Å h
èYì ] !  ó Xó ƒ: {Š c
"t ÌA
Å] ! iÐ bâuñƒ xs Z ) ó óX } ™“
 ZŠ'
Šp { z ~g ZŠ) f Å kZž} Š
h Û »žì HgzZì êŠ9zgÄÑq
 nŒ ZÃ[gpwÓZ[g ]
( 82 m]g ˆzuh gzZ
Û ñƒ n }g v6ípì ]i YZ Å
ñÎ}÷)f » nŒ Xì ÃûÐg ±Z&x¯ Zg7t» *
Ññž•ëë
Ð Ë6]i YZ o zækZ [g pX ǃ: {Š c
iÐ ñâuñƒ Ç"
g pX c Û gzZ+ Š VŒäØæ*
Š™iÃnŒ Ññ-1
y
Xì @
h  Ù kŠÄÑq
y â ‚ »g ZD Z ÀgzZì © Û 9zgg ZD
nŒ Ù kŠ ÅkZŠpw ÓZ [gJ
Z
 @ Û Ã[g p ƒ
 nŒ
ƒ 7g (Z »h
Yƒ uh w â Zg ‚Ð ÄW CgŠËQ gzZ äh
[g [g p[ Z Xì @ yw â g JŠ Z c
 Š: ]i YZ6gîx
×Ã[g p²}h
gzZ ¶~Š ]i YZ Åh ÛJ
 nŒ  Zz y- Š Ð äh
uÅñ âuä ?žì HÃw ÓZ Z yg JŠ Z w â Xì @ Û
 z•
ƒ g (Z » ä™|
Û kZ ?Z®Xì 1nŒ
)fƶŠÆnŒ Û »g ZD
Ù kŠ sÜä ~ ÂVƒ n nŒ
Û %Æ]i YZ ÅwÓZ[g ä [g pX •Dƒ
Û Æ9zg kŠ sÜ H Â9zgg ZD
~ nŒ Ù kŠ ]gßt gzZXƒg ZŠ 6wÓZ[g Â~g ZŠ)f Åy- Špσ6[g pÂ~g ZŠ)f Åy Z
ŠBzgÄÑ q
Xì Cƒ~g YÌ ä [gpX c Z Ã[g pä wÓZ [g }X σ
Û n¾
[gž ì t sÜ]gßÅ ~g ZŠ ) f Šzö~ nŒ gzZ w â Zg ‚t Ð ÄW CgŠËQX Zh
y Ù k•
g JŠ Z yâ ‚ »g ZD

} Š:Ð „}u]i YZ Åh
[g Â:ž @ Û Ã[g pw ÓZ
 nŒ Ù k• h
X ǃðŸ»g ZD '× wÓZ[g ˆƒuh~×
Û ÃkZ „:gzZX ñ W~g ZŠ)f ÅnŒ
à » nŒ
ƒÝq {Z Û 6w ÓZ ý‚nÏi ÜÖ ojÖ] èÏ×_ÛÖ] oÊ h…^–Û³Ö] Ô׳۳mæ -1
Tì @ Û [g pžì @
Î~ ]g ˆÌ¶g ÅnŒ ƒ b§kZŽ 470, ” …^jíÚ …•E èÊ…^ÃjÚ èònŠÞ æ ‚Ïße ]‚³‰^³Ê çÖæ ÄnfÖ]
ƒ {Š c
Xì @ Ù ªÐ
i œžìC D540
Û Å ig®ƒ ¥Æ vb§ÏZ
ÏZ sÜ~gZŠ )f ~ nŒ ØÛÂ] p] ÔÖƒ äÖ ØnÎ á] æ èÞ]‚j‰ Ÿ]æ š]†ÎŸ] Ô×Ûm Ÿæ
Û ÃyZI]
 nŒ
Åh  σŠzö~ ]gß ÜÖ ^Ú ÜnÛÃjÖ] oÊ ¡ì‚m Ü×Ê …^rjÖ] Änß‘ àÚ ^ŠnÖ ^ÛãÞŸ Ôm]†e
Z eÐ s§Åy Z Z
Û {zž ǃt ÂÈ » kZ:gzƒ: Þ]i YZ
Ë Â«oÆ nŒ D4 t541 ” …^jíÚ…•E ^ÛãÓ×ÛnÊ ^Ûãn× ÔÖ^ÛÖ] “ßm
É Šzö6 Û ²• T e ¢
zZ LZÃV- g ZŠ)f ÅnŒ %Æu æ àm• àÛ%e èÃ׉ p†j•] ]ƒ] ^³Û³Ò DèÞ]‚³j‰Ÿ]æ ä³Öç³ÎE
tX •T e´gŠzD !à Û% Ö] Ô Öƒ ‹ ßq àÚ o ò• èe… ^ –Û Ö] Ù ^Ú àÚ å‚ß ‹nÖ
Xì s ÜÆ‚ŸÆ ÜßÇÖ^e ݆ÇÖ]] !
VµêsÜ~g ZŠ)fŠzöž m
?ÅØæã¢*
Ññ-II àÓm ÜÖæ èe…^–ÛÖ] o× ð]†• á^Ò äŠß³q àÚ å‚ß á^Òç ×Ê
D4 t 541 ” …^jíÛÖ] •…E oò• oÊ èÞ]‚j‰Ÿ] àÚ

ìgJ
L ]~y
ÆoÑkZÃ[g pwÓZ[g Lž Wt»Øæ*
Ññ-2
•˜Øæ*
Ññ
ó}
ó ™“
 ZŠ'
Šp{z~g ZŠ)f ÅkZž}Š]i YZ Åh Û B‚
 nŒ
Û ÇŠ Z%Ð kZ¤
S o , t h e c o n c e p t c o ul d b e
ÎÃoÑkZ ƒ »g Zl„ X{Zpì nŒ
„ * Z
VÒZy
PÅ~g îòsZzz% VÒZy
PÅ~g îòsZzz%
business. In this case, if the debts restricted, to the public
of the business increase from the companies only who issue their
specified limit, it will be the sole shares to the general public and the
r e s p o ns i b i l i t y o f t h e w o r k i n g number of whose shareholders is
partners who have exceeded the so large that each one of them
l i m i t. (Me eza nba nk 's g ui d e t o cannot be held responsible for the
Islamic Banking p 231, 232) day- to- day affairs of the business
ì YY 3gŠzöJ
VµêsÜg¦t Z® and for the debts exceeding the
Æ XgzZ • C™ ~g Y n Æ ê ‰LZ Ž assets.
Ãq Ù Ð ~ yZž• Dƒ {Š c
ZC i ãZ ‰•q As for the private companies or
ÛZ
»] Y£ŒZiÐ VN U
ZgzZ] 5çCg ˆÆ{%izg the partnerships, the concept of
¯7g ZŠ)f
X YYc limited laibility should not be applied
yZ Âì m» • vf
 ZÑ c ÇZ6J
V ˜ to them, because, practically, each
Ù »y ZèY’ e ãƒ7~g ZŠ)fŠzö~
‰ïqC one of thei r sharehol ders and
gzZì Yƒ•Zz6] 5çCg ˆÆ{%izgq Ù c
ÑC pa rt ne rs c an e as i l y ac qui r e
%ZXì Y0g ZŠ)f »V°ZŠ Zx ÓÅkZ {z n kZ knowledge of the day-to-day affairs
(Sleeping q Ñ ÿG5.’) Æ vf ÇZ6 of the business and should be held
Ñ n~]g ˆŽ ‰ïq c
• 7q Partner) responsible for all its liabilities.
Ë ƒŠzö~gZŠ)f Åy Z
Xì $ There may be an exception for

5.)•Æ DõÎâ Æ Y »Ñ¤
Ñ ÿG
Ãq Z the sleeping partners or the
Çñ Y ŒV- Ðg ±Z ¨ÂƒÝq ~g ZŠ)fŠzö shareholders of a private company
 nŒ
Åh Û {Š c
iÐ ] YX U 5.’ä VrZž
ZÃY »ÑÿG who do not take part in the business
X U Û ~g !
Z nŒ Z ~ ]gßkZ X ~Š 7]i YZ
zg »¤ practically and their liability may be

5.¡~g ZŠ)f ÅyZ ÂN Y™izˆÐ qâ Å] Y
ÿG limited as per agreement between
X σ6 the partners.

•ëë If the sleeping partners have a


limited l iabil ity under thi s
•Ãû'!
PÌ~]g „kZ ÅØæã¢*
Ññ
Šzö~ •
agreement, it means, in terms of
 ZÑgzZ vf
ÇZ6L –t ¬ ä *
Lž Ññ-1
Ù »y Z Lž
L ðCtzz ÅkZgzZ ó ó’ e ãƒ7~g ZŠ)f
Islamic jurisprudence, that they
c
‰ïqC
Ù
have not al l owed the w orki ng
{z n kZgzZì Yƒ •Zz6] 5ç {%izgÆg ! ÑC
zg »q
ó Xó ì Y0g ZŠ)f »V°ZŠ Zx ÓÅkZ
partners to incur debts exceeding
the val ue of the assets of the
VÒZy
PÅ~g îòsZzz% VÒZy
PÅ~g îòsZzz%

Ññˆ~Š~hÆ~g ZŠ)fŠzöÅv -III


ã¢* Ù c
ÑC
q Ù ªp ÖZ {>â
‰ïqC

Ù gzZì 4ZŠ Ìq
Ž ̉ïq {zC 5.)
ÑÿG ÐzzÅxÀ~
[ZŽ »kZgzZ?ŠgzZq
ZÅ Ñn~]g ˆ
X 7q
X •˜Øæã ¢i*
Ññ )Ævf Ññx„}uzŠp
ÇZ6%Z L L• ˜t *
™NŠt ÑZz ä™nçB‚Æ v² îSL L Ñ n~ ]g ˆŽ ‰ïq c
)f Å yZ • 7q 5.’
Ñ ÿG
q
Z sÜhZ÷ì ™vtžì @
uÅV NU ™nç ó Xó ì $
Ë ƒŠzö~g ZŠ
r™B‚Æ v™žì zz ¸ X ǃŠzöJ
 vf ÇZ6ž ñY 1™tÌÃ] ! kZ ÅØæ *Ññ -2
á ÌÅ
Sg Cƒ ù •  äÅ vQXì @
ƒ ~gz¢ ~g ! 5.’Æ
Ñ n~ ]g ˆŽ Y »Ñ ÿG
zg »Æ {% izg gzZ • q
Û Xì
 äÑZz ¶Š nŒ
à â » vÐ )g fÆ Å Û gzZ VN U
Dƒ •ZzÐ ,Å] Y£Œ ZÆ vgzZ ] 5ç
Û ™NŠx PZ
Ð v™Ì¿Ž]¾Xì êŠ nŒ ¸Q Â’ e ム7Šzö~g ZŠ)f Åy Z• M
ƒ Â7gzZ•
žðŠ »nË~ kZXì @
c ™ >ùZ{zì @
™nç Æ yZI]Z eÆ vê Ôë] !
ÈÌ~}g !
{zž• M
]
( 83m]g ˆzuh gzZxsZ ) ó Xó @ Û
ƒ7e Z• gzZ VN U
Z x ÓgzZ • Dƒ•ZzÐ ] 5ç ~g !
zg Ȯ {%izg
Û z + Š~xsZžìt [ ZŽ »] !
)f ÅnŒ ÅØæ *
Ññ Û
 „Šp{zèYì Cƒt ‚Æ yZ ,Å] Y£Œ
™¼ ƒ
YÅnzH Âc
Ð+ Ô• j§„zŠ sÜÆÙz§Ð ~g ZŠ {z´ X ’ e ム7ŠzöÌ~g ZŠ)f Å yZ Z®• Dƒ ìg
X °çÐ+ Û c
YÅíZŠz{yŠ nŒ 5ZŠ Z :•˜ ñƒD™yÒnÅwÓZ[ggzZ[g p* ÑñŠp,i Z
Ÿ ] ¼ Ï Š m Ÿ ^ Ú å † n Æ æ † m ç ß j Ö ] o Ê ç â x n v ’ ³Ö ] à ³m ‚ ³Ö ] g pžìt wDZ ÝZÐ Ã`¦ÑV Œ p L L
~"
D37, 24 ” ä×rÛÖ] |†•E ð]†eŸ] æ ] ð] • Ÿ ^e Šzö~g ZŠ)f Å[g p1ì CƒŠzö Â~g ZŠ)f Åw ÓZ [g
j§„ zŠ sÜÆ Ùz§Ð +Š z nŒ Û <ÑZ  [Z [g py-Š Z Zi ~ ñ âuÆ w ÓZ [g èEG 4E
5J"ZŠ Z®X Cƒ 7
#
J Ö ªÃ~g ZŠ)f Å+ŠznŒ Û ñƒ Dƒ:Æy ZgzZì CC gzZ xsZ ) ó Xó @ ƒ 7[ Zy
 45E
)f » èEG
J"
ZŠçO • M ™wßzÐ
~g ZŠ)f Šzö Âì 7Ì~g6 ðÃÅh  nŒ Û gzZì CC ¹! ( 82m]g ˆzuh ]

Xì YYHg ±Zù »kZ ÂXì D»†f: Zg ZŠtâusÜ kZ c
BŠÃnÅ" g pðƒ ðCÅŠpÅØæ *
Ññn¾
X •ÌgzZ'!&~kZ, i Z {z´ sÜ: Ð gñZ x Óy ZI]
Z eÆ vêžOgÃ7Ã] !
C™}Š w Vä ë‰-1
Ð ÄW CgŠËyvž åc k0 ÑñX • Dƒ Ìs‘ŠpÉ • Dƒ •Zz
ÆØæ *
nç » +Š ™NŠ Ãx PZ à â Æ vZ®Xì Yƒ Ì7
e Z t•
Û yxgŠÆI]Z eÆ vf
ÇZ6gzZI]Z eÆ vê
nÆTì $ Ë W"âÅäVZ yvÃíZŠŠŽz! Æä™ :ž•ë Ú ZsÜ~[ ZŽ {zgzZì 7zzk^ðÃÅä™
Xƒ:g »6
gî6f {z Ž vŠpgzZì ŠzöÌ~g ZŠ)f ÅyZI]Z eÆvp L L
•XÐ Vzg ZŠ Z C1â gzZVËÐgîx ¬nŒÛ Ãv -2 ó Xó ìŠzöÌ~gZŠ)f ÅkZì ãâ ‡¿
Æ~z¤ g†f: Zg ZŠtâu™| (ÌÐ vŽ ~g ZŠ)fÆyZI]Z eZ
z‚g {zX • n  žì ¸x £»ä™g¨èÑq
ZŠŽ z!
¤ Æ] Ñq)c {g Äà âÆvX 7„ï ŠnŒ Û Â% VYÃyZ ä yâ ‡±¦Ñ)Q • ŠŽñ[ òZx ÓÆ äƒ
Û ™| (}Ð qâ ÝZ Å‚g}gZŠ Z C1â {z HëZ•
(Z Â•ïŠ nŒ Û VYDà â Ãy Z™á Zg – »¿è•
Ûq
ZgzZ Hi Z0
ZÃ
Xì Yƒ„ÐÛBB‚ÆvÅ}i 5Æy Z Xì C™d ¦cG@
ÅkZ<ÑHgzZ
+ŠB‚ÆkZ ðä
Z Ì™NŠgz$¼ª
 q à â Åv -3
VÒZy
PÅ~g îòsZzz% VÒZy
PÅ~g îòsZzz%
Xì @ ~sÃ{g ZŠ ZÐ 6µÂÅ à ßz Å +Š Âì @
Y¹¿ã â ‡c ™nç »
à áÆ kZžƒ (Z {g ZŠ Z ðÃV ˜ gzZ
gzZ ~g »tâuÅ=c âÅ °çXÐ VN U
Â" !™Z {ZpXì @
ZÆv{”¹c ™
û] Ã¥ÆkZgzZ VƒhZzÐ}g ZŠ Z kZ] ZŠ ¢ÆkZ ì Ýq ~g ZŠ)f ŠzöŽ 6gî ãâ ‡ÃvgzZì CWˆ Æ kZ
{Z
hZzB‚ÆÏZŠpVc ôZß ! YY H7Ì[™Ãä™Ô °çs§ÅkZ6Š ã
g ZŠ)fzt £ÂƒÃÏZŠpôZzšc ÅkZ
Ãm¾Z ÇyZëžì 7~g6ðÃ+Z~]gßkZX ÏVƒ Ìs§ÅíZŠ Âì 7ÔÅ °çÐ +
Y Å vZ
 gzZ
Û Å }g ZŠ Z Æ ™i Z0
)f z t £gzZ ,™g ±Z » ,è• Z Ã X YY*
â 7glÃä™s ç
™nçÐ v™Ì¿Ž Lž
ÑÚÅV-g ZŠ)fz t £Z®X ,Š™hZzB‚ÆkZÃV-g ZŠ ì @ L *Û t»Øæ*
â• ÑñZ®
X σs§Å¿Ç!õ Ð | ó ó@ Û c
ƒ 7e Z• žðŠ »nË~ kZì @
™ >ùZ{z
XìgzŠ¹
Z Y Z'
{zgzZƒ ¤¤ ZÐ + Û ž ñY ¹t ¤
Y Å {yŠ nŒ Z
tÂǃs ç+ŠÃkZgzZ ǃ ~'
y-æ~ª  qV#ž¾ V-
Û^
gZŒYÃ~g ZŠ)fŠzöä òsÑZ îªG©EÅZ …6Š ã
ÅÏZgzZì ^
Y
Š
: ~[ ZŽÆkZ Âì c

•ëë
ãâ ‡ » ~g ZŠ)fŠzön LZ „ ñƒ Dƒ ì‡v -1
Xì Õ~ÃÅ<ÑŽì g™Ýq h
ÃíZŠ~Tìnçb!
»y xgŠÆy-æzíZŠY Z'
Z -2
¤Â}™ c }™s ç+ ŠÃy-æ {zžì @
} ™: c ƒg (Z
g (Z »íZŠÐzz Åy â ‡Æ~g ZŠ)fŠzöVŒžZ
 }™
Xì [R„
èÑq @
Y c
0
7‰Ü z Ë̤Y Z'
ZÐ s§ÅíZŠ -3
Xì CƒÙñ{sÜÐs§ÅkZXì x » »kZY Z'
Z
Þ ‡ *
û. ™¤Ã °çÅ+Š6¿c
]ñÅ Ç¿ -4
ìkªgzZ ë!
*
™kªÃ ã â ‡¿6Ç¿V Œ pXì
 gzZ •zLž
¡wÓZ š L • ` ™yÒ ¬ t ëèYì tg ÖZ
 ™^Åt £LZŠp:Ðzz Åäƒ y Y" c
•M ~s
c ™ ZŠ ZVc
à ánÆy Z~]gß+ZX •M g ZŠ)f KZ:gzZ
)f Å y Z gzZ ì @
™D » t £Æ yZ Ž ì @
Y HgHy Zô
ZÆ Vzg ZŠ Z y ZXì @
» à ákZèa Ð ] YX U ™ Zg7 ÃV- g ZŠ
7hZzÐ kZÃV- g ZŠ)fzt £n kZ @
ƒ7m: Ãâ ðÃ
Y H[™ÃyZ s§Å „ {g ZŠ Z Ug6gzZ Y Y H
zz ÏZgzZì @
VÒZy
PÅ~g îòsZzz% VÒZy
PÅ~g îòsZzz%
z °6tâuLZgzZ•D™wßz]̀Z ÅœKZy ZI]
Ze
Z®Ô•Dƒq
Ñ6gî~z)B‚ÆVzg ZŠz}uzŠ~œ
ZgzZXì ]gßÅ ( ä™x »6]̀Z ª) {g YZ ƒÑt
s²p¤
2:X
 ZÑnçtÐÃ`¦ÑpXì @
»• ÑÃkZ~x ¬
Y¹•
Xì »{g YZÉ Ôì 7 Y|
?ì ^ Û zh
 z• y
Åi¥H
ïÅkZgzZ•ñ»Øæã¢i*
Ññ
Æ yZ gzZ Øæ 㢠i*
Ññ @'Æ ïkZ ~g ø ^n×’Ú æ ]‚Ú^u ä×Ö] ÜŠe
ÑÃkZ ã¢sÑZ y Z/~ßñ}Š Z ñ™
X • ^6ì yÁ• |Åi¥
{ ^
:• f Y» ïÅyZëakZ {g YZ åL¨G“QgzZì wZñZ ï
GL ±ÑtÂizZžìt|Åi¥
]
z uh gz Z xs Z L L[ Â K Z ä Øæ ã ¢ i*
Ññ Xì
Û P y xgŠ Æ •
y Z Ž • G ™f t • Ñgz Z v~ ó ó]g ˆ » kZ Âì CY Å ì‡v qZ Z  žì t s  Ÿz ÅkZ
Ž ) g »tâuPêY Z’Zžì @
: •t ~ p Ö Z L ZÆ g ZŠzá Zz ¶Š ¹F ƒt i§
q x »VN U
Zx ÓÆg ! Ù ~•
zg »¿C Ñ -1 Z ( • D B
%Yq
´Æ™³*Zçz°Z ¸gzZÆ™A
@ Ñ}uzŠ q
ƒ Vz » q Ù Xì @
ÑC ƒ ´ â 6gî Ð JxËb§ÏZX •D Z™cZg KZÐY~g »u
+Š ðà }ì Cƒ V 7 ~g ZŠ )f Å ¿C Ù Xì Û tâu6‰{Š™7¤
nƒ: ë Z• Zžì CY ÅÝq-
Jt
1σq ð0i!~ZgŠ'Z'Ð Y »Ñx Ó ÂZƒ Z
 Zz Æg 3ZˆÆcZgXì g »Ãäh
y
{ ã Z ã ZJ Â
ƒ7(Z~v
X @  òÀgzZ ?Å•
Åæ ~ v)g f
Ñ ( ‰) i¥=g &
Ñ q
CZ Æ ™ Z • Ñ ðà ~ •
Ñ -2 Û Ãg !
Æ ¶Š r z• zg » L Z ÌvŠŽ ñÐ ¬ LXì CY
Ñï7tâu CZÐ v1ì Ywï Âì e Üïtâu KZvß×ZpXì C™¿7?nÆ~g »tâuÃx Zún
YG |
X •M Û ‰%Z YY
 z• Ð b§kZX • Dh
y{ {Š c
 Á._Æ AgzZ ] ¸K Z
i c
ƒ7ŠŽ zãâ ‡ðÃе Z »•
v@ Ñ -3 ™ïtâu » Vß Zz ä™~g »tâu ðZ’ZgzZ Vzg Zh
yƉ
ƒŠŽzã ⠇е Z »
X •ë ãâ ‡¿ÃTì @ ~Y Z’ZXì CY0 ]gßÅw ZñZ ï GL±Ñt ì @ Yƒ uœ
VN U zg » ~g ZŠ)f ˜À~•
ZÆg ! Ñ -4 L Z » VÍß Zt |gŠ pÔì Cƒ h
y Ù„
ʼnt ÂC
Xì CƒŠzö~g ZŠ)f ÅvžZ
 Cƒ7ŠzöJ
 X ì ]gßÅä™ ‰ZÃtâu
( 61,62m ) Y H ½~ ]gßÅh
Hn kZì @ yÅi¥Žtâut
•ëë zg »~tâukZ {)z yZI]Z eÆ vžì @
vX ,™g ! Y
Ñ~ •
q Û gzZ q
Ñžt {z gzZ ì Ìt• Z {z´Æ y Z ZÆvŽ •D™wßz]̀Z6x »kZy ZI]
Å] YZy Z eÆ
vž Z
M ƒ„œsÜ~ ] Z| ig®ƒ ¥{zì @
 á 7{ Z 9{z Xì @ Z x ÓXì Cƒg Ñ~æ
ƒ œŽ ™wï] YZy
X •D™wßz̽gzZ { Z 9y ZË]Z eÆ Xì @ Š™„Ð ƒ
Yc  ÚÆtâuÆy Z6( ‰[ ôZ ª)
Û ñƒ ñCkZ}g ø
:~[ ZŽÆt• Å ‰Æ 9zg kŠ kŠ }Ãtâužì @
Y Ht i§ » kZ
Ññ`gq~7` ~z2 Z ŒZ
 ™£Zæg ?*
vZ¶gr ÆvXì @ Š™„~‰Àà œgzZì @
Y c Y1~]gß
VÒZy
PÅ~g îòsZzz% VÒZy
PÅ~g îòsZzz%
Ö ÑZœ]|Ã` ZŠ
»mvZõg ~â å# kZèÑq Xì @ Š !Zj » } :Æ
Y c
vÐg ±ZÆbzg ÇKZžì cÛ ä VrZXì
â• Ñì ™f » äZ™x » 6]̀Z Ð wÓZ ° q
q Ñ~ } :
( 3 ` 464 mòz2 Z Š ZæZ ) ì 4ZŠ ~ yÁ•
Ñ  ™ ?Xì 7™f » äZ™x »6]̀ZÐ y Á•
¶g r Ñ
ÑszcŽ •] :S+Z‰Åvp¤
yÁ• Z :•ÆnkZ {z•G™f b)Ž ävZ
sp|ÅyÁÐzz ÅyZp'Y ð0
7~ å†q^j‰] çÖæ oFÖ^Ãi ä×Ö] äÛu… o˳ӳ’³v³Ö] Ý^³ÚŸ] Ù^³Î
( 79m )X Cƒ7 7 t321 ” XXýäÖ†q] ¡Ê ^Ûãßne Õ†jŽÚ Ý^ó› س۳v³Ö
ÑgzZ vXì ÏÐ]g „t År
Æ•  ™ ã ¢ *
Ññ !pæ^jËÖ] àŠu]
ž ZƒÈ »T H™f ÇÕ Û yxgŠ ØÛvnÖ å†q^j‰] ä×Ö] äÛu… o³Þ^³ß³nƆ³Û³Ö] Ý^³ÚŸ] Ù^³Î
Ññƒ D™yÒt•
Vƒg e sc{z { Zp• 4ZŠ~ kZ 'gß0Å-•
yZ c Ñ áŸ †qŸ] äÖ grm Ÿ &³nu †³ì¤] Ì’³ß³Ö^³e äÚ^ó› Ì’³Þ
*  y Z vgzZƒÌszc)gzZ ðÃ{z´Æ ^Ò†jŽÚ …^’Ê ØnrÃjÖ^e Ù^vÖ] oÊ †qŸ] Ô×³Ú †³q^³jŠÛ³Ö]
Ѓ
ÑñQXì Z]
mvZõg ~â å*
ÑñQgzZ 1¯ n( gzZq ÑÃvä Ÿ ^Ûãßne Õ†³jŽÚ Ý^Û ØÛvÖ ¡q… †q^j‰] àÚ æ ^³Û³ãß³ne
Z ) Å•
Xì ¹! Š Ct~ÝzgÅ]g „Å !äŠËß³Ö ØÚ^ çâæ Ÿ] ä×Ûvm ðˆq à³Ú^³Ú ០†³qŸ] g³r³m
Ì|ÅyÁ~kZž c
D™ ÔÅ ÔkZQ Å ÔÞ Å•
Ѭ Ð vn¾ D7 t 322” pFæ^jËÖ] àŠu]E
}Š Z ñ™ÆyZgzZ c
Š™4ZŠ~y Á•
Ñzg$
zgŠÃkZ ñƒ
E
[& »Øæã¢i*
Ññ
ÑÆkZ Âär
?Åäƒy Á•  ™ã ¢sÑZyZ/~ßñ
ñƒ D ™c Ð w¦ÑÅ vØæ ã ¢ i*
Ññ
X ~Š™ ô¥?
]
L Z gzZ • ˜ ~ ]g ˆz uh gz Z xs Z [ Â KZ
As mentioned in the books and
X • D ™g Ö Z »[ &
E
research papers of Islamic jurists,
p ÒÆ y Z • ðWt ‚] :SŽ Å v'L L
X 74ZŠ~ËÐ~x lZszcÅ•
companies come under the ruling of
ÑvÐ
Shirkat-ul-Ainan. (Meazanbank's
ÌÃ" ZX •Å™f 9g e Å•
g p¤ ÑäY •
á ~kZ
guide to Islamic Banking)
t»vX •CY09õ0
ÂñY1™ï•
Vß £ógzZV1ÂÅxsZ ñ•ž 6
74ZŠ w¾z x Ž Ì~ ËÐ ~ Vv0
yZ xÂ
X •CW•Æy Á•
ÑV|ìgÃè~
Û ~vgzZ•
X •` YñCt• Ѭž 6
E
Ðzz Å [ & Æ y Z Ì]g „t ÅØæ ã ¢ i*
Ññ
X •Ã`&Æ+Üçñ fVŒ[ Z

gzZì«~ V©õ0 Ñ ¬Ñžt q
yZ • Z
]úŠ Å] !
kZÃVÍßY Z’Z vb§ÏZ'L L
X 74ZŠw ¾zx ŽÌ~ËÐ~yZ v
zg » kZ ?žì îŠ
ÑB‚}gø ~g !
Z® î Yƒ q
™f x lZŽ ä x Z™Y •'žìt Ã` ZuzŠ
Ñž c
»• Ü z kZ ¿Ž
Í {zì ;g™Ýq ¥~ ‰
VÂgßzz%Å•
Ñä Y •É Ô7mµ{z•Å
Û zh
 z•
( 8m| yÅi¥) ó Xó ì ;g™nç

Û „~ Ýzg ÅkZÆ™Y Z`Z »
Z Z®'ì ðâ •
¤
ÑB‚}g ø~g !
ƒq zg »kZ ? Lž
L ˆÆìtèY
ÑgzZƒ: 4ZŠ~x lZyZ]gßðÃÅ•
Æ• Ñ
ó Xó ì ;g™nç »•
Ñž c L Zƒ È H »ì kZ ó óî Y
Í { zLž
Y{zƒ: Ìs ÜÆËÐ~žµwßZ
X σ^
ó Xó ì ; g™n绕
Ñ|gŠ {zLž
L å’ eIV-ÂÃ*
Ññ
VÒZy
PÅ~g îòsZzz% VÒZy
PÅ~g îòsZzz%
á Ì] !
áZz äƒ Éžì Cƒ ï• t ~ *Zçz°Z ¸7Z
E
Ð[ & aÆØæ*
 Ññ
ä™x »6]̀ZÐ „¬ n¾XÐ ,™x »6]̀Z yZË]
Ze
Ñ Â¬ž7t Xì CƒðYÅ
ÆkZQ ðƒðyÁ• 
3 Zg Ȍ
Xƒ;g Yc {g YZ-8ñƒDƒ t · Z Ð m?~g ø r
0  ™ ã ¢ i* Zž • ë ë
Ññ¤
 7{ Z 9LyZË]
: V|+Z ÂwzZ Âf Z ež] ! t „g ÑzZtžìt m?~g ø X • M
 òÐ [ & E
LZ {z Â,™
ÔÅIî ÑZpVƒ f : { Z 9~Š ã
}uzŠ Ô• ' Z'Æ äƒ ‰žìt s  Ÿz Å kZXì {g YZ-QgzZì u5Z • Ñ
: ÌLgzZ ÌðÃÐ ~ yZË] Z ežt }ŠgzZì Â*  ™ ‰Z™5w â LZg »tâu ðZ’ZgzZg Zh
™ yZ V- gzZ• f y
Æ
Y3g7g Zæzg ZŠ »¬6
X @ q ¸ß ZgŠ * ÌgzZtá Ž ì @
gzZXìgŠ * Y H î O » iI]Z eQ Xì CYƒ 쇕
Ñ~ wâ Æ
ÆvÉ @ YH7nç»y Á• ÑÌ~³%Ën¾ à œgzZ • D™x »6tâužœkZ~ núÆV jgzZ ]̀Z
vË] ƒðt ~*Zçz°Z ¸ t Ð b§kZ Xì @
Z eáZz äƒÉÆvžì @ Š™„Ð ƒ
Y c  ÚÆtâuÆ q Ù
ZC
äBv¡XÐB]̀Z6œKZgzZÐN`Ãg ! zg »Æ шÆu5Z•
Xì {g YZì 7-• Ñ
Ñï¬~yÁ•
KZÃq Y07»y Á•
ÑX @ ÑnçÐ Z »x‰Zg ZŠ
~ :q
Mzƒ pÐ Ð ~ œÆ ™g ±Z » VâzŠtâu LZ gzZ œ | 1425ã{Z ßg 19Qgñ} :q
ZÆcZ™x‰ZgZŠp
]̀ZÐ ~tâuÝZ V ; X @
ƒ 7„™f }  »]̀Z Xì D™ŠgÃm?~g ø•\Š ÌÆr Ññ6Tä
 ™ ã¢i*
™f » ä™x »6]̀Z ~ „*Zçz°Z ¸Z
 Xì @ 
ƒ™f »h X –ñƒ
Xì ꊙ³Ãäƒ {g YZ-tÂì ó ó{g YZ -L L n Æ äW ~ ŠŽz Æ vL L
¬¦Ñ »| Û zh
 z• y
Åi¥  gzZì óž
Z ó g x- L Lq
Zt & ZÉ ì 7~gz¢
ÐzzÅVçZy
Y*
:ì ^ sfzgq| Û zh
 z• y
Åi¥ g ZŠz~ kZx ZúgzZì CY W~ŠŽz v
• ‘
Tì @
Y c ZÆ ]æ mºq
š k°Zx ¬ » kZg0 Z
ƒ» ~g ZŠ)fŠzönÆv -1
*
Éy ZË]Z eÆ vÐ ãzz Å ig®ƒ ¥x Ó~
yv{Š c y
iÐg ZlÅqâ Åi¥ž *
h 
i¥Ð oÑkZ
Æ kZgzZ • D ` Ãg !
zg »Æ vŽ • D Y G
 èY ì ^
Z ǃ :gZŠ )f » y vZ
Y* Zi {z ~ ]gßÅ
X •D™œn
~zÆ kZ • D™g !
zg» ÌÐ s§Å kZ y ZI]
Ze
 { Z 96x » LZ Ly ZË]Z et
7LgzZ • f
)Æ ~g ZŠ)f ŠzögzZì g ZŠ)f {z » y v}g7 á Zz äƒ
¥x ¬ gzZ yZË]Z e Â, ™: wßz { Z 9{z ¤
Z X f

X Yƒ7)¯Z ~'
{zÐ=g fÆyâ ‡¦Ñ
gzZ 7„ì {g YZ-ðÃÐ }uyxgŠÆ ig®ƒ
Xì w!]̀ZÅyZË]
Z e -2 ZyxgŠÆyZ ÂVƒ D™wßz{ Z 9{z¤
{g YZ-q Z
y
h i¥Vƒ: _C~ +Š A ~ŠÎËnÁ!
 Ž V|{z ó Xó ì @
W~ŠŽz6
gî:
 g ZŠ z ~ y Z ™
Z Ž ~ i ZŽ Æ “
ž ì t {z ì ú â q
[ZŽ Zg ø
Dñƒ D™nç ª• Cƒ w!'̀Z Å {)z y ZI]
Ze
nÆ äW~ŠŽzÆ vž• ë ë~ [ ZŽÆ kZ
Åy Zž7—~ kZ XÐ , ™wßz ]̀Z X{zž @
ƒ7
ZgzZ , ™ ½tâug »tâuPžì CƒoÑâZ¡
%Yq
A
Iî ÑZ gzZ Vj Æ yZ p Ô• Cƒ ¥•Z 9 ~Š ã

Ö ÓÆ™ð*Zçz°Z ¸gzZÆ™
X B Z™cZg ÅkZÐ #
VÒZy
PÅ~g îòsZzz% VÒZy
PÅ~g îòsZzz%
g ZŠz~ y Z™h
~i ZŽÆ“ y  Ð ¬ g ZlÅ ( Allowances )
i¥• _C~ kZ „ƒ
žŽ {g YZ-žìt {zgzZì Ìú â gzZq {gÃè » {Z 9z ]̀Z Å yZ |gŠ Ì÷î ÑZtèa ÔCƒ 7³
Z {z´Æú â Ñ!
~ kZXì @ð yxgŠÆg®ƒ i¥gzZ yZI]
0 Æ g ZlÅ y Z n kZ • Dƒz
Z eÆ v ]̀Z ÀÐ äƒ x¥*
ǃÝq ht Ãy ZI]
Z eÆvžìtŽì ̇ ÃoÑq
Z ª tgzZì CY{gw!
˜tXì °oÆäƒ 9Æ{g YZ] !
™5ZŠ Z ÅŠÎ6kZgzZ • M Û 6Behalf Æ v{zž
 ᣌ Z ÃÃkZž Cƒ 7Ìà ©âZ ª Cƒ 7Ì{8
Y Hi Z0
Z eèa ] !
vgzZ~ yÒ Æ ] Zg (ZÆ yZI] Ã {Š c
 }Z
tX• M i }ÌÐ {Z 96x *
Æ AllowancesèYÔn
Memorandum of cZ ÏÁZ s W x&
g™Æ žì Mt …~^g7 g: Ñ‚Åvq
Z }X • D Y ñVZ
 Z®ì Cƒ gÃè ~ association Æ Y 1994 Å ( Wh Z r) Chief Executive Æ kZ
i¥Æ v¿ðÃZ
y
@
h ñƒ D™tÃoÑkZ {z Âì @
y
h ~ yxgŠ c
 ~Y Z’Z Å Iî ÑZ gzZ V jž Z Ù MÄÑ &{ Z 9Å w‚
 Ô¶9zg gZD
-ÐTì‡ ÃZ®ì s ÜÆ-ñ ~oÑtèagzZì 2X G ÝqZ
Z ¯Æ{Š c
iÐÄÑg eñh ‚ä kZ~]gß
Zi c
X Zƒ‡ Ã{g YZ ( ‰Z Z äY: ) ˆÅ ½ Ìg »Ð +
¶„ q Y Å v
:ì `gŠ b§kZ~yÒÆy ZI]
Z eÆvq
Z Free , i Z {z´ X¸ óf Æ v] YZy
Z x ÓÆ T
The directors are empowered by jÌö;g {”öZg Wªfurnished accomodation
the company`s articles of á ~ ] YZy
‰ ñ3ŠÆ™ï• ZvŠÆ vdy
t X ˆÅ ½
associ ation to borrow or rai se w‚Æ Y 1993 ä VzI]Z e zŠÆ vgzZ q
Z b§ÏZ X •
money or secure payment of any Y 1994 žZ Ù Ï*
 Hwßz (79000/-) g ZD Z ÷î ÑZ ›;g~
sum or sums of money for the Ù :eÄÑzŠ~ækZäVrZ~
X HwßzBzgg ZD
purpose of the company's Cƒ x¥*
z w!]̀Z ÀÅ {)z yZI]Z e y Zèa n¾
business..... Xì @
ƒ~gz¢[ AZÐkZgzZì ‡ Ã{g YZtZ®Ôì
g(Z ÃyZI]Z e •Æ cZ ÏÁZ s W<g WÆ v Xì Hò :»x‰ZgZŠ~[ ZŽÆkZ
Û ~g ZlÌ˧{ Åg !
 ᣌ
M zg »Æ v{zžì Ýq Z e~{g YZ-kZèaL L
gzZ•Z 9ÅyZË]
™ÇZ ¶g c
X •M • kZn kZ'ƒ7w!•Cƒ³8²Iî ÑZ
:ì `gŠV-~x&
g™Ævq
Z b§kZ ó Xó ì 7] ! Þ ‡~
ðÃw DZ.
To borrow money from time to 'X í HÐ Zžì Vâ˜u8*
6]g „kZ Å} :
time required for any of the purpose X ñY1™·_Qg !
Z »] !
q ȸ
~g øž•M
of the company by receiving Cƒ7 Å]ˆßÖ] oÖ] o –ËÚ ª
 ˜tž} ™w ìtðÃ
advances of any sum or sums of D»b)y ZÃVÍß ÂwzZèY79tÂì YYH·»kZ Z®
money with or with-out security ÀZ7i ZzWðÃn kZ ¸7Ì'ðà »yZ}uzŠgzZ7„
upon such terms as the directors Xì ̄ !
» q Z 4
{zÂMZ f °:gz
may deem expedient ..........
™+ŠA~ŠÎ»yZË]
* Z eÆv -3
á â ÑZ gzZ Vƒ _C~ +Š A ~ŠÎŽ V| {z
To issue or guarantee the issue
ã½vZ Y •
of or the payment of interest on the
VÒZy
PÅ~g îòsZzz% VÒZy
PÅ~g îòsZzz%

Å} :Æx‰ZgZŠ~iZŽÆ| Û zh
 z• y
Åi¥ shares, debentures,
debenturestock or other security or
»z
ª obligation of this company......
:ì qX ¶ Šª YÅ} :Æx‰Zg ZŠp
»zg Z0 »¯ »z§{ ÅŠ ¢Æ vž ǃg (ZÃyZË]Z eÆ v
»h Û ~ x ÂÆ vC
 2Œ Ù žì t | L L Ìx ¸g !{z n Æ kZX • M Û ¶gg”Æ ]gz¢
 á nŒ
~ x ÂÆ VµXQ X Cƒ 7oÑÅ kZ gzZ ™f á nŒÛ Ì6_ ZÑy Z - J š cB‚Æ -
JgzZ • M
á
ó Šó Î LB Û ~ƒ
L ‚Æ2 Œ  y Zì @ Û
2 Œ
ƒ™f »h c
6u 6çF
E4G
?-E& E
e Ô6içF
4&
?-E
G e Ô6‰{z'-ƒ  o{ z Ž • M

oÑðÃÐ}u Â~ VÂgßzŠ yZ Z®X @
ƒ7» }ŠŠÎ6¶g ZŠ ÑZZ
X •M  ZzgzZ ËÅvc
6
â Z
-
ƒ™f Ì»ŠÎ~ Vµ‰V; Xì 7
kZXì @ Û ðÃZ
 nŒ
•f  y ZI]Z ežìt yÒ»‡ ÃoÑkZ
- oÑt 1ì CY ð0 Z ~ ]gß
‡ Ã oÑp¤ Æ vÉ Ôf
 6x *
gzZ 3Zz ÅkZgzZ • f  76x *
LZ {z
ÝZ Å vŠ
c
C 6 ZÆžgx
zZž 6èYì g0 Û {z Z®Ôì Cƒ vg ZŠ)f Å 5ZŠ Z ÅŠÎ
~g »tâu~ vnŒ
oÑŽ ì Ð ~Š .y Zžg x-gzZ ìžg x- Û Z x Óá Zz ä™
yZ6( {)z ig®ƒ i¥gzZ yZI]Z e ª)Š Z•
Xì Cƒg Ñë! oÑ{zŠpÉ Dƒ7‡ ÃЇ à ٠[ Z Xì @
LZ LZg »tâuC  ÚÆtâuÆ
Yƒ „Ð ƒ
pæ^jËÖ] à ¡÷ ÷Ï³Þ D296/5 E Ðñ]†Ö] †vfÖ] o³Ê Û g”Æ( ‰Š°c
)f »5ZŠ Z ÅŠÎ6kZgzZ 3Zz Å£Œ )tâu
è e… ^ – Û Ö ] Ù æ] o Ê å •]‡ †a ]ç ³ì †³Òƒ !p†Ç’³Ö] Û Âƒ y vÃv¤
¥5ZŠ Z ÅŠÎgzZ 3Zz Å£Œ ƒg ZŠ
Z Xì @
XX邉^ËÖ] ½ æ † ŽÖ ^ e Ø _ fi Ÿ l ^ Ò† Ž Ö] ZgzZ Xì CY ÅÐ ~tâuÝZÆ ig®ƒ
¥ ƒ œÃv¤
Z ~ x ÂÆ vži7 Ð ] Z|yZÆ x‰Zg ZŠ ðÃ
¤ Xì CYÅ5ZŠ ZÅkZÐœá ZzäƒÃg®ƒ
x »„%ÆnŒ Û v{z H ÂCƒ7oÑÅkZgzZ™f »h Û vZ
 nŒ  ì ]gß{zgzZq
ZXì ~]gßÅh£Œ Û Ât
%Æ nŒÛ žì x¥ c nŒ
ì szc ¢ Û » kZ¤
Z Xì C` ~ œÃŠÎkZgzZ}™ÝqŠÎ™Äg ~ J Ëtâuåà CZ
Xì ì‡Â{°‡» ½æ†ŽÛÖ ^Ò Íæ†Ã³Û³Ö] ¹7vðà á
X} ™„~ig®ƒ¥Æ™ï•
ƒ : ™f » ŠÎB‚Æ kZ pƒ ™f » h ÛZ
 nŒ b§ÏZ  ™ã ¢i*
:ž•`Étr Z
Ññp¤
X @
Yƒ7»{°‡» ½æ†ŽÛÖ^Ò Íæ†ÃÛÖ] ~ŠÎ b§Ë: ËŽ σ +Z vðÄh
•á LL
Ñ-{zQ
•` ™ ãZz ëž 6ì {g YZ 7yÁ• ~ŠÎ Ð j§ zŠ V|t Xƒ : _C ~ g !
zg »
7‡ ÃЇ ÃoÑ• Yƒ t™Èt »Vß Zzx‰Zg ZŠ
Ñž * :•Cƒ_C~g !
zg »
Xì ¡g »" Cƒ š nÆäJ (-V|tžìti§ª
ozæ»| Û zhy
 z•  Š4
Åi¥q ÆØæã¢i*
Ññ Û kZgzZ• gnŒ
X •C`x » CZÐ nŒ Û 6ŠÎÐ
Cƒ ¶gåÃgzZZ Æ vžìti§ZuzŠ
ZiŽ k0
i ZŽ
î » Z ~ŠÎ{zì
Ð š {z6kZgzZì CZÅg ~ .
Ññèa @'
wŽgß{gÃèØæ ã ¢i* Æ •ñ}g ø
@ Z » ãæWÅyZ ÌŠÎ{z Ôì C™ÝqŠÎ
ƒzq
gzZ•ñLZ {za kZ • B^
YÃ| Û zh
 z• yÅi¥Ì~
Û zh
 z•
( 17m| yÅi¥)X ó ì
ó
:•˜ ñƒD™y ÒÃw Ñ+ Z
žÏVƒ ˆ W~ŠŽ zV|+Z¼ [ Zž•f
 yâ ëgzZ
Âì w '6gî¦ùg !
zg » ~Š ã
» vˤ
Z L L
zg » ~ŠÎŽ
X •¾•Z ÌQ {zw q¾pVƒ:_C~g !
VÒZy
PÅ~g îòsZzz% VÒZy
PÅ~g îòsZzz%
ãâ ‡ÃX• Dƒ Ì Articles of Association<g W Æ vkZB‚Æ VîÑzŠ Q
Û zh
 z•
Æ„ yZx ÓÅx Ó| yʼngzZì CƒÝq w ZsÑZ * Ö ÑZœXì öRÅh
Ññ]|#  i¥
Z®X • DƒpÅzozæ~-] ïx ÓÆyZXì Cƒ ._ ¸ »òr
 ™Ã·?]|] ò âå
â -Zz}÷gzZ ~
Xì @ ƒÂY PZ {g YZŽB‚Æh
ƒ‡Ã{zì @ yʼn kZ Ì~ ~ q nZ Å ] Z|VâzŠ y Z gzZ å•ñ
ÑñŠp
zTžìt Ýq » kZì ¹Ž ÌävZ¶g * X •t…ÑzŠ {zX Vƒ&„
 gŠÃ•ñ
Ü z D™4ZŠzÃg ZŠ
™Æ˜Ð kZ %¥{zƒ q :Z ÅkZ ‰ ~ŠÎg0
ZÆ vkZg®ƒ ¥{zžìt oÑ«
ž 7t }ŠÈÃVzg Zh Ü z Dh
ÇÆ v‰ yÃzª}Š Šši ZzWÅkZp¤
Z ñ VZgz¢i ZzWs ÜÆg !
zg »
y
Æ kZ ~ x ¬ k°Z Ë~ˆ á h ‰Â¬ w1 … Y Š 4
»äVZ i ZzWq }÷gzZ ñ Yƒ ( Over-rule)
Z ÂñYƒ‡ ÃiŠ q
ˆÆž²q Z-t X ñVZ i ZzWs Ü (Annual ) : Ñ‚ Ž Å vž ì t i§4
A ~ŠÎyZgzŠ kZžZ
 ǃ E%ùŠ Y » kZÐ äVZ i ZzW ñVZi ZzWt~ kZì Cƒ general meeting)
Ü zÆ h
šZ܉ y Z ,i Z {z´X Vƒìg Dƒ Ì+Š
Åz¤ 6+ Š A ~ŠÎÔB7„
 gŠ Ã+ Š A ~ŠÎëž
D™+Š A~ŠÎ ÂëžA [ ZŽtÐ s§Åv6ä™I Ù ª[ ZX ñ Y HÈ ÃkZa kZ • 7èZg
žìC
Ì[ Zg ZŠzH ÂЕg
X Çìg)¯Z ~' σ i ZzWÅïî~ ä{g Õi ZzWt ~ ] Ñq {ŠŽñ

…Ñg e Åi ZŽq
Š 4
ÆØæã ¢*
Ññ  pX σŠši ZzWtÅkZ GgzZ
ñVZi ZzWt{zZ
ò â å ]| Â
{z ~ ]gß+Z ._Æ w¸Æ ~
:•˜Øæã¢i*
Ññ
y
zh Å i¥) ì êŠ ™ ZŠ Z ~g7 ~g ZŠ )f KZ y̈Z
…Ñg eÀaÆi ZŽÆ| Û zh
 z• y
Åi¥
Û
 z•
( 17-19m|

Øæ 㢠i* ò â åZsÑZ *
Ññs§ÅT ~ : » ~ Ññ
: J ~ŠÎ{z }ƒ „g™: g !
zg »x Zwv -i
á Zä
:ìtì H{g •
x Zw}uzŠ c 6g ãzŠÎXƒ
[ ZÑXƒ: v÷g›Z F
Ü z D™4ZŠzÃg ZŠzTÎ L L
q :Z ÅkZ‰
X {)zƒ: à Zzä™g !
zg » »w â
ƊΪ)%ZzŠ yZÃvy)g» Âä kZƒ:
gzZh
^Å ¶g×sÜu5ZgzZ PU Zx ÓÆv -ii
E ¯ 7„ Vz » ( ¶Š
Å kZ ÷t » V.g » n kZ c
Vƒn™Ýq P UZ åHh½¡¼ ävÉ Vƒ:~
Ð kZ %¥{zƒ q :Z ÃXgzZ ǃ: [™s§
y
Xƒ à h 
}i c
ƒà ¯ 8
¤}
РƘkZ1ǃ: ¿6ƘkZÍ, Š™Æ˜
: Ñ‚ÅkZ ƒ C™+ ŠA~ŠÎv¤
Z -iii
X ó óσ: ÂÚs§Å÷kZ
X ñYðVZi ZzWs ÜÆkZ~)
( 489m 3` ~z2 ZŠ ZæZ )
~ŠÎz A» œÂVƒ„«oZ
 -iv
X }Š™‘œÃkZƒ ZƒÝqÐ^i 0
e

[ZŽ Zg ø ò â å*
[ ZŽ »} :Æ~ Ññ
ž•ëë
•` ™6zZë™f »‡¢XgzZ‡ ÃoÑTž• ë ë
å: Dt Ãy Zžì @
ƒx¥tÐ ] !
ÅvZ¶g ~â å*
Ññ
Š Y Â:Ð _ ZÑyZ {Š™™f ÅØæ ã ¢i*
Ññ~ ÏŠŽñÅy Z
gzZ Memorandum of associationxhg™Ævž
 èYÔì @
‰äg®ƒ¥Z ƒÝqi ZŽ „:gzZì @
ƒ»
VÒZy
PÅ~g îòsZzz% VÒZy
PÅ~g îòsZzz%
Xì {z  H {g YZ-B‚Ƈà oÑ™h
y
Y Åg®ƒ¥{zèa Ï}™5ZŠ Z ÅŠÎŽ vn¾
Ð+ Y*
kZ ÂñYïoÑ^ ÌqZB‚Æ_ ZÑ^
YX Š
ƒ‡ Ã{gYZ
X Ïñ Wxi ÑÌCŶŠŠÎ6
g®ƒ¥Z®Ïƒ Xì @
Yƒ‡ Ã{gYZ-Ð

~CÃ}uzŠ nÆå
Ð CŠp -2 kZ Âì m»oÑ~Š{Š™™f ÅØæ ã ¢ * V˜
ÑñJ
„¬ Ðzz Ň à oÑ Â{g YZ-ž • ë ë~ }g !
Æ
*
™2 žÐì V- gzZÐ äVZ i ZzWs ÜÆ kZ¡[ Z [ ƒ‡Ã
LZ n Æ v Ð VçZy
yZžì et g®ƒ ¥ðä
Z • 7èZg6+Š A ~ŠÎÔ B7„
 gŠÃ+Š A ~ŠÎë L L
}uzŠ ªX Y™7: Zz ‰Ãv{z Â}Š ™:Zz ‰ X Çñ Yƒ7»Š Y X ó óñYHÈÃkZn kZ
Z•k0
q ÆkZÉ ÔY™7»Ð v{g YZ-CZ~V/ X •Cƒxl6x » ( o zæ) kZ Â_ ZÑÅx »Ë,i Z {z´
Û B; ÆgzZ ˉLZ {zžt{zgzZì ]gß„ oÑÃäVZi ZzWgzZo zæà ( i ZŽÆh
 z•
gzZ}™| y)Y Zѯ ZŽ äã ¢*
Ññ
ÍX }™{g YZ‡ ÃB‚Æ yZI]
C c y
Z eÆ vg Zh {z Ôñ YðVZi ZzWžì oÑnÆäƒ^ Y‰h y
Xì c Û
Šg Z Œ
™2~ CkZÃ}uzŠ Ëžì ]g߸ 'Åå Ð ¬ Ð h y
žì ~gz¢ Z®Ôì CƒxlÐ o zæoÑèa gzZ
X }Š Ô$
Ë Y 7ðVZ i ZzW¬ gzZ σ: ^ y
Yh 
:gz ñY ðVZ i ZzW
y
` îZ gzZ qË~ x ¬ k°Z : Ñ‚¬ Ð h Å ‰èY
y
h y
Â}™ ` îZˆÆh 
gzZ σ: Ýq „]i YZ Åä™
ƇÃ{g YZgzZ [„ƒ‡ Ã6¯ Ň ÃoÑ{zZƒ {g YZŽB‚Æ
ƒ7»Š Yìgì‡g2$
‡ ÃoÑžZ
 ÐäVZi ZzW¡ˆ
Ã" ¡Ðg ±ZƇ Ã-*
Xì {Z VZi ZzWtÂX Ç

VÒZy
zŠh
'× ~| Û zh
 z• y
Åi¥
CŶŠŠÎ-1
z._ƾ ÆØæ ã ¢i* ÆŠÎQ
ÑñÂ~h
ŠÎp} Š™‘œg ZlÅŠÎÐ~œ{”Ýqžì Y™tg ZŠ
 I]Z eèY Y X 7~ ]gßËÃ\ WLZ {zÐ ¶Š
Z
Æ v• f
 6x *
n Æ ] Z f KZ m{ • f Û ðÃ
 nŒ
ZÃvX ‘
p¤ Û kZX f
 7Ë]Z e ËX ¯ yô â » nŒ 7
Z {zpì @
)f Ž ì q ~sq Y 16gîÆ Person q
Z
Û {z Z® X $
Æ y Z y xgŠ Æ Vzg ZŠz nŒ Ë ™ 7wJ ~g ZŠ
 c
Î~g ! Û kZ Xì @
ZÃnŒ
zg »¤  ÚÆbâu
ƒ„Ð ƒ
ÅkZÐ ~œÏZX ǃ!ÅVzg ZŠzЃ
 ÚÏZ Ìœ
Û ÂŠ
Å£Œ ƒ y vÃv¤ Y H ZŠ ZŠÎ¸Ð „
ZgzZ Xì @
CYÅÐ ~tâuÝZÆVzg ZŠzÌ5ZŠ Z ÅŠÎgzZ Ì3Zz
VÒZy
PÅ~g îòsZzz% VÒZy
PÅ~g îòsZzz%
Ö ÓŽ Xì @
z]i YZ Å# ƒ {g ZŠ Z f
ÇZ6q
Z Þ
 Z u 6Z
pXì @ Û zh
 z•
™x » » | yÅi¥Æ VµB‚Æ 46
u
Þ ‡Žì @
gzZVƒŠ OZ. zg » »i¥ÆVµ4Z Þ
™g !  Zu 6 Z 3:X
Û zh
 z•
u 6Z | yÅi¥ÆVµXX Vƒ B
gÄ ‚¼:¼
X • ë (Listed Companies) ÃyZ ì Cƒ ~ Þ
Z ‰g Zi !
Ë ƒ Ì~Þ
gzZì $  Z u 6Z | Û zh
 z• yÅi¥ÆVµ+Z
YE
W~ŠŽzÆkZ Lë5H4hÅÅvËXì $ Ë ƒ ÌóÚ
ó î » ~ŠgzzZ L L (Stock Exchange)
zg »Æ kZ ˆ Æ äƒ gàvLXì Cƒ ˆ Æ äY
g!
Å v¬ ÌÐ äƒ ^ji¥LÉ Ô¬ Ð äƒ q zÑ
YE Y
]gz¢zsg ¬
H
kZX •ë ë54hÅ(Provisional)~gˆÃkZì CYƒ ëE H
54hÅ gzZxsZ [ ÂÅØæ ã ¢i*
Ññy*•Æy ZÄkZ )
7Þ
©  Z u 6Z i¥Æ VµXXì @ ƒ µ Z ÌÚî » » ( ì fp â Ð ]g ˆzuh
]
Åi¥Æy ZX • ë (Unlisted Companies)ÃyZì kZ ÂñY 0g ZŠz » kZ™á i¥Æ v¿ðÃZ 
7~ Þ Ë ƒ „ óÚ
 Z u 6Z ì $ ó î » ~ŠgzzZ L L| Û zh
 z• y »• Ü z Ëžì 7et n Æ
Ñ™á :Zz ¶g KZ {z ‰
Ë ƒ à 7:Zz¶g Å{Ð kZÔì ~ŠŽzvJ
X$ Z
 É Xn ™
M
’ Ë Y
ÑKZ {zž• T et Y »ÑÐ ¹èa p$
Æ™ »•
Û zh
 z•
kZ Y™7x » »| y Ù ~Þ
Åi¥¿C  Z u 6Z å~gz¢ * Û-
™ëZ•Jt n kZ ÔB™sp~ ×Ã{ LZ
kZ *ƒMXì Cƒ Ì:Å’ ƒMn Æ e*
 MÔì ~gz¢ * ™sp~×Ãi¥LZ ]gz¢‰ Ü 1 ˆ Æ äÎ ¶gž
ÔWz¹g !
gzZ ui * zg » »i¥~ Þ H ì‡ ó ó‰g Zi !
Ym i¥~ TÔŠ
 Z u 6Zžì ~gz¢n M L Ln Æ kZ Ô Çƒ
Z X • Cƒ ] q ˜Z mºÅ V;z Xì @
*q ƒ » Îâ / :Zztâu CZ ÂÐ vÆ™ »• ÑKZg ZŠzÆvªX •
zg » ¿g »/Š* T• M
áZz äƒ V; z {g ZŠ ZgzZì Y™Ìt~g ! Ö ÃgzZ Ëz CZ {z ~ ‰g Zi !
pMá 7
y
zh 
ÿC ƒg ZŠ)f » V°ZŠ Z ~ ] 5çx Ó Åi¥(Tì @
Ù {g ZŠ Z Z®Xì @ Y0g ZŠz » v(ÅyZg Zhy
~ËÆ
7g ZŠ)f »nçÆkZ™} Š]i YZ Å|
n kZÔLe à  z• ÃkZì Cƒ |
Û ë (Stock Market) ‰g Zi ! Û zh
 z• y
c
Xì Š h Û ~gz¢*
Šg Z Œ ƒM X•
Ë¿zŠžt q
Z X • j§zŠ Æ | Û zh
 z• yÅ i¥
à ÑŠ~Þ
 Z u 6Z
ìti§ZuzŠX ,™| Û zh
 z• yÅi¥%Ɖ ÂÆ}g ZŠ Z
¨gzZ • Dh
yi¥Ìn LZMÆ Þ
 Z u 6Z
u 6Z {g ZŠ Z {zXƒ | Û zh
 z• yÅi¥Ð ‰ ÂÆ}g ZŠ Z Ëž
i¥ÃM) X • Dh
yÌn Æ VzuzŠ ™á zwÑŠ
ÌôZzgzZì @
á ™Ìã ZôÅ| Û zh
 z• yÅi¥Ž ì Þ
Z
y
Æäh  y
i¥Xì @
h ÐW ZzÆw ÑŠ Ë{zÂVƒäh
 y
ì @
ƒ g !  Z u 6Z X ì
zg » » i¥Ž % Æ ‰ ÂÆ Þ
X •'gßtŶŠg eg WÃw ÑŠ n
X • ë (Over The Counter Transactions)ÐZ
~ Tg egW (Z ª :(Market Order)g egWLg â -1
| Û zh
 z• yŽ %Z Ô7Äm{ ðà » | Û zh
 z• yÅ i Z0
Z kZ
ÆvV#6 gÌŽ~Lg ➃Š
kZƒf ŠÈtÐ wÑŠ
c
:ìt,¼ ÅkZì Cƒ)g fÆÞ
 Zu 6 Z
y
X N Y nh 

VÒZy
PÅ~g îòsZzz% VÒZy
PÅ~g îòsZzz%
Z ˜Àï6wuÆi¥Ì~ :(Limited Order) g eg W™ -2
ƒˆÆ‹q
Xì @
y
~g Zh +Z Åi¥Š Z%Ð kZ : (Sale on margin)-2 ïi¥67 kZ ¤ Š geg WÆ ™gH7 q
Zž ñY c Z ª
¹! Š™ ZŠ Z w ÒZ °z‚¼ »7 Åi¥~ Tì
X ñY c y
X N Y}h :67{Š c
 iÐ kZÔN Yná ÂN Y
˜ÀÅkZXìg JŠ Z‚90gzZ ~Š™ ZŠ Z7‚kŠ }Xƒg JŠ Z
ç»V†Åi¥
VßÑŠÆyZ•Tg Dh
yi¥ÒZvߎžì Cƒt]gß

~ kZ Xì Sg Cƒ ž¶~ V †Å i¥ÆV µ
ÆvV #žì HÐ w ÑŠ ¿ðÃ[ ZX • Dƒ] ©Ð
Ôì f(7Ð "(PU ƒ4Š ÌÃVN U
ZXì @ ZÆv
Ô‚ kŠ }ì CY à ™ð bÑÅTÔßh
y
6Margini¥
Ô• CƒkWZ©ÌÐ ïZúYg { FgzZ {z´ÆVN U
5 Zp
™ ZŠ ZÐ s§KZ wÑŠ‚90 ¹!
ì @ Šg Zh
Ôì êh y¶g âZ
ŠñÔ] Ñq Ï( ÔyDg » ‡g z Ô Ô] *
kZ Æ «o }
ŠÎ6
ì© kZ Lw ÑŠXófÆg Zh
y
ì @ Û »w ÑŠ ¶gtX
ƒnŒ
WZ ©ÌÐ VégzZ VƒZ ¯Z ‰‰ ïZú~Š â ) Ô] Ñq
Ôì ŠÎš ú ÂJ
yŠPžì @
ƒ ÌV- LgzZX 7LgzZ
Z WZ ÌïZúYg {~ î J m
i Z0 ZÆV †èa X • Cƒk
g @ 
5
yŠ&7{0
J â ¹!
Z }ì @
¤ ™ ZŠ ZŠÎˆÆkZ
ƒ ~gz¢*
ÏÒúÇÅVN U
ZÆ vÐV†Åi¥n kZ Ô• Dƒ
ÝZ »wÑŠ~kZX ÇÑ ŠÎˆÆkZpX ǃ7ŠÎ Â~Š™ZŠ Z
X Cƒ7
 zgzZ n Æp
Æh g ~g Yg !
zg » CZ Xì @ Ã
ƒ z{Z
Û { zn
ƒg »ÌöŠnŒ
Xì @ y
9ʼng Zh 
» ó óu¢) ßL L|gŠ -^g •
á :(Short Sale) -3 X •DƒÆb§zŠá Zzäh
y

~ !ÅkZ ÌZŽ ì ꊙ| ªÔì x * gzZ • Dh
Û i¥, Z ù !
 z• y  gZŠz~ vvß ‰ -1
¥n Æ “
t ~ˆ Æ äYƒ ZŠÎžì Cƒ µÂt ÐZpX Dƒ 7 Á¹ vß,Z 1Ô• D™Ýq œ: Ñ‚™Äg k0 LZ ¥
ŠÃg Zh
X ózh y³i¥
 X •D ƒ
™™]g ˆwâ Šp] Z &
Ãi¥Ž • Dƒ,Z vßÒZ -2
}ŠÎT
¸gzZ¢q
Ü z kZ ƒ Á7 Å i¥Z
‰  Ô• D™ | Û zh
 z• yÅ kZ
(Spot ZŠÎ¢qÃq
ZX •DƒÆb§zŠ}ŠÎÆi¥
V†VâzŠ X • ï Š Ö  gzZ • Dh
Âñ Y| (7 Z y
ë (Forward Sale)ZŠÎT
¸Ã}uzŠgzZ•ë Sale)
ŽÐzz Å"( ÆV†Xì @ ƒ œ»yZ {zì @ Û Ž~
ƒ t•
X• H
4F4 ´
5G ÃkZì @
X •ë (Capital Gain)”ÿ5G ƒÝq œ
ÌÃÅt £gzZì CYƒ ÌZ ß Åi¥~}ŠÎ¢q
©Å i¥µÃžì @
ƒ * ZgzZ(¬ ~g !
Î {i Z0 zg » kZ
‰1Ôì @ y
 i¥Ð ÌZ g Zh
ƒ g Z, » h Xì CYƒ ÌZ
Ãf¿kZ ÔÏ ³(© Å i¥µÃgzZ Ï Vƒ Á {ÒW
~ ( ~g= e ) 5ZŠ Z ÅwuÆ i¥6Y ¯ Å V- g6ò OZ
LgzZì @U9L{i Z0
ƒ" Zt X • ë (Speculation)
{Š c V à&Ð q
ipXì CYƒí@
J Z ˜ÀXì Cƒí@

@ »ïq6XÔì Cƒ~5ZŠ Z Åi¥eZgí@
ƒ Zƒ –x * tF
ÅkZì @ ™ qŽg s§Å vn Æ%$
7* x *
»ïqXì g »& §»| Û zh
 z• y
Åi¥
{Š c
'ì Cƒ 7í@ i ~ i¥gUXì CYƒí@
Ð zz y
X •j§&Æ~g Zh Åi¥
Z {Š ‚x ¬ » |
~ äƒï6i¥èa Ì~} ŠÎ¢q i Z0
kZ Ôì CYƒí@ Û zh
 z• yt (Spot Sale) :ZŠÎ¢q -1

ÐW¬Ðh ~sAKZÃwuÆi¥g Zhy
ÌV Œn }ŠÎ¢q kZX ~Š™ ZŠ Z 7~g7 ÅyZ™h yi¥ä Ëžì
VÒZy
PÅ~g îòsZzz% VÒZy
PÅ~g îòsZzz%
ðÃn ÆŒ 1Ô ˆƒ  ߙ} Š: îžìt ZŠÎT
¸ Ü z »Œ ] ‡zZ Î Xì êŠ Ö
6äW‰ 
Empire Z ,Å kZ Ôì CY ƒ gH õg @{ÒW
vq Xì Cƒ_ƒß~Vð;FÅkZ
g pŠžì t ._Æ Resources v¤
Å vkZ ¿ÑZz p Z¬ ÐŒˆÆäYƒ ßÅi¥~} ŠÎ¢q
Ù kŠ~ c •
Y0Ág »YÆZ™ ¦°Z eg ZD
CZÃv{zQXì @ á g » & §pÔì C™~g Y „x * œvÂ} Š™„œ
Æ ù !
Ù zŠ Ð ~°Z eg ZD
g•°Z eg ZD Ù kŠ {” ¦yZ vÂì êŠg eg W œ{z ù!
n kZ Ôì Zƒ„œˆ Æ äƒ ßèa žì ¸

~œ :î
% LZ Ãgeg WgzZì g ™–Æ (Security) Dc ŠÃg Zh
X ì êh y
Ågeg WÐ w ÑŠŠŽñ~ œ
% Cg ˆËÆ *ŠŽ ì îŠ à íŠ s ps§Åw1Ôì CYƒ ÌZ Âß~}ŠÎT
¸
à kZ 6gî à ßZ Xì êŠ q :Z Å ~g Zh
yÆ ™ Š V#t £Æ {)zŒ1Ôì _ƒ ßÅi¥ÌZ‰Xì Cƒ
Ì (Future Sale) gzZ • ë Ì (Forward Sale) Tì CW õg @  ~}ŠÎT
{zZ ¸XÐVƒ0Ð õg @
¸ Xì @
T Û ~ VâzŠ yZ 6gîiÀ ` W1X • ë ™á ZjÆg Zh
ƒ t• i¥] ‡zZ ‰ ¶ˆÅð 5ZŠ Z Åi¥6
y
E
5"Y¤
» ~œªƒ „ bŠ Ô¢
6õg @ 4E
{gHÑ » èEG Z~} ŠÎ i¥g Zh
ygzZ ù ! ƒ Ìt ] ‡zZ ‰gzZ Ô• D YØŠ
žì @
7Ñ » ù !
(Forward ÃkZ ƒ ¢ gzZ *
™wßz ½Ñ »7Å õg@ Å5ZŠ ZgzZ7Å õg @ y
Å~g Zh ñOÆh
E
Ƀ: bŠ Ô ¢
6õg @
{gHÑ » èEG5"Y¤
4E ZgzZ • ë Sale) c õg @ ™'
Å ag â 30Ã~g†J }X • f  Û
~:Wt•
Z'
Hg (ZÐ wÅŠ ã
(Future ÃkZƒ Š ÅA ç¡Ã½  pX ¶ðƒgH79zgkŠ¥°gzZÔåŠ
Z H ZŠÎT
¸
GG
~ kZX • ë ó ó] G 5©4h!L LÃkZ~ ! ²gzZX • ë Sale) ù!
é5ÒE [ ZX ˆƒ9zg {g ! ™| (7Åi¥ÂðW õg @
Å ag â 30
Cƒ ] !
Z Ð ~ V Â!
q zŠ ÑÉ Ô@ ƒ 7Š°¢ » ½ 7 Ôì ꊙ ZŠ Z¥°9zgzŠ ñOƶŠ i¥Ãg Zh
¤ Z c y 
Xì Ð kZnŠ9zg kŠ Ã ù! y
ž kZ ñ Og Zh ˆ{g9zgJ W
Å ¶Š Ôh
 ½6{gH õg @(Speculation) :¢ -1 Š9zg zŠ ¥°ÐZ Ô}™wßz i¥
7wßz i¥gzZì êh
nçt ÃcŠJ }Xì @
Y c
¾ œÆ™' Û » V†ñ O õg @
Z't• Å 5ZŠ Z ˆ Æ õg @
Å} ŠÎ~ }ŠÎT
¸ Q X @

ÔÏVƒ ´Š~9zgÄÑq y
ZµÇÎÅk¾Ã~g†Jž Zƒð g Zh ª ªX • D Yƒ}ŠÎÐ ¹ ] ‡zZ ‰J
äW
@ ƒ bŠ k¾Ñ » ù !
k¾Ñ » ~œ:gzZì @
ƒ¢ :1 ƒ W] ‡zZ ‰gzZ Xì Lg ‰ Ã}Š ZuzŠ ÔÃ}uzŠ
 ~y
ZX •f
¤ ™'
 Z' œ~: WV âzŠ6äW õg @
yvc É Ôì ™'
X •f Z' Û »V †ñ OÆ+Š AÆi¥
t•
kŠÃ~œù! Ù kŠÄÑq
ˆƒg ZD Z 7 ÅV[ÇÎÃ~g†J
}ŠÎT
¸gzZ¢q~k»Z
Ù 90 7Ã~g†J¤
ˆƒg ZD Ù
ZgzZX Çá™s ™nç™}Šg ZD
 Z u 6Z ~ ´ ˜‰
gzZ¢qÆ i¥‰)g fÆ Þ
Ù kŠÐ ~œù !
X Çá™s ™nç™ág ZD Â
¸gzZ¢q ÌÆY âZgzZ k»Z „, Z• Dƒ} ŠÎT
T ¸
ƒDÐ yvÂÑ ZuzŠ » (Future Sale) -2
@
• Dƒ~ k»Z ~(~(ÉP }ŠÎt X • Dƒ} ŠÎ
Ë¿ðÞìt Ýq » kZ X • ë Hedging ÃkZ Xì
X {)zk¾Ôxn }
™ (Forward Sale)ZŠÎT
ªZzÑ»kZgzZì @  ¸ »½
ƒt ÂZŠÎ¢q » k»Z
t £gzZ ðƒ ßÌZ Ž˞ì @
y
kC{çt gZh  ƒ 7Š°¢Ôì @
pX @ ƒ „ *
™wßz ½
ò OZ ËX c
0 Û g Z, » Œ Ð ÌZ g Zh
gZŒ ygzZ ‰ƒ vÌ
7ŽkZJ
{zǃyv=ˆ¤  õg @ Zžì @
{gH¤ ™
0»Œg Z,{z1Ôì ] !
µ Z {z ƒí@
~Œ6Y ¯ Å ~g6
~ (Futures market) ýÏZ nÆ vÐ yvkZ
Xì [
Zž @
ŽkZ¤ Ôì @ Û 6(Future) n Æ õg @
 z•
™| ÏZ
VÒZy
PÅ~g îòsZzz% VÒZy
PÅ~g îòsZzz%
Ð ~i Z0 Û Ž ì @
Z·Œ ƒ œ6gî¦ù6x ¸g à Zz äƒÝqРǃyvA~A ç¬Âˆ¤
7
Xì @
ƒ„ X ÇñYƒwßz~A ç}uzŠ „Ú Z
wu8
±Ìe'-2 y
Ô, h  ZÖÇÎÅk¾ÃcŠJ äh
~9zgÄÑq i }
wu^i 6em{'-3 ÎÅ k¾Ã~g†Jžì t wì » kZ X ÔZƒð Ã~g†Jï

wuÞ
 Zyg Ã-4 k¾Ã~g†Jžìt {ç1ÔÇVî ¾ œ™ Ö
ÐW™á µÇ
i X ǃ y vÃkZ ˆ¤
t n Æ vÐ yvkZh 7 Å
Ö Óm
# z*ŠŽ n Æ h Û g• Þ
 nŒ  Z yg ÃÐ VÍß
~9zgÄÑq
Z J
~g†JµÇÎÅk¾žì @
™ðZzgg »
ë (F.E.B.C)wu gU Þ
 Z yg à à kZ Å ~g Y ä
Z [ Z Xì êŠ Ö
ÎÃ ~g†J ¤ Ã-{ ~ Lg â (Futures)
Ü z kZ™á °Z e #
Æ 7 ʼn Ö Óžì t ^Å kZ '•
Ù kŠÃh
„ âZ1X Zƒ {g Ä »g ZD Ù 90 7 ÅV[Ç
i ˆƒ g ZD
Ü z kZ }ì ~g Y wu »9zg ãÎ 0
Å°Z e ‰ ._
Æ (Futures) Ã-{ ä kZèa µÇ
Ô• ðƒ Ž~g Zi !
Ö ÓÂc
kZ# Ù !
W™á°Z eÎÑZzäWÐC gzZì 9zg 65 7
y
ZÃ-{™h
ÄÑ q Ù 90 {zÃ~g†J n kZ
µÇ ~uzŠ~g ZD
~g Y wu »9zg ãÎ 0
Î õ0 Ù b ÃkZ™á °Z eÎÐ
g ZD
Ù kŠŽ Ãh
{g Ä »g ZD i~A ç¬ b§kZgzZ uŠ™| Û~
 z•
Ö ÓžìtÈ »TÔÏ}™
nÆwuïq#
ãÎ 0
'1™wßzÐ A ç ñƒ GB‚Æ-{ ä kZ {z å Zƒ
Ù bñ h ‚
Xì nzHÅV7zgg ZD
ÃÏZ Ôì Cƒ Ìn Æ v Ð yv b§kZ ó óûl
AL L
ïq » kZ gz Z ì M†Ÿ Z ‚ 12 : Ñ‚6Ï! ~ Z p Z
 ì) Hedging
X •ë ( k
zŠÆ™7wutì e Z
kZïqgzZX ì Yá° Z e {g ! 
 Z u 6Z ~ ´ ˜‰g !
„Þ zg » » {)z (Futures)
Ãw
X ì YÌÖ u
Xì @
ƒg Zi !
µ Z »kZ~´ ˜‰gzZì @
ƒ~
Û gzZ #
nŒ Ö Ó ÂnçÝZ ~ yZ • ] ‹~g »ux Ót
ƒ yxgŠÆ ( m
œÅx ZúpÔì @
nÆ ª z*Š ïq ) {yŠ (Financial Market)~rC1â
~(Financial Market)Xì ˆ¿göRÌÅ&Æy Z ~r C1â à Tì z » g Zi !
} (q
Z Þ
 Z u 6Z
 Ç}™ ß Å kZ Z z*Š ïq Xì Cƒ |
 m Û zh
 z• yÅy Z ~ T• ë Capital Market c
Financial Market
Ö Ónç » kZ Ô Çìg 7íZŠ {z [ Z C1â vŠ ÔJ) Vzg ZŠ Z}uzŠÉ Ô7„ i¥Æ VµsÜ
[ ZgzZ Ç ñ Yƒ »Ð #
y
X Çñ YƒhZzÐg Zh  Ö ÓgzZ ǃíZŠg Zh
nç»# y| Û zh
 z• yÅ] Z m Ö Ó}g ZŠ Z
z*Š C1â {Š™~g Y Å ( {)z #
t nÔ7~gz¢ŠŽz ð5Z'µ Z ðà »g Zi !
kZÍXì Cƒ Ì
Þ ~g n
. R-5
ƒ „~ Þ
~s » kZ ~ b ˜Z1Ô• M  Z u 6 Z x »ƒ

(State 
J ~œ Û Ð VË Cg ˆ
%c ä™wßz nŒ
ó ó] ‹ ~g »uL L ~ Financial Market ÏZ X ì g¦
(Treasury ~ ~ môZ ÃTì @ Þ q
™ ~g Y . Z Bank)
Xì Cƒ ÌY ZÑ z ß Å (Government Securities)
(Face Þ q
7 ðƒ è6. Z Xì @ Þ ~g n
Y ¹. RBill)
Ö ÓŽ • ë Ã] Z mz*Š y Z ó ó] ‹~g »uL L
x Zú » ¯ »z #
Xì Cƒ9zgÎ value)
Ö ÓZ
ãæWù Zg f Æ #  Xì C™ ~g Y n Æ h ÛÐ
 nŒ
Þ t
t Xì Cƒ {â b ˜ÀŽ • Dƒ ~g Y c ]æ {gH.
Ö Ó ÂÔVƒ °» *
x Zúmz*Š C1ât # nÆP ( {)zL )
Cg ˆsÜg Zh
yðZ’Z Æ y Z gzZ • D Ym x8=g &
.Þ
}Xì C™~g YnÆh ÛÐ
 nŒ
y
h
»x8X • f Ð VËLvß}uzŠX • Dƒ „J

i&
! ƒ 7œ Â6&
x ÓÔ@ Ù ~ TX &
!
C !
ò ÅZ ' -1
kŠ }) ¶g âZžì êŠ ™y´Z J ~œ
%žì @
ƒt i§
VÒZy
PÅ~g îòsZzz% VÒZy
PÅ~g îòsZzz%
Þ ~g nR
ìg Y G ~g Y . Æ ( [g Z
7âZ~žì @ Ù X • D CÔKZ KZJgzZ•
CJC
ì ‚ 14 @ y
g » kZ À` WVƒ Le *
13 â Àf h Þ ãZ6
.
 Zu 6)‰g Zi !
(Þ TTXì @ Û ~9zg 87 c
 z•
ƒ| Þ »9zgΪ
86 ˜À.
Þ ._ÆÔÅkZÃkZì CƒwJà 1ÅJ
w¦ÑÅx »Æà ÑŠ~
kZ ¶g™}Š.
Þ t ä J T[ Z Xì CY à ™wßzÐ
~9zg 86 }.
•D™x »Ž wÑŠgzZ•Dƒx »ÆnT~‰g Zi ! {Ša gzZ Çá™wßz9zg Î}g7 Æ kZˆ Æ { â b {z Zh
y
³¸™NŠ Ãy Z ¬ Ð äW]æ Å.
Yt Ð zg Å<Ñžì À
¼ Å kZ 7^ Þ kZ XÐ VƒÆ œ c
ŠÎÆ kZ 9zg
:ìt, 6. Þ kZ~ (Stock Exchange)‰gZi !
c
„J Ã
VÒZy
~| Û zh
 z• y
Åi¥-1 Ë ƒ Ììî ee Å kZ ªì YY c
$ Î ÌîH" b§Å ~z
0E
X •VÒZy P~x »Ævž•` Cëú
~( Xì
ƒh»ä™+ŠA6
Xì @ ŠÎÃy ZI]
Z e -i Û c
ñOÆ{à~g YÆ yZ V˜ ] Z mz*Š Å2 Œ i¥
w!{z• Dƒz » „ {Z 9ÅyZŽ ½ÆyZI]Z e -ii g Zi !ã â Uà g Zi !kZ N Y Å | Û Ã ¿}Š Ë
 z•
 ˜ Åy ZgzZ • Dƒ ðà » ] Z mz*Š XXì @
ZÞ Cƒ 7à ©âZ ª
Xn Y Åi Z0 Y ¹ (Secondary Market)
Æ ‰•qvŠ gzZ yZI] Z eÆ vÐzz Å VçZy zŠ y Z {Š c Ë YÅ|
iÃyZVƒ$ Û Ã& •
 z• Û }ŠË{zªƒg Zi !
~â U
Xì CYƒ‡ Ãì {g YZ|ÅTnçyxgŠ kZ ~h  ] Z mz*Št núÆ9zg vßgzZì @
Y Œæ6
yZ‰ïq ðä Z [ ZÆ™uZgŠ Z »VçZy
zŠ Ñ!
{gÃè -iii ™| Û ~g Zi !
 z• ~â U  ž• n
7ZÐ •e Z g pŠ n
Æ kZgzZ Y™7:Zz Ãv‰LZ {z Âì e ÈÐ
k0 XÐB™Ýq ¶g×Æ
}™| Û B; ÆgzZ ˉLZ {zžì ]gß„q
 z• ZsÜ
{g YZ‡ ÃB‚Æ y ZI] y
Z eÆ vg Zh {z ~ KÆ kZgzZ
Ã}uzŠ Ëžì ]g߸ 'Åå
 Ð Cn¾X }™
Š™2~CkZ
X ñ Yc
ïqÆ~g ZŠ)fŠzö‰•qgzZyZI]
Z eÆv -iv
,úäëž 6ì ¦Ñ)g¦» ~g ZŠ)fŠzöX •Dƒ
Xì c

ÅkZXì @ ™ ZŠ ZŠÎÉïq~ ]gßÅy v -v
7*

Xì _g ¦úÌ,

¢-2
~i !
Î ~ Tì z ë Z gzZ Z (¹ » Þ ¢
 Z u 6 ~i !
Û »:W™ Y~y
t• ƒ7Š°Ç!
WÉ @ +Š A»i¥] ‡zZ
Ù q
i¥ÎÆg ZD Z ä h
i }ì @
Y 1™'Z'(Difference)
VÒZy
PÅ~g îòsZzz% VÒZy
PÅ~g îòsZzz%
!
( ¬Ð à ßzÅ7) ä ~Ã~0 Û B; Æ ï 6i¥ » kZ X H ZŠÎ » äh
 z•
ÏZQX Å| y
Û Îb c
™}Š nŒ Íž Zƒt³»T ) 1h
yÐ yZ~ ëgŠÎb Ã7 ˆ yŠ {gG }žì Ñt 'ì 7{Š Zg Z » ä™

»ëgŠÎzŠgzZB:ZzÌ~0 X ˆƒ •ÅëgŠÎJ W6
! {gHŠ • n kZÐ B™[ ˆ » kZ σ ž¶Ž ~ kZgzZÐ BŠ
e
Hnç Z' .ä ?nÅ Z}
cÛ äÈ
â• ñ ¬ ]|X ( Zƒ Ìœ ¤
Zˆ yŠ {gG Q X @
™7ZŠ Z Ì7 Åi¥ñƒ}h
y
i
h
™nç~ŠÎt) ä VrZžzŠ à( x •t Z÷)Ã ¶g Z0h
iXì gzZ Çáá9zgÎÐ {à| Ûh
 z•i ˆƒÎq Ùq
Zg ZD Z7
Š™ ù ŸŠ ˜ CZ Zƒ HB‚Æ ~
™/Â{zžt ÑZ c  vZ wÎg ( Æ X Ç}Š9zgÎÃkZh
i ˆƒÎ♤
7¤
Z
}uzŠ Ëc
X B äÎ =g fÆg Zi !  Z u 6¢ » b§ÏZ
Þ
ƒg JŠ Z »yZ~ ]gßÅh
„ @ yÅ´™ ce äÎ -ii
~0 ~ TÃ} ŠÎ, Z Xì @
ƒ Ì~ k»Z vŠ gzZ ´™Ô ~0
e
e äÎèÑq ˆÅ 75ZŠ Z åÌÅ 7 ì ~ ~ môZ ì CY ƒ gH õg @{ÒW ðà c ï 6yâ ‚
Å ´™gzZ ~0
Yq
X ñYƒïåÐ+ Zžì oÑt~| Û zh
 z• yg JŠ Z @
 ƒ7Š°¢
»½Ðgîx ¬~kZX •ë future sale
h^q^Ê èònŠÞ Œç×ËÖ^e ga„Ö] Äne à oiçÞ^v³Ö] سò³‰ ŠÖ
c:Zz ZŠÎB; Æ ù !
6õg @
kZ „ ¸Ð õg @
ÅïÉ
!D…^jvÛÖ] •…E ànÖ‚fÖ] ‚u] ˜fÎ ]ƒ] ‡çrm äÞ^e ž ZƒðnçÃcŠJ }Xì @ 
Y1™' y vc
Z' œgzZì @
Y
gJŠ Z Å äÎ núÆ ( 9zg }) kjÐò Câ q)´ ŠÎX ÏVƒ ´Š núÆ9zgÄÑq
ZµÇÎÅk¾Ã~g†J
VçúzŠ¤ Š [ ZŽ ä VrZ Š
Zž c Y7 ~}g !
Æ| Û g Zh
 z• y Ù kŠÄÑq
ˆƒg ZD Z 7¤ Ü zÆ|
Z‰ Û :Zz Å}
 z•
YƒŠ
Xì ^ 1™ï6
ZÐ~ kZ¤
q Ù kŠÐ áZz yâ ‚
ZgzZ Çá ™s ™nç™á 9zgg ZD
6á²ì @
ƒ Ìá~ (Commodities) y â ‚ -iii Ù kŠÃáZzy â ‚g Zh
nç™}Šg ZD y Ù } â7‰
ˆƒg ZD Ü z
Y*
Xì ^ t ·Ñ!
* Û ÐWÃkZ%Gï
 z•
™| X Çá™s ™
p†j•] àÚ Ù^Î "
# ä×Ö] Ù牅 á] †Û àe ä׳Ö]‚³f à³Â
VÒZy
~¢
DÜ׊ÚE !ä–fÏm æ änÊçjŠm oju äÃfm ¡Ê ^Ú^Û
7gzZì @
™| Û :Zz ZŠÎB; Æ ù!
 z• y
ÏZg Zh 
Z -i
¤
cÛ ä~
â• ZzgÐ ñ/0vZ†]|
 vZ wÎgžì e
~g7 Å 7 Å yâ ‚ ä g Zh
y Ù } ♕
gzZ ì CYƒ g ZD
: wßz Zg7 ÃkZJ
Z
 }™: | Û ÃkZ {zÂZh
 z• yáä T

ÅŠÎt  å c
Šz¼ 6gîÆ ÁI¡É ¶Å 7Ì5ZŠ Z
Xá™:ï6
kZgzZá™
Ù kŠ ~B‚gzZ 5 :Zz Ìy â ‚ CZ Ã ù !
g ZD èY µ ]gß
´Š~->~g7 Å ~g7 7~ Future Sale -iv
Zi9zg
X A ÌZ
:ì ~ g uX ðƒ7~g7 ÌoÑtXì Cƒ
‚m‡ kÃe k×ÏÊ èŽñ^ kÖª‰ kÖ^Î á^nˉ oe] 霆Ú] à³Â
ø
Äônû eø àûÂø oãFÞ " $ * ø
# o$ fôßÖ] á$ ] sõmû‚ôì àôeû ÄôÊô ]…ø æø †ø ÛøÂö àôeû ] àôÂø
èñ^ÛjŠe äßÚ ^ãjÃje] æ éªÛÞ^Û³%e ð^³_³Ã³Ö] o³Ö] èm…^³q ÜÎ…] àe
ø û
Doß_Î …]•E !oÖô ^ÓÖ^eô oûÖô^ÓÖ] ø û
oÇ×e] km†j•] ^Ú ä×Ö]æ ‹òe ^`ß ä³×³Ö] o•… èŽñ^ kÖ^ÏÊ
ÐÅvZ èg ó} 0 «Zg ]|gzZ ñ/0 vZ†]|
á] Ÿ] "
# ä×Ö] Ù牅 ÄÚ å•^ãq Ø_e] ‚³Î ä³Þ] ܳ΅] à³e ‚³m‡
èa) c Û IÐ ßÅgJŠ ZnúÆg JŠ Zä~
â•  Ñžì e Zzg
DÑ]‡†Ö]‚fÂE !hçjm
vÐ ß·Nn kZì @ ƒg JŠ Z ZŠÎ~ Åߪ-egzg Ã
Y)ÐñȬ ]|ä ~• 9âZ Åñy ç1Z ]|
^
X ( ì ~gz¢5ZŠ ZÅ7À~„ß>nÆ
~g »u ~0! Z ( KZ ) ä ~ž ¹ ( n Æ ä™x¥^
q Y*
yŠÆ~g Zh y {z¤ y
Z ~h  ^ ÑŽ ~ Future Sale -v
ñ¶g Z0h
i núÆ ëgŠÎJ W ( 6g JŠ Z ) J  (‰ Ü zÆ)Ynz
wßzzCZ sÜvà Zz ä™à ÑŠ c wÑŠ ˆ~Š™|  z• Û„
VÒZy
PÅ~g îòsZzz% VÒZy
PÅ~g îòsZzz%
YÅwÑŠ ¶gtXì @
+ ™ ZŠ ZÐ s§KZwÑŠ‚} â ¹!
ì ‰ µyŠ¼~| Û¤
 z•ZgzZì C™
ŠÎ6kZ Lw ÑŠXì CƒófÆgZh
© y Û Ð Šp~ V Âg߉Xì C™wßz ÌŠÎ{zÐ [ ˆÆð- Â
Ž ì Cƒ nŒ
ì ŠÎš ú ÂJ
yŠPžì @  Ÿz ÅkZ ä Empire ResourcesXì MŠÎÃÀ¸
ƒ V- LgzZ X 7LgzZì s
Xì @ ™ ZŠ ZŠÎˆÆkZ
ƒ~gz¢* Xì ÅV-

VÒZy
 Interest/Premium are paid or charged

ÅŠÎ Âì ©
ŠÎ¤
ZwÑŠ -i
basing on the number of days for a position
X ðƒ! Zy

á ÌVÒZy Û zh
trade.
X •ï• Ñ!  z•
{gÃèÅ| yÅi¥-ii
^â ‚‘^ÏÛe …çÚŸ]žì {°‡»}-vi
Û Åi¥ž¢)-5
 z•
| ¡ž Zƒx¥ Â7„Š°• ZÆvèa
Ñ~] YX U
i¥, Z ù !
X • ë Short Sale ~ ~ m
ôZ ÃkZ  ˆ| (
‰Û 7~g ! ¢
 žì ZŽgzZ ~i !
zg »Æi¥Z
µÂt ÐZ pDƒ 7~ ! Å kZ ÌZ Ž ì @
™| Û
 z• 7gzZ
X ‰g ;ˆ¤
X ÇVzŠ}ŠÃg Zh
y™á i¥t~ˆÆäYƒZŠÎžì Cƒ

| Û zh
 z• y
Ðx * Åi¥~Þ
Æ!$  Zu 6-3
VÒZy
 Zžì Cƒt ]gßÅkZ
gzZì ]gz¢ÅV¦Ã¿q
Xì Cƒë!
¬Ñ ßÅqž¢)-i Æ}uzŠ ¿{zX •ŠŽñi¥¼ k0
á i¥{zk0 ÆkZ
X VÒZy
Ñ! Û zh
 z•
{gÃèÅ| yÅi¥-ii 7âZ ` WB; }g vi¥t ~žì HÐ kZgzZì @
Y™
*
ÎîH
0E ]‹~g »u-6
"6 y
h ~ ãZÐ ?™ J (7 ~ˆ Æ ‹ q
ZgzZ Vƒ ‰6
67 •z Á ÃÏ! ~ Z pZgzZ *
Î îH Þ ~g n
" 6.
0E R} X ÇVß
á ~ŠÎ *
Xì ï• Û zh
 z•
™| y VÒZy

x¯Ýq Û Ðg±ZÆÑt-i
Z 7ÝZ Å¥n ÏZì nŒ

‰gzZ • VÒZy
Ϲ ~g !  Z u 6žìt
zg »Æ Þ Å kZ Z y
 gzZ X Ç }h „ 67 Z
Zi {z ÌA
 ñY ̤

u 6 Z®Xì 7]gßðÃÅ}g Ö Ð X• +Z VÒZy
 X ǃŠÎ{zÇ}ŠÃ}uzŠ ÑZz¥Ž 7Z Û|
Zi Âì nŒ
™à ÑŠgzZ *
YÐzgÅ<Ñ *
Xì 7^  Z ÌVŒ {z Nƒ™f6zZ VÒZy
™ÝqRg~Þ Ž Å| Û zh
 z• yÅi¥ -ii
X •CYð0

y
h 
Åi¥6
Margin -4
¼ »7Åi¥~Tì ~g Zh
y+ZÅi¥Š Z%ÐkZ
gzZ ~Š™ ZŠ Z 7‚kŠ }ƒg JŠ Z ¹! Š™ ZŠ Z w ÒZ °‚
ñY c
i¥ÒZvߎžì Cƒt ]gߘÀÅkZXì g JŠ Z‚} â
ðÃ[ Z X • Dƒ ] ©Ð VßÑŠ Æ yZ • Tg Dh
y
y
h 6(Margin) Xg â i¥ÆvV #žì HÐ wÑŠ ¿

êŠ} Šg Zh
y¶g âZ Ô‚ kŠ }ì CY à ™ð bÑÅTß
VÒZy
PÅ~g îòsZzz% VÒZy
PÅ~g îòsZzz%
o× ^³ËÎæ áçÓm ^³³ãÖ^³³Ú Œ]… à³Ú ^³³Úç³×³Ã³Ú ] ð ˆq Ùˆ ³Ã³i
x ñ ] ç Ö g Š u Ñ æ ‚ ß ³’ ³Ö ] oÊ ànÒ†jŽÛÖ] àÚ àm…†³–³jÛ³Ö]
o Ï f n Ê ý è m ^ã ß Ö ] o Ê è m † n í Ö ] l ^ ã r Ö ] o × Â æ Ñ æ ‚ ß ³ ’ ³ Ö ] 4:X

?ì òsZx »…‚ H
Øì‚iæ èe…^–ÛÖ^e ]†Û%jŠÚ •çÏßÖ] àÚ Ýç×ÃÛÖ] ðˆr³Ö] ]„³â
!ÌÎçÖ] š]†ÆŸ Ñæ‚ß’Ö] oÊ |^e…Ÿ]
~sKZ Šp Å kZ X @
ƒ 7~ ! Å Ë - •z -2
Xì @ ¯´ â gzZì á ´ â {zÐ=g fÆTì Cƒ, {zì Š H òZgx ÂŽ »÷g›Z òsZ ª…‚V ; }g ø
è n’ í • äÖ á ç Ói æ (‚ u] äÓ× Ûm Ÿ Ì Îç Ö ] Ñ æ ‚ ß‘ á ] F
6°Z ¸g eÆ kZgzZ •zgzZì Zƒ H äz »Øæ ã ¢i*
Ññ
æ ^ â† Û % jŠ mæ Ù ] çÚ Ÿ ] Ô × Û jm á ] à Ú ^ ãe à Ó Û ³j m èmçßÃÚ :•˜ *
ÑñXì
!ÔÖ„Ö èÛ¿ßÛÖ] xñ]ç×Ö] g Š u ^ ãÓ ×Û m è¿ËvÛÖ] å„â áçÓi á] oÖ] èq^v³Ö] l†³ã¾ ^³ß³â à³Úæ
{PÃkZ ._Æ_ ZÑÅ-áZzh pŠ~÷g›Z -3 àÚ ØÒ oÊ èm…^fjÂ] èn’í• äÖ ÌÎçÖ] á^Ê ÌÎçÖ] Œ^‰] o׳Â
X •M 0MÆ-™}Š áçÞ^ÏÖ]æ èÃm†ŽÖ]
è m ç –  o Ê á ç Ò † j Ž m à ³n Ú ^ ³j Ö ] o ³Ê à ³n f Æ ] † ³Ö ] á ] ƒ6Š ã
* Ù ª]gz¢t Ð kZ
Å•z - » ÷g›Zž ðƒC
xñ]ç×Ö] gŠu änÖ] ņfjÖ^e Ñ æ ‚ ß ’ Ö ] ,~g ±Z z ãâ ‡~ VâzŠ <Ñz y⠇ÕzèY ’ e
ÅyZ {zÐ, Š {PŽ Ã-•zá Zzh  Œ0 ÷g›Z -4 Xì Ýq
: •z Šp Ç ñYƒ 4ZŠ ~ ! Å -•z™òÐ ! :•t°Z ¸g eÆ•z
•zb§Tσ: Z
 Zz«™Ð b§kZ Å ¶g kZ Z®X ǃ  gŠ•z» ( 9zg ) ~× -1
Xì „
ÃÆ -•zXì Cƒ Z
Ìà ¶g Å {P nÆ} Z  Zz Å ¶g Xì YVZ œŠpЕzñƒG LZ•Zz-2
«oÆ kZÃ ¶gÝZ Å}P gzZ Ç ñ Y c
Î~g !
zg » j œ Špì á
!Å•z {z ñY H{P ª qrŽ Õz -3
c œ£ vŠ Æ •z gzZ c °ˆ Å ] *
H ay vÉ 7•z

X Çn Y }ƒ: »LŽƒ cæ +Zy
s ! 
{zžì k c •z -4
*
¦
Ø ì ‚ m æ Ü ã Ó × Ú à Ú t † í m á ç Ò † j Ž Û ³Ö ] ä ³e Å † ³f j m ^ ³Ú XƒcYZL
çâ ^ÛÞ] æ ^ËÎæ ‹nÖ äÞ] ^Ûeæ (oËÎç³Ö] Ñ悳߳’³Ö] Ô×Ú oÊ
^ÛÒ Å†fjÖ] ÈÖ^fÛe Á^ËjuŸ] grm ¡Ê ý ÌÎç×Ö Õç×ÛÚ
ìt^-Å…‚x ÂF
6
°Z ¸geyZÆ•z
Ñæ‚ß’Ö] xÖ^’ÛÖ †Û%jŠi ^ÛÞ] æ (èÊçÎçÛÖ] •çÏßÖ] oÊ grm ànÚ^³jÖ] سn‘^³i!‚gÆØæã¢i* Ññ]g„!²:^â)

ÌÎçÖ] š]†³Æ]æ l^–mçÃjÖ] ijʂ³Ö ^³ãu^³e…] Ä³Ú Í†³’³i æ X ( ì Å änÖ] ènÂ]‚Ö] èq^vÖ]æ ÌÎçÖ] Œ^‰] o× o×Ê^ÓjÖ]

!p†ìŸ] •zÐzq ZÆtâuLZ v÷g›ZòsZ c …‚ -1

 Œ0
h 6X Ç}™ ô¥Å _ ZÑyZ)* _ ZÑ » - -5 -Ž ǃ c VÍßy Zq Ñ~ - ÂÑzZŽXì C™ì‡-q Z »

XÐFg Z,ƶgÅÝá Zz ny s ! Š q Ë._Æ _ ZÑÅ


gzZ Vƒ ñƒg D »yv CU
Ñ ^ ³Ï v j ‰ ] ½ æ † • o × ³Â Ñ æ ‚ ³ß ³’ ³Ö ] è v ³ñ Ÿ “ ³ß ³i Š 6"
c gpÃtâuÆ -X ǃ c Vñ»áZz äƒ: »Æ
ä³e Ü jm o jÖ] ņ³fjÖ] ȳÖ^³³fÚ æ l ^– mç ³Ã³j ×³Ö à n Ò † ³j Ž Û ³Ö ] X Çñ YH ay
~œ£Æ-Ãœá ZzäƒÝqgzZ ÇñY
!ànnÃjÖ] Å]çÞ] àÚ ÅçÞ ØÒ o Ê Õ ]†j• Ÿ] æ ÌÎç×Ö ^Îæ‚ß‘ o Ú¡³‰ Ÿ] à³n Ú^³jÖ] èÒ†³• ® ³Žß³i
VÒZy
PÅ~g îòsZzz% VÒZy
PÅ~g îòsZzz%
 Œ0
ä‡çm á] xñ]ç×Ö] oÊ äŠËÞ o× ½†jŽm á] ‡çrmæ (è×fÏÛÖ] {zÏA ¶gŽ ÅÝÃVß Zzh -6
!ànÒ†jŽÛÖ] o× äßÚ ] ðˆq æ] ¡Ò ÆkZ ._Æ_ ZÑÅ-•zÉ Ïƒ7nú»} PÆy Z
ÜŠÎ VÝ^ŠÎ] è$¡$ o× ˜ñ^ËÖ] ÜŠÏm á] àŠvjŠm ^Ûe… æ X ÏAÐzzÅ“
g Z,
èn×rjÖ ànÒ†jŽÛÖ] o× Ňçm ÜŠÎ æ (o›^nju ^³Ò ä³e ¼Ëjvm ‹ nÖ l ^–mç ÃjÖ] à Ú áçÒ † jŽÛÖ] än׳ س’³v³m ^ ³Ú
x•]æ ØÓŽe p‚n×ÏjÖ] ànÚ^jÖ] àne æ äß³ne ŒçÛ×ÛÖ] цËÖ] Ñæ ‚ß‘ à Ú ØÏjŠ Ú ð^ _ ç â ^ ÛÞ]æ ( äe ]ç †f i ^ Û ^• ç³Â
‡]†eŸ †níÖ] åçqæ o³Ê ͆³’³m ÜŠÎ æ (Œ^ßÖ] èÚ^³Â p‚³Ö ½æ†• gŠu Üãn׳ ÍçÎçÛÖ] è×Ûq oÊ ÜãÖç³ì‚³Ö ÌÎç³Ö]
!è߉ ØÒ Ñæ‚ß’×Ö ènËÎçÖ] èË’Ö] !ÌÎçÖ]
Ãw â Æ kZ gzZ Ï }™x OZ » - •z v÷g›Z -9 :ÏVƒSgsfzgq~!Å-•z-7
 ,ÅkZÔÏñ J (
Xì sf ø œÑZzäƒÝqÐ~וz-i
Ï} ™x OZ b§Å à áÆ •z v÷g›Z :x OZ -i Œ0
} PÆVß Zzh -ii
 Œ0
y vÆVzg Z,Ô Ï} ™wßz} PÐ Vß Zzh ª «oá ZzäƒÝqÐVzP-iii
gzZ Ï} ™„._Æ_ ZÑÅ-ÃœØ{Ô Ï} ™ug Z D
» Æ_ ZÑÅ -•z~ V¶g yZ {zžì g(ZÃ-•zgzZ
ˆÆ- Y™s¥ì eŽ ~ œØ{ -•z Z®X} ™s¥._
ˆÆv] !
X ÏÇ gµ ZÐ ] !
X Ïá ]̀Z v6 ƒ
]â} yZ }ì
Ï}™x »™0]̀Ñ!
c VzvnÆkZ :*
J (wâ -ii {ÒWž @
Çg k0
LZ6gîÆ o ôZà œØ{ kZ {z -i
X Ï᜻zLZgzZ Ï}™x » b§Å[g p n $Ð}g ÄgzZyvµ· Zá Zzäƒ~Vß ‚
c
é … ] • ^ e Ý ç Ï i Ì Î ç Ö ] ® Ž ß ³i o ³j Ö ] à ³n Ú ^ ³j Ö ] è Ò † ³• á ] „~yZMÆ-Ãzq à œØ{}g7{z-ii
ZÆkZ c
Ý ç Ï i ^ Û Þ ^ Ê Ñ æ‚ ß ’ Ö ] é … ] • ] ^ Ú ] ! ä Ö ]ç Ú ] … ^ Û % j ‰ ] æ Ñ æ ‚ ß ’ Ö ] X} ™
ÄÊ‚ i æ l^ † ³fjÖ] èË’ Ö] å„ãe ÄÛrjÊ Ì Îç×Ö Ù çjÛ ³Ò ä³e X}™{&ÆœØ{ -•zžìt4p
Ì Î ç Ö ] ½ æ † • g Š u ˜ ñ ^ Ë Ö ] oÊ Í †’ji æ l^ –mçà jÖ] Å ] *
vá Zz ä W7 {ÒW6gîÆ o ôZzq
Z -i
¡’Ê èÒ†ŽÖ] h^³Šu à Ú Ñ æ ‚ ß ’ Ö ] l ^ e ^ Š u Ø ’ ³Ë ³i æ X áÄg c °ˆ
Û Ð ÷g›Zzz%ž @
Ù]çÚ] …^Û%j‰] ^Ú]æ !é†q] l^Ú‚íÖ] 儳â ð^ÏÖ ÐvjŠi æ ^Ú^³i t• }Š ™„~ yZMzq
Z -ii
ÐvjŠjÊ …^Û³%j‰¡³Ö ØnÒçÒ äe ÝçÏi á] àÓ³Û³nÊ Ñ悳߳’³Ö] Xnƒ
ðˆq ÔÖ„e ÐvjŠjÊ h…^–ÛÒ ^ãnÊ ØÛÃi æ] é†q] ÔÖ„³e * ñY H ay
ƒ•z » -ž @  Z -iii
~ Vñ»Ænzq
!…^Û%j‰ Ÿ^e èב^vÖ] |^e…Ÿ] àÚ ^Â^ŽÚ ] Xìg ãZzÌ
ÃÐ Vh§&vb§kZ -10
X Ï} ™Ýq {Z änÊ ^Ûe äÖ]çÚ] ÄnÛrÖ ÔÖ^Ú oËÎçÖ] Ñæ‚ß’Ö] á] &³nu
Ð «oÆtâuLZ -i ÄÚ áçÒ†jŽÛÖ] ^ãÚ ‚Î ojÖ] l^†fjÖ]æ ènËÎçÖ] •çÏßÖ] |^e…]
Ð]̀ZÅx OZÆ-•z-ii ͆’jÖ] Ñæ‚ß’×Ö á^Ê …^Û%j‰Ÿ^e |^³e…Ÿ] à³Ú k³fŠÒ^³Ú
g p-iii
ÐzÆœ~" ^ãn× ” ç’ßÛÖ] ½æ†ŽÖ] g³Šu Ù]çÚŸ] å„â oÊ Ð×_Û³Ö]
‚ ñ] ç  èÒ †ŽÖ ] g Š Ói á ] à ÓÛm Œ^‰Ÿ] ]„ ³â o³× ³Âæ á^Že ð^• ^Ûe äŠËÞ o׳ ½†jŽm á] Ñæ‚ß’××Ê !ävñ]çÖ o³Ê
é…]•] é†q^e ^nÞ^$ æ (^ãÖ^Ú Œ]… …^Û%j‰^e Ÿ¨] Vl^ãq ' ¡ $ à Ú Ñ æ ‚ß ’ Ö] o Ê äÓŠÛm á] ‡çrnÊ oßnÚ^jÖ] ˜ñ^ËÖ] oÛ³Šm ^³Ú
èe…^–ÛÖ] xe… àÚ èfŠße ^%Ö^$ æ (Ñæ‚ß’Ö] l ]ç ß Š Ö] o Ê “ Ï ß Ö ] à ³Ú ' ‚ ³v ³m ‚ ³Î ^ ³Û ³Ö o ³›^ ³n j u ^ ³Ò
VÒZy
PÅ~g îòsZzz% VÒZy
PÅ~g îòsZzz%
æ ^nu Ý]• ^Ú äŠËßÖ ˜ÃfÖ] ½†• æ] äŠËß³Ö ØÓÖ] ½†• »x ÂÆ÷g›ZòsZ c
…‚
ÌÎçÖ] oFÖ^Ãi ä×Ö] äÛu… ̉çm çe] Ù^Î ð]†ÏË³×³Ö å‚³Ã³e
oe] ÙçÏe ]æ„ì] ä׳Ö] ÜãÛu… î×e îñ^ŽÚ æ x³nv³‘ Ýq
æ ý Ì Î ç Ö ] o Ê Œ ^ß × Ö ^ f n Æ † i p ç j Ë Ö ] ä n × Â æ Ì ‰ ç m C™ ì‡ - •z q
Z Ð tâu¼ LZ v÷g›Z òsZ
o× ^ãj×Æ p†ri èÊçÎ çÚ è΂‘ å„â o •…] Ù^ ³Î ç³Ö XŠ q Ë»yZMXÆ-•zžì Ð ~ _ ZÑÅ -kZXì
Üã×ŠÞ æ p‚Öæ ‚Öæ æ p‚Öæ o× p‚Ãe ܳ$ k³ŽÂ ^³Ú Å °ˆÅy vÆyZÐ ~ «oÆ-kZ ñ Yƒy v~
‡^q ànÒ^ŠÛÖ] o× oãÊ ]畆ÏÞ] á^Ê ]ç׉ ^ßi ^Ú ]‚e] Ù Ž ǃ bŠ {Pm{q
Å q âC Z~kZc“
M»-X ÏñY
XXànjËÛÖ] èÞ]ˆì oÊ ]„Ò ÔÖƒ X ǃ._Æ÷g›Z
•zÚgzZ ðà c  Ôì ~{íf
}i ðÿðÃZ Ð kZgzZì C™x OZ » -•z Âq
Z v÷g›Z òsZ
cÕz À{zì {0  Z
i {z J ž} ™oÑt gzZ}™ Å -•z}uzŠgzZì îŠ x •Zu6]̀ZÃ] â }
x Ó´
vZ îG*9gŠ- 1Z ÂÇÇg~ wEZ LZÃzq ZÆkZ ~ œgzZ ì C™x »6gîÆ [g p6V¶gž¢gzZ {”•z
vZõg Š- 1Z ä › Y xgzZì 9•zž• ëm X ì C™wßzz CZÐ
䙕zÃVÍßž @
ì ò :6ÏZgzZ Hg (ZÃw¸Æm - (1) • Ï&Å ãæWà Zz äƒ ÃvÐ b§kZ
}it ~÷ž¾ V- ¿ðä
Z gzZ 'ìg Ég ~ (3) gz Z œ»t âu L Z (2) ]̀Z6 Û ]â}
ä™ë Z• ´Ð

Vß ãæWÅkZ~Vƒ{0 Z
i~J gzZì •z‘œ g p
Xz » œ~"
~g7 ~÷gzZ6Š ÑzZ ÅŠ ÑzZgzZ6Š ÑzZ ~÷ˆ }÷gzZ Ç ,Š ã
•ë! Åx ÂÆ÷g›ZòsZ c
…‚
 Q Ô- {z J
{z ÂñY ƒ »±~÷Z Z 6± Š ~g7ä ë
H„zg¨6kZgzZ H·_»x ÂkZÐ ~g ZÈ c
YÂì •z6
„, Z~ ànjËÛ³Ö] èÞ]ˆ³ìXì ^ W) °Z ¸XÆ•zÃkZ äØæ ã¢i*
Ññžì k\Z…p
Xì äØæ *
ÑñX c7Zƒ êŠB‚ »kZðZ ¸yZ ä ëì c
0 VZ6
•ëë Š ZG Y!®)èÑqì c
¯ x  » …‚™hŽ ~ : WðZ ¸y Z
œ„z sÜÐ Ú {Š™•z½Ï0
iž *
™oÑt » •Zz »yZ~•zÆ ~× îSp• D a
Ãû*
a  Z {z~

Š ZG Y!®) * ~ ^ÅwŠ •òsZÆ÷g›Zzz%äØæ *
™oÑt Ìc ±~g7 gzZŠ ÑzZ KZÉ Ç ñ VZ ä ™ ÑñXì
7ù Ÿ Lì Cƒ EZŠ z ~$
ZŠpŠ ZGY {zèYì g´ Â~ gzŠ Cc ¹F{ŠŽñÆ ] âçž ¶]gz¢èÑqì 1x »Ð
Cƒ 7„ µÂÅx ZzŠz e
$Z~Y âZ!®vŠgzZ ~ײ Cƒ X 'ƒo ¢[p, Š ã
Åx ÂÆ…‚~
c
¼ ¶gÝZ̄ !
Æyv~g !
zg »žì @
ƒ{ç Â~~×É Šã
ë!
«
Ð ¹ }Y âZ!®vŠ²ìg CY „ À 
gzZ ÁÂ Ô@' „gŠ •z » ~×Lž
L {°‡ª {Š™™f »Øæ ã ¢i*Ññ
gzZ • CYƒ {¦1 Ð w EZÆ w ‚:e M{)z z r •zLZ})• Ñš ~Ï0  L {°‡ZuzŠgzZ ó ì
i KZ•ZzLž ó
Ìg D »XŠ q Ë{z ,i Z {z´X •g 7Åx »Æ }uzŠ Ë hŽÃyZp• ›(KZ KZ „VâzŠtó Xó ì YVZ œŠpÐ
*
Ë ƒ Ì~ga gzZ • $
¸ sÜ~ Y âZ!®n kZ X • $ Ë ƒ  gŠ
Xì 7„
™oÑgzZ} Š™•z ~g ¯~í {ŽzÃyZ òŠ Wžì e]gß •˜ ñƒïŠ?Š *
Ññ
Çñ VZ œB‚Æ}uzŠ ÌŠp{zž}Š
gZ, » «oÆ•zc æ †ì• ^ò³n• æ] ^³•…] Ì Îæ ]ƒ] V鳆³nì „³Ö] o ³Ê
VÒZy
PÅ~g îòsZzz% VÒZy
PÅ~g îòsZzz%
‚’Î ¡e ð ^nßÆŸ ] àÚ g³v ³m à³Û³Ö x ³’ ³m ÌÎ ç³Ö] áŸ Æ Vzg Z, }uzŠ Ð zz Å äƒ
‚ne^jÖ] ½†Že èe†ÏÖ] àÚ å†ì• o³Ê ‚³e Ÿ á^Ò á]æ çâæ èe†ÏÖ] ÑB‚
X ǃq
D†m‚ÏÖ] xjÊE ‚rŠÛÖ] xÖ^’Ú æ ð]†ÏËÖ^Ò ÔÖ„e çâæ •sfzgqbÑŠÆ]!
~g ø
ƒ 9Ì~ hÆg ´Z •z%Æ pÆ "
@ Û :ÀF
Œ
 gŠ•z~Y âZ!®p¤
¡kªs Ü{zpì „ Z -1
Œ
»kZ }nÆ" Û B‚ÆoÑÅe
$ZˆÆY ´Zp¤
Zì
Ðzz Åï¬ÔÐzz Åg  gŠÐzz Åy IZ
u ªì „

Xì k*
¦ ƒcKÔrc
* ƒ cY ZL
*
E
+-BE XÐzzÅäƒ œcY ZLgzZ
X •˜mvZõg êG0ZgzZ
‚Û v Ú Ù ^ Î æ ý Ù çv ³mæ Ø ³Ï ³ß³m ^ ³Ú Ì Î æ ‡ ç ³r ³m Ÿ
á Ÿ è ÃË ß Û Ö^ e Ñ‚ ’ i o ßÇ Ö] o ×Â Ì Î ç Ö] á] Ù ^Ï ³m ‚ ³Î æ
ä × Ö ] Ø n f‰ o Ê äË Î æ æ å ^ ß ÃÚ æ | ¡Š Ö ] æ Å ] †Ó Ö ] ‹ f u ‡ ç r m
á]æ !ð^nßÆŸ] o× áçÓi ð]†ÏËÖ] o³×³Â áçÓi^Û³Ò è Î ‚’ Ö]
Œ ^ n Ï Ö ] æ ! á ^ Š v j‰ ] ç â æ ] ç Ö ^ Î ^ Ú o × Â ä n Ê ä Ã Ú Ì ‰ ç m ç ³ e ] æ
æ Ü ã – Ã e ‚ ß ³ Â è f ã Ö ] à Â ] ‡ ^ r Ú o ß Ç ³ Ö ] o × Â Ñ ‚ ’ j Ö ] á ^³ Ò
ªjm Ÿ ÙçÏßÛÖ]æ ‚ne^jÖ] ½†• àÚE ØfÎ àÚ å^ßne ^ÛÖ ‡çrm Ÿ á]
è e † Î Å ç Þ o ß Ç Ö ] o × Â Ñ ‚ ’ ³j Ö ] o Ê á ^ e é † n ì „ Ö ] o Ê | † ³‘
D‚e
D5 t 187 ” Ð ñ] † Ö] † v f Ö]E † n Ï ËÖ ] è e† Î á æ•
æ Å]†ÓÖ] oÊ p] é…çãŽÛ³Ö] …^³$¤] á^³Šv³j‰Ÿ] ä³qæ
‘œèYì @
ƒ‘œ »æ•z6"žì @
Y ¹ :ÀF
|¡ Š Ö ]
] Z|‰p¤
Z Xì @
ƒ Ì6Y ´Z b§ÏZì @
ƒ6Y ZL‰
lŸçÏßÛÖ] à Ú ØÚ^Ãi änÊ ^Ú Ì Îæ ‡çrm äÞ] ‚ÛvÚ à³Âæ
ì ô¥~ {ífgzZì @ Š 4
ƒt@zSÈ »‘œ6"q Æ
^ ã e ^ n $ æ é‡ ^ ß r Ö] æ … ^ ³Ž ß ³Û ³Ö ]æ Ý æ ‚ ³Ï ³Ö ]æ † ÛÖ ] æ Œ^ËÖ^³Ò
Ð nB‚ÆMŽì ngzZ "
ŒÛ Å q âq
Z Ì‘œ6"ž
‡ çrm Ÿ Ì ‰ çm o e] ‚ß Â æ Ì u^’ ÛÖ] æ Ø q† ÛÖ] æ …‚ Ï Ö] æ
Xì CƒÅzgŠ²
Å ] † Ó Ö ] o Ê • … æ “ ß Ö ] æ “ ß Ö ^ e Õ † j m ^ Û Þ ] Œ ^ ³n Ï ³Ö ] á Ÿ
•ëë Õ †j m ‚ Î Œ ^n Ï Ö] Ù ç Ï m ‚ Û v Ú æ ä n× Â†’ j Ï nÊ | ¡Š Ö ] æ
EE
Zpì gz$îp©$ °p¤
tÃkZ¤ Z ] !
à Zz‘œ6"ž å„â oÊ ØÚ^ójÖ] ‚ q æ ‚Î æ Å^ ß ’ ³j ‰ Ÿ ] o Ê ^ ÛÒ ØÚ ^ à ³jÖ ^ ³e
Y ´ÑZZ•zc ûkZ ÂñYHÌ
lZZ•zž ǃ Ú Z •{Z Däm]‚aE ð^n•Ÿ]
s !
»kZy ŠŽz!
ÆkZpÏñ Y0äÂq „ ,Š ã
Z Å䃕zÆ yZ • Z] Å]oÆ •z ~ Y âZ!®Z

Zƒx¥Ð kZXì òi Ñ*
ƒ•z6KÔrc
6Y ZL6gî~$
Z * ZÆ•zÆŠ ZGY!®)~
™~g YÃlZZ•zª¬q
{z ƒ Ì"Û¤
ŒZ‘œ6Y ´Z²ì {Š°"
ŒÛ ‘œ6Y ZLž g ÏgzZ} h˜sÜy IZ X ǃРyIZ c
ǃРkª  c
gîx ¬É n Y ¹Š°Ðg ±ZÆ ]y
WÃkZž7ÅzgŠ kZ èY7„ e{z Âkª ; gXì 7~Ú!®gzZ Ëì ~
~B‚žÆkZ ñ ZÎ @
ð0 Û t ªì ŠŽñtg Ã~!®)z!®
Y7„ ŒnöŠÃVz÷ZÐ Š ZG Y!®)žì t•
Xì Cƒ̄ !
»[ Z NgzZ n+
 hZ à ZzäY "Û gzZì Cƒ EZŠ)gzZ èg ¬Ú!®gzZì Cƒ EZŠ z ~$
Œ Z
ì ¹{Š°"Û ÌÃkZ ÂätZ@ r
Œ  ™ž¾ ðÃ6kZ Xì @ {Š°z/£
ƒu‡zlz$)»kZJ
Åw¸ÆmvZõgŠ-1Zx â Z {zžZ
X •˜~G @ 

Ô Öƒ äŠËÞ oÖ] ͆’Ö] oÊ æ èe†ÏÖ] å•ç³’³Ï³Ú ០æ
žìtzzÅkZXì H™f »{Š°z/£"Û äëV Œ
Œ
è΂‘ äŠËÞ o× Øq†Ö] èÏËÞ Ý¡ŠÖ]æ é¡’Ö] än× Ù^Î
Û ÅnzŠ~ ]gßÅlZ Z•z
ZX • CY Å™f{Œ
Ž {z q
LZgzZXì Cƒ nz "
ŒÛ Š°»•Zzžìtzz :ÀF
X •˜mvZõgx ø0Zì òi ÑÐzzÅ䃕z
VÒZy
PÅ~g îòsZzz% VÒZy
PÅ~g îòsZzz%
LZÃkZ c 䙊 ˜ Šp6kZ¤
Æ kZt  3g k0 Z (i) ™ ay
vZ wÎgèY ì n Ì* 6zZ
žì Ýq hÃkZ ÌA
} ™Ì: oÑt{z¤
ZèYì ^
Yn ™ ay
X ( ì ‘œ* 6zZ LZ »òŠ WcÛ ä~
â• 
X }™Š ˜6kZŠp [ Z NgzZì @
™ ay zZ LZ òŠ Wžìt [ ZŽ »kZ
~gz¢6
vŠ LZÃ} h˜{zžìtŠ Z%Åá Zz䙕z¤
ZgzZ (ii) ™7•z ðÃc ä™ ay
kZ „:gzZ @ 6
zZ LZ •pì @
0
Û •zÃVzq Ϲ KZ vßÐ ¹ Â:gzì ]o¦Ñ »
Y n Æ kZt Â} ™w EZ ~ Vñ» CZ f g Z Œ
» kZgzZì 7^
X σx³»gzZë!
oÑpǃ9•z {Ž zc s !
~Y ZLy Ð o KZÚ~•zX ,Š}Š
gzZì Ç
Ü z ÏZ•z~Y âZ!®žì @
‰ ƒ ãZz! lÐ×b
kZ YH•zÐg ±ZÆ4ZgzZì CY~í
ÐzzÅÏZgzZì @
lZ Z•zƒ•z×gzZ ~g¯~Y ZLc  ǃ ^
í{Žz {z Z Ã ~EŠ CZžì CY ~Š (F
Y ì Ì{Z Å lZ Z•zÃVÍß
ZgzZ Xƒ: ˆ Æ
Zp Ç ñYƒ •z ƒ H lZ Z•z¤ s !
Xì Ì[ Z Ny gzZ
X ǃ: lZ æ ̉çm oe] ÙçÎ o × pçjËÖ]æ ‚³nãŽÖ] …‚³’³Ö] Ù^³Î
kZ X • X } :zŠ ³ #Æ kZ ~tæq ~zë ºp o Ê æ ý Ì Î ç Ö ] o Ê Œ ^ ß × Ö ^ f n Æ † i ä Ö ç Ï ³ e o j Ë Þ ^– m ] à v Þ
KZëQ•D™ÜÃyZ¬ën ^fnƆi ̉çm oe] Ùç³Î pçjË×Ö …^jíÛ³Ö] o ‰ ‚ Ï Ö ] p æ ^ v ³Ö ]
XÐ}] !
xnv‘ š…Ÿ] áæ‚e ð^ßfÖ] ÌÎæ of׎Ö] pæ^jÊ o³Ê -1 D5 t 220 ” Ðñ]†Ö] †vfÖ]E †ní×Ö ]†n%Ói æ Œ^ß×Ö
àÚ Ù ^Ó• ] äŠËÞ o × äËÎ æ oÊ à³Ó ³Ö x³nv ³‘ ä³e ÜÓvÖ]æ vZõgŠ- 1Zx â Z ò :ž ¹ämvZõgLgœ :ÀF
• ïŠ ~ :6w¸Æ4ZëgzZì 6w¸Æm
!‚ÛvÚ äÃßÚæ ̉çm çe] å‡^³q] ‹³Ë³ß³Ö] o ×Â Ì Îç³Ö] á] èãq •zÃVÍßž @
äe Ù çÏm Ÿ æ ÙçÏßÛ³Ö] Ì Îæ ØnfÎ àÚ š…Ÿ] áæ‚e ð^ßfÖ] ÌÎæ w¸g Un Æ} :žì ~ ÏŠ ~zq'ƒ Ég~ ä™
ì »mvZõgŠ- 1Zx â Z
à n f â„ Ú àÚ ^ f Ò† Ú äe ÜÓv Ö] áçÓn Ê ‚Ûv Ú Øe Ì ‰çm ç³e] gzZƒÉg~ 䙕zÃVÍßž @
^ Ú o j ËÛ³ Ö ] è n ß Ú o Ê á ] † Ò ƒ o ‰ ç ‰ † _ Ö ] à Ó Ö ‡ ç ³ r ³ m Ÿ ç â æ X F{Š c
i'gᏡ
t†íjm ]„â o× æ ànfâ„³Ú à³Ú gÒ†ÛÖ] ÜÓvÖ] ‡]çq ‚³n˳m í{ŽzvŠ c
Y ZLŠ°ÝZ~ 䙕zž Zƒ ãZzÐ kZ
é † n % Ò Í ^ Î æ] o Ê † ’ Ú o Ê ä Š Ë Þ o × Â ð ^ ß f Ö ] Ì Î ç e Ü Ó ³v ³Ö ] X •azg•Â{zÉ 7Š°ÝZY ´Z c
] Z f KZŠp•
å çß e Ü ã× ÃÖ æ á çÏ e ^ ŠÖ ] ð ^ –Ï Ö ] ^ ãe Ü Ó u ¼ Û ß ³Ö] ]„â o × Z•z ~Š ZGY!®)žŽmvZõg Š- 1Z x â Z -2
æ ] à n f â „ Ú à Ú g Ò † Û Ö ] Ü Ó v Ö ] ‡ ] ç ³q àÚ ^ Þ† Ò ƒ ^ Ú o ׳ 䙕zvZ-°ÃVzh˜Ð ~Y âZ!®•b‡ÆlZ
^Ú èÖˆßÚ kÖˆÞ …^Óju¡Ö 酆ϳjÚ k Þ ^ Ò ^ Û Ö š … Ÿ ] á ] o × Â X •˜mvZõgx ø0ZŠŽz!
ÆkZp•b‡ÌÆ
h^³e…] ‚³n e š…Ÿ ] á] èãq àÚ š…Ÿ] Ä³Ú ð^³³ß³fÖ] ÌÎæ ç³Ö ä×Ö] Ønf‰ oÊ ØÛrÖ]æ Œ†ËÖ] ÌÎæ ‡]çq ͆³Â ]ƒ] ܳ$
Ÿ †n nÇ i æ ð ^ße æ Ý‚â àÚ ]æ ð ^• ^Û e ^ãnÊ áçÊ †’³jm ð^³ß³fÖ] äÖ ‡^q •^ãr×Ö äÓŠÚ] á] ^nu Ý]• ^Ú äÓŠÛm á] o× äËÎæ ç×Ê
è×Æ Ü ãn × ^Û Þ]æ ^`ßÂ Ü ãrˆ m Ÿ æ ^ ãnÊ Ü ãÖ ‚u] š †³Ã³jm Œ†Ê o×Â^r³Ö ០ÔÖƒ ä³Ö á^³Ò ½†³jŽm ÜÖçÖ ä³ÞŸ ÔÖƒ
!Í^’íÖ] å•^Ê] ^ÛÒ ÜãßÚ „ìçi ÔÖƒ †nÆ oÊ äe ÄËjß³m á] •]…] á] æ än× ‚â^rm á] سnfŠÖ]
Í]I
ì 9•z»]g q¡%Æ}iì ~ ö-Eòzë:ÀF æ ½†ŽÖ] Ø_fm oßÃm ØnfŠ×Ö ä×Ãq x‘ æ ÔÖƒ ä³Ö à³Ó³m ܳÖ
g ±Z kZ ~ 䙕z6zZ L ZÃkZpì 9̬» kZgzZ D6 t 219 ” †m‚ÏÖ] xjÊ äËÎæ x’m
Y ämvZõgŠ- 1Zx â ZÕz6
H^ zZgzZ} h˜Z
zZ L Zžì w DZÐ i ZŽ » 䙕zvZ -°Ã.  Q :ÀF
»]g q¡%Æ}iX ì H^ ämvZõg·x â ZgzZì KZ {zž H•z Ã} h˜B‚Æ oÑkZ ä ˤ
Y* Z Â Zƒ x¥
É 7b‡mvZõgŠ- 1Zx â ZÆTì •z»w ®•z X •'gßzŠ~kZ ÂÇÇgk0
LZÃkZ½Ï0
i
VÒZy
PÅ~g îòsZzz% VÒZy
PÅ~g îòsZzz%
o× Üa]…‚Ö] ÌÎæ ‡]çre ÜÓvÖ] á^Ó³Ê ‹ËßÖ] o×Â Ì Îç³Ö] ¬» kZ Z®X • b‡mvZõg·x â Z
în • o ŽÚ ‚ Î æ ! p † i ^ Û ³Ò ànÖçÎ àÚ ^ÏË×Ú ^ÛÓ³u ‹ËßÖ] ž H™f ä ÏΧpXì 7^ “%Ð VÖèzŠ
YtgzZ Zƒ
G
- ©E.ÅGE
x n v ’ i è q ^ ³f m • o Ê Ü ‰ ^ Î à m‚ ³Ö ] à m‡ è Ú ¡Ã Ö ] ^ ß í³ñ ^ ³ŽÚ ^ “%Ð VÖè zŠÐ Tì gÃè ] !
Y¬ +Z~ ö Z îG 0 4$
ÐnÊçi h ^ j Ò à  ^ ã n Ê Ø Ï Þ æ å ƒ ^ Ë Þ Ý ‚  o ³× ³Â p … æ ‚ ³Ï ³Ö ] ]g q6zZÆy Z~s ‡zZÐ ¹ ~^6ÏZgzZì @
ƒx¥
E
Ø›^e ÐË×ÛÖ] ÜÓ³v³Ö] á] Ý^³Ó³uŸ] ˜³Ú]ç³Æ o³Ê Ý^³Ó³v³Ö] »y ZX c ŠêÐ b§ÏZ ä V ðG3r‡¸¦
Xì À
¬»•zÆ
Øñ^‰çÖ] ÄËÞ] äe^jÒ oÊ o‰ç‰†_Ö] oŽÚ æ ànÛ׳ŠÛ³Ö] Å^Ûq^e ^ “%Ð VÖè zŠž H™f ä ëŽì F
Y¬ 6kZ Âc
ê
!ojËÛÖ] ènßÚ oÊ å]… ^ÛÖ ÔÖƒ oÊ ]‚ßjŠÚ ƒ^ËßÖ] o× cp Û'
gg Z ŒÃyª ¶Åg òZ }iž åF 6kZ c
ì @
ƒ
I
-Í]òzë:ÀF
•z»ë ZgŠžì ™ft6x £gzZq Z~ „ öE äe ‚’Ïm é…^q] ‚Ï …^Óvj‰Ÿ]E ¶ˆà6tZ™}i ~g »u
Æ•z6 Û ix â ZsÜ mgêZŠg !^Ûâ‚uŸ æ] Œ†ÇÖ]æ ð^ßf×Ö é…†ÏÚ š…Ÿ] ð^Ïfj‰]
zZ LZÐ yZ²ì w®ÐmvZõg•
lZ Z•z » ë ZgŠ6w ¸Æ yZ Z®ì 7w®¼ ~}g ! }i {zž ¶t zz X ¶•z É}i ]g q c
Í Â ( ` 428
Û ë¤
Z•zÆ ë ZgŠ ä Áq 4Ëž , ™n• 7 ì e Ž ~ ]g q{z gzZ ì Cƒ ~ï Æ y à â Æ ]g q
Z p á
¬»kZ H ÂH~g Y¬»äƒ9ÆlZ • D ™~p~ kZgzZ • D ¯ Ô• D Z¤
?X ǃÇ* • D ™s¥
E G
Ö ÓgzZ
& ìF
gzZ ñY * â 9ì{” þG3©Òž 6kZ *
ƒ Ç*
•ë ë wßztZ™ » }iÐ y Z ' C™7n°¼ Ð y Z #
EG
mvZõgŠ- 1Zx â Zb‡ÆlZZ•zžìty Ò» þG3©Ò& V Ng ZzgzZì ¹ÌV Zgz Åy à â ~}i kZXì Sg C™
Û ix â Zb‡Æ•zÆë ZgŠ²7b‡Æ•zÆë ZgŠŽ •
• Xì Cƒ Ì„~
•z »ë ZgŠ Z®X • 7b‡Æ lZ Z•zŽ •mvZõg Ñ]ç‰ Ÿ] knÞ]çu ÌÎæ á] Í^’íÖ] Í^Îæ] o³Ê †³Òƒæ
EG
+i)´Xì ZƒÝqÐ þG3©Ò&ÅVß ¸zŠŽì ¬(Z lZ Z Ÿ ^âçße àm„Ö] p‚³m] o³Ê é³…^³q^³e š…Ÿ] k³Þ^³Ò á] ‡ç³r³m
ì –~ p…æ‚ÏÖ] xnv’³i ä q ^fm•ämvZõġ+ -Z h^v‘] p‚m] oÊ ^â^ßm]… ^Þ] ØfÎ àÚ ^ãß á^_׊Ö] Üãq†ím
o³Ê Ý^³Ó³v³Ö] г³nÊç³³i [ ÂäVrZ•zX ǃ: Ç*¬{zž ^ãnÊ á^_׊Ö] ÜãÖ š†Ãjm Ÿ Üãßne ÜŠÏi æ ^âç$…]ç³i ð^³ß³fÖ]
E G
& ì q)Z»Vâ ›6
þG3©Òž kZž HÜÐ Ý^³ÓuŸ] ˜³Ú]ç³Æ Ì × ì ^ ã Ö æ ] ‚ i æ ÜãßÚ ^â„ì ^m è×Æ äÖ ^ÛÞ]æ ܳãr³Âˆ³m Ÿæ
Ƭ~ Øñ^‰çÖ] Ä˳Þ][ÂKZäÏΧ²ì @ ƒë!¬{” Ü ã m ‚ m ] o ³Ê o ³â æ … ç â ‚ ³Ö ] ^ ³³ã n × ³Â o ³³– ³Ú æ Ì × ³‰ à ³Â

©. 0E
G
X (ìgÃè~ ö- Z G îG4$ŽÐzzkZHg(ZÃäƒÇ* á çÚ ‚ãm æ Üâ ^m^ ‘ æ ^ ãnÊ ‡çr i æ ^ã Þæ† q©m æ ^ã Þçà ³m^ ³fjm
˜~hÆäƒ Ç*
ƬmvZõg+ $
¬0Z)´Q ˆ ñ ^ q ^ ã n Ê Ì Î ç Ö] Ô Ö „ Ó Ê å† n Æ á ç ß f m æ ä Þæ ‚ n à m æ ^ â ð ^ ß e
:• D3 t428 ” … ^jv ÛÖ] •… E
oÊ oÞ^Û Ò† jÖ] o× ¡Ú ^ßí ñ^Ž Ú î³n • ¼³í³e k³m]… æ ä’Þ ^Ú of׎Ö] pFæ^jÊ àÚ ÌÎçÖ] àÚ †ì• Ä•çÚ o³Êæ -2
oiŸ ]çŠÖ] Ü na]†e] înŽÖ] ¼ì à ¡Î ^Þ é† nfÓÖ] äjÂçÛ rÚ oÊ äßÂæ†m ÜÖæ †Ê‡ à³Â Ÿ] 憳m Ü³Ö Ü³a]…‚³Ö] ÌÎæ á^Ò]ƒ^³Ê
æ ÙçÎ] ä’Þ ^Ú of׎Ö] pFæ^jÊ à èÖçÏßÛÖ] è×òŠÛÖ] å„â ‚Ãe o× „òßnu ‹ËßÖ] o³×³Â ^ãËÎæ oiª³jm ¡Ê ®• ‹Ëß³Ö] ÌÎæ
ÜÓvÖ] á] æ å]æ^jÊ oÊ •çÊÖ] çe] Ý¡‰Ÿ] în• ojÊ] ‡]çrÖ^e ÌÎæ èv’e ÜÓu ^n˳߳u ^ÛÒ^u á] ^ß•†Ê çÖ à³Ó³Ö ä³Öç³Î
!ØÛÃÖ] än×Â æ „Ëßm o ß f Ú ƒ ^ Ë ß ³Ö ] ÙçÏßÊ äÛÓu „Ëßm Øâ ‹ËßÖ] o³×³Â ܳa]…‚³Ö]
yZ~·ù} (
Æã ¾F
Z5Y S Z •LZä~:ÀF á ] Ð n Ë × j Ö ] á ^ n e æ Ð Ë × Û Ö ] Ü Ó ³v ³Ö ] è v ³’ ³e Ù ç Ï Ö ] o × ³Â
~TÅÜk ’Å CÑZΕZ'Z •äVrZX @Šk
’ÅB;Æ ÌÎæ p†m Ÿ çâæ ̉çm çe] Ÿ] äe ÙçÏm Ÿ ‹ËßÖ] o× ÌÎç³Ö]
ä Š:1Z xsÑZ •ž å –t ˆ ÆX {Š™™fÆ öE-Í]Iòzë p †m Ÿ çâæ† Ê‡ Ÿ ] äe Ù ç³Ï³mŸ Ü ³a]… ‚³Ö] Ì Î æ æ Üa]…‚³Ö]
VÒZy
PÅ~g îòsZzz% VÒZy
PÅ~g îòsZzz%
EG EG
@Y 1 îE $ Zg7 Ã¬Æ q
4›E
0G Ù ~ þG3©Òè
ZC & YX k
7þG3©Ò&Ð kZ ì cŠ ò : » i ZŽÆ kZ ~ òzëLZ
)´n¾X 1áÆ™ÈÃÇgzZ 1á ÇÃÈž7t ì Xì ¿6kZgzZì Ç*
¬žtgzZ
EG E G
7³» þG3©Ò&~ |¬{” þG3©Ò&Zƒ c C »mvZ G
î*9g ÏΧ vZõg ̇)´ ämvZõg + $ ¬ 0Z)´ˆÆ kZ
E&G
ÆTì³»kª6lZ Z•zÆ] Ñ®)Ã] Ñ®É t ì ë! Ð q ) ZÆ Vâ ›¬{” þG3©Òž »] !
kZ Åm
Ðzz Åäƒ tg ÖZ ìkªtž• ` C „¬ ë~}g ! Š[ ZŽ
ž c
Xì 7„ gŠ ýèßm^fjÚ ga]„Ú àÚ á^Ò]ƒ] ^Ú äÞ¡_fe ݈q ^Ûe •]†Û³Ö]
I
-Í])´~} :¬ -2
mvZõg ÏΧämvZõg öE !‚u]çÖ] gâ„ÛÖ] h^v‘] Ù]çÎ] àÚ ^ÏË×Ú á^Ò]ƒ] ^Ú Í¡íe
EG
ž HÜÐ Š Z%Ð kZ Hx b ä VrZ » yû Æ ¬{” þG3©Ò&T
oÊ äŠËÞ o × ð^ßfÖ] Ì Îçe Ü Óv Ö] t†í jm ]„â o ³×³Âæ  Æ]gßkZ s g'ì ¬Zƒ c
Z Ø Zè Z
¯ ™5Ð <
EG
é^–ÏÖ] ^ãe ÜÓu ¼ÛßÖ] ]„³â o³×³Â 鳆³n%Ò Í^³Îæ] oÊ †’³Ú Ø è„q
Xƒ »[ ôZÆ< Z¬{”þG3©Ò&
ÜÓvÖ] ‡]çq à³Ú ^³Þ†³Òƒ ^³Ú o³×³Â åçße Üã×óÖæ áç³Ï³e^³ŠÖ]
•ë ë
é…†ÏjÚ kÞ^³Ò ^³Û³Ö š…Ÿ] á] o× æ] ànfâ„Ú àÚ g³Ò†³Û³Ö] -Í]I
X •Ãû} :VâzŠÆmvZõg öE )´
š…Ÿ] ÄÚ ð^ßfÖ] ÌÎæ çÖ ^Ú èÖˆßÚ kÖˆÞ …^Óju¡Ö
Ð Vß ¸zŠž• F 6kZ} :„ VâzŠ Ñ! {gÃèÆ yZ -1
]g q6 zZÆ yZ ~ s ‡zZÐ ¹ Æ^6ÏZgzZ :ÀF 3G©EÒG
E 
@ƒ 
^ Y V ƒ Æ Ø
< è 
q Z w ¸V âzŠ { z² ¬ {” þ &z IF
•
yZh á X c
ŠêÐb§ÏZäV ðG3r‡¸¦ Xì M¬»•zÆ EG
: •t{z•‰ G ¦w¸zŠŽ~ þG3©ÒX& ì
Y¬“
^ %Ð VÖèzŠž H™f ä ëŽì F 6kZ Â
c ê»
Û i x â Z z·x â Zì ^
9
ÆvZ é):X+g • Y •z » ] Ñ®z ~× -i
É}i ]g q c Í Â¶Åg òZ }ižì F
6kZ cì @
ƒ
Š 4
q
X ¶ˆÅ•z
Š 4
q ÆŠ-1Zx â Zì ^ YlZZ•z-ii
•ëë „ •z ~ ~×gzZ ] Ñ® ÂmvZõg Š- 1Z x â Zp
c
¸¦ Íì H™fÐ b§kZÃ] !
ämvZõg ÏΧ Z®X • 7b‡ÌÆ lZ Z•z~ yZ!õÑ Â7b‡Æ
Š 4
ÆlZ Z•zÆ ]g q%Æ }i~ s ‡zZÐ ¹ è‡ Æ ] Ñ®)ì Èì 7ÇlZ Z•z q Æ yZ
]g qsÜs§ÅyZ ] Z|gzZèÑq• ìg ïŠê »i ZŽ x â Z b§ÏZXì 7ŠŽñ?ŠgzZzz ðÃÅh
 ÇÃkZXB‚
lZ Z•zÆ kZ • D™ÚÅêÆ i ZŽÆ •zÆ {zžB‚ÆkZì Èi ZŽ »•zÆëZgŠq
Š 4 Ûi
ÆvZ¶g•
X 7ÅêÆ X •7„b‡ÆlZZ•z{zèYXƒ: lZZƒ6
Y ZL
X •˜mvZõgx ø0Z : ¶V-w ¸zŠ[ Z
Ù ^ Î š … ] á æ ‚ e ð ^ ß e Ì Î æ á ^ ì o • ^ Ï Ö p æ ^ j Ë Ö ] o ³Ê æ ÆvZ¶gŠ- 1Zx â Zì ^
Y lZZ•z »] Ñ®) -i
š… Ÿ] á] ‚nËm ^Ú Í ^’íÖ] o Ê à ÓÖ oãjÞ] ‡ ç³r³m Ÿ Ù ¡â Š 4
Xq
Û i xâZì ^
Ì Îæ Ø q… o Ê Ù ^Î äÞ^Ê ‡^q …^Ó ju Ÿ] é³… †³Ï³jÚ k³Þ^³Ò ]ƒ] Æ vZ¶g • Y 6Y ZL•z » ] Ñ®z ~× -ii
o Ê Ù çÏi ^ ÛÊ äÖ Øn Î !‡çrm Ÿ äÞ] š…Ÿ ] áæ• ä³Ö … ]• ð^ ³ß³e Š 4
Xq
á ^ Ò á ] Ù ^ Î [ ^ ã ß Ú ^iç Þ^ u Ø q … Ì Îæ á ] ÑçŠÖ] k nÞ]çu Y Z…ZZ•z»] Ñ®)ž dž³tÂN5ÃVß ¸VâzŠ
YY Z…ZZsÜ•z» ~×z] Ñ®gzZì ^
Üãq†í³m Ÿ ^ â ç ß e à m „ Ö ] Ý ç Ï Ö ] p ‚ m ] o ³Ê é ³… ^ ³q ] š … Ÿ ] Xì ^ YlZZz
VÒZy
PÅ~g îòsZzz% VÒZy
PÅ~g îòsZzz%
X7Ãm¾Z ÇñY æ ýˆñ^³q ÌÎçÖ^Ê ^ãß á^³_³×³ŠÖ]

ìF g ãgzZŠÎtÔŠ ã
6 ~uzŠ -2
ë! ý Ü ã m ‚ m ] o Ê o â æ … ç â ‚ Ö ] ^ ã n × Â o – Ú æ ð ^ Ë × í Ö ] ^ ãÖ æ ] ‚ i
xjÊE ¡Ê Ÿ] æ änÊ á^nßfÖ] ÌÎæ ‡^q ÔÖƒ Ø%Ú á^Ò ^Ú á] •^ Ê^Ê
zŠŽ • ` ™™f '!
{g ! zŠt ÅØæ ã ¢ i*
Ññë6
zZ
D6 t 217” †m‚ÏÖ]
X Âe h™d‚f
•zÆ ]g qsÜ%Æ }i~ y {è‡~zë :ÀF
èÃm†ŽÖ] àÚ ØÒ oÊ èm…^³fjÂ] èn’³í³• ä³Ö ÌÎç³Ö] á] -i
Ð ] ! Yt • ë òw h ~ }g !
Å s ápX 7^ Æ
áçÞ^ÏÖ]æ
òs áèYì ^
Y ƒ n Æg òZ Z
 }ižì @
ƒ x¥
,~g±Z z ã⠇Õz ~ „ VâzŠ <ÑgzZ yâ ‡
Yt Â} ™•zÃ]g qsÜ%Æ}i¿Žž ¹ä
X 7^
Xì Ýq
Æ V â »Š Åg Zi !
• ë H~ }g ! Y7 Ð y Z
\ Wž Š
Øì‚m æ ÜãÓ×Ú àÚ t†ím áçÒ†jŽÛÖ] ä³e ņ³fjm ^³Ú -ii
Z c
}i¤ Û ä VrZX } Š™•z y »Š ðÃÐ ~ y Z ðÃZ
â• 
çâ ^ÛÞ] æ ^ËÎæ ‹nÖ äÞ] ^Ûe æ o˳Îç³Ö] Ñ悳߳’³Ö] Ô×Ú oÊ
T eŽ {zžƒ~ïÐgîkZ69 c ÆVß Zz y »Š
tZ™k0
ÌÎç×Ö Õç×ÛÚ
74Š " J Ö Ó• D ¯ •
V â â i FFÐ V ; z Ãy Z #
Å -•z™òÐ !ÅyZ • ï Š {P Žg®ƒ Œ0
Y•zÂC™
kZƒéÅkZ]gߎž Zƒx¥Ð kZX ì ^
7•zŠpì á Yƒ 4ZŠ ~ !
! Å•z {zgzZ ì @
X 7:gzǃ ^Y•zÌ~

Xá Å
á )´ „, Z
vZõg s á~g é5B+ ZŠg ämvZõg ò •
G
ÑñËZ eŠ *Z q
i ÚZ * ZÆ c Z™x‰Zg ZŠÆ ã ¢ i*
Ññ
X ì HÜÐm
:•˜ ñƒD™s
 Ÿz¼ r
 ™ã Z/£Z
Æ]g q%Æ}iämvZõgÏΧ~} :¬-3
] Š‰ ñŠgzZì ã â ‡¿Š pèa •zL L
{Z'
Ù ªw ì CZgzZX • ðC ] ;ŽzÂzŠ Åi ZŽÆlZ Z•z
HC
ðLZQ•zgzZ •D Y- ~ !Å•z„  Zg E
c Z ËÐ~zŠ „yZŠ ã
¯Ãq ÅêLZä V ðG3r‡—‚žì
™5ZŠ Z Å (Claims) çE,G
ì @ -Í®~ Ýzg Å*Zç{Š™
VâzŠ yZgzZ ?ì Hzz ªZzž• ~ŠŠ F
ŠpÏΧ)´ c ÍÔì
÷g›Z…‚ ) ó Xó ì y EZ.
Þ ‡{Š c
ix »•zn kZ E G
& • ` ™y Ò ëwq » V ðAXE
ê »x ©¸¦ þG3©Òž
gzZ 7k 9z
( 100mi§òsZ »
•zì ~}g !
Æ i ZŽÆ •z sÜÆ ]gq%Æ }i
 6Š ã
qrà w7 á Zz “ Å •z vß Ž L L
ZgzZ X 7~}g !
i ZŽÆ lZ Z•z¤ Æ i ZŽÆ lZ Z
Y ` ~ ! Å •z qr{z • D™ (Donate)
@
Æ ]gqŠŽñ~ }i à Zzg òZ {z ÂñY 1™tÌìÆ
y*G c
•gæ }•z ˉì +Z wVÅ kZgzZì
Ø{ Z®Xì Cƒ „•zc
ÍÌ}iB‚ÆTì ~}g !
 X bŠ {P c
Âì CY W~ ! Å •z q ðÃZ
X @
ƒ7"U
i ZŽ »lZZ•z~w®
ÌÃá Zz ¶Š {P c •z ~ Ýzg Å°Z ¸LZ •z -Í]I
mvZõgÏΧÌg Zæ»} :}uzŠÆ öE
gzZ6 )´ -3
Ð •z cáZz ¶Š {P Õz c Ã
ÍXì Y à {Z E
Xì “ %z þ©Ò$¬lZ Z•z~ ~מì 6w ¸kZÆy Z
ZçOì ^
{P Õgæ Ë}¿ðä Y * Ã
™Ýq {Z EG
X •` C6zZë|Å þG3©Ò&kZ
ì êŠ
3 Zg WÐ ½g- i a Æ Vâ ›~ kZž @ -Í]I
xsÑZ •gzZ öE )´Ã] !
ÅmvZõgÏΧž] ! t„g
•gækZ ÌÃa LZžì ^
YÌnÆkZ Â'Vƒ
@ Û Ð kZ Âì Hg (Z ÌävZÂgò •
77t• á )´gzZŠ:1Z
Zƒ ì‡cÑÏZ •z {zž n kZt X ñZߊ ½~
¬Š Ã|Å ?Š [ Z Âì Å™f ?Š ä VrZ Z
 èY
VÒZy
PÅ~g îòsZzz% VÒZy
PÅ~g îòsZzz%

öRÅkZ ¦Ù ~ w7 kZžì C
C Ù ª Âñ Y ~Š ]i YZ Xì
6mºË•ztž ǃ ~gz¢Z®7(Capacity) ƒ 쇅‚Ž 6Š ã
nm{ {zì @ Å•z b§ÏZ
EG
•z kZž ,Š Î oÑt ~ qzÑ èG¢Zz¤
E4 ¨ Z :Xƒ c » nmºÎì @ Û Z ,Z ªŠ Z•
ƒ ì‡ c Š Z• Û ZÆ
 VZ {Z
¾ à •z kZ Ž • M à vß {z sÜÐ ÏZ ÑZz ¶Š ¶g6gîÆqrÕz kZ Âì YVy v
Y*
7^ Î(Restriction) {tÂ,Š (Donation)
* •gæ b§Tì Y VZ {Z
Ãy*G c ÃÐ w7 b§
( 103m…‚ )X ǃ ( 101m…‚ ) ÑZz¶Š {P

ž•ëë •ë ë
Ð , . }~ Vß V ˆ~Š6
 ã0
Å zZž åt w DZ -1 Ýq °ˆÅy vÐ kZgzZ ¶Š {PÃ-•z~…‚
Õzä òŠ Wžì 7oÑt~ äZߊ ½ÃV”~•gæc  ™ ãZ/ŠpÃX• Dƒ Za wDZP6x ÂkZÆä™
~ r
Š {P ¼
Å…‚{z Z®ì oÑt ~ -•zÆ …‚²ƒ c • °» * Š [ ZŽ »yZQgzZì H™f ä
[ ZŽÆ yZpXì c
~zŠÃr nZ ‹Z6x  ‰ bŠgzZ
 ™ ã Z/c ä¯ BVÅ…‚Ãy ZX F: BV ä™Ü[ ZŽ Æ yZ X • Tg ¹!
X å* ZÐ
™x »q XÐ, Š Ì{ûCZ6yZëˆÆ
B‚Æ( 7c
)} PÌÁ
ã 0
Ð ,.žë {z Âc
-i
w DZ ª
ozæB‚Æ( :c
)} P̽~•gægzZì Yƒozæ
ZÆ yZ IÅ™f6zZ BVŽ ( Å,. c
•zg0 •gæ)
Ë ƒ
Xì£zçŽì $
ÃÐ •zž7oÑt c ä™Ýq {Z
áZz äVZ {Z ÃÐ
-{ zž @H nZ²Z Ð [ ZŽ kZ ä r
 ™ ã Z/p
ƒ•zVZ.ðÃZ
Š Šgz¢¾¼:¼ Ìä ¿
 }Ƀ c
núÆ9 zg ½gz Z ã 0
èY N Y ú: ~6Æ£zç
y
™h Ã,.ä kZì eì Y8 ã 0
 Ù Ð kZ[ Z Â
¿‚ \ C
ƒ ~ V7 zgŠp Âæ» ÷g›Zp• M
V7 zggz Zì @ ƒ ~
{Zpž’ e IV- É ) Xƒ c
5: c
ƒ c
5z ðÃ~ 䙕z
X ì ŠÎž¶~£z çÆ
Š : cƒ c
Xƒ c Š {P c ] YZy
Z Æ , . ä kZ
 ž ët {z c-ii
~•gæ‰ Â7öRâZ~ •z Z
X 102, 103m…‚ ( u Zß Z†''
Ë ƒ „J
Ë%ÆoÑÅ}Pb§ÏZì $ ZŠ Z®Å¥
uq
CY Å ½ ª
䙂Zg ¬ c œÅ kZ ÃVÍßÆ ‘´ mº  ™ã Z/
[ZŽ »r
X @
Yc Û ZÎá Zz
ÃЕzÊ Z•
à{Z Ë {zž ì öR ¬Ñ Å ] ! Z Æ •zL L
kZ g0
kZèY H7g (Z ÌÃ[ ZŽ kZ ä r
 ™ ã Z/p Û Z c
V#~žñÎoÑt¿ðÃ}ƒcŠ Z• 6 mº
X @ üÃv…‚ b§
ƒ7{Z ¸g V# sÜV » kZž Vƒ @
™•z 6oÑkZ r !
Ù ªwDZŽ6} úŠ LZä r
ÆkZ HC  ™ã Z/n kZ 
ìg M= ~ Ï0i ~÷c ŠÃŠ ÑzZ ~÷c
ñ Y c ÃVzg ZŠ
L åòúŠ » yZ X c
qrÕzL ž Š™™f Ã} úŠ sÜÌ~ [ ZŽ ÃÐkZY ZLÆÂV#ˆ}÷gzZ
'N VZ {Z
à Рw7 b§ÏZ ÑZz ¶Š ¶g 6gîÆ
b§Tì Y VZ {Z Æ •z Ã7Æ ÔrÆ •z ÑZz 䙕z
[ ZŽ »wDZáZz äƒ6kZgzZ ó óÑZz ¶Š {P Ãy *G c
•gæ …‚Xì Y™ (Z Âì e ´gŠzöJ Û Z mºÃ{]
Š Z• ZŠ
Št
Õz sÜZ® Xì Y Î oÑÅ}P ÑZz 䙕zž c Š™x ¬Ç!
gzZ ñ Yc ZÃw7 ì‡6Š ã
¤ Å•z~ v
Ù ªÂt Xì YVZ {Z
Æ•ZzžìC ÃÐ kZ „ ÑZz ¶Š {P Ù
Å ä™ (risk cover) gËg CZ Ð kZ à ¿C
VÒZy
PÅ~g îòsZzz% VÒZy
PÅ~g îòsZzz%
Åyv6Š ã
Å CŠ c
igzZ ¶Å ( À6
)¾ c Ig Z, » gzZì CW~ŠŽzoÑ„Ð äÎoÑ
Íì @
…‚ ) ó Xó ì ꊙd
ŒÛ Æ£zç-Ð Z *
™ CŠ c
i ¶~ °ˆ !6²ì 7o zæ6žìt Âw ZÎpì á
o zæq ØZ
( 102 kZ ?ì VY (Z Xì YY HozæÌÃ6èÑqì o zæ

 ™ã Z/
[ ZŽ »r  ™ã Z/Ð[ ZŽÆ
Xì à Z Ä0är
 ™ã Z/ -2
p ÖZtÆr
¦x ¸g Ž ~ w7 •z 6gîÆ ( ¾ ) qrig®ƒ Œ0
VZ {Z
¾Ã•zkZŽ •M Ãvß{zsÜЕzkZ L L
Z °ˆÅyv{Š c
Œ0
¤ Á6Š ã
i c Å CŠ c
i ¶~ kZ N Z™
ó Xó ,Š
nçtQ ƒ {°zsÜÐ s§Å•zɃ: hã â ‡»g®ƒ
£zç -t ž • ?Š ãZz 6kZ
ÛC
Ù ~£zç-ž n kZ 74ZŠ ~£zç-µš
(Commutative
CZÃ& •
A6gîÆ nú~ :Wg®ƒ Œ0
gzZ -•zèYì deal)
ƒ Ýq h»h
m…‚ ) Xì 7(Z VŒ ²ì @ £zç
gzZ•D™+Š
( 103
ƒ» ãçg ±Z~Š . -i
X 7»p ÖZì @
•ëë ÂÐ zŠ {P = ? L ž
L ì Ht {zgzZ ì ãâ ‡¿•z -ii
•zžì _g¦ t ~ _ ZÑÅ -•zÆ v…‚
] ! ÂÐ zŠ {P Z hðgzZX ÇVzŠ ¶g Å °ˆ»~ ~ ]gßÅXŠ q
XÐ,Š¾z {P Õz kZŽ • M
 VZ {Z
Ãvß{zsÜÐ ó Xó ÇVz™{Š c
i ÂÐzŠ {Š c
i ÇVz™ °ˆ~hð
*
ÎoÑ»•ZzªÅ…^ŽÖ] “ßÒ ÌÎ]ç³Ö] ½†³•žì‚ ŸgzZ {Pž, ™g ZÜZ6kZ r
 ™ã Z/gzZØæ ã¢i* Z
Ññ¤
~V/}uzŠ »T ( 100m…‚ )y â • Û » qg •
á ‰ì (Z ÅyvÆg®ƒ Œ0 gzZ 7p» nú~ kZì ¾zt@ Â
7¹ÜZ¡ì Ýqw ã â ‡ÃoÑÅ•Zzžì Èt ܉zkZ] ! Åy ZXì 6 ÐtÂì ÐzzÅoÑÅ•z°ˆ
ÃÐ •záZzä™ ZŠ ZÀ6
ÆäVZ {Z Šã
z{P6ÅkZgzZ }Š {P ~ -•z™™x » » n¡ðÃZ
 ì$Ë ƒg´Â
™wßzhCZ6
X •M VzŠ ã
ã â ‡{zgzZ ñƒg Z,ã â ‡ » q ØZ {ÒWÐ kZ » kZ c
ƒ: Ø ¼ ÃkZ »÷g›Z c
…‚gzZ
D™tÃwÈZÆ hy â ‡Æ yZ Ìr  ™ ã Z/[ » v…‚ÃkZ ~ ]gßÅXŠ qÐ t · ZQXƒ: {Š Zg Z¼ ªZz
:•˜ {z•D™sz@ Ð{z~]gßkZp• g Z,Æ°ˆÅyvÐ -•z V# Â?ž c CägzZ Ëc
ä
°ˆÅy v6Š ã
Å CŠ c Zp L L
igzZ ¶Å qr¤ G ð *Zçz _ ZÑ}g ‚Ænç b!
„ ¬ V ˜ pXƒ
'gßzŠ ÅkZ ƒ hã â ‡»ig®ƒŒ0
CŠ c
igzZ ¶~ ~íŠÆv…‚%ƵÂc
ÓÑÆnúÌðÃgzZVƒD Y
X• Ú 7°~g7 gzZƒ ‚
. Æ nkZ V; zƒ CY Å M g: xŠ
ãâ ‡LZ6Š ã
kZg®ƒ Œ0
žì t ]gß« ¹Fð•Z kZÆ] âç Â:gz s$
7Ã|Ånçä·
Ü z V# ä kZž} ™òúŠ » h
» ¶g âZ Ãw7 •z ‰ O h~Kt vßÆgzŠ Cc
xsZ ~ ] âçžÐ Vƒ +
Æ•z* ŠÀ6
™ °ˆÅyvÆkZÐzzÅT åc Xì 7¼gzZÆVâ ·.ñ ZÎk0
Æ
-Ð Z ] ! Y*
tèYì ^ G ]gßt Xì xi Ñ)f
wDZ ZuzŠ
~g ‚ {z ~³Æ Tì 4ZŠ ~£zç
VÒZy
¾ {Š c
iŽžì Ìi§t » •zL L• ˜ r
 ™ ãZ/
X •ŠŽñ~÷g›Z¯#Ž •CYƒZa
» °ˆÅ yv{Š c
i Ð ¿kZ {z ( } Š À6{Š c
i ª) } Š
qr‰ ØŠ LZg®ƒ Œ0
žì t ]gß~uzŠ
°ˆÅy vÁ{zž}Š¾Á~« £ÆkZŽì @
Ig Z,
ðLZÆ•zÉ} ™: òúŠ » °ˆÅyv6Š ã
Å
VÒZy
PÅ~g îòsZzz% VÒZy
PÅ~g îòsZzz%
kZ™ ¯ Š ã
»] ! Ã*Zçz°Z ¸{”
*  ™ãZ/
™g ïZÐ䃣zç-ÆkZ »r
°ˆÐ s§Å •z 6Š ã
Å°Z ¸yZ ~ž}™ òúŠ
zzÅä™g ïZgzZ CZ 6j§ kZ ¬Ñg®ƒ Œ0
'Vƒ g Z, » y v
D™g ïZ » 䃣zç-Ænçr
 ™ ãZ/ Ã]gßkZ hãâ ‡t » kZgzZì Y™w EZ hãâ ‡
:•˜ ñƒ ™74ZŠ~£zç-
( 104, 105m…‚ )X @
Z bŠ {PÕzL L
°Z ¸Æ•zgzZìnçxq Z »g®ƒ Œ0
¤  ™ ãZ/
žìt Ýq »]g „kZ År
gZ, » äZ™ °ˆÅ yv »áZz ¶Š {P ._Æ Yi§ZuzŠ {gÃè »wEZÆkZ Âñ Y 1™tÌhãâ ‡
^
( 106m…‚ ) ó Xó ìnçZuzŠÇ!
*
I Xì à {Ðx|Æ£zçŽì
gzZ g®ƒ Œ0
 ™ ã Z/§{ Å ä™ ÔÅ£zç-
r
•ëë
:•˜ ñƒD™s
 Ÿzh
'× Å] 5çyxgŠÆ-•z
ÌÃh
 Œ0 
gzZì Ýqw ãâ ‡Ã_ ZÑÅ•ZzZ
¦ ¶g n kZ ( ig®ƒ Œ0 ZÆ -kZ L L
ª) {zg0
@  gŠ ÌIt Âì Ýq w ãâ ‡
Yƒ xi Ñ6•zžì „
Œ0 Û Z ŠŽñ~ w7 kZž ì @
vŠ ª) Š Z• ƒ ;g Z™
{z6äƒ ~g7 oÑžì
gzZX} ™ °ˆÅyvÆg®ƒ Œ0
kZ Ìà ¶g Å kZ ƒ y và â Ãˤ
Z Ð ~ ( ig®ƒ
ƒ h ƒÑzYÃg®ƒ Œ0
ÌË{zžì @  gŠ ÌIt
žì „
Z6gî¦ùgzZn Y Hw EZ c ä™ Zg7 Æ yv
¤
«{Š™™f År
 ™ãZ/{ Zp} ™Ýq hãâ ‡CZÐ j§
yZž• g »6kZ ÌY »Ñ}uzŠ ƒ y vðÃÌÐ Z
XÐ]gß~uzŠ {Š™™f ÅyZ c
Ð]gß
~ž7oÑt pñY H Zg7 yv» kZÐÀ6Æ
ì Zƒì‡ÐVzqzŠm»_ ZÑÅ•ZzžìtyÒ»kZ
èY ñY H Zg7 yv Z÷ž Vƒ ;g }Š À6n kZ
s§Å•z ZuzŠgzZÐ ä™ ZŠ ZÀ6c
{PÆg®ƒ Œ0
Z
q
Û Z}uzŠ „:gzZ 7¢ » äƒ yv=
ì ¢ÃŠ Z•
~zŠ yZ {zžì g(ZÃg®ƒ Œ0
n kZXÐ y v°ˆÐ
…‚ ) ó ì
ó „g Y Å ¦ ¶gt 6Š ã
ÅwÈZÆ yvÉ
YÈÌt {zn¾X} ™c_ » °ˆ™} Š!Zj »mÌËÐ
( 114m
Ü z V #ä ~žì
ŠÀ6» ¶g âZÃw7 •z ‰
zz ÅT å c
~g ZŠ)f Å ä™'Zg7 ÃyvÆ g®ƒ Œ0
LL
YÈÌt gzZì xi Ñ)fÆ •z *
™ °ˆÅy v}÷Ð
6( w7) njá ZzäW~ŠŽzÐ ] ¬rÆg®ƒŒ0
Vƒg Z, » °ˆÅyv~6Š ã
Å*Zçz°Z ¸Æ •zžì
Zg7 y v Zgvw7 tžì 9t v( …‚ ) Xì Cƒ
ÆnçyxgŠÆg®ƒ Œ0
gzZ -•z ~ VÂgßVâzŠgzZ
\ W ÂðƒöRÅä™ Zg7 yvg0
ZÆkZ¤
Z Ç}™
X Lg7wDZ¼~䃣zç-
ZgzZ ÏñY ~Š™ °ˆÅy vÆ
ZÆw7 ¤
: öRg0
?Š ãZz Ì'!
zŠ sfzgq6䃣zç-Ænç
( 115m…‚ ) ÇñYH7Zg7y vtÂðƒ
X•
•ëë X CŠ c
iz¶Å °ˆÅyv6Š ã
Å CŠ c
iz¶Å}P-i
Xì ÃûÐ{ŽzF] !  ™ãZ/
tÅr kZÐZžì Cƒ+ Ü zD™ ZŠ ZÀ6-ii
tÅg®ƒ Œ0

sz@
Ž ÅäZ™ ¦ ¶gÆg®ƒ Œ0
är ™ ã Z/ -1 gzZ X A {Š c
i ƒ {Š c ZÉ A ¼:¼ á$
i yv » kZ¤ Æ
Xì s ÜÆ] %¥vŠ ÅyZŽì q Z ºZ Åy Z¡{zì Å  Û î6kZ
@Z™Ð n¾ÏZ òŠ Wƒ „÷g›Z òsZ {ZpžìtÜŒ
¶g ðƒ ðZ™ ¦Åg®ƒ Œ0 ¬ ô¥Å] !
žì _g ¦ kZ X A °ˆÅyvÆkZžì @ ™MÚ 7°~g ‚gzZì
VÒZy
PÅ~g îòsZzz% VÒZy
PÅ~g îòsZzz%
_ ZÑÅ•ZzŽìnçxgzZ µ ZÇ !
 Y Tì CYƒ4ZŠ~ !Å-•z
qZy vÐ +
Xì •Æ [ ZgzZ ; g7mðÃжgkZ[ Z »g®ƒŒ0
žìtÈ »
Š »g®ƒ Œ0
{P Zƒ c  gŠ Â] !
žì „ âZ • ë ë pX }™ ay._Æ*Zçz°Z ¸LZÃkZ {zžì 6-•z
G4 Ó$
Æ kZ ñOÆ äƒ ö-G» Æ -•zÃkZ r
pX ǃ 7g Z, » °ˆxƒñ{zgzZX ǃ 7‡ ÃЇ ÃoÑ k0  ™ ãZ/
™wßz °ˆÅy vŠŽz!
nç Zg ‚t [ Z Âì @ Æ kZ {z¤ Û ZŠŽñ~w7 kZ L L• ˜gzZ• D™y ÒÃäƒ-
Z ~Š Z• â Z
iZ
Öh  ì @ Z ä™ Zg7 Æ y vkZ Ìà ¶g ÅkZ ƒ yvà â Ãˤ
ƒ~]gßkZž 6 ÇñYƒ‡ Ùƒq ZÐ
Û »9 zgg ZD
= ?žVƒ êŠÐ oÑkZ nŒ Ù q
Z »~ž¾ {zb§ÏZX 7„g ¶g ÅkZ {z[ ZèÑq ó n
ó YHwEZ c
Ù q
kZX 1™wßzBzgg ZD Z ä–XÐ z™:ZzÎ{g Š Ðzz ÅT- »-
Æ kZ Æv¶g Åg®ƒ Œ0 â Z L L• ˜ Ìt
ä–¤ Šp‡ ÃoÑgzZ ǃ 9nç ÂJ
ZpÏñ Yƒë! u ( 114m…‚ ) ó ì
ó CYW-
â Zg•( k0
Æ-•zc
)k0
Znçƒ
™ƒ q  t Ân ™wJ{z ä  ™nç ÌŽ g®ƒ Œ0B‚ Æ v…‚ -2
 {z ì @
h igzZG : ZzÎ{g Š
gzZ Zƒ „ Û »h
 gŠ ÌbŠ nŒ È7t gzZ ¨Yƒ »ŠÎ •zžÆ™x¥tg®ƒŒ0
iž M Z|gŠ
žtªìnçåq
Zi9 zgÎŽ ä – Z®¶ˆƒ ë!
{z G : ZzZ ‡Ã oÑèa …‚~ ÓÑÆ kZ {zì Q °ˆÅyvxƒñÆ kZÐ -
Z {zÉ D W7•ÆoÑkZ ÆnçkZr
XìS*q ™nçåÏg Ï Ð v
 ™ ã Z/pXì @
-y xgŠ Æ - •z gzZ g®ƒ Œ0
ž ì t x¯ Ýq J¦ÃkZÆ™sz@ Ù gzZ • D™} i{
{e{eÅzC
gãÔŠÎnçt•Æ÷g›Z òsZ c
…‚gzZì @
ƒ µZz£zç X •9gŠÆä3Š
ZŠp-•zžñ Y3gÃ7Ã] !
Xì Œ6g¾gzZ ì ã â ‡¿q kZ -3
ŠpŽ VÒZy Ø Ð …‚
&¸ Ì~ ÷g›Zzz%™? Yƒ 4ZŠ ~ ! Å kZ {z ñY c
Âì @ Š {P Ž Ã-•zgzZ
X •D™™f V-r
 ™ãZ/ Ðh
i -•zž ǃt Ýq » VÂg „Ñ!  ™ ãZ/
{gÃè År
X •ŠŽñVÒZy
 gî~Š ã
&6 ZÆ÷g›Zzz%L L
g0 Â}g vb‚z ÏŠŽñoÆ ~ ÂzŠ {P Ú Z = ?žì H
(Interest)!
g -1 i gzZ Ç Vz™ °ˆÅ y v
» kZžì Yƒž ñƒ … Yt h
(Gambling)g ã -2 !Å-•zžñƒ… YÌtgzZƒ:žì YƒgzZƒy v
( 120m…‚ ) (Uncertainty)g¾-3 -•z ¶g Å}P ƒ: ì YƒgzZƒì Yƒ ¶g c °ˆ~
n kZ •¢ 6äƒ qr-Æ…‚èa r
 ™ ãZ/ Xì @
Z™ ¦~
Ù ÃkZ {z xƒñh
:•˜gzZ•BZzŠ Ån%C iž džt ÂBïžÜ »] !  ™ ãZ/
kZ År
ÅT å£zç-nçÑZz äƒ~ ÷g›Zzz% t Xì êŠ {P Ã-•z§{ Å °ˆ
Æ äƒ£zç-] !
ÐZ~÷g›Z òsZX •ðƒ Za VÒZy `gŠÐzz
Ñ! Xì ?Š ôÜÌ6äƒg ã,i Z {z´gzZ7Ì°o
Â! Zy
Ç! Å ( ŠÎ) !
gÐ T Š Š™sp~ qr-
c Y Åg®ƒ Œ0
+ Þ ‡Ž UgzZ
žìt {zì g¨. qZ -4
ÅVzq zŠ Z
 ì @
Y c~ ]gßÏZŠÎèY ˆƒ »
0 xƒñªB‚Ƈ ÃoÑpì @ Š {Pz¾Ã-•zÐ
Y c
ƒ:6Šã
Å£zçnçZ
 Xƒ6Šã
Å£zç-~p ‡ ÃЇ ÃoÑ{P zt@ž¾ ðÃ[ ZXB‚ÆoÑÅ °ˆ
ðÃ~ kZ Â}Š }Š {Š c
i ƒrÐ s§KZ ¿ðÃÉ {Pžì @ oÑŠpÉ @
ƒt Ð kZgzZ Xì CYƒ ë! ƒ7
9zgÎÃ\ Wä ¿Ë}ì {h
I ƒÑÉ 7`w Å ¶Š
n kZì CY 0 wo zæ)gzZ xÇ !
Œ0
] ‡5Ð kZ Å\ W6µñËQ XØŠ 6gîÆb@ Å -•z gzZ X Y™7c_ » y v °ˆ6Š ã
Å kZ g®ƒ
VÒZy
PÅ~g îòsZzz% VÒZy
PÅ~g îòsZzz%
VŒ èÑq • 7„ {Š â W{z 6ä™Ã6kZ ì ]gߦù Æb@ 9zgÎzŠ ä \ W Âðƒ
Xì „]gߦù ÂÝZ ! Y sÜ:t ÂØŠ } Š6gî
IÉ ^
gРZgzZ ǃ {h
ä ¿Ëžì ~Š wVt Å qrä r
 ™ ãZ/¶ Š 76oÑkZ9zg ÎÃ\ Wä kZèY Ç ñY ¹7
Ð kZ Å \ W6µñËQ ÔbŠ 6gîÆ b@ 9zg ÎÃ\ W ¼ÐZ\ Wž¸ØŠ
'Ð,™:Zz™ J (
sÜ:t ÂbŠ 6gîÆb@ 9zgÎzŠ ä \ W Âðƒ ] ‡5 D)Š ã
ÅVâzŠ yZX • Åg ãgzZg¾VÒZy
zŠ ¹!
 ™ ãZ/Ð w VkZ X ǃ {h
Å äŒt ä r I É ^
Y Ù ªXì 6(Uncertainty) ª
ªD)žìC
Y{zakZ @
Xì ^ ƒqrÌ~…‚žì ÅÒà ~ kZèY ì ŠŽñÌg0
Z g®ƒ Œ0
q Z Æ …‚
“ _B‚Æ …‚wVt Å r
 ™ ãZ/ž • ë ë D)*
Yc»Tì @
0 Z™ ¦À6c °ˆÅy v, Z
Î= ?¤
Zž¾ Ð –h
ižì k
V- Âw VÅkZX B
g 7 ?7c
ÇñW7yv{zÃg®ƒŒ0
ž7x¥tžì
]gz¢»L~ ]gßÅ äƒÆ b‚z ÂÐ z™t@ 9zg ZÆ …‚òsZ p
-Ð ªD) kZ g0
Ù kŠ »~ Â~ 7
gzZ Ǿ qr-¡yÃÃkZX ÇVzŠ9zgg ZD Æ] ¬rgzZì 6qr-Š ã
ÅkZèY @ Y*
ƒ 7^
w ãâ ‡v…‚gzZ - •zž Z
 Q ÇŒ:£zç- 7q N*
Y c
0 Z
» (Uncertainty) ªD)g0
g
w ã ⠇Ü£ z nZ¾Z gzZ *Zçz °Z ¸Æ yZ gzZ • n 0ZÆ£zçŠ .²
X ì q Ng
X Ƕ£zç-¢gzZtÂì Ýq }÷ }žì YY H ãZz V- wV=g &
ÃkZ
y
@ 6q »Š Ë~ì ¶g¼ ~ $q
ZÐg Z0 Z k0
VÒZy
i h
~$kZŽì ¶g {z7ÅkZžVƒ HÐ kZgzZVƒ
[g p„ŠpgzZw ÓZ[g„Špv -1
Xì k
»ŠèYì ^
7x¥Ãg Z0 Y* Ù ª ÂXì
]gßtžìC
Xì —v…‚
)) w!7 Ð g±ZÆ kZ Z®ì ¶g X~ kZž
The Comp any sha l l act as a
äY Žžì ~gz¢c äƒ 9Æ ßgzZ ì ( x¥
Mudarib for the purpose of managing
Ð D̈¤ Ë~¤ Û 7Åq à Zz
ZpÔƒx¥Ã¢•
t he i nv e s t m e nt o f P a r t i c i p a nt ' s
ZžVƒ Ht
~ $kZ ¶gŽ ‰ WwzZ ~ y JZ \ W¤
contribution. As such, the Company
Y ]gßt  ÇVzŠ6gîÆ x ÅZ »{zì
èÑqì ^
stands entitl ed to a share i n the
ŠŽñ (Uncertainty) ªD)gzZ ª
 ˜ ÌV Œ
i nv e s t m e nt i nc o m e t he r e o f a s
˜ VŒ n kZì qr-tèa pì
D)gzZ ª
Mudarib.
b§kZ X 7q N*
Y c
0
» (Uncertainty) ª
Ýq Ð } P Æ g®ƒ Œ0
ªqÑ :ÀF
Š w$
D) Ì6VŒ  c çJ e » ÷g›Z ä ë Z

x »Ð w Å [g pv…‚~tâuá Zz äƒ
…‚ ) ó Xó ǃ 7^ n犎z!
Y* ÆäY ñ0
ª
~ œá Zz äƒ Ýq Ð b§ kZ gzZ Ï } ™
( 121, 122m
X σg ZŠzÐ wÅ[g p

•ëë •ë ë
{ Ænçž ì H x » „z ÌVŒ ä r
 ™ ãZ/
07[g pŠp{zì Ìà ágzZì Ì•ZzŠpŽ v
Š™™fÐ w VÃäƒ ^
Ž ÅnçX c Ù QgzZG} i
Y ÅzC
Z~Tì @
q Û zŠ "
ƒ- (Zy xgŠÆVh• Ë
g pèY $
VÒZy
PÅ~g îòsZzz% VÒZy
PÅ~g îòsZzz%
Xì Cƒ´Šé]̀Z ÅkZÚ¸ÌA ƒ: nƶŠ6 Å}uzŠ gzZ ì @ ƒ wâ Ð + Y Å
Âá á 6]̀ZŠpÃèZg Z Å•z à á c ø* Z b§ÏZ
¤ wÓZ[g {zZ®ì à áÅ-•zvèa Xì @ ƒ¿Ð + Y
äƒ Z  Zz é]̀Z pì 7{g YZ6j§szc{zp¤ Z X$Ë 07[g p{zgzZì
ÌðÃ~i W c Ç~ " g pX c ŠÈ {g YZ Ui WÃnç kZÐ Æ[g p~tâuÆVzg®ƒŒ0 ÂvžñY¹t¤ Z
Xì 7e* ™kª6 g pn kZ k
{g YZÃ" 7]gß èY79tÂX ñƒg®ƒŒ0 Âw ÓZ[g Z®ì C™x »6 gî
kZ•7tb§~g7 6 kªkZ ÌØæã ¢i* Ññ !Å•z {z • ï Š {P Žg®ƒ Œ0 žì [ ƒ™ft 6 zZ
„ «nä v…‚p¤ Z• D CÌ]gßwŠ •q Z {z n Xì Cƒ à áÌÅkZ vgzZì @ ƒ
:•˜t]gßwŠ •Øæ* ÑñXì Hg (ZÃ]gß
~kZì Hë Z• Û tâuŽ nÆ-•z äv,i Z {z´
ènÖçi àne èÒ†Ž Ö] ÄÛq o Ê Ô • Õ ^ßâ á^³Ò à ³ò ³Öæ
wÓZ [g „ŠpvÂÏ}™x »6gîÆ " g p„ vÂÌ
p†m ‚Ú ‚u] áçÓ³m á] à³Ó³Û³nÊ èe…^³³–³Û³Ö] à³ne æ Ì ÎçÖ]
X 79Ž µ[g p„ŠpgzZ
èn’íŽÖ] äjË’³e ÌÎç³×³Ö ^n Ö ç³jÚ än˾çÚ ‚³u] æ] èÒ†³ŽÖ]
•˜Øæã¢i* Ññ6gîÆ[ ZŽÆkZ
^³ãnÖ] ÄÊ‚m æ †q^³e Ñæ‚ß³’³Ö] é³…]•Ÿ èÒ†³ŽÖ] †³q^³³jŠmæ
èe…^–Ú æ ÌÎç×Ö ènÖçjÚ ^ãÞçÒ àÚ ÄÞ^Ú Ÿ ä³Þ] †³a^³¿³Ö]æ
!èe…^–ÛÖ] Œ^‰] o× …^Û%j‰¡Ö Ù]çÚŸ]
‚ÏÃe èe…^–ÛÖ] áçÓi á] ½†Že ‚u]æ k³Îæ o³Ê ^ãÖ]çÚ] oÊ
äƒ[g pgzZ 䃕z à á‰ Ü z àÆ v¤ Z :ÀF
h…^–ÛÖ] xe… èfŠÞ à ‚mˆi Ÿ x³e†³Ö] àÚ èfŠße æ Ø’Ëß³Ú
VzI] Z eÆvžìt{zì e]gßwŠ •Ž ƒ—¼~
š…] †q^jŠm á] ÌÎçÖ] †¾^ßÖ ]æ‡^q] ð^ãÏËÖ] á^Ê ÑçŠÖ] o³Ê
ƒ à á »•zÐg ±ZÆ , CZ f KZ q ZÐ ~ VzÁ c
•zgzZá á 6]̀ZÃvc x OZÆ -•z {zgzZ ñY Ø%ÛÖ] é†q] o× ‚mˆm ^Ûe æ Üã–Ãe ‚ß Ø%ÛÖ] é†q^e ÌÎç³Ö]
X }Š™á ZjÆv6 Šã
Å" g pÌwZñZÆ á] àÓÛ³nÊ D421 ” 2 t èm‚ßãÖ] pæ^j˳Ö]E à³m†³ì• ‚³ß³Â
!èu]†’e ð^ãÏËÖ] Ý¡Ò oÊ å…œ ÜÖ á] æ èe…^–ÛÖ] än× Œ^Ïi
•ëë
Ü z „q
ƒ Ìà áÅ -•z~‰ Ù ª:ÀF
Z vžìtC

tZ]» “Z~gLZ¤Ðy•WgzZì ]gßF

$ЬÂt
Z²ì 7ú â ðÃÐ kZƒ Ì[g p~w ZñZÆkZgzZ
Âq
XèYì
g Lgâ z~ œ» v}uzŠgzZƒ Zƒ Z]
f - » "
g p
oÚ¡‰Ÿ] ànÚ^jÖ] èÒ†³• ®³Žß³i ž•`ÉØæ*
Ññ
•z {zžì c
C^ Æ•zä Y •èYƒ: {Š c
Y cø* iÐ
áçÓm ^ãÖ^Ú Œ]… àÚ ^Úç³×³Ã³Ú ] ðˆq ÙˆÃi æ ÌÎç×³Ö ^Îæ‚ß³‘
6kZXáá6tZ™núÆZ é]̀ZŠpÃ}iÅ
ZiÐkZ c
ZÆtâuLZ v÷g›ZòsZ ) ^³Ë³³Îæ
ì‡-•zÐzq
Zì YY HkªÃ"
~x¯ÆY •= ô¥ÅkZp¤ g p
tâuLZ {zgzZì Cƒ ì‡v¬žì È »T ( ì C™
X B7
Xì C™ì‡Ã-•zÐ
~ T ì ¿ã â ‡ q
Z vw– Æ Øæ *
ÑñQ •ë ë
ÅV- gZŠ)f z t £x ÓgzZì CYƒ Ë, CZ f Åy ZI] 6 ]̀ZÃ}i •z cø*
Ze  ä Y •žì Ôg¨] ! t
» vI] Z e ðà Z®Xì CY Ås§Å¿ãâ ‡ÆvÚ ô¥Å i ZŽ Æ “  [g pÆø* 
gzZ Å ô¥Å i ZŽ Æ h
ÛC
™ » „ v|gŠÃkZ Ç}™x » ÌŽ t•
Ýq »kZ XÐ}* Ù „ ä Y • „ A Û ¼ ~ VâzŠ yZy
 ǃ t• WX Å7
X ˆ0•ZzÆ™ì‡-•zvž•t ì 3g
Ðg ±ZÆ,CZ f KZI] Zž•ë *
Z eq Ññ[ Z ]̀Z {zp¤
Z ÂᙆðÃèZg Z•zžìtt• Û {zgzZ
VÒZy
PÅ~g îòsZzz% VÒZy
PÅ~g îòsZzz%
Ë Y Å »Œ0
$  ZpgŠ Åg®ƒŒ0
t Ì6„ X ÏñY ~[ ZŽ pX ñY0à á» -•z
¶g Î._Æω؊~]gßkZgzZì
ìk , CZ f ÅI]Z eÐg ±ZÆ x »Æ vZ
 ž• ë ë
X ÏñYÅ:Zz¶g ¹!
Å} PÆkZÆ™t{z ™ » v*
ž Zƒt Ýq » kZ Âì * ™ » kZ gzZ ì Ë~ v

ž•ëë C¯ à áB‚Ænç6 q
ZÃ\ WLZ vˆÆ “
 •Zz
c x OZÐ Šp„ v._Æ m?kZ ÅØæ *
ÑñQ Xì
ô â ÅkZÐzg Å<ÑgzZì !Å•z¶gÅ}P
C™Ìnç»"
g pc ~g »tâugzZì C™Ìnç6]̀Z
: Å À: 7^
b§Å œÆ ¶g •z à ¶g kZ X Å zb Y 3Zz
6yZ ä ëŽ Zƒ "
U
x Z²Z „zÐ VÂ!
ÅØæ *
Ññn¾Xì
ðÃ+Z Xì YY H ay
~ œ£ z Ôr Æ •z sÜ
Š ¯ „ VâzŠ [g pgzZ wÓZ [gÃvä *
Ž c ¬
Ññž å HZ
} Š™:Zzô â !Å•z à ážì 7g´]gß
{P c
Y
X 7^
Xáá:ZzÃkZ {yŠ
*
™ »Ã!ÅkZ c
•z-2
ì 9v…‚
This Policy may at any time be
te rm i na te d at the op ti o n o f t he
Company on 14 days' notice to that
effect being given to the
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.
Ü z ÌË6g (ZÆ vŒ0
14 ‰ …‚t :ÀF
g®ƒŒ0 Ë YÅ »6FâÆyŠ
~]gßkZ'ì $
¶g ÎÅ}P Ð ÚÅ ]æ† Ã
Å : Zz ì k
VÒZy
PÅ~g îòsZzz% VÒZy
PÅ~g îòsZzz%
Ïñ YÅ”ÅbZ™ c Šã
76ÅŠÎ bÑkZžìtÈ
X •VÒZy
zŠ~kZX Çìg m$
tZ™ c
7Ð~pÅkZgzZ
ÃkZgzZ ä¯ g £ÃŠÎ bÑ~ ä™ðÆtZ™ c
7 -i 5:X
 oÐx Â~ŠÎ)ÆxsZ~ä™™f
Xì 79
Ü z Ëžì @
ÅtâuÃJòsZ‰ Z Ìt Ð kZ -ii
ƒ60
Û Ð VË}uzŠ Ì{zƒ]gz¢
nŒ
ÆKiborÃyZgzZì © VÒZy
PÅ~g îòsZzz%
™ ZŠ ZŠÎÐ[ ˆ
Xì @
~}g ! ÑñkgæÆc Z™x‰Zg ZŠ
kZ ã Z/£Zi ÚZËZ e * !^n×’Ú æ ]‚Ú^u ä×Ö] ÜŠe
˜ {zXì C™G@ Z ÏZ}g ø {z • D™7 ðÌŽ ~ßñ}Š Z ñ™Æ yZ gzZØæ 㢠i*
Å60 Ññ~ gzŠ kZ
:• » ~g î òsZ ~ yÎ 0Ð V@ÃÅ• ã ¢sÑZ yZ/
{ŠŽñž ’ e ¢
{^
Y Ì » ] !
kZ … L L òsZ Ìëv:Z b§Å Vâ ›}uzŠXì Zƒ q zÑŸ
gzZ•D ¯g £VYÊΠbÑJòsZ~] Ñq ƒ òsZØ{x Âtž• T e ëp• qé ZpÆ~g î
» ] )Áw ÒZ ° 7Z ~ ä™lˆwŠ • » kZ Xƒ: löWÅgñZ òsZ)vŠ gzZ ÅŠÎ~ kZgzZ
Ð ¬$
X ì o‚ „:gzZì òsZ‚Î: x  ~g î òsZ {Š™ òZg V; }g ø
6gîx ¬žìt©:»ŠÎ bÑb!
ÆVË ŠÎ‚ά vߎžì Â{Z Њ΂Î
Ãt »TXì u 0
‰Ô Dƒì g^7~] Ñq‰q
ZJZ Z {z¸ _C~
òsZ sÜ™hgÃVËgzZ ] 5ç à â LZ¤
¶gZ Æ yZž • Dƒ, Z J
ZiÐ ]gz¢k0 s§~uzŠpÐN YW6ŠÎ‚ :e }{zÂ, ™Ð J
Á ¶g n Æ ÷+k0  ì Cƒ
Æ VˉžZ ÐzzÅo ôZKZgzZ ~g ZgŠ KZvߎžìtyvZ (
ÐkZ
VËyZ {zì Cƒ ]gz¢Å ¶gÃVËX Âì Cƒ :eÆŠÎ!õÑ{z¸6(Zero Level)zgŠ#Æ{)zŠÎ
Û Xì Cƒ Z
£Œ Æ X• f
Zi ¶g k0 ÛÐ
£Œ Xì yvZ (q
ZtGgzZÐN YW6wC‚
Û 6ŠÎ bÑmºq
ÐZ ì êŠ nŒ Z J ÑZz ¶Š ~~ môZäã¢sÑ ZyZ/~ßñ
V˪ì @
Y¹ Inter Bank offered rate Meezan Bank's Guide to Islamic Banking
û kZ XŠÎ bÑ Š
H7~ ] 5çb!
Æ ó óÉZg ÅJyZönÆ~g îòsZ L Lª
É[ Âò *
bÑ »VËÆ c Z™6gîx ¬ ~ yÎ 0
Xì Ibor á™
ÑñŠ *ZÆ c Z™x‰Zg ZŠgzZ Å ù•
ä ã Z/£Z i ÚZ ËZ e *
Karachi ªgÆ» & ì @
ƒ wEZ : e g• ŠÎ á ó ó{ ^
ÅyZ X Å ù• Y I |q
Z X ~g î òsZ L L[ Â KZ
X •ë Inter Bank Offered Rate X •èVÒZy
Psf `gŠ Å~g îkZäë6Šã

òsZ ðÙhgÃgÆ»JòsZ~yÎ 0
Z
¤
Xì @ ¯g £ÃŠÎbÑ -1
Yc
Ù ªÂ•e *
Å< òsZ nÆ kZžìC ¯g£
J òsZzz% n Æ ä™ðtZ™ c
7 ÅÚ Ë
yÎ 0 W~ŠŽz»Lg â ~(
v:ZXì ~gz¢* Z
q
ÌZ ~Š ã
~ T• D™™f f
g (Floating) w‹q
Z
òsZ ) ó Xó ì „g ™ ¹FLg â t × W× WÌ~
à Karachi Inter Bank Offered Rate ª Kibor
YI|q
( 54mÔ{ ^ Z ~g î
Xì CƒŠÎ bÑÅ+Š AÆ:WÆVËžŽì CƒÝq
VÒZy
PÅ~g îòsZzz% VÒZy
PÅ~g îòsZzz%
Æ yvž i7 Ð r
 ™ sÑZ yZ/[ » ðÞ Žì @
YHwßz: â ̀à â -2
zzkZ: â̀gzZì HgzZ Â7: â̀¶g à ZzäYà 6 
gîÆugZ D
wßzŠÎ|gŠ6x * 
Æug Z D ŠÎ{zž åIÐ
JZ® å á ìŠÎž
Xì @ ™ ¤ ZJž•ëts§q Zr
 ™ã ¢sÑZyZ/~ßñ
Y $E :6ä™: 5ZŠ Z‰Ü z'
 ÆkZ Â} ™nç»Ì Z%B‚ÆË
…‚c ÷g›Z~ ëE 5k +xƒgzZ89g » -3
Ë Y Å ~p~ 7 Â
Y Hwßz: â ̀ðÃÐ kZ „:gzZì $
gzZ ñŽ ÔŠÎ~ kZgzZì ^Y* G ÷g›ZÐ zg ÅxsZ
D™ ~g Y Ìe Z@ t n Æ J {zŠŽz!Æ kZpì Y
÷g›ZòsZ ª…‚'! VиX • D Yñ 0 pÆg¾
%Æg±wëËŠŽz! ÆYúÅ{â q ZŽ H Ç {zž•
™"UÐ ,ë~ y Ò Æ …‚ž 6• CY ð0 Ì~
kZì càyv A ÃJ ä kZ Â @ ™75ZŠ Z™ú1 yY
Xìi§òsZ)Ì…‚zz%Z®X •`
X ñ YÅwßz¶gâZÐkZnÆug Z D Æ
~ ygzZì @ Z™…‚ c ÷g›Z6x * „ LZJ ~g »
Æ : â ̀s§q  ™ ã ¢sÑZ yZ/¶ Š
Z r
zgq~kZX • D Z™g”ÆV”LZ LZŠpH ÇgzZJ
: •˜Ãäƒ^ Y*
:‰YÅ7i Z0 ZÃ'! sf
Y $E Another issue with Murabahah
÷g›ZÆJ{zì @ Zz™ëE5k +xƒ c
9 g »Ž H Ç -i
8
is that if the cli ent defaul ts in
(ZJžì DÃkZèa gzZì á
: » äƒ 2~ …‚ c
payment of the price at the due date,
Xì @ Ì{zÂÇ}™ÐzzÅkZ¡gzZ Ç}™gz¢
ƒg…k
the price cannot be changed nor can
Provisional {Š™ ~g Y ÅJ y Zö~ Y{g Y Zg » -ii
penalty fees be charged.
 ~gˆÅtZ™ ) Rental Calculation Sheet
~ (ø
6õg@ Zžì tX ZuzŠ ~Ì Z%
gHH Ǥ
Z Æ ~g ZŠ'
ÌÃ] Y Zy gzZ cZgtZ™ » { â ¬ žì `gŠ
g !
Ë Y Å sp7 Â: Â @
ðÃ: gzZ ì $ ™75ZŠ Z
ÌÃ ¶g Å ( …‚ c
) ÷g›Z ñZ™Æ V¸¹! á
gzZ ì ï•
Xì YYHwßz: â̀
Xì9zg 3,44,000 7ÅT~h Çq á
Z †•ï•
Û ~g Yêt{zœ„}uzŠQp
X •D â •
Inclusive { zgzZì 9zg 31,487 tZ™ » { â ¬ÆkZ
In order to deal with dishonest
of Registration, Rent and Freight charges
clients who default in payment

deliberately,they should be made
Ù Œ ZžZ
Å÷g›Z {zgzZì 9zg 11,487 tZ™ » {â C 
l i abl e to pa y comp ensati on to
Xì Inclusive of insuranceªì É ¶g
Islamic bank for the loss suffered on
Å J pì (Provisional) ~gˆ)*
 t p¤
ø Z
account of defaultL L . P.129
YY ¹ùt Âì @
Y c á ~ ] Z m
3Š ÌÃH ÇgzZì ï• z*Š
Ü z'
75ZŠ Z ‰ ™ú1 y Y Ž H Ç - Š$
c
KZŠpgzZì @
Z™÷g›ZÐ s§KZŠpJ ~ {g YZg»žì
JòsZÐzzÅkZžì YYHg6ÃyZ D™
™ ZŠ ZÀ6
Xì @ Ð s§
X ,Š ¶g¼ nÆug Z D
ÆkZì ZƒyvŽÃ
Šã
:„Å œ6Åtâuð- -4 •ë ë
VÒZy
PÅ~g îòsZzz% VÒZy
PÅ~g îòsZzz%
profit earned by each rupee per
(On the basis of daily
day. The amount of this average
profit per rupee per day will be
products)
multiplied by the number of days
Æä™{Š â W6äZ™ ¦ƒ ¶g ÌÎgzZ Z
 ÃVzg ZŠM3
yZ/Xì à ïYŶŠ œ6Š ã Åtâuð- äVËzz%n
each investor has put his money
: •˜~}g ! ÆkZr ™sÑ Z
i nt o t he b us i n e s s , w hi c h w i l l
"Many fi nanci al i nsti tuti ons
determine his profit entitlement on
finance the working capital of an
dai l y product basi s." ( Me e zan
enterprise by opening a running
Banks' guide p:178)
account for them from where the
Æ }g ZŠ Z ~g !
zg » Ë}g ZŠ Z C1 â Ð ¹L L
clients draw different amounts at
» kZž• ï Š K Ð j§kZÃtâulŠ¤
 F k
i

5. Ð ~ T • ïŠ wÅM3V Zzg q different intervals, but at the same
ZÿG Z
time, they keep returning thei r
tâuåà „B‚gzZ • s ïSg Z~ ] ‡zZ
surplus amounts. Thus the process
»% ïgzZ äZ™ ¦Sgn¾X •Tg D Z™Ì¦
of debit and credit goes on upto the
»ŠÎ6VzŠ ã
ð- gzZ ì Lg ¸ J
 •Z õg @
¿
date of maturity, and the interest is
tâuÅÌ Z%gzZžg xnç (Z HXì @
Yc
Î[ ˆ
calculated on the basis of daily
?ì YYHÌ~~g »
products. Can such an arrangement
ÂñYƒt · Z6nç, ZyxgŠÆVkg 0
Z
¤
be possible under the musharakah
iX Cƒ7¿#Å‚Ÿ~Š ã
ËÆžg xÐ kZ
or mudarabah modes of financing
‚Ÿz {°‡kZ ä Vkg 0
žìt È » kZ6gî
(Meezan Bank's guide. p: 177)
WÆ]æ ~ D 3Æžg xžì 1™t · Z6
~y
If s uc h an a rr a nge m e nt i s
tâu Hx- ° ¹zZž ǃ„6Š ã
kZ {zƒ ¦ œŽ
agreed upon between the parties, it
œÑZzäƒÝqBzg °x- °Ð kZXì ZƒwEZ
does not seem to violate any basic
~XÐ,Š[¢ÐŠ°Æx c
ZyZÃT ǃx¥
Ù
p r i nc i p l e o f t he m us ha r a k a h.
ð- Ð kZXì c zg »tâu CZ äg »tâuC
Î~g !
ó Xó Ïn YŔŠœ6
----practically, it means that the
VzŠ ã

parties have agreed to the principle
Æ™Šg Zz nZ ‹Zq
Z „ŠpQ ä r
 ™sÑ Z yZ/6kZ
tha t t he p ro fi t ac cr u ed t o t he
Š [ ZŽ » kZ
 ZÑžì t nZ ‹Z Xì c
kZgÆ VrÑ Â~ •
Musharakah portfolio at the end of
¦gzZ s ï Sg gZŠ M3~ x  kZž Z
 ì @
ƒ D » w ÓZ
Ü zDƒ4ZŠ~žg xn kZ•Tg D Z™
the term will be divided based on
ÅtâuÆyZ‰
the average capital utilized per day,
kZQì @
Yƒë! ˜ kZgzZì Cƒw!g Zl
žg xÐ ª
which will lead to the average of the
tž • ë ñƒ ïŠ!Zj »vZ¶g ã‚ »)´ ~ [ ZŽ Æ
VÒZy
PÅ~g îòsZzz% VÒZy
PÅ~g îòsZzz%
uncertainty in the capital at the time ˜
»} ×) Å]ˆßÖ] oÖ] o³–³Ë³Ú ª
of musharakah does not lead to @
Y „ƒ D»g Zl Âì @ y
Y Zh yâ ‚Z
 èYì 7(̄ !
disputes, because it is generally : • ˜X ì
known when the commodities are "But t he pr op os ed runni ng
purchased for the musharakah, account of musharakah where the
t he r e f o r e i t d o e s no t l e a d t o partners are coming in and going
uncertainty in the profit at the time out every day, nobody has
of distribution." (Meezan Banks' und e r t a k e n t o c o nt r i b ut e a ny
guide: pp. 179-180) specifi c amount. Therefore the
Ñ ~ T M3 VZzg {iX »žg x p L L
q capital contributed by each partner
ÑÌðÕ Tg Dƒ `g {gzZ 4ZŠ: Zizg
kZ q is unknown at the time of entering
7~g ZŠ)f ÅäZ™ ¦ ¶g ³~
n kZXì © into Musharakah which shoul d
Ù ‰
ÑC
wÓZ kZg Æ q Ü z Æ ä™ q zÑžgx render the musharakah invalid. The
‡Ãžg xÐzz ÅTì x¥*
g ZlÅ (tâu) answer to the above objection is
X ’ e*
Yƒ that the classical scholars of Islamic
Æ òsZ}žì t [ ZŽ » nZ ‹Z Ñ!
{gÃè fiqh have different views about
žg xžì ñ Zg s %Z ~} g !
kZ » >*Š whether it is necessary for a valid
x¥Ð ¬ » w ÓZ kZgÆ Y »Ñ c
Wn Æ i ZŽ Æ Musharakah that the capital i s
7oÑtžì t · Z6kZ »Y f4X 7c
ì oÑ *
ƒ pre-known to the partners. The
: •˜ ò ã ‚ »)´ž4g•X ì Hanafi scholars are unaminous on
ðÃtnÆi ZŽÆžg x._ÆÃ}g ø the poi nt that i t i s not a
á x â Zp¤
w• Zƒx¥g ZlÅwÓZ kZgžì 7oÑ pre-condition. Al-kasani, the famous
˜žìt?Š ~g øXì oÑtq
ª Š 4
ÆvZ¶g hanafi jurist writes:
ÏZ sÜÉ Cƒ 7Š YZ
 ñn Æ -Šp] Z &
 "According to our hanafi
Æžg xgzZ X ¶ ̄ !
» q Z 4
{z Z Ü z
 ì Cƒ ‰ school, it is not a condition for the
̄ !
» q Z 4
 ˜ ~}g !
ª ÆwÓZ kZg~ q zÑ validity of musharakah that the
@ y
Y Zh  ( •Æžg x)èY Cƒ 7
yâ ‚ Z amount of capital is known, while it
 ˜ {z ~ „Å œZ®ì @
»ª Yƒ D» kZ Âì is a condition according to Imam
ó Xó Cƒ7̄ ! Shafi. Our argument is that jahalah

•ëë (uncertainty) i n itsel f does not


render a contract invalid, unless it
~ßñÈŽ »]g „ÅvZ¶g ã‚ ») ´žì k\Z…
leads to disputes. And the
VÒZy
PÅ~g îòsZzz% VÒZy
PÅ~g îòsZzz%
 gŠ b§ËtNÑ~h kZ ë ì c
Xì 7„ Cär
 ™ sÑ Z y Z/
sÑZ yZ/6(Basis of daily products) Š ã
ð- :ì V- ]g „ÅvZ¶g ã‚ »)´Xn™7t · ZÐ
Z „Špär
:ìtŽì HÜnZ ‹ZgzZq  ™ Øe ^ ãß n Ã Ö ‚ ϳà ³Ö ] ‡ ]ç ³q Ä³ß ³Û ³i Ÿ è Ö^ ³ã r³Ö] á ] ^ ³ß³Öæ
"Some contemporary scholars Ÿ ‚ÏÃÖ] kÎæ Ù^ÛÖ] Œ]… èÖ^ãqæ è‡^³ß³Û³Ö] o Ö ] ^ ãñ ^– ³Ê Ÿ
d o n o t a l l o w t hi s m e t h o d o f ០^fÖ^Æ æ ]†a^¾ å…]‚Ï³Ú Ü³×³Ã³m äÞŸ è‡^ßÛÖ] o³Ö] o³–³Ë³i
calculating profits on the ground ¡ Ê ^â … ] ‚Ï Ú Ü ×à ³n Ê ð]†ŽÖ] kÎæ á^Þ‡çi †nÞ^Þ‚Ö]æ ܳa]…‚³Ö]
that it is just a conjectural method Äñ]‚³eE !è Û ŠÏ Ö ] k Î æ x e † ³Ö ] … ] ‚³Ï³Ú èÖ ^³³ã q o ³Ö] p •© ³m
which does not reflect the actual D63 ” 6 t Äñ^ß’Ö]
profits really earned by a partner of 7ú âÆi ZŽÆ-Šp] Z &
ª ˜žìt?Š ~g øL L
the musharakah. Because the gzZXì Cƒ ú â Ðzz Åäƒ ä  ‡ ^ ß Û Ö] o Ö] o –Ë Ú É Cƒ
business may have earned huge ä‡^ß³Û³Ö] oÖ] o–Ë³Ú ª Ü zÆ-
 ˜ Åg ZlÅw ÓZkZg‰
profits duri ng a period when a @
YÑÂÃ.* Ü zÆhy
Šzë ZgŠèa ‰ Åyâ ‚Ðgîx ¬èY7
particular investor had no money Ü z kZ n kZì
Æ„Å œZ®ì CYƒx¥g ZlÅkZ ‰
invested in the business at all or ó Xó Sg7w!ÌgZlÅ œ‰
Ü z
had a very insignificant amount Ü zÆ-žìt Š Z%ÅvZ¶g ã‚ »)´
»g ZlÅtâu‰
investsd, still, he will be treated at Ü zÆ-ž It X 7oÑ *
oÑÌDà ) Z »g Zl‰ ƒD-
par with other investors who had y
~g Zh  Û ŠpvZ¶g)´ ¶ Š Xì ?Š š ì 7
ž• Dâ•
huge amounts i nvested i n the Ü z kZ Âì @
»g ZlÅy Z ‰ Y Hyiz ».* Ü zÆ
Š z ë ZgŠèa ‰
b u s i n e s s d ur i ng t h a t p e r i o d . Šzë ZgŠ {ztž Zƒx¥Xì @
-Ž •. * Yƒì D-žŽ D
Conversely, the business may have -n¾X σ• Ü zÆ
g xB‚Æ yZž‰ ØŠÄgt ‚‰
suffered a great loss during a period á Z s§Å yZ c
{g • Ð zz Å äƒ t ‚.* Ü zÆ
Š z ë ZgŠ ‰
when a particular investor had huge ÆŠ ã
ð- ² Zƒgz¢ ÂDà )Z »g ZlÅ yZÐzz Å äƒ
amounts invested in it. Still, he will Ü zÆ-~X
D-: gzZì Dà )Z Â: »g ZlÅtâu‰
pass on some of his loss to other Xì
investors who had no investment in Û zŠ Ái Z Ážì ¸ |Å wZñÑ!
&• Ñy
yÁ• W
tha t p e ri o d or t he i r si ze o f B™mºnÆJ
]æm5~-kZ ñ âu³LZ
investment was insignificant. Å œn LZ ( ÌÐzz ſƒ ]gz¢gzZ )6Š ã
ÅyZgzZ
YÃj§kZƔŠœY f)ëPL L
7^ Basis ) Š ã
ð- ~gzŠÆvZ¶g ã ‚ »)´X ,™ð bÑ
Tìi§g¡q
Zt~ wìÆy ZèY B žì YY eÎù Z® å7ŠŽz » ( of daily products
X @
ƒ7x¥œÇZƒ c ÑË~žg xÐ
¾ »q Ü zÆ-p,™ Â- »žg x~ :WòŠ WzŠ~gzŠÆy Z

V⊠y Z œ{Š c zg »žì etžìtzz
i¹ ~g ! Z¼ »g ZlÅtâuÃy Z Â:
ð bÑ ðÃÅ œ„: gzZƒ { i Z0
ŠŽñ„tâu Âc
Ð }u »q
Ñq
Z Z
 ƒ Zƒ~  ™sÑZyZ/Ã]g „ÅvZ¶g ã ‚»)´n¾X ,™
LZr
VÒZy
PÅ~g îòsZzz% VÒZy
PÅ~g îòsZzz%
partner should earn profit on his Þ ‡ž Z hðÚ Z ƒ c
: „™f . ƒ:
own money only. Once a 
Œ' Æ Y »Ñ}uzŠ yZ à kZ ŠŽz!
Z' Æ kZ Xƒ
m us ha r a k a h p o o l c o m e s i nt o tâu~g Zl~(¹ ~]ækZ äVMÇñY
exi st ence al l the pa rti ci pants , kZ »g ! 
zg »žì et~]gß@'ÆkZXƒ c
Î
regardless of whether their money ¹ »q
Ñq  ƒ Zƒ y v{Š c
Z Z i ¹ ~ ]æ
is or is not utilized in a particular vŠ yZ y v¼ » kZŠŽz!
Æ kZ Xƒ Îtâu{Š c
i
transaction earn the profits accruing Š™vÃY »Ñ
:tâu̼~]ækZ »XÇñ Yc
to the joint pool. This is particulary ó Xó ƒ™f.
Þ ‡*
Ž Zhð¹Âƒ c
ƒ
true of the hanafi school, which
•ë ë
does not deem it necessary for a
ÑËÐ j§kZžì t Ýq » nZ ‹Z
œªZzÆ q
Û èY Cƒ 7x¥g Zl 9Å
valid musharakah that the monetary
Z ]æ ÀÅžg x, ™n•
Îq
Ù kŠ ä –gzZg ZD
Ù õ0
ä /~ „ q zÑÆ ]æ Xì yŠ
contribution of the partners are
¦g ZD
mixed up together. (Meezan Banks'
i~¨ £Æ yZX ðZd: ¶g¼ ~ ]æ ~g7 gzZX ñ Z™
äh
kŠÆy Ù õ0
WX n Zd{zˆ yŠ kŠgzZ ñZ™ ¦g ZD
guide:p178)
~ q zÑ
ì YYHŠg6Šã
kZÃ?Š ðƒ ~Š ÅY fyZ L L
Ù õ0
XØŠ Z™ ¦Q9zgg ZD ~VâŠ
Ñž7„ì ~gz¢ Ât ~žg xž
LZ sÜq
ÄÑ!Î''Zƒtâu »VâŠÎy Z
Yƒðžg xiŠ q
Âì @  X ñ ¾ œ6tâu
Z Z
(ÄÑ5) 5,00,000=yŠ 100x9zg 5000Æ/ª
-m{ Ëž ñƒ D™ÃsÐ kZ Y »Ñ„ x Ó
= yŠ 1 0 0 x 9zg 1 0 , 0 0 0 Æ – gzZ
ì Zƒ wEZtâu » y Z ~
Ýq Оg x 7c
( ÄÑ10) 10,00,000
tX • DƒgZŠz~ œáZz äƒ
6gîm{] !
( ÄÑ1) 100,000=yŠ 20x9zg 5,000Æh
igzZ
¸ {Š c
žg xVŒ Æ yZèYì W Š 4
iq ÆÃ
~ yŠ q
Z Âìg~ wEZ9zgÄÑ16 À~ yŠ 100
ÃV-âuÆ Y »Ñx Óžì 7oÑt n Æ i ZŽÆ
Šã
ð- ƒ9zg 8000œÀ¤ Ù 16
ZXì g~wEZ9zggZD
ó Xó ñYc
Š™o ‘
gzZ9zg 5000 Zƒ »–gzZ9zg 2500 Zƒ œ»/Ð [ ˆÆ
•ëë yxgŠ œ»9zg 8000 žì et [ Z X9zg 500 Zƒ »h
i
 ™sÑ Z yZ/
~žg xžìt Ýq »[ ZŽ kZÆr : œÌ¼ ~V⊠kŠ kŠÆy
Wzq zÑgzZƒ Zƒ~V⊠4ZÆ
 ZÑX }™Ýq œ6tâuLZ sÜq
• Ù ž7~gz¢t 500Ð ~œá Zzäƒ6V-âuÆVzuzŠzzš Ãh
ÑC iXƒZƒ
vŠ ~ œpƒ Zƒ w EZtâu » q
Ñq
Z sÜp¤
Zˆ Æ Xì Yƒ~]gßÅy v„,ZX ‰ ï9zg
X •Dƒq
ÑÌY »Ñ :•ïŠV- [ ZŽ »nZ ‹ZkZr
 ™sÑ ZyZ/
t‹»kZ {zpc
C ‚Ÿ »žg xä r
 ™sÑ Z yZ/ "This argument can be refuted
W Âà Zd ¶g KZˆÆyŠ kŠ Z
<Ñ c  äh
ižñ0
™7 o n t h e g r o u nd t h a t i t i s n o t
Ù ªX 7c
ÂÐ b§kZžì C „g ̹!
 ZÑ~ ÃÅ
• necessary in a musharakah that a
VÒZy
PÅ~g îòsZzz% VÒZy
PÅ~g îòsZzz%
@
Y Hnç V 7 Ð Y »Ñx Ó~ x  { iXL L  îSì CY ƒ »„ •
žZ  ZÑ
~Tì @ Î6Š ã
Yc Å]ækZ œ»q Ù Xì
ÑC tâu À CZ {z gzZ ƒ ( q
Ñï¬)) Sleeping partner
ž7— ðÃ~ kZX ; g ¦~M3žœtâu »kZ tâuÀ¤
ZXáá :ZzÐ ( q
Ñï¬) Active partner
V¶gZˆðZ™ ¦~] ‡zZ ZœÀ~žgx èY ˆƒë! á Zd:ZzÛá: :Zz
 ZÑ—‚ÌA
•
6kZ Ń
¤
Z n kZ Xì Zƒ ÝqÐ wEZÆ  Ú6ÆV-âu
X σ]gz¢Å-6Ð(ratio)ƒ
„œ~:W6Š ã
Åtâuð-{zžƒ ~qŸgb! W%Z X • Š ã
y " bÑŠ x ÓÆ r
 ™sÑ Z yZ/n¾
Y*
^ ÃkZŽì 7+ZùðÃÅ<Ñ ÂÐ ,™ t{zgzZì C™g66ä™g¨ÃòŠ WŽ • ï Š?ŠgzZq Z {z~
ug•q
y›žg Z Å ~ Û
 Ñ ÂtɃ îŠg Z Œ ugzZì ]gßh
Üû ãô›ôæû †ö •ö ‚øßûÂô áøçû ³Ûö³×ô ³ŠûÛö³Öû]øg ]q
Ztž
w'Ë{z J
Z
 • È0
Æ VîÑ ðƒ Åð KZ w'gzZ¹Åx ZwËžZ
 ÂB™t · Z6kZ¤
Zy ›•Æ
Ð B™: w 'Ãq x ZwËgzZ B™: x ZwÃq
U
" :•˜ {zXì 7ú â ðÃÐg (ZÆkZ CW7xi Ñ*’Å
ó Xó ì 4ZŠ•Æ‚Ÿ{” "In the proposed system, all the
Zƒ HÝq »gzZ Ë•Æ x  kZž• ` C 6
zZ ëp partners are treated at par. The
z¼ »yvá ZzäƒÃgzZ ËgzZì @ Š} ŠÃ}uzŠ œ
Yc profit of each partner is calculated
zz kZXì 7^Y G] ! t Xì @ Y c Š w Z e ÌuÆ}uzŠ on the basis of the period for joint
't Z]»ïÜãô›ôæû †ö •ö ‚øßûÂô áøçû Ûö×ô ³ŠûÛö³Öû]ø g
uÃ]gß{gÃèÐ pool. There is no doubt that the
 gŠ
Xì 7„ aggregate profits accrued to the
 ™ sÑZ yZ/~ y
Vzg î gzZ VËVY äY: r W pool i s generated by the j oi nt
:•˜™ƒ[ú%Ð utillization of different amounts
"If distribution on daily products contributed by the participants at
basis is not accepted, it will mean different times. Therefore, if all of
that no par tne r c an d raw any them agree with mutual consent to
amount nor can he inj ect new di st ri b ut e the p ro fi t s on d ai l y
amounts to the joint pool. Similarly, pr od uc t s ba si s, t her e i s no
no body will be able to subscribe to injunction of shariah which makes it
the joint pool except at the paticular impermissible, rather it is covered
dates of the commencement of a under the general guidelines given
new term. This arrangement is by the Hol y Prophet  i n hi s
~
totally impracticable on the deposit famous hadith,as follows: "Muslims
side of the banks and financial are bound by thei r mutual
institutions where the accounts are agreements unless they hold a
debi ted and credi ted by the permissible thing as prohibited or a
depositors many times a day. The prohibited thing as permissible."
VÒZy
PÅ~g îòsZzz% VÒZy
PÅ~g îòsZzz%
7ŠŽñùðÃÅ<Ñs ÜÆ kZèa gzZ ñY rejection of the
ó Xó ì 7zzðÃÅä™:g (ZÃkZ Z®ì concept of the daily products will
<Ñ6gî ãZz x  » VzŠ ã
ð- žˆÆ ä3Št 6
zZ compel them to wait for months
{û¼ 6k
  ™ sÑ Z yZ/…ì s ÜÆ
½¿â Z kZ Å r before they deposit their surplus
Æ y! L Æ kZ ñ ZÎ7]gz¢Å ä™
i Å,x ¬ ËtL ž money in a profitable account. This
ó Xó 7Æ,òsZgzZ+ ŠÝ ¬q
Z•M
ƒÂp ÖZ will hinder the utilization of savings

| Û zh
 z• y
Åi¥ -5 for development of industry and

Û zh
trade, and will keep the wheel of
ë ~ }g !
Æ| z• yÅ i¥~ y*LZ ú
financial activities jammed for long
Y*
sÑZ y Z/ ~ßñpì ^ {zž • ` ™™f Ð ,
Û zh
periods. There is no other solution
 z•
| yÅ (Shares) ‰ÆVµ•ÆÌ Z%r
™
Û^
X •˜ {zX •ïŠg Z Œ
for this problem except to apply the
YÌÃ
method of daily products for the
"The shares of a lawful
calculation of profits, and since
company can be sold or purchased
there is no specific injunction of
on M ura ba ha h b as i s be ca us e
Shariah against it, there i s no
according to the principles of Islam,
reason why this method should not
the shares represent ownership into
be adopted."
assets of the company provided all
ñY H: wJÄŠœ6Š ã
Åtâuð- ¤
Z L L
ot he r b a s i c c o nd i t i o ns o f t he
Ñðà Â:žì È »kZ Â
gzZì YZd ¶g ðÃq
transaction are fulfilled." (page 130)
Ë Y Åï•
b§kZXì $ á ¶g 5ðÃ~-žœ„:
y
}h Ë6Š ã
‰Æ v{°‡! ÅÌ Z%L L
Z™ ¦ ¶g ~ -žœ{zž ǃ: eÌn Æ Ë
 YG |
Ð zg Å VßßZ òsZèY • M Û gzZ
 z•
{gHÅäƒ q zÑÆŠ • 5ñZÎn
X ~ V:g @
t Vƒ „g Y Å ~g7 _ ZÑ~Š ã
x ÓvŠ Å-žZ

Ðg ±ZÆäZ™ ¦Y~ Vzg ZŠ Z C1 â gzZ VË
ó Xó •?Š Å!~] YX U
ZÆv‰
Þ ‡*
Z yÇàY V ˜ ì ¿.
q Ð }ui§t
"In an equity or mutual fund
FF~ yŠ
ð- X • D ZdgzZ • D Z™ ¦b g !
(unit trust) the amounts are invested
Ð Vƒg6yÇàYÐ ¶Š™ŠgÃg¦Ætâu
i n the sha res of j o i nt stoc k
{z¬ Ð äZ™ ¦tâuåÃ~M3j œËž
companies. The profits are mainly
nƹF
Å]g ˆzÅ] !
tX ,™g OZV¸
derived through the capital gains by
C1â Ð b§kZ gzZ σ ú â Ð wEZÆ Vx
purchasing the shares and selling
{g ™ƒ x Y Ç! 
n Æ VÂæ sî¼ Æ 4z]
them whe n t he i r p ri ce s a r e
œžì 7igzZ ðÃ{z´ÆkZ »XkZXÐN Y
increased. Profits are also earned
Hg (Z Ãi§Æ tâuð- n Æ ä™x¥Ã
VÒZy
PÅ~g îòsZzz% VÒZy
PÅ~g îòsZzz%
y
nÆ~g Zh ÅY âZ/£{zn kZì „  Zg throug h d i vi dends
’ 5.Š’p
5.tgzZ Ç}Š ¯ Vz CZÃÿG
IR}q {z¬ ÿG distri buted by the relevant
y
gzZ Çá á ~ï™h 
Ð wÅVzÆ J companies." (P,210)
H4J
»zä ~ž Ç} Š™ iÃJ6ŠÅ ~g Zh
ª y u 6 zY Ð - žœ cö-G&r Z Ë L L
y
ì 1á ~ïLZ™h IR
 Šã
nÆ\ W6Å Ðgîx ¬Xì CY Å ~g »tâu~‰ÆVµ
X ó óVƒ Le *
y
h n LZÐ \ WIR
{z~ [ ZgzZ Âñ Yƒ†ŸZ~ 7ÅyZZ y
 gzZ™h 
É4Z
( 119m 7` òz2 ZŒZ ) V|, i Z {z´Xì @ Û Ãy Z
 z•
YHÝq œÆ™|
:–íq6  ™£Zæg?*
kZ ävZ¶gr Ññ ó Xó ì @
ƒÝqÌ{z•îŠ œŽ

k’Uœ„¸Ž å H ̆ŸZt VŒ ä >L L Š OZ J0
Z6
VzÒúgzZVúzLZ »JòsZ -6
CZ n Æ & ¤ÅïÆ ÿG 5.’J Xì Š
{gÐ
7q ~(ðà ã Ò ß~ }Ñ ç}g øž • Ù Š ë
}Šwu»kZ6äƒ"
U
ïŽ ÇÇ{ÒúðÃ
~] Ñqy ZXìz »w©x ¬ *
¯ il
î ZzgzZ ,¦g PXì
( 119m 7` òz2 ZŒZ )X ó óÇ
Š hg6}g –Æ VÍß, ZÃx Â! zZgzZ ë Zq
kZ Âñ Y c Z
{z gzZ 7g »ÃäVZ Ø » DË, Z J òsZ p
. ’ 
dŒÛd
Œ Û Žì60 Z ~ ¸»ä™„¬Ð “
Æ^Åx Â
[  KZ r ™ ã ¢sÑ Z y Z/ŠpXì êŠ µñîÃÿGLZ
5
6& ¤Å}ÒúÆJÂ~] Ñq {ŠŽñÉ Xì Æ¢
X •˜ ñƒ D™i Z0 ZÃ8ÃDkZ~
Ù c
^â »g ZD Î õ0
~Ù  Å¿ÌËX Y Y H7g ±Z Ì
}™: VY \Š {z Âñ Y ÑZ e
"An agency agreement is signed
gzZ š yZö ?}™: J
“
 c
{zì ŠŽño» nT~ VËòsZ vŠ gzZ Jž_Z
b y b o t h p a r t i e s i n w hi c h t h e
City
institution appoints the client as his
»8
( J8  ; ) Hong Kong Bankc
( J;) Bank
agent for purchasing the commodity
7W
@
ðà (ZÐ ˆ ÅkZgzZ säzÅkZXì 7ZÐ
on its behalf.
n! zZžZ
 ì‚
g/_
(Missionary) ~•ðÃ{zž M
The client purchases the
~•gzZ‚f ! zZŽì @
ƒ6VÍßy Zg ®Z »! x»ÅVñ»Æ
c o m m m o d i t y o n b ehal f o f the
g/_
Y Å 7µÂ+Z Ð Professionals ¡X Vƒ n 
Š {à & ¤nÁ! Ë
institution and takes possession as
HÅ] !
kZ ÌA
ƒ Ìg ZÈ c ZgzZ X $
¤

5.žì -
Š 3Š: w â ZƒZ 7—‚ä ÿG
the agent of the institution. The
g ¬zzÐËc
e ƒ c J
Š 3Š:™á •Æ
client informs the institution that he
Xƒc
ä {¢q b) ï>~x‰Zg ZŠÆØæ 㢠i*
has purchased the commodity and
Ññ
X ~Š m?t•Æ~g »tâu=g fƤ¸Ì Z%
simultaneously makes an offer to
purchase it from the institution."
y
nÆ~g Zh ÅIR Z }L L
Ð Jg Þ»q
Û ÃkZ J Âì Le ¢
ŠpñOÆ ¶Š nŒ Û
(Islamic Banking:p.127)
nŒ
6)* »z q
ª Z ( ÿG 5.g’zZ J ª) V‹g 0
zŠ L L
’ X Ç}Š™| Û ¤¸Ì Z%]gz™h
 z• yIR

ZŠÎnÆ J ÃÿG 5.J •Æ TÐ ,™\Š
y
~g Zh
{Z' Å Y âZ/£x ÓŠpi Z n Æ J
nÆ J ÿG 5.X’ ì @ ™gHVz CZ§{ Åäh y

VÒZy
PÅ~g îòsZzz% VÒZy
PÅ~g îòsZzz%
and allowed according to Shariah VzÆJgzZì @ y
h yâ ‚ {z

5.QXì @
because collecting fee for service q :ZÃJ ÿG ™ï6y â ‚kZ6gîÆ
and giving interest free loan is Ð J „B‚gzZì 1h
yy â ‚ ä kZžì êŠ
per mi ss i b l e ." ( Mee za n B anks ' ó Xó ì @ y
™Ì¿7Åäh 
ÃkZ
guide: pp 198/199) òsZ~] Ñq {ŠŽññƒDƒÆ] Zç~ ¸Ñ!
{gÃè
ÆT{àæW'
VzCZÃJ{zì ~zk0 LL Ù ª6
X YYH7yEZžìC ÔikZÅJ
x »kZX} ™wßz¶gÐ s§ÅkZ {zž @
ì Y¯ Û 6
oÑÅnŒ (Bill of Exchange)~z-7
„B‚gzZì Y™wßz ]̀ZJnÆ
{àæW'
 ™sÑ ZyZ/
:• ˜r
Û ~ŠÎ) » ¶g âZ Ã
¶g Å ~z Ž ì Y™~g Y£Œ
"The exporter with the bill of
Y} Š ~q Ÿgt KZÃJ {àæW'2 Ôƒ'
Z'Æ
exchange can appoint the bank as
Û ÃkZ6äƒwßz ¶g Å ~z{zžì
~3Zz ÅnŒ
his agent to collect receivable on his
Xá™g Ñ
behalf. The bank can charge a fee
XÐVƒzŠ Ì}@çZ®•¿Z] zŠVŒ
Z]
for this service and can pvovide
Z
~z{zž ǃÝqg (ZtÃJ•Æ}@çq
interest free loan to the exporter
mº6kZ gzZ }™ wßz n Æ {àæW'¶g Å
which is equal to the amount of the
J •Æ } @ç}uzŠ Xá ]̀Z
Ã{àæW'
bill, and the exporter will give his
Û ~ŠÎ)
~z {zž ǃg (ZÃJ 2 Ç} ™ ½£Œ
consent to the bank that it can keep
Û LZ ¶gÅ
XáÄg~3ZzÅnŒ
the amount received from the bill as
 gŠ Ð zg Å <Ñ} @çt
Y gzZ „
•^
a payment of the loan.
~ŠÎ)gzZ ì ^
Y Ì ¢ Ö }
]̀Z 6# ËèY
Here two processes are
ó óX ì ^ Û
Y ÌbŠ£Œ
separated and thus two agreements
:•ë ë will be made. One will authorize the
Bill of ª ~z ž ì t Ýq » ]g „ kZ bank to collect the loan on his
Å ¶g Ž ñ Y á k0
Æ J {àæW'}Ã Exchange behalf as an agent for which he will
J %Z X} ™wßz :KZ Ð {àæW'n Æ à ßz
æW' charge a particular fee. The second
Û ~ŠÎ)'
zŠ t X }Š Ì£Œ Þ Ð {eà {à
Z'Æ ¶g Å . agreement will provide interest free
X N YG {e{e] 5ç loan to the exporter, and authorize
{e{eÃ] 5çzŠ yZèYì ƒ
 o) Ç!
ÛD
t the bank for keeping the amount
äƒN ZÆ yZŽ ì SgŠŽñ! Zy
{z~ y ZŠŽz!
Æ ä™ received through bill as a payment
Ýqw ã⠇Ì0
ÅJžÐ b§kZ {zXì ˆª~ for loan.
Þ LZ Z
Å.  {àæW' Zñ » kZ6Tì Cƒ
Z®ì Yƒ { ~ These agreements are correct
VÒZy
PÅ~g îòsZzz% VÒZy
PÅ~g îòsZzz%
~ V”òsZ „ Ä É y Î 0 Ü z kZ
‰ Â Ç }Š ]̀Z gzZ : n Æ à ßz
sg ç ç Æ V-gE- x ¬ cV-gE- òsZ {g YZÐg ±Z ãâ ‡ c Û Ð J 6gî ãâ ‡
Íì Y™wßz£Œ
Û Z k•~ ^ÑÌ ~ðsZ
&Zp {Š6" gzZ Š Z• Û 6T7Å b§kZ oÑt X ì @
¢• Û
ƒ o zæB‚Æ£Œ
ÃV-gE- y Z »r  ™?ËJ  ` Wp•CWà ãâ ‡ÃoÑkZèYƒ H:™fÃkZ~-gzZƒ 1™Mõ¬ ä
Û ] àòsZ)Ã] àyZ c
gZ Œ V bgE- òsZ) {°‡» ½æ†ŽÛÖ^Ò Í憳ó۳Ö], i Z {z´ Cƒ7Ýqw
Ù ªzz Å kZgzZ X Zg*7Ð ÃÅ ¢Z ~ : » ¶Š
C X ǃ‡ Ã{g YZ Z®Xì ¸VŒÌ
žì @ ƒt sÜÈ »ì òsZÃVzg ZŠ Z yZžì
kZÔì CY~Š½Å[ »0Ð ] xsZ~y Z
wj â zo»J-8
Ù á Zz "7~ Vzg ZŠ Z yZžì @
C ƒ 7Èt » ~Jòs Z L L:ž å –ä ëñƒ D ™y Ò ! Zy
”
ÃVzgZŠ Z yZ¤
ZXì ._Æ <ÑÌsäz ÅŠ• Û Hong ( J ; ) City Bank {z ì ŠŽño » nT
c
Y*
^ IòsZ ÌÃVËyZ Âì öRÅì òsZ  »8
säz ÅkZX 7ZÐ ( J8  ; ) Kong Bank
X ó ó7  ì‚
Z g/_
~•{ zž M7W@
ðà (ZÐ ˆ ÅkZgzZ
YI |q
{^ Z X ~g î òsZ ) ! zZŽì @
ƒ6VÍßy Zg ®Z »! x»ÅVñ»Æn! zZž
( 63m g /_
&) Professionals ¡X Vƒ n ~•gzZ ‚f
ó Xó $
Ë YÅ7µÂ+ZÐ ( Vzgz
•ëë
ïŠ [ ZŽ »kZr ÑñÆx‰Zg ZŠ
 ™ ãZ/£Zi ÚZ ËZ e *
èY 7nZ ‹Z Z (6¶Š x *
x * » J òsZ ÃyZ …
:•˜ ñƒ
Cƒ °» Ì9
 o~zb
É 7~gz¢ *  o´~ ¶Š
ƒ »9
D™ÃVÍßй e
DÅT] ! Z L L
ë Zq
ÅŠ ! ] !
WxsZžì Ç  ™ ãZ/%Z ì
t n Æg¨Æ r
Û Zá Zz ä™x »~ VËòsZžìt ì ¬Š
»Š Z•
Û ~ x‰Zg ZŠ Æ c Z™gzZ ;gE- òsZ
žì Ú Z sÜ H t• EIE
4&
ÿ5kG . b§Tì Cƒ b§ÏZ ÌsäzgzZ k]
Sg {Š6" V H±gzZ • Û ^ÑÌ Æ±Æ ;gE- òsZ
Û Z á Zz ä™ x » ~ VË
b§ ÏZ Ôì Cƒ Å Š Z•
Ù ª ?• _hzZ 8 IgzZ Û g ZÏ @
~C ™Æ±Æ x‰Zg ZŠ gzZ • EIE
4&
&Zp{Š6" ~ VËòsZ b§ÅVËÿ5kG.
gzZ~„Ï‚Z ÅVzg ZŠ ZVâzŠžì @
3ŠŽì1q
Z Âsäz
òsZgzZ • ÔzÂU VâzŠtµš X • C™x »
Û ™{~ x Âz ` Z'
zz ÅTì t• × Æ [ »gzZ š
 F

µB‚Æ ~¢Â~ŸkZ {zž’ eÃVË
B‚Æ säz òsZ) KZ D̈ ¤ ðà » ;gE- òsZ Ð
B‚ÆJòsZ¤
ZžVƒ &~gzZX N VZxŠ
X Y•7~wj âÆx‰Zg ZŠ
 o’¯gzZ iñi 6eá Zz ä™nç
Ð j§ƒ
Å] *
~z ] *
DgÆ kZ Ð gîx ¬ „ säz Å y̈Z
Š 6y Z
 Wt ‚ ] Z WZ ƹ Æ kZ ÂBZ e î !
M
gzZì @ Šgzi6xg p- ÂÐzz ÏZ Xì CWÃ C™„0
Y c ¶
Z
i~p{gÃè J ž 7Èt » kZ pX •
Xì Zƒ ¯X Zg s Z ˜csg e»VÂgú~Å F
gzZ\g-
Y „ IJòsZ7ZJ
^ Ü z kZ CY W76gî
‰
 a ÏZ
ÃoáZz säz òsZ)~ J òsZ ËZ
È »ì J òsZ 7Zžì t ] !
9X 7
»;gE- òsZ V Œžì @Z³¸ ÑZzÚ Š Âì @
™~ Y ¬Š
] 5çà â áZz äƒ~ yZžì Ú ZsÜgzZsÜ
z ½» ;gE- òsZ‰gzZ Xì wj â ‚
 F
[ »z x  » š
X 7xŠ ƒÐ VßßZ¦Ñ
òsZ kZ b§ÏZ ì » x‰Zg ZŠž 67òsZ Z7gzZ Ø{
VÒZy
PÅ~g îòsZzz% VÒZy
PÅ~g îòsZzz%
Z7 gzZ Ø{ Ìx  < » J
Xì löW¼gz¢~kZ Yƒ7òsZ

6:X säz òsZ)Z  o»yZgzZ ´ â ÆVËòsZ n¾


yZžì + O h~Kt ÌòŠ WÑZzú1™x ¬ Âì ïq »
™
¬¦Ñ» eg »^i gz&Ø{q ZÉ 17Ð/_ ~•Ã< òsZ ä VÍß
òsZ ä VÇ) Ì~ 6¤' ž 6ì 1 Ð w Å
ž7êðÃgzZ•,@ Æ] ZŠ ¢LZtgzZì Hg (ZÃ<
?ì Heg »^i ™ N~Š ã{z ¸X B™~p„e ð~x  LZt ‰ Ü z ÌË
z*Š q
m Z {Š™~g YÐ s§Å{)zJ Ëeg »^i ™ LZŽžäVÍßy Zy Wžì êŠ ¯`Ã< òsZzz%Žì
ÆkZXì Q%Æ:LgzZÐ ä™ ZŠ Z:LÃkZŽ ì gzZì Hg (Z VYÃ< òsZ 7g »Ãä™Ç* xsZ6ŠŽ z
@™Ç » ¶Š—œÅnzŠÃ ( eg»ïq )g®ƒ eg »JÐ=g f ÐzzŶŠê~hÆ< ~ŠÎ)ä# Ö ÓT~g ø
Xì ä Vzk Š w ïÐ ª
izÆ kZ å c Z°¦ÑÃØæ ã ¢ i* Ññ
7Ã̀@ eg » ^i y
™ CZ gzZ }™ ~g Zh ¤
Z eg » ïq -1 X ,Š ™ qzÑ ´Š ù 3Z f Z Å < òsZ ˆ ]æ „¼
:)fÆH Ç5ZŠ Z Å7Ã̀@ Â} ™wJÃkZ̀@ gzZ}™ ì @ ZdÃVìWyZÐ V1 Å[ »ÅV; }g øŽM%ZgzZ
X Ç}™5ZŠ ZÅkZJÉ Ïƒ ÎÉ 7„ ±sܸD VZ7{Z Ã{ Zp§{ ðÃ¥ÐX
ÅnŒ Û Ð s§ÅJÃeg »ïqJ uÅ ¶gm{q Z -2 Xì ;g™“ ZŠ'
 ùÃx ÂòsZë Z ãZ6xg ÃPò Z ¸ÑZ
gzZ ǃŠÎš Âñ Yc Š™:Zzg0 ZÆ]æmº¤ ZŽ σª œ
X ǃbŠŠÎ6ä™izˆÐ]ækZ

nçyxgŠÆeg »ïqgzZJ
@  Mc
™~g Yeg »™á :’ :ÅY Z̀ZÆeg » LJ
Ù gzZ ì
‰Å eg »™} Š :: Ñ‚ w ‚C
:t Xì CY ðZ™h
wc
™ ) Xì ðƒ J g 500 ~ [²~Š:
g 1000 Ð wc

( 50m)‚ Z·x © Z¦ÑÆeg »^i
 :Xì êŠ ™ ~g Y eg » Ì%Æ :kZ LJ
Åh
c
*
™wì7 Å} •Æ 8ö c
eg »¡Ã:kZ ~ ]gß
Ö ´Å] !
Jžì # Û7
 gŠ bŠg Z Œ
kZ Âeg »Éì 7„
» ¶Š ] â }
gzZ —œzŠ Ñ!
{gÃè núÆ:kZÃeg »ïq ä
Xì HÇ

nçyxgŠÆ̀@
gzZJ
» eg »ïq̀@ ™½áq
=g fÆTì @ ZÃ̀@
J-i
iÐnçÃJ 6ä7]gz¢ ðÃgzZ ì Y™s
ä
VÒZy
PÅ~g îòsZzz% VÒZy
PÅ~g îòsZzz%
 ™tzg ÷?ǃ: { k
Xì e»r vZY ¶
Zž I tZ™ » áÐ ̀@
J Xì Y™
x Zú¬ Ð äάðÃ0РνZ Åx Zúy› -2 Xì @
™wßz
ÚTžÌÃ] !
kZgzZì ~gz¢´gÃ7Ìê Þ » ~g Zh
 q´Š Å ÃJ áZz ä™~g Y eg»̀@
. yÅ eg»ïq -ii
ä;ÆÚ kZžtgzZ7c
ìk¦ {zHì bŠ¬0Ð JÑZzä™~g Yeg »X ñY~Š™5ZŠ ZÃkZž @
* ì @
™w ‚g Z
Æ kZ Âì/Š¼Ð ¬ » kZà *ŠgzZ • œ£ HÆ Vß Zz CZ •z Á c Þ
™7`gŠ ¶g ~g7 ŠŽñ~ .
‚ 3 ~ kZÉ @
Ù Š ëX • D WÃï Š ßF
þР~ i ZŽ x°gzZi ZŽ ò} Xì Ò »z
:ž• VÒZy
 ™
~eg »^i
йÐzzkZgzZ•N~x ©Z ´Š vß6gîx ¬-i
X •D Yƒ2~ŠÎÌñƒT e: vß ~g ZŠ)f ÅkZ c
¢ ™+ŠA»ŠÎ-1
*
Ü z'
‰ {zžì - Æ yZ • o Zvߎ -ii
J H Ìk0 Û Zq
y›~g7 Éì 7»Š Z• ZP¡X » eg »^i
™
Ù z”ðÃgzZXŠ q ðÃÔ~g F ðÃXÐ,Š™gz¢5ZŠ Z gzZŠÎÃVâ ›vß@Ð Vâ · „, Z XìX » νZ
ÃyZ w@
E
Xì $Ë ™g66
5ZŠ ZÅŠÎ : •tV ÒZy ™X •D™2~x Zw
ÅnkZ~eg »^i
zÐ̀@
¢ »J-2 ™+ŠA»ŠÎ6äg ¦
Xì x Zw¬Ž * Æ]æmº-i
eg »JžìtzzÅkZXì ^
Y*
zÐ̀@
¢ »J 6äƒí@
ž¢~g ZŠ)ftgzZ *
™nç »ŠÎ » eg»ïq -ii
Ã " ¡:t Xì @
77 Å eg » {Z ™™á :Y Z̀Z » s ÜÆ ]) ´Š gzZ ì ] ! Šp] Z &
Å {k Ç}™ ZŠ Z ŠÎ {z
:t Xì ?Š ãZz 6kZ :: Ñ‚ c h Ë ƒ
‰Å eg » X $ Xì
ZÐ ~ yZX Nƒ™f6
tq zZŽ ì nú» VpœyZ |gŠ nç~ŠÎ™Ètr
 ™tzg ÷?Æc Z™ððZeY
5ZŠ Z Å7Ã̀@ y
ÂÇ}™~g Zh   eg »ïqžì
Ð eg »Z :ž•D™ÁÃs
 DÅ
Ö }
H{°z»# TäJgzZì̀Ñ!»ztZ®X Ç}™J ‡ÃŠp‡ ÃoÑ~ qrŠ .žìt wßZ q
ª Š 4
ÆÃL L
kZXì [á „¬Ð eg »ïq {z]̀Zz:ÅkZì @
Ö }
# Y {g { k ƒ 7‡ Ã-gzZ CYƒ½gzZ
» äÎoÑ~ kZ%Z @
áÐ J ä̀@ {z -Å ÌL6‡ ÃoÑkZžá™yEZ å»kZ ¿ðä
Ðzz ÏZgzZì [ } Š ÌÃ̀@ Zpì
ä T c
s§KZÃ̀@ VzŽ J[ ZX ì à 6tZ™ ÅŠÎgzZ} Š™ ZŠ Zg0
ì ̀Ñ! ZÆ]æ {gH7ÅV•{zgzZ *
ƒ7¿
äƒVz» eg »ïqž ;g7hðÃÃkZì HwJ*
6 »äÎƇ ÃoÑkZvZY •
YH!Zj {k á y Z Â} Š äW: "
âÅ5ZŠ Z
wßz ]̀Z¼ 6x * á Zz äY G !Zj
Æ z‚ Ð ̀@ ( 132m)‚Z·i Zx ©Z¦ÑÆeg»^i ™ ) ó óǃ: Ì
X }™ •ë ë
:ì ~sfž 6•ë!
fz@
ˆÅ6i ZŽÆzkZ  ™tzg ÷?Šp
½Æ‡ÃoÑ~ qr-w– Æ r
Xì c ÃH ÇÐzz Å eg »^i
ZCÐ ̀@ ™ä J -i t ¡Âì @
yEZ z + » 䙇 ÃoÑŠŽz!
ƒ {k Æ äƒ
JgzZ ðƒ(Brokerage) à ÑŠt X ǃ: VY {k
tì Ò»zŽÐ̀@ {z Ç}Š äW: "
âÅ5ZŠ Z ŊΞРä™
X ðƒ]̀Z Åà ÑŠ ÅkZ Cƒ ~g6 ð•Z ðÃÅh eg » ^i
™Z
 åe‰ Ü z kZt
~ äZ™ ZŠÎm{ ðà Âà ÑŠèYì ë!
z ù! sz@
t  eg » ^i
åLZ ¡ÑZzh ™gzZƒ: ~g6 ðÃ+Z Z
p
ïŠ áÃVzg Z0
»ŠÆnZJX • ëÃä5Æ~œ tQ Âì @
™\Š6
nç~ŠÎq
Z§{ÅVpœsÜÐg (Z
ÃH Çs§~uzŠgzZ•ë »ä™wJeg »^i
™ÃyZgzZ•
VÒZy
PÅ~g îòsZzz% VÒZy
PÅ~g îòsZzz%
̀@
6kZJèÑq )ì @ Û áï ÃyZ {zžì @
™ë Z• ™½ Ð kZ X • ë » h
 eg » ^i
™
™wßztZ™µ ZÐ îŠ~äZ™ ZŠÎmºðÃ{z„:gzZ @
[ ZŽ ~g ¯n Æ y ZgzZ ( u Zß Z†Xì @ ƒ74Š¿»J{Š c
i
ÃZ (Ð ƒ
ŽÃVƒ ÇiZ {zžìt {Z ™x OZ » ¶Š ZŠÎì Le Ð T% G {gtÐ J „ ŠpH Ç Ôì @
 gzZì @ ƒ
Û ) y-ŠÆyZQXì @
à ( nŒ Ñ™ és§ÅyZ•eg »•q y
Xì @
h 
Âì úgzZœ~ Vñ»x ÓyZXì @
™wßzÐ eg »•q »̀@ Û CZÃJ ä ̀@-ii
J Z®ì ¹Ãä™wßz nŒ
bŠ ¢ yZÝZgŠ zt
» kZ n kZì »úzœgzZ ] â } Xì @ Û ™0>̀Ñ!
™wßznŒ Vz
ó Xó ì ^  gŠ Ì] !
Y ä H Çžì t |ÝZèYì 7„ t
YÅkZ7{zžì ¹Ð̀@
Ð+ c ™
ÍÆ™7 eg »^i

•ëë • ä™wßzb Ð JTä̀@


ÂXá™wßzÐ J
~ V/}uzŠ c
HáZjÆJTc àßz Å7̀@
Š
ZÉ 7Å?zݬ Ë]g „tžì k\Z…
,¢q
s ÜÆ‚Ÿt} Š Ì]̀ZÃÏZì
Xì ] !
Xì Cƒx¥ÅwÑŠ eg »^i
™ c
Û ÃH Ç] â}
3 { z£zç »yZ• ÅëZ• Ž KZ ä J-iii
Y ƒÑÌ:Å eg »Ð zg Å}°‡žƒw ìÃˤ
7^ Z
žÐ b§kZ {zgzZì @
™wßz „Ð H ÇÐ [ ˆÆ‚
ÃkZä ?p’ e ãƒ
Y*
ŽJnúÆkZèÑq H7g Ñ^
9zg 3 gzZ ðƒ 7 ÅÚ 9zg 97 c Þ Æ9zg 100
Í~ .
Û ÃËðÃ[ Zì ÌbZ•
nŒ Û Å£Œ
Û ~ yZ ì @
™ ½] â }

Ð{ŽzsfzgqÌsz@
ë! ÅJ
tX ñƒ£zç»] â }
Û { Zp}™wßz ]̀Z ~ núÆ #
ï6nŒ Ö }
kZgzZ }Š

ƒŠÎ »]̀Z kZ Â~ˆ c
eg » b§ÏZì ãZz * ¬ Ð ¶Š
Þ »Úðƒ~h
Xì ꊙ ¯. yÞ »9zg100̀@

. X³Z
ŠÎ:ÅY Z̀ZÆ
X ðƒŒ6
Xì Ò»™Èz6
x * ÃkZŠpJX [
Æ̀@
¿#Ð}uÅYÅ eg »^i
™ Âëžìt[ ZŽ »kZ
Å ½6x *
Æ :„¬ J Ð eg » ïq ªH ÇX `
Û sÜ Ât XÐ }^
n• Y VY ÌÃ:kZ ë Z®• D™
à ZzäY
Xì [á£zç»] 1œz] â }
Û 96Š ã
1™n• Å{ŽzsfzgqÃ:kZžì ] !
à Zzä™
Û ]â}
ÅkZt • Åë Z• Ž ~ KkZÃ̀@
ä J -iv
X ñY
X ì ]̀Z
Û ¡:t-i
œÅ¶Š nŒ
ÆkZÉì 7~núƪ
Ù c
9zgg ZD ƒÅ9zgÎÚðƒ~h
y
èYì ßÌ] !
t
î » ZÆ H ÇgzZ *
~. vŠB‚
™~g Y eg » }• Ì] â}
Ö }
gzZ9zg 3~ kZQ Âì V7 ]”zg ZlÅ# ÅJÅ
X *
™v7Ã̀@
Ð
X ’ e * Û »9zg 30
ƒ: t•
Û » eg »ïq -ii
nŒ
Xì 7~gz¢ðà ¢

Ò Ò
 ™ tzg ÷?Æ c Z™ððZeY
~ KkZ Å r
: :̼6Y Z̀ZÆeg »J¤
~]gßkZ H ƒ © Z
Û ±5ª
:•˜~} :LZ {zXØâ • »zg ZŠgzigzZ ìY
 gŠ ¢
?ì „ nú¼ c
zÐ̀@
ÃJ
]̀Zt èY ì ^
Y *
™ wßz zÌÐ ̀@» JL L
 …n Æ ä™x¥[ ZŽ » wŽgßkZ
t¬Ð ƒ
^
Æ ]â} Y yZÉ ì 7~¨£Æ ä™wJ!ZjsÜ
c
n Æ eg »ïqì @
™x » n Æ ¾& Z Jž ǃ *
™ð
t ÃVz̀@
]â} J }ì @ Û Ã̀@
™ëZ• J Žì ~¨£
eg »ïq~ ÝZJ ÂñY Hg¨X nÆ VâzŠ c
n Æ̀@
VÒZy
PÅ~g îòsZzz% VÒZy
PÅ~g îòsZzz%
 ewŠ •^
ì (Debit Card)eg »P Y» eg »^i
™ -1 {Òúz Vz »kZ ªì @
™x » nÆ
y
~g Zh Ð V¦ {” ¦ „ LZ sÜ eg » ïq=g f Æ T :•sfzgqbÑŠÆkZX @
ƒ7Vz»̀@ ™x »™0
ì @
 e¤
Ðeg »P ZX Q7ª Û ÃkZ6
œÅnŒ eg»kZXì Y™ wJÃkZ̀@
gzZ ǃ w EZ  ǃ {zžì eg »q ÝZ -1
Y*
Xì ^ tÂì @
™wßzzÐ̀@
JÌ6 y
~g Zh  X Ç}™
Žƒ ã™5ZŠ Z ~gz¢ðÞƒ ~g6m{ðÃÿˤ
Z -2 Û ÃkZèY ì @
Å nŒ à ÝZ » eg » -2
ƒ Ã eg » ïq {Z
ƒ ¸: Ìeg »P Ë ƒÐ eg »^i
 e ~ kZgzZì $ Û ªeg »^i
™sÜ ¹eg » ÑZz£Œ ™Ãeg »kZÐzzÏZXì Qª
œ
Û Ð kZgzZ B eg » ^i
KZ%Æ nŒ ™Æ Z™ ¦ ¶g ~ J " gzZ äƒ ãiž Z e ÔÉ Ù
 g®ƒ eg » ,i Z {z´ Xì @
Y
X ,Š™ù Ÿc
,Š™:ZzÃeg »Æ™~g7]gz¢ @'
ÆkZXì @ 
YƒpôÐ äY¤  BzgÐ ã ·Š
ÐÙ
à m{ ðÃ~ ä™wJeg »Ã̀@
nÆkZ~ kZÉ 7{Z
 ä» eg »ïqÐáÅJ¬{zžì ú
Q} ™s
î » Z LZÃ6ÃQgzZ}½Ã6Ã
ÃH ÇQgzZ ñ Z™ ¦~ .
{zžì ~vg » Å J Ât X }Š zÃJ gzZ } Š .
î ee
Å ¶ggzZ Ôσ {Š c
i ~–ÔÐ N W{Š c à xƒñ
i H Ç }}Z
@ ÝZÃ̀@
ƒ » kZ˜} 3Š™ ¯ -ZÃ̀@
Xì @ Ïìg« ™
: :Zz }{zì eg »ïqpì g »Ãh
 ZŠÎŽ H Ç ðÞì
Yƒg6{z™NŠ á
x ÓÅJžì @ |Ø}
kZX ñ Y`
Xá yâ Ã_ ZÑ
Xì @ ™ ZŠ Z 7)f Æ kZ Xì @
W * y
™H Ç ~g Zh -3
žì @ Vz » kZ J
™~g Y eg »Ð ÑkZÃH ÇgzZì á
Zì Y™wßz 7Ð kZÐ s§ÅH Ç̀@
ÆH Çp¤
Y0Vz»H ÇJn¾Xƒ: ¶g̼~.
Xì @ î » Z
Ù Jž Zƒ x¥Ð bÑŠ Ñ!
ïq ªH Ç~ wqC {gÃè
XƒÆ ]̀Z % c »z {z { Zpì @
ƒ 6]̀Z ª ƒ Vz » eg »
ƒ Vz » eg» ïq {z ~ V/}uzŠ
eg » ïq ä kZ {Zpì @
 gzZXƒ à : c
nÆkZ Âì Vz » eg »ïq {zZ ƒ à :Ð
Y ‡ ¢
7^ ]̀Z c 6ä™~g7 ~g ZŠ)f KZ
nú¼Ð̀@

™
žÜ:¬¦Ñ» eg »^i
Y*
gzZì ^ ™Ðzz ÅVçZy
ÌYÅ eg »^i Ñ!
{gÃè
Y*
Xì ^ Ì¢ÃkZ

]`
VÒZy
PÅ~g îòsZzz% VÒZy
PÅ~g îòsZzz%
U
ì" Ðgui ZŽ »x ÅZèYì ^
Y *
™¨£~ yZ •
Xì i ZŽ%ÆoÑÅx ÅZ~ V•£ ¹!
Z®ì kªs ÜgzZ
G G
ä™Ýq]g '~ ~g ZÎ{Žžì ÜÐ ûG ©3Ò$~ã éG
5k;XgzZ 7:X
Ù ZŽ gzZ ì ^
Å Ïžì ÜÐC Y Âr yÎßÐ } Š Zg ZÆ
¡Xn ƒgŠ ‡6ðZ±Ð V7Šž @ u™f »Ág
ì ~g ¬¦Ñ»VŠò ÅZ Cg ˆ
Xì {z(*
™Ï6
gîÆöµØ
èÏe^ŠÛÖ] o Ê Ù ^ÛÖ] ½†• á] ýh ^›æ Ø ³Ã³r³Ö] سu
†n’m äÞŸ ànfÞ^rÖ] àÚ ^ãnÊ ½†•çÖ Ý†u æ ‚³u]æ gÞ^q à Ú
ì @YV¹tgzZì @
ƒ^ ƒHx ÅZ
^ Û ã n ‰ † Ë Ö © Ë Ò Œ † Ëe ^ Û ã ß n e ¡ × v Ú ^ % Ö ^ $ ¡ ì • œ ] ƒ ] Ÿ ] ] … ^ Û Î 
@Yc Û Z,j6•z[£ËŽì @
Š nÆðZ ‚ ƒ{zx ÅZ
o³Ê ÜÓv³Ö] ]„³Òæ ýˆ³³r³m ÜÖ Ÿ]æ ^³Û³ãϳfŠm á] ܳâç³jm ~Dž @ ì @ Šx ÅZ6äW{)zxzŠzwzZ~yJZ }Xì
Y c
” …^jíÚ …•E !x‘ h]ç’Ö] äÃÚ àÛÖ ½†• ]ƒ^³Ê èãϳ˳jÛ³Ö] ~hzŠ { c Û Z,jÅ¥ì •z[£G»T
ñ Y Å ðZ ‚
ÅŠ ˜ ~ hzŠ {èYì @
 F
èÂ…^³’ÛÖ]æ Ÿ ä³fu^³‘ o×³Â Ø³Ó³Ö å^³³›†³• á]æ D5 t 285 š Š x ÅZÃkZ ñ WxzŠ z wzZŽ
Y c
ØÃq ¡e Ñ^fŠÖ] ^Ú] æ ýå†ÓjÊ oã×j׳Ö] Ÿ] 肳fe k³ŠnÖ {)z Å Z¾gzZ hzŠ wa Xì [£•z*  F
™Ýqš tgzZì
•^ãrÖ] o× ànÃm æ èn‰æ†ËÖ] Ü×Ãm ^ÛÚ p]E o• Ø³Ò oÊ ‡çrnÊ X •[£ÌtÂVƒÐ+  Åš ÅŠ ˜Ì
 F
D5 t 286 ” …^jvÛÖ] •… æ …^jíÚ…•E ýoã×jÖ] ‚’Î ¡e Ø Ç f Ö]æ Œ † ËÖ ] æ o ³Ú † ³Ö ] o ³Ê è ϳe ^³ŠÛ ³Ö^ ³e Œ ^ ³e Ÿ æ
Y q
+ Z oÑÅw â ~¨ £¤ Zì u 0 Y x ÅZ
gzZì ^ h ^ ³f ‰ ] à Ú ä ³ÞŸ Ý ] ‚Î Ÿ ] o ³³×³Â æ Ø ³eŸ ] æ ý … ^ ³³Û ³v ³Ö]æ
t~]gßkZèYƒÐ + YVâzŠoѤ Zì x ZwgzZXƒÐ Ý ] ‚ Î Ÿ ] o Ê ‡ ç r m Ÿ è $ ¡ ³% Ö ] ‚ß Â æ ^ e æ ‚ß Ú á ^ Ó Ê •^ ³ãr ³Ö]
ZB‚Æ Vzh˜ LZ VâzŠž Z
,Z q  1ì áZŽ gzZ g ã …^jíÚ …•E !g¡ÛÖ] Ø Ò o Ê | ^ f n Ê ä Þ æ ‚ e ^ Ú ] Ø Ã r Ö ^ e p ]
Vzh˜V âzŠ }uzŠ Ž B™q
Ñ…g• ÌÃ} h˜}Š D5 t 285 ”
ÐWÐ zŠ}uzŠ {zžƒykZgzZƒ »'
ZX ñY| (
ZŠ¤  
Z'Æ gzZ ~ ~gZÎ Å . Z¾
zZ gzZ ß Ôñ¢ Ô} h˜Ô~ ~i Z0
YoÑÅx ÅZ†§zŠQ ƒ: (Z Zh˜ [ òZÆŠ ˜tèYì 7`w¼ ~ 䙨 £~ hzŠ wa
D[ ôZ¬¸gzZX 7^
ÂÇA x ÅZÃkZ Ç}Š[ ZŽ„ Zžì nÆ hzŠ wa q
 gŠŽžÅoÑt¤ Š 4
Æ[Z &vŠ Xì ï¨ £~ y Z Z®X •
 gŠ ¨£~ƒ
Xì „  %Æx ÅZ%Z7^ Yƒx ÅZZ
 ~¨£~
~ D Â c
“ )ž ì t Ýq »V Âg „ y Z Ñ!
{gÃè Y
Xì ^
Xì ^
Y~ Vñ»y Z sÜ c
ì^Y~ ä™Ýq]g ' è‰æ†ËÖ] Ü×Ãi ojÖ] p] Dg¡ÛÖ] Ø³Ò o³Ê |^³fnÊ ä³Öç³ÎE
ö¡¤  ÅŠ ˜žZ
ZXƒÐ +  Ì{ zgzZƒš ÅŠ ˜ ~ k f $ ^ Û Þ] †Ú ^ Û n Ê Ø Ã ³r ³Ö ] ‡ ]ç ³q ០• ^³`r ³Ö ] o× ànóiæ
 F
Ü z kZ ƒ6gîÆŠÃ
Z “ )‰
Xì {z(ƒÆ x ÅZ%p¤ áæ‚e ^â]‚Â^³Ú ‡ ç³r³nÊ Œ^³nϳÖ] Í ¡ì o × & ³m ‚³v ³Ö ^ ³e
x ÅZ†§zŠ nÆ kZžì Ýq Ì Z âZÚ
ÃJ ÅŠ ˜ á^rÖç’Ö^e gÃÖ à³Ú ¼Ïj×ÛÖ] à oÞ^jŠ`ÏÖ] o Ê æ Øór³Ö]
 F
X H4ZŠÃ…~kZ nÆ% ïÐg ã13g ^ Y è’ì… oÊ †$Ÿ] ð^q ‚Î †a]çrÖ] àÂ æ ‡çrm èn‰æ†Ë³Ö] ‚³m†³m
äÞ^Ê oã×jÖ] áæ• è×i^ÏÛÖ] o× 酂ÏÖ] سn’³v³jÖ èÂ…^³’³Û³Ö]
¬»kZgzZ,Åx ÅZ Cg ˆ D5 t285 ” …^jvÛÖ] •…E !åæ†ÓÚ
ÔÅsg ™c »Š {Zp~g Zh
ƒ Åg Z0 y{Š c
ižìt] !
« -I D™g » n ÆŠ ˜ gzZ • D 2~g ZÎ{Ž öx Ó{z
VÒZy
PÅ~g îòsZzz% VÒZy
PÅ~g îòsZzz%
Âz™+ŠA»t@~:Wª ]çe^vi ]æ•^ãiì ~g
u Â: ~ kZ Xì 7[£•z ðÃt
XÐz™›ë ! »{h
IgzZ Ë„:gzZì ^Å]g 'd:ì š ÅŠ ˜
 F
7t@ t Z® @
ƒ 7ÑÌðÃÐ ~ yZ ~Yò ÅZ bŠ (F Ö }
Å“ )~kZ Z® Xì ^Å{)z»# }
y
~g Zh '
h × ÃVÍßžì @
ƒt sÜÑÐ x ÅZÆ YX @
ƒ Xì ] !
ß6
gîà ßZ
kZ ~ ` Zzg Cg ˆÌ, zXì 7Ñ »t@t gzZƒ Ég~ | Û ) ŠÌ~]gßËT ù!
 z• ~uzŠ -II
žìt] !
Âc y
nÆg Zh  Æ x ÅZ {z { Zpì @
žìt {zìi§Ž nÆä™ÝqÃÑ {zƒ „Ð x * ™†ŸZ ~ ( yâ ‚ ñƒ G
0kZX ñY ~Š™¶~ 7 c T~ 7 ~œgzZì @
 ņŸZ~ Š ÌÐ x *
ñY Åæ 0 Û z » ŠÝZ†ŸZ
gZŒ
c
x ÅZÆ kZ ñ OƆŸZ6ŠgzZ * ZÃÃg »i§ Cg ˆ
™i Z0 Xì @
ƒg цŸZ~7ÝZ {z} ™†ŸZ
Xì ] !
ÏÐ*
™g ZÜZ6äƒt@ Ü׉ †nÆ oÊ á] ^ãÃÊ• Äñ^fÖ] ݈Öæ ÄnfÛÖ] oÊ é•^mˆÖ] x³‘æ
X •D™™f [ ZŽÆy ZgzZnZ ‹ZzŠëVŒ é•^mˆÖ] kÓ×â ç×Ê !‚ÏÃÖ^e ^–m] Ðvj×i æ p†jŽÛÖ] سfÎ æ oÃ×m‡
] Z W %6¬É Dƒ7AŬœ£ -i
Zá ZzäƒA Ô× ãÊ ^•†  àÛ%Ö] o Ê • ]‡ çÖ ]„Ò æ àÛ³%Ö] àÚ ^ãj’u ¼Ï‰
Ð } izg } @ ƒ 7xzn¬Ð äƒ: Æ y Z X • Dƒ D4 t 187 ” …^jíÚ…•E !å…‚Ïe ‚ÏÃÖ] îŠ ËÞ] äÛ n× Ši Ø fÎ
GG
:tÂì g @ Ì™Äg {izg ðä
™{ k ™Ýq ~ðW©$Š° ̆ŸZ {zž ǃ xi Ñ6ù!
ZpXì * gzZ ì 9* ™†ŸZ ~ ŠL L
Å}ŠÎÃg Zh
yä ù !
 b§ÏZ X Zƒ: „ { izgžÐ }
Z  }™Š4Æg Zh
™wJÆŸZ kZ ~œgzZƒ: Åßž Z y
 ƒ uh†ŸZ¤
%ðÃÐ~œ£ {gÃèÆt@6kZgzZ Ht@6Š ã
tƒ: A Z a kZ X ǃ hÑB‚Æ } ŠÎ†ŸZtXá
t@ž ÇñY¹: äg Zh
U
X ǃ: " y
Z b§ÏZX ÏñYƒ ¶~ 7g”Æ kZ ÂñY
¤
ìt[ ZŽ »kZ yâ ‚ {z¬ Ð äY G Š4Q ~Š J (7 ~ ^Åyâ ‚
Vƒ] ZŠ „
~ 䙳Ã]gßz |ÅyZ ] 5ç c ó Xó Çñ Yƒx³» ZŠÎg”ÆkZ Š
ƒuh
Û Ú Z ~ VâzŠ %Z X • n
žì t• g ÌZ ~(œ£Æ y Z wì»]Z|‰
á ]gßz |Å ] ZŠ „ •ÆYò ÅZ Cg ˆžì @
Å yZ ŠpgzZ ì ðƒ Å äz Å qg• Y ¹t Ð gîx ¬6µñkZ
@
ƒ[£6 gîÆ[0 c
[ŽzÐs§Å qg • á *
™ ZŠ ZÃ]gß gzZìt@ Ð +
Y Å ù!
É ì 7†ŸZ~ Šx ÅZ ÑZzY
á Â: ]gßz |Å] 5ç@'Æ ] ZŠ „Xì I»‰gzZì {°z†” » ( { P‰S)t@6tžì I»‰
äz Å qg •
c
[ŽzÐ+ YÅ qg •á *
™ ZŠ ZÃ]gßÅyZ „:gzZì ðƒÅ Xì o zæB‚Æh y
Žì {°z»t@žì
Xì @
ƒ[£6 
gîÆ[0
•ë ë
Ù ªÅ ]Š „ª%Z w - Z ~ ] ZŠ „Ðzz Å t•
~C Û kZ
 gŠ ] !
zgqnÆKÃkZXì 7„ t Å] Z|y Z
 ì ¦ÑÑq
Ô Â: ~] 5çžZ ™ ZŠ ZÃ]gß
Z Ì*
Xì ~gz¢´gÃ7ÃVÂ!
sf
{ izg ¿ðÃn kZX ì ¦ÑÑðÃ%Z w - Z „:gzZì% Zz
g Zæzg ZŠ »Vñ»ª ^â‚‘^ÏÛ³e …ç³ÚŸ]žì‚Ÿ¨-1
g { izg Âì g @
Æ } izg gzZ w - Z »%Z Æ p gzZ Çg
™ {k
ì @
ƒ* Ñ~EŠ »t@Xì @
™ÝqnúÂc ƒ6œ£Æy Z
ÆkZX ǃg Ñ ZŠ Z { izg Z®Š
s Ü' c
0
ÑqZÐ~œ£
X *
™Ýq›c
*
™Ýq bæc
y
A y â ‚ »]gz¢KZÃg Zh  Û zh
 z•
žìt ÑÝZ » | y
ð^ß%Ö] àŠuæ šçÃÖ^Ò pçnÞ• ga]ç×Ö †níÖ] 鳕]…] ^³ãff‰æ
b§ÏZgzZn ™ ay
ï7Ãù ! ~ ]gz¢KZÃkZ { zž @
DÐñ]†Ö] †vfÖ] (…^jíÚ…•E !äÖ hçâçÛÖ] àÚ èfvÛÖ] æ
zz Åœ £y ZXn ™ÝqÃ] c
gz¢KZÐ kZ { zž @
ñY
VÒZy
PÅ~g îòsZzz% VÒZy
PÅ~g îòsZzz%
á ~}%iÆ„]Øg w â »w â { zž ðƒð|tÅ ßÐ
X Ï•gï•
 ìá
kZZ ‰Ü zkZ ( { Y‰S)t@*~} ŠÎË -2 *
™Ýq w â » ù ! Z X ì !Š nÐ
Z »ÑÆ ß¤
ªzq
Û ix â Zž 6ƒ: e*
X •ëvZ¶g• Û Æ 7 š Út »ž¾ ù !
 z•
™g Ñ~ŠÃ Âì | Š™Ž‚
gzZ ñ Y c
èfâ áçÓi àÓÖ æ ^ßÛ$ æ ^ÃnfÚ é•^mˆÖ] ‡çri Ÿ †³Ê‡ Ù^³Îæ : Zg7 Ñ• ñƒ w EZp ÖZÆ| Û zh
 z• yžŠŽ z!
 ÆkZ
b§ÏZ X σŠ ®|Å ßÐzz Å äƒ
ÙçÎ äqæ ýýØ_fi Ÿ]æ äÖ ^Ó×Ú l…^³‘ ^³ã–³fÎ á^³Ê 霂jfÚ Å7 Lù !
¡Ê è×e ^ÏjÛÖ] ènÊ^•Ÿ] ð^Û‰Ÿ] àÚ ÄnfÛÖ] æ àÛ%Ö] á] ý†Ê‡ wJ~gZŠ)f Ì¿gzZ ðÞì Le y EZ~} g !
Æà ßz
é•^mˆÖ] ‡]çre ÙçÏÖ^Ê ÄnfÚ ¡e àÛ³$ Ÿæ àÛ$ ¡e ÄnfÚ …ç’jm @  ñÑtX}™
™³Ã èÚƒ o³Ö] èÚƒ ܳ³• |Ū
០ÄnfÚ Ÿæ àÛ%Ö]æ àÛ$ Ÿæ ÄnfÛÖ] •çqçe ÙçÎ ^ßÛ$æ ^ónfÚ Ã ù ! Z X -
~œ}¤ ZB‚Æ ~œªì
JÅ¿gzZ q
àÛ%Ö]æ àÛ%Ö] çâ æ p†jŽÛÖ] Ô×Ú Øe^Ïm Ù^ÛÖ Ü‰] ÄnfÛ³Ö] sÜ?[ ZgzZì ðŸgzZÓZ÷tž¾ gzZ} Š ðŸ»7
 ñ Â *
Äñ^fÖ] àÚ é•^mˆÖ^Ê ÄnfÛÖ] çâæ Äñ^fÖ] Ô×Ú Øe^Ïm Ù^ÛÖ Ü³‰] {z Ð äYƒ ] ¯|gzZ Ñ » ª ™c_Ð ÏZ
Ô×Ú Øe^Ïi Øe p†jŽÛÖ] Ô×Ú Øe^Ïi Ÿ ^ÃnfÚ k³v³‘ç³Ö X Çñ Y0»!Zjnç
^ßÛ$ p†jŽÛÖ] àÚ kv‘ çÖæ àÛ%Ö] ÄnÛq Ô×Ú äÞŸ äŠË³Þ *
™Ýqp°c™Ýq›ì Ñ~EŠ »t@b§ÏZ
*
Ô×Ú äÞŸ p†jŽÛÖ] Ô×Ú Øe^Ïi Øe Äñ^fÖ] Ô×³Ú Øe^Ïi Ÿ | Å t@ Ñt X *
™ Ýq Ú ðà nú š ~ [ ZŽ c
èÏnÏu Ý]‚ÃÞŸ ^ßÛ$ æ ^ÃnfÚ é•^mˆÖ] áç³Ó³i ¡Ê ÄnfÛÖ] ÄnÛq Ë~jÃ}uzŠ ªì @
™³Ã ^Þ^³r³Ú ànÃÖ] Ôn׳۳i
!霂jfÚ èfa äßÚ ØÃrnÊ àÛ%Ö]æ ÄnfÛÖ] t@ ðÃ6Š ã
Å}ŠÎÃg Zh
yLZ ù ! Z X *
ðä ¯ ´ â »Ú
 gŠ I7c
%Z 7„ Û ò•
ŠÃ{”†ŸZž• D â • Û ix â Z ƒ 7Zg7 ÑðÃÐ ~ VzÑ&{gÃèèa Â}™
kZ @
Âá™ï6  gŠnçžt gzZ σŠ ®|Åt@ VŒ n
Z¿Zƒ Ht@~]gßkZgzZ ǃg Ñt@*{z ŠÃkZìg„
kZ¤
ñYƒë! ZgzZ ÇñY0´ â »kZ {z
t@Â}™:ï6kZ¤ X Ç} 7
*
™wú6
†ŸZ~
Û ix â Z''Ç ÏZ LgzZ8 »Å™¯L¯LÃVzËZ eá ZzvÅ ZzŠ -ii
Y •Z y Z ŠgzZ 7žìtzz Åw¸ÆvZ¶g•
}uzŠ q
ZgzZ • DƒÐ ÚÅ}uzŠ q
ZŽ • Ð ~ »Vß ZzvÐt@kZX •D™t@qKñKggzZ ðÃÅ b§
Þ £Æ {gÃè Æt@ Ñt èa Xì @
7g´ÆŠ%7gzZÆ7% ŠZ®•Dƒ. Z•ZzŠ KZ Ð ËZ e Ñ
ƒ *
7%Šžì sŠ Z%ÆkZ I^
Y™È7c ZigzZì
ŠÃZ X ’ e *
ƒ7t@tZ®ì 7Ð~œ£
Ë ƒÆŠ%7gzZì YƒÆ *
• ëÃw â kZ ŠèYì $ Ù „ žì t [ ZŽ » kZ
W~ {%iÆ ]Øg Ìt@ t ÂC
Þ £Æ 7 ªo Åg Zh
Ž • ë Ãw â kZ 7gzZƒ . yŽ 7hZzœ£Æt@Ð Tì Cƒ „]ØgtèY å’ e

Z »†ŸZÐ s§Å ù !
Š¤ Þ £Æ Šªo Å ù ! Å7HQ pXì @
Z®Xƒ. ƒŠ°* Y CZÉ Dƒ
Y*
Zdx » ^ ^
Þ £Æo KZÉ 7.
ǃ. Þ £Æo Åg Zh
y Yƒg66™ ZzŠ Å vËZ e Â: Ð Y âZ
ƒ ËZ e v„:gzZì @
{z ƒ 9*
y
Åg Zh ¤ Ü z kZ ù!
Z gzZ ì ´ â Šp » 7 ~g7 ‰ ž n kZ vŠžì Ìx ¬ ñ eZ ~ kZ gzZ ì f0
!
µÂm{ ðÃÐ
Þ £Æo Å ù!
KZÉ 7. {zƒ 9* ZiÐ s§ ÃY âZy Z n kZì ¸+ ŠA»Vzq+Z Ì~Vzg ZŠ Z Cg ˆ
ƒ7»Z
Ü z kZg Zh
Xì ´ â Šp » ŠÀ‰ y Þ £Æ o @
žn kZ ǃ . Y Œ4ZŠ •Æ bæ ÑÆt@ ™wïÐ {%iÆ ]Øg
|Å7gzZ ŠèY ϶: 7gzZ Šg Zl{”†ŸZ : •pX ñY Å p°Å yZ 6¶ŠÆ V- @ yZžt ªì
X Çñ YHg Ñt@*ÃkZgzZì xzn LZÐgîx ¬6™ ZzŠ ÅvkZËZ e {zÐzzÅXY âZ7
:9
ŠÃg Zl{”†ŸZvZ ê Xg·x â ZgzZ Š- 1Zx â Z Ô•1Zx â Z g] uÂ~g7 Ð y Z ÌvgzZ• D 0
Y âZ {zì B g6Ã\ W
VÒZy
PÅ~g îòsZzz% VÒZy
PÅ~g îòsZzz%
Ìt†ŸZ~ Š¤ Z 2X Lg7ŠŽñŠ] ‡zZ Ή Ü zÆY LZ gzZ • D™g ÑÐ ~ 7 gzZ
Ü z kZgzZ Ç ñY c
{z ‰ Š x ÅZ Z
 ǃ‰Ü z ÏZ†ŸZt Âñ Y H X •gÃè~ù éE Ž •ï ŠbÑŠ
5{ÅZ ùZ$
gzZ ǃ ._Æ _ ZÑÐÅ Š{z Z®ì @ ƒ ³gzZ x¥†ŸZ c
ŠÑzZÃg Zl{”†ŸZž Zƒx¥Ð c ÅvZ¶g• Û ix â Z
X Sg7zzðÃÅi ZŽx°ÆkZ Q Ân 0: 7 c Š{z¤Z V; X Ç ñ Y Hg Ñ„Ð ~ 7
•ë~[ZŽ ë †ŸZžìgd‚f Ì] !
t VŒ X ñ Y Hwú6t@ ÃkZ
 ì @
x ÅZ Z Ü z kZ »t@6 Zƒ™f6
ƒg ±Z‰ zZž 6 -i Ë 0 Šg Zl{”
ðÃÐzz ÅŠ Yyg £Æ kZQpƒ $
! Zy
Æ‚ Ÿ I{P‰S ÃkZ ~³% „ ¬ Xƒ: e*¯ ŠÃ “ ¯ :t@ ÃkZÐzz kZ ƒ Cƒ Za
 ŠÆkZèY Ç ñY c
Xì s Ü Xì 7ú â ðÃÐ
Ð kZì oÑ *
ƒ 쇻 ŠnƆŸZ~ Šž] !
t -ii ™¤B‚Æ oÑÃt@ -3
Y <Ññ zg i Z *
Xì 7^
Ü zÆwJz[ XZ~†ŸZžìtŠ Z%
ï6kZž: Ôƒ 쇊‰ Xì ~CbÑ
Xì ~CX ‰ Ü zÆ ØÒ ä_e^–Ê ^†• ½†ŽÖ^e äÏn×Ãi x’³m Ÿ p„³Ö] ^³Ú]æ
Dä×rÚ 254 å•^ÚE ‚ÏÃÖ] ‚Ãe ÄnfÛÖ] …]‚ÏÚ ‚mˆm á] Äñ^f×Ö àÚ Ù^Ûe Ù^Ú èÖ•^³fÚ á^³Ò ð]糉 l^³Ó³n׳۳jÖ] à³Ú á^³Ò^³Ú
Äñ^fÖ] é•^m‡ Vä’Þ ^Ú èm]‚³ãÖ] o³×³Â o³ß³nóÖ] |†³• o³Ê èfãÖ] æ èÛŠÏÖ]æ …^ròj‰ Ÿ]æ é…^³q Ÿ]æ ÄnfÖ^Ò Ÿæ] ànʆ_³Ö]
•çÏ ÃÛÖ] ០^Ûñ^Î ÄnfÛ Ö] Ý]• ^Ú ˆñ^q ÄnfÛ ³Ö] oÊ p†jŽÛ×Ö D1 t 234”E |^ÓßÖ]æ è΂’Ö]æ
 gŠ qÑñzg i Z *
Ô×ÛÖ] çâæ å†$] Ý^nÏÖ ^Ûñ^Î ‚³Ï³Ã³Ö] á^Ò ^Ûñ^Î Ý ]• ^Ú ä ³n׳ » kZ 7„ ™ ¤B‚Æ oÑÃT {z
G
D2 t 179 ” ä×rÛÖ] |†•E !ànÃÖ] oÊ •^ËjŠÛÖ] !Š n»wâ Ð s§VâzŠ~ y Z {Zp• ] é¹G 1Ò)'Žžìt‚Ÿ
~ŠnÆ~œ» ù !
:ì ~ bÑÅvZ¶g v6tZ@ X b ïgzZ‘œÔt@„Ô¢ bŠ6{g YZÔß}ƒ: c ƒ
Z
-ƒì‡ŠÝZJ èYƒ 쇊J
Z
 ì^
Y*
™†ŸZ Xì 7„  gŠ * ™¤B‚Æ oÑÌÃ}°zÆt@ -4
ŠŽÐzz Åäƒ ì‡ÆW Y Œì‡ÌZŠÎª
ZÆkZì @ Xì ~CbÑ
Xì !à ZzäƒÝq~ ‚ÂçÖ] •]†ÛÖ^Ê (äÏn×Ãi x’m ‚Âæ ØÒ ‹³nÖ ä³Þ] ܳ׳Â]æ
» ù!
ª ÄnfÛÖ] oÊ p†jŽÛ×Ö Ä³ñ^³fÖ] 鳕^³m‡p ÖZ~kZ D1 t 239 ”E !^†• äÏn×Ãi ‡]çq •…æ p„Ö]
™†ŸZŠ Z%ž• ?Š ãZz6kZ *
* ™†ŸZ~ ŠnÆ ~œ kZ sÜVŒ n kZX 7„  gŠ äÅ}°zC Ù žßyY
ì 7*
™ï6†ŸZì x » » ù!
žŽì *
™[ XZ » kZ ª XìŠg ZzqÑñ zgi Zi ZŽ »äÅTì Š Z%{°z»q
 ƒo zæB‚Æ~g Zh
ñzgi Z Z y
Žt@{°z c t@{z -5
„B‚Æ-[ XZ »x ÅZ~Yò ÅZgzZXì x » » ~œžŽ
X ðƒ:„  gŠ ÌYò ÅZ6Š ã ÅkZ Â7„  gŠ<Ñ
ƒozæB‚Æ-ÝZªh
Xì @ y
x ÅZèYì @
ƒ
0Š ãÅYò ÅZ ÂB™wú6 †ŸZ~ŠÃkZë¤ Zp
Ö ÓŽì Cƒ¦g ÅnŒ
ÃVÍßy Z# Û |gŠ &
!
ò ÅZ -ii
{z ÏVƒ ._Æ_ ZÑ{Š™™fÐW'gߎ Åx ÅZQì $ Ë
&
Vß Zzh ! Ö ÓX •ïŠ nŒ
ò ÅZ # Û Ã#
Ö ÓŽì C™~g Y
X ÏVƒ^ Y*{zÏVƒ³ #ÆyZŽgzZ ÏVƒ9
Z )X M7t@c
¤ Ü zf
x ÅZ ðÉ & Xì C™{°z »x ÅZÐ
!
 6å
Mx Å Z Z •~ ~i Z0 Û X ( @
Z·Œ ƒŠÎÌ{z wq¾ ÂM •ë] Z|‰
tzzX @¯ 7w '™È{ P‰SÃkZ ÌðÃÐ ~ hIZ Âì ò ÅZ Â7^ Y <Ññzgi Zt@{°z ¤gzZt@¤Z 
ÂzŠnŒÛ =?¤ Û x ÅZ {zžì ~ Šž: ǃg Ñ{ P‰îE
ƒo zæB‚ƶŠ nŒ
Z ªì @ ŠÐ s§ÅY
0™ªt@ * x ÅZ Zƒ c
ƒo zæB‚ÆoÑË{°z»t@pXì {°z»t@zx ÅZ» x ÅZžZ  ì oÑ * ƒ ì‡ » Šn ƆŸZ~ ŠèY†ŸZ
VÒZy
PÅ~g îòsZzz% VÒZy
PÅ~g îòsZzz%

w VÅäƒ9x ÅZ ÌQ X @  gŠ qÑ ñ zg i Z {z
ƒ 7„
 gzZ} Š x ÅZÆ™~i Z0
Œt Âá á ÑZzh Û#
Z·ŒÖ ÓZ

„g Qì Kgq
Z Å< g0
ZÆ ì Å ñe ˜
Û »ÂzŠ nŒ
6nŒ Û = ?¤ Ö Óž Ç ñY
Zžì ¹V- ä #
Ëc ŠÄgl'
ñ Yc »V ÕZŠB‚Æ°BIËb§ÏZXì
1ŠÎ c Š ŠÎªZ
 gzZ Ç ñY c
x ÅZ •Æ ÏZ ä á Zz h Zi
»‚ 20 ~g ZlÅ â c Š™–
ñ Y c  azí c Û
7IB‚ ó•

Ë 0ÌŠY âZtèYì 9Âñ Y c
ŠŽzÆyZgzZ• $ Š†ŸZ
Xì @
0 Û †ŸZ~Št@~X'gß¼ -6
gZŒ
Xì 7ŠŠ F ˜ÅnË~g ZlÅyZgzZ
gzZª
»ä~ž¾ ù!
ˆkŠ¼Æäƒå|
 Û zh
 z• y-i
BVÅäƒ: 9x ÅZ X Ht@c '
H «yâ ‚h ×¼
ƒŠ ®oÑ«-1 ‚ÏÃÖ] ‚Ãe Ü$ ^•†Î àm†ŽÃe èín_e àm†³ŽÂ p†³j•] ç³Ö
»qâ âZР뎞} ™ðt ÑZz vžìt w VÅkZ p † jŽ Û Ö] Øf Î á ^ Ê ^– m ] p † ì ] ^ Š Û ì Ô jn _ ] Äñ^fÖ] Ù^Î
~h ÇÉgÇZg eÃkZë c y
ÐN Z™{/ÃkZ ë Ç}h yâ ‚ àm†ŽÃe èín_e àm†ŽÂ æ èŠÛì „ì] ‹×rÛÖ] o Ê é• ^m ˆ Ö] å „a
~VÂgßy ZXì YYnƧÅ~%{z6 TÐ,™ë Z• Û D254 å•^Ú ä×rÚE !^•†Î
Š{z Z® Cƒ 7ßì @ ˆÆ }ŠÎQ X}h
ƒ {g YZ6Xì „g™ ½ «o v ä ù ! yi1F Û ä¤
ä~ lŒ Z
Xì 7„ gŠ Ìx ÅZtn kZ ng7¢  &Å“ Z ÂX ñŠgzZ õ0
 †ŸZkZ ä~œ¤ »ä~ž ¹Ðg Zhy

X Çái1F Û ä{zÂHwJ~(†ŸZ ) >Ã
æ~lŒ
ƒŠ ®oÑ~uzŠ -2
}t@B‚Æ|
yâ ‚t ä ~¾ V- ù! Û zh
 z• y-ii
LZ ù !
Ìðà c »Š vž ì t wV Å kZ
Ð Vzg Z0
ó Xó ìt@qV #»gzZ H| Û 67âZB; }g v
 z•
,Š6ÃÃy ZëÐ,h
y y
yâ ‚ Ú Z Ú Zvߎž¾ ÐVzg Zh 
Xž•`™™f¬ëŽì „zzz
yZsÜÐ=g fÆTÐ,™~i Z0 Û y xgŠÆy ZgzZÐ
Z·Œ
Xì 7bŠt@Š°» ù !
VΠ-i
Û »x *
Yƒ~]gßkZX dž·Œ ÆXÇA x ÅZÃVzg Zh
y
™wú6†ŸZ ~ Š~nçÆ }ŠÎ -ii
wú6t@ *
Û »x *
X†:žì YƒgzZ†·Œ Æhižì
Xì xlÐä™
ƒŠ ®oÑ~Š-3 ]gßÅx ÅZ)ú' × ž ðƒãZz]! 
tZ
»Š vžì t wV Å kZ
Ú Z Р뎞¾ Ð VzgZ0 ž ¶~ ( 7) yc ( yâ ‚) Š|gŠ
Û pÐ , Š x ÅZ Ã ƒ
Z ·Œ
Ð ~i Z0  ë Ð ,h y
yâ ‚ ´g p Ò » VîÑ sf zgq ~ kZ Âì Cƒ
G
XÐ,Šx ÅZÆV ðG y
34Éâ •zÁÃVzg Zh  Xì~gz¢
VƒŠ ®…ÑVÐ-4 Xn 0ygzZ ŠŽƒq+Zx ÅZ -1
Ð ë ðÃŽž¾ Ð Vzg Zhy
LZ vžìt w VÅkZ c Zzç~ŠŽ zÆkZ -2
σä Y:žƒ: +Zªƒ:60
, ™~i Z0 Û QgzZÐ ,Š 6ÃÃkZ ë Ç} ™~g Zhy
Z·Œ âZ âZ X7
Û »x *
t È »TXÐN Z™{/ëÃkZ dž·Œ ÆTXÐ Xƒ:ŠŠ Fc
˜~g ZlÅkZ -3
ª
…ÑVÐt ~TžñY ð0
pÐ , ™n zÈ » ö;g V ; zgzZ » äY äWtŠ:ëžì Vƒ CY ð0 ]gß+Z¤ Z
XÐ, Š7]ÃkZ ~Šc~uzŠ c
«~Tƒ]gß+Z ðä
ZgzZ ǃ 9x ÅZ {zÂ
X ǃ: 9x ÅZ ÂVƒŠ ®„VÐc

VÒZy
PÅ~g îòsZzz% VÒZy
PÅ~g îòsZzz%
á ~ T ó ó 3 lŽ o zæx ÅZèa žì t ] !
Æ 9 zg hz™zŠ Ái Z Á~½o • ï• ~Š III
ÃkZž ’ e ムРsg ™ Â~Šg^ ÝZ ó óX ] â ÅZ Vzg ZD
Ù ƒ‡ ÃÌZŠÎÐ kZ Âì Cƒ‡ ÃoÑ~V Âg߉gzZì @
ƒ
s !
y Ìú1 » ] â ÅZ ‰ ñŠ à Vzg Z0
»Š :gz A e
¬g Xì @
Y
™g Ñ~] YZy Z ÌÃ] â Å ZÐgîx ¬èY Ç} 76@g ™ ñƒ Dh y y
yâ ‚g Zh ._Æ y´Z Æ vZ  -1
è÷Öøæû •ö áøçû Óö³mø Ÿ o³ÒøZZtÐb§kZXìCYÅð7ÅY âZÆ Çƒ  * Z™{/=Ã\ WžVƒ @ y
h 
y â ‚ Ú Z6oÑkZ~ž¾ V-
VzqzŠ}g v~¶Šh  ñW:ž @ª XXÜûÓößûÚô ðô ^nø ßôÆûŸø ]û àønû eø Æ } ŠÎoÑt èa X σ * ™ëZ• Û ~h Ç n Ƨ Å ~% c
]gß³ #Å ( 7:•{gÎ)X ~ ì ‡ ÃoÑtZ®X ì {Z
Xì k y
ûg Zh 
~ kZgzZì s ÜÆ2 »
P c
ìqZ ËÅ] ¬¡KZá Zz v] ‡zZ ‰ -3 VâzŠg Zh
y
gzZ ù! Yƒ‡ à „ ZŠÎ Zg ‚Ðzz ÅkZgzZ
gzZì @
• ï ŠÄg c 6ò ÅZ ~ ì q
ÓÑÆ x ÅZ kZ vßž @ Z ,™ »Ã}ŠÎkZ {zžì @
ƒxi Ñ6VâzŠgzZ• Dƒg …k

»q
ì ZP cZ Ëx ÅZ {zèa X ,™~g Zh
»q y{Š c
i~ X ,™ ZŠÎÐ}u6%ÆoÑkZ •e¤
ZgzZ
Zz犎z»å
ìg D»60 y
Æx ÅZ kZ nÆgZh Ù n kZ ~i Z0

C Û Åg »ÃkZ Ç}h
Z·Œ yZŠÎ Ú ZŽžƒt Yò ÅZ -2
y
kZg Zh  á ] !
Ž n kZì Cƒï• t ~ pÆ ñŽèa gzZ @
y
h ZŠÎ._ÆYò ÅZ kZ ¿Ž [ ZX Ç ñY Hq
Ñ~
™ ZŽ ~zgŠ q
@ y
Z {z ì @
h yâ ‚ {z ~ ÓÑÆ x ÅZ xƒñ z » ŠÌg » H™f6zZ ä ëž 6 Âì ꊙ½6ÃgzZì
ÏA {zž7x¥tèa p϶
Xì Ìg ZlÅ Šn kZ 7c
yÒ]gßq ZéÅÏZvZ¶gr  ™Ã?* Ññ]| X ðƒ‡ ÃÌßB‚Æg ã~kZ n kZX „gw!
:•˜ ñƒD™
]`
Æöúgz Zì @ ƒ]»¼ ZŠg0 ZÆV UúÅnZ L L
7 ] » 9 zg kŠ }¿Žž • D ™ y ´ Zt á y
Zž • ë Ãg Zh
kZ »¤ xi 5Æ v] ‡zZ ‰ -1
Ì~ öú b§ÅVÍßx ¬=g fÆ]kZ L Z { z Ç} h y • ï Š½Šp6ÃÐ s§~g vë Âì ŠŠ F
¼ ~Yò ÅZ
DƒgHx Å Z¼ ~i Z0 Û =g &
Z·Œ 6Væy Zgz Z Çn ƒ 4ZŠ á ~~i Z0
X •ïŠ™ï• Û ÃkZgzZ
Z·Œ
X ì M Ìx Å Z { zÃkZ ñ Wò•»T•  DÐ ä™ b§kZÆ xi 5Æ v
7¶¼ ~ s
Ãá Zz äh ]èYì CY ò ÂÐg ã ôÜ]gßt
y y
g Zh { z • ï Š½Šp6 Ãëž ¹ä VrZ Z
 èY CW
{g6g Zæ[ ZpXì @
+ Yïöú¼ ZŠ]gz£zç»]kZ ƒ [™s§Å À¸s¥ » Vz gz Z ‰ 0 VzÆ
X ì @
»g ã:Íq y
Z {zì @
h ]tÐ n¾Åx ÅZxƒñ¿Žì @ Y Ü z kZ Âì ”
ìÆ Vñi 5‰ q
Zt Z ~uzŠ
 žìt ] !
Ù ZŽ )X ó Xó ì ;g™[ ‚g Z
( 351m 2` îªG©EÅZC  Zz*
Xì Z  gŠ Ùñ{6
™4É 7„
•ë ë ïŠÃVzg Z0
»Š ] â ÅZ 7 •ã ZŽ á Zz Vµ -2
y
ž7~g Zh ~ ÓÑÆ x ÅZ xƒñkZ ä gZh TgzZ
y ( Dawlance) ¾î Z e }Xìi§»x Â: Zg ZŠtâut •
„Špä ác Š 7™½Ì6ÃðÃgzZ ÅÐ ]gz¢KZÉ  L óY
Û ó Z¸¦
~g øL Lì îŠ (Fb§kZÃi’e L Z v
n Æ kZ ÌA c Š½6Ã
Wòx ÅZ » kZ Ð t · ZQgzZ c ™ázg7 ½ä i’e x Ó\ W~ VŠZ vŠgzZ ó 2 lŽ »
:ì ~gz¢*™Ì6 ÐhÆx ÅZÐ {Ž zsfzgq
ÐWÃ ºg kZ L Z ' c  Š'
¯ [ x» Ð j§„ i 7Z
Xì yz¬B‚ÆY¦Ñ)q Z~kZ -i
q µñ]ä6Æ(2008)New Yearñƒ D J (
Zë6 
žÐOgo¸6 kZ {z… Y7ÃV¦ÅVߊvß -ii
 L LYZ Zg e Ë MEGA q
»Û Z n Æ \ W• ì g ÑQg !
Xì 1x ÅZ¦Ñ)äkZ
VÒZy
PÅ~g îòsZzz% VÒZy
PÅ~g îòsZzz%
 KZ vßgzZ  ǃg ZgŠg Zh
z+ y
t -i
XÐN ¯uz?Š n LZÃh ÆkZŠŽz!
ÆäƒÓÑ