‫ﺍﻹﺴﻼﻤﻴﺔ‬ ‫ﺍﻝﺘﺠﺎﺭﻴﺔ‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﺼﻴﻎ‬ ‫ﻤﺨﺎﻁﺭ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻝﺭﻗﺎﺒﻴﺔ‬ ‫ﺍﻝﺴﻴﻁﺭﺓ‬
‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ‬ ‫ﻭﻤﺒﺭﺭﺍﺘﻬﺎ‬
‫ﺇﻝﻰ‬ ‫ﻤﻘﺩﻤﺔ‬ ‫ﻤﺩﺍﺨﻠﺔ‬‫ﺍﻷﻭ...
‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ‬ ‫ﻭﻤﺒﺭﺭﺍﺘﻬﺎ‬ ‫ﺍﻹﺴﻼﻤﻴﺔ‬ ‫ﺍﻝﺘﺠﺎﺭﻴﺔ‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﺼﻴﻎ‬ ‫ﻤﺨﺎﻁﺭ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻝﺭﻗﺎﺒﻴﺔ‬ ‫ﺍﻝﺴﻴﻁﺭﺓ‬
-2-
‫ﺍﻹﺴﻼﻤﻴﺔ‬ ‫ﺍﻝﺘﺠﺎﺭﻴﺔ‬ ‫...
‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ‬ ‫ﻭﻤﺒﺭﺭﺍﺘﻬﺎ‬ ‫ﺍﻹﺴﻼﻤﻴﺔ‬ ‫ﺍﻝﺘﺠﺎﺭﻴﺔ‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﺼﻴﻎ‬ ‫ﻤﺨﺎﻁﺭ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻝﺭﻗﺎﺒﻴﺔ‬ ‫ﺍﻝﺴﻴﻁﺭﺓ‬
-3-
‫ﺍﻷﺼﻭل‬ ‫ﺘﻜﻭﻴﻥ‬ ‫ﻓﻲ‬ ‫...
‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ‬ ‫ﻭﻤﺒﺭﺭﺍﺘﻬﺎ‬ ‫ﺍﻹﺴﻼﻤﻴﺔ‬ ‫ﺍﻝﺘﺠﺎﺭﻴﺔ‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﺼﻴﻎ‬ ‫ﻤﺨﺎﻁﺭ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻝﺭﻗﺎﺒﻴﺔ‬ ‫ﺍﻝﺴﻴﻁﺭﺓ‬
-4-
II-‫ﺍﻝﺩﺭﺍﺴﺔ‬ ‫ﺃﻫﻤﻴﺔ‬:
...
‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ‬ ‫ﻭﻤﺒﺭﺭﺍﺘﻬﺎ‬ ‫ﺍﻹﺴﻼﻤﻴﺔ‬ ‫ﺍﻝﺘﺠﺎﺭﻴﺔ‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﺼﻴﻎ‬ ‫ﻤﺨﺎﻁﺭ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻝﺭﻗﺎﺒﻴﺔ‬ ‫ﺍﻝﺴﻴﻁﺭﺓ‬
-5-
‫ﺍﻷﻤـﻭﺍل‬ ‫ﺘﺠـﺫﺏ‬ ‫ﺒﻁﺭ...
‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ‬ ‫ﻭﻤﺒﺭﺭﺍﺘﻬﺎ‬ ‫ﺍﻹﺴﻼﻤﻴﺔ‬ ‫ﺍﻝﺘﺠﺎﺭﻴﺔ‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﺼﻴﻎ‬ ‫ﻤﺨﺎﻁﺭ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻝﺭﻗﺎﺒﻴﺔ‬ ‫ﺍﻝﺴﻴﻁﺭﺓ‬
-6-
-‫ﺍﻹﺴﻼﻤﻲ‬ ‫ﺍﻝﻤﺼﺭﻓﻲ‬ ‫ﺍ...
‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ‬ ‫ﻭﻤﺒﺭﺭﺍﺘﻬﺎ‬ ‫ﺍﻹﺴﻼﻤﻴﺔ‬ ‫ﺍﻝﺘﺠﺎﺭﻴﺔ‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﺼﻴﻎ‬ ‫ﻤﺨﺎﻁﺭ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻝﺭﻗﺎﺒﻴﺔ‬ ‫ﺍﻝﺴﻴﻁﺭﺓ‬
-7-
‫ﺍﻝـﺴﻴﻭﻝﺔ‬ ‫ﻤﺘﻁﻠﺒﺎﺕ‬ ‫...
‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ‬ ‫ﻭﻤﺒﺭﺭﺍﺘﻬﺎ‬ ‫ﺍﻹﺴﻼﻤﻴﺔ‬ ‫ﺍﻝﺘﺠﺎﺭﻴﺔ‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﺼﻴﻎ‬ ‫ﻤﺨﺎﻁﺭ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻝﺭﻗﺎﺒﻴﺔ‬ ‫ﺍﻝﺴﻴﻁﺭﺓ‬
-8-
‫ﻭ‬‫ﺠﻭﻫﺭﻴﺘﻴﻥ‬ ‫ﻨﻘﻁﺘﻴﻥ‬...
‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ‬ ‫ﻭﻤﺒﺭﺭﺍﺘﻬﺎ‬ ‫ﺍﻹﺴﻼﻤﻴﺔ‬ ‫ﺍﻝﺘﺠﺎﺭﻴﺔ‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﺼﻴﻎ‬ ‫ﻤﺨﺎﻁﺭ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻝﺭﻗﺎﺒﻴﺔ‬ ‫ﺍﻝﺴﻴﻁﺭﺓ‬
-9-
‫ﺍﻷﻋﻤﺎل‬ ‫ﻤﺨﺎﻁﺭ‬ ،‫ﺍﻝﻤ...
‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ‬ ‫ﻭﻤﺒﺭﺭﺍﺘﻬﺎ‬ ‫ﺍﻹﺴﻼﻤﻴﺔ‬ ‫ﺍﻝﺘﺠﺎﺭﻴﺔ‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﺼﻴﻎ‬ ‫ﻤﺨﺎﻁﺭ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻝﺭﻗﺎﺒﻴﺔ‬ ‫ﺍﻝﺴﻴﻁﺭﺓ‬
-10-
‫ﺭﻗﻡ‬ ‫ﺍﻝﺸﻜل‬)01(:‫ﺍﻝ...
‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ‬ ‫ﻭﻤﺒﺭﺭﺍﺘﻬﺎ‬ ‫ﺍﻹﺴﻼﻤﻴﺔ‬ ‫ﺍﻝﺘﺠﺎﺭﻴﺔ‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﺼﻴﻎ‬ ‫ﻤﺨﺎﻁﺭ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻝﺭﻗﺎﺒﻴﺔ‬ ‫ﺍﻝﺴﻴﻁﺭﺓ‬
-11-
‫ﻴ‬ ‫ﺍﻝﻨﺘﺎﺌﺞ‬ ‫ﻭﺘﺤﻘﻴﻕ...
‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ‬ ‫ﻭﻤﺒﺭﺭﺍﺘﻬﺎ‬ ‫ﺍﻹﺴﻼﻤﻴﺔ‬ ‫ﺍﻝﺘﺠﺎﺭﻴﺔ‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﺼﻴﻎ‬ ‫ﻤﺨﺎﻁﺭ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻝﺭﻗﺎﺒﻴﺔ‬ ‫ﺍﻝﺴﻴﻁﺭﺓ‬
-12-
-x2:‫ﺍﻷﺼﻭل؛‬ ‫ﻤﺠﻤﻭﻉ‬ ...
‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ‬ ‫ﻭﻤﺒﺭﺭﺍﺘﻬﺎ‬ ‫ﺍﻹﺴﻼﻤﻴﺔ‬ ‫ﺍﻝﺘﺠﺎﺭﻴﺔ‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﺼﻴﻎ‬ ‫ﻤﺨﺎﻁﺭ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻝﺭﻗﺎﺒﻴﺔ‬ ‫ﺍﻝﺴﻴﻁﺭﺓ‬
-13-
Source: Jacque Teulie...
‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ‬ ‫ﻭﻤﺒﺭﺭﺍﺘﻬﺎ‬ ‫ﺍﻹﺴﻼﻤﻴﺔ‬ ‫ﺍﻝﺘﺠﺎﺭﻴﺔ‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﺼﻴﻎ‬ ‫ﻤﺨﺎﻁﺭ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻝﺭﻗﺎﺒﻴﺔ‬ ‫ﺍﻝﺴﻴﻁﺭﺓ‬
-14-
‫ﺍﻝ‬ ‫ﻤﻌﺭﻓﺔ‬ ،‫ﺁﺨﺭ‬‫ﺤ...
‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ‬ ‫ﻭﻤﺒﺭﺭﺍﺘﻬﺎ‬ ‫ﺍﻹﺴﻼﻤﻴﺔ‬ ‫ﺍﻝﺘﺠﺎﺭﻴﺔ‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﺼﻴﻎ‬ ‫ﻤﺨﺎﻁﺭ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻝﺭﻗﺎﺒﻴﺔ‬ ‫ﺍﻝﺴﻴﻁﺭﺓ‬
-15-
‫ﻋﺎﻡ‬ ‫ﻓﻲ‬ ‫ﺒﺎﺯل‬ ‫ﻝﺠ...
‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ‬ ‫ﻭﻤﺒﺭﺭﺍﺘﻬﺎ‬ ‫ﺍﻹﺴﻼﻤﻴﺔ‬ ‫ﺍﻝﺘﺠﺎﺭﻴﺔ‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﺼﻴﻎ‬ ‫ﻤﺨﺎﻁﺭ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻝﺭﻗﺎﺒﻴﺔ‬ ‫ﺍﻝﺴﻴﻁﺭﺓ‬
-16-
‫ﺍﻝﺘﺴﺩﻴﺩ‬ ‫ﻋﻤﻠﻴﺔ‬ ‫ﺘﺄ...
‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ‬ ‫ﻭﻤﺒﺭﺭﺍﺘﻬﺎ‬ ‫ﺍﻹﺴﻼﻤﻴﺔ‬ ‫ﺍﻝﺘﺠﺎﺭﻴﺔ‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﺼﻴﻎ‬ ‫ﻤﺨﺎﻁﺭ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻝﺭﻗﺎﺒﻴﺔ‬ ‫ﺍﻝﺴﻴﻁﺭﺓ‬
-17-
‫ﻭﺤﺴﺏ‬ ‫ﺍﻝﺼﺎﺩﺭﺍﺕ‬ ‫ﺘﻤ...
‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ‬ ‫ﻭﻤﺒﺭﺭﺍﺘﻬﺎ‬ ‫ﺍﻹﺴﻼﻤﻴﺔ‬ ‫ﺍﻝﺘﺠﺎﺭﻴﺔ‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﺼﻴﻎ‬ ‫ﻤﺨﺎﻁﺭ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻝﺭﻗﺎﺒﻴﺔ‬ ‫ﺍﻝﺴﻴﻁﺭﺓ‬
-18-
‫ﻤـﺴﺘﻠﺯﻤﺎﺕ‬ ‫ﻝﺘﻘـﺩﻴﺭ‬...
‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ‬ ‫ﻭﻤﺒﺭﺭﺍﺘﻬﺎ‬ ‫ﺍﻹﺴﻼﻤﻴﺔ‬ ‫ﺍﻝﺘﺠﺎﺭﻴﺔ‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﺼﻴﻎ‬ ‫ﻤﺨﺎﻁﺭ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻝﺭﻗﺎﺒﻴﺔ‬ ‫ﺍﻝﺴﻴﻁﺭﺓ‬
-19-
‫ﺭﻗﻡ‬ ‫ﺍﻝﺸﻜل‬)4(:‫ﺍﻝﺘ...
‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ‬ ‫ﻭﻤﺒﺭﺭﺍﺘﻬﺎ‬ ‫ﺍﻹﺴﻼﻤﻴﺔ‬ ‫ﺍﻝﺘﺠﺎﺭﻴﺔ‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﺼﻴﻎ‬ ‫ﻤﺨﺎﻁﺭ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻝﺭﻗﺎﺒﻴﺔ‬ ‫ﺍﻝﺴﻴﻁﺭﺓ‬
-20-
،‫ﺍﻝﻤﺎﻝﻴـﺔ‬ ‫ﺍﻝﻭﺴﺎﺌﻁ‬...
السيطرة الرقابية-على-مخاطر-صيغ-التمويل-التجارية-الإسلامية-ومبرراتها-الاقتصادية-طاهر-بعداش-ومحمد-سعيد-جوال
السيطرة الرقابية-على-مخاطر-صيغ-التمويل-التجارية-الإسلامية-ومبرراتها-الاقتصادية-طاهر-بعداش-ومحمد-سعيد-جوال
السيطرة الرقابية-على-مخاطر-صيغ-التمويل-التجارية-الإسلامية-ومبرراتها-الاقتصادية-طاهر-بعداش-ومحمد-سعيد-جوال
السيطرة الرقابية-على-مخاطر-صيغ-التمويل-التجارية-الإسلامية-ومبرراتها-الاقتصادية-طاهر-بعداش-ومحمد-سعيد-جوال
السيطرة الرقابية-على-مخاطر-صيغ-التمويل-التجارية-الإسلامية-ومبرراتها-الاقتصادية-طاهر-بعداش-ومحمد-سعيد-جوال
Upcoming SlideShare
Loading in...5
×

السيطرة الرقابية-على-مخاطر-صيغ-التمويل-التجارية-الإسلامية-ومبرراتها-الاقتصادية-طاهر-بعداش-ومحمد-سعيد-جوال

1,104

Published on

0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total Views
1,104
On Slideshare
0
From Embeds
0
Number of Embeds
0
Actions
Shares
0
Downloads
941
Comments
0
Likes
0
Embeds 0
No embeds

No notes for slide

Transcript of "السيطرة الرقابية-على-مخاطر-صيغ-التمويل-التجارية-الإسلامية-ومبرراتها-الاقتصادية-طاهر-بعداش-ومحمد-سعيد-جوال"

  1. 1. ‫ﺍﻹﺴﻼﻤﻴﺔ‬ ‫ﺍﻝﺘﺠﺎﺭﻴﺔ‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﺼﻴﻎ‬ ‫ﻤﺨﺎﻁﺭ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻝﺭﻗﺎﺒﻴﺔ‬ ‫ﺍﻝﺴﻴﻁﺭﺓ‬ ‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ‬ ‫ﻭﻤﺒﺭﺭﺍﺘﻬﺎ‬ ‫ﺇﻝﻰ‬ ‫ﻤﻘﺩﻤﺔ‬ ‫ﻤﺩﺍﺨﻠﺔ‬‫ﺍﻷﻭل‬ ‫ﺍﻝﺩﻭﻝﻲ‬ ‫ﺍﻝﻤﻠﺘﻘﻰ‬‫ﺤﻭل‬: »‫ﺍﻝﻭﺍﻗﻊ‬ ،‫ﺍﻹﺴﻼﻤﻲ‬ ‫ﺍﻻﻗﺘﺼﺎﺩ‬...‫ﺍﻝﻤﺴﺘﻘﺒل‬ ‫ﻭﺭﻫﺎﻨﺎﺕ‬« ‫ﺍﻝﻤﻨﻌﻘﺩ‬‫ﺍﻝﺘﺴﻴﻴﺭ‬ ‫ﻭﻋﻠﻭﻡ‬ ‫ﺍﻝﺘﺠﺎﺭﻴﺔ‬ ،‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ‬ ‫ﺍﻝﻌﻠﻭﻡ‬ ‫ﺒﻤﻌﻬﺩ‬،‫ﺒﻐﺭﺩﺍﻴﺔ‬ ‫ﺍﻝﺠﺎﻤﻌﻲ‬ ‫ﺒﺎﻝﻤﺭﻜﺯ‬. ‫ﺃﻴﺎﻡ‬:23/24‫ﻓﻴﻔﺭﻱ‬2011 ‫ﺍﻷﺴﺘﺎﺫ‬:‫ﺠﻭﺍل‬ ‫ﺍﻝﺴﻌﻴﺩ‬ ‫ﻤﺤﻤﺩ‬ ‫ﻭﺘﺴﻭﻴﻕ‬ ‫ﺃﻋﻤﺎل‬ ‫ﺇﺩﺍﺭﺓ‬ ‫ﻤﺎﺠﺴﺘﻴﺭ‬ ‫ﻤﺴـﺎﻋﺩ‬ ‫ﺃﺴﺘـﺎﺫ‬ ‫ﺍﻝﺠﻠﻔﺔ‬ ‫ـ‬ ‫ﻋﺎﺸﻭﺭ‬ ‫ﺯﻴﺎﻥ‬ ‫ﺠﺎﻤﻌﺔ‬ Tél : 07.74.62.21.31).213(+ E-mail : djoual@Gmail.com ‫ﺍﻷﺴﺘﺎﺫ‬:‫ﺒﻌﺩﺍﺵ‬ ‫ﻁﺎﻫﺭ‬ ‫ﻭﺒﻨﻭﻙ‬ ‫ﻤﺎﻝﻴﺔ‬ ‫ﻨﻘﻭﺩ‬ ‫ﻤﺎﺠﺴﺘﻴﺭ‬ ‫ﺃﺴﺘـﺎﺫ‬‫ﻤﺴـﺎﻋﺩ‬ ‫ﺍﻷﻏﻭﺍﻁ‬ ‫ـ‬ ‫ﺜﻠﻴﺠﻲ‬ ‫ﻋﻤﺎﺭ‬ ‫ﺠﺎﻤﻌﺔ‬ Tél : 06.98.98.83.39).213(+ E-mail : tahar.baadache@Gmail.com
  2. 2. ‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ‬ ‫ﻭﻤﺒﺭﺭﺍﺘﻬﺎ‬ ‫ﺍﻹﺴﻼﻤﻴﺔ‬ ‫ﺍﻝﺘﺠﺎﺭﻴﺔ‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﺼﻴﻎ‬ ‫ﻤﺨﺎﻁﺭ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻝﺭﻗﺎﺒﻴﺔ‬ ‫ﺍﻝﺴﻴﻁﺭﺓ‬ -2- ‫ﺍﻹﺴﻼﻤﻴﺔ‬ ‫ﺍﻝﺘﺠﺎﺭﻴﺔ‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﺼﻴﻎ‬ ‫ﻤﺨﺎﻁﺭ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻝﺭﻗﺎﺒﻴﺔ‬ ‫ﺍﻝﺴﻴﻁﺭﺓ‬ ‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ‬ ‫ﻭﻤﺒﺭﺭﺍﺘﻬﺎ‬ ‫ﻤﻠﺨﺹ‬: ‫ﺍﻷﺼﻭل‬ ‫ﺘﻜﻭﻴﻥ‬ ‫ﻓﻲ‬ ‫ﺍﻝﻤﻭﺩﻋﺔ‬ ‫ﺍﻷﻤﻭﺍل‬ ‫ﺍﻝﺒﻨﻭﻙ‬ ‫ﺘﺴﺘﺨﺩﻡ‬.‫ﻜﻤﺎ‬ ‫ﻤﻤﺎ‬ ‫ﺍﻝﻤﺘﺭﺍﻜﻤﺔ‬ ‫ﺍﻷﺼﻭل‬ ‫ﺤﺠﻡ‬ ‫ﻋﻠﻰ‬ ‫ﻴﻌﺘﻤﺩ‬ ‫ﻋﺎﺌﺩﻫﺎ‬ ‫ﺃﻥ‬‫ﻴﺸﻜل‬ ‫ﻤـﻥ‬ ‫ﺍﻝﻜﺜﻴﺭ‬ ‫ﻤﻊ‬ ‫ﺃﻤﻭﺍﻝﻬﺎ‬ ‫ﻤﻥ‬ ‫ﺍﻝﻘﻠﻴل‬ ‫ﺨﻠﻁ‬ ‫ﻨﺤﻭ‬ ‫ﻁﺒﻴﻌﻴﺎ‬ ‫ﻤﻴﻼ‬ ‫ﻝﻠﻌﺎﺌـﺩﺍﺕ‬ ‫ﻤﺩﺭﺓ‬ ‫ﺃﺼﻭل‬ ‫ﻋﻠﻰ‬ ‫ﻝﻠﺤﺼﻭل‬ ‫ﺍﻝﻤﻭﺩﻋﻴﻥ‬ ‫ﺃﻤﻭﺍل‬. ‫ﺒـﺴﺒﺏ‬ ‫ﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﺍﻻﻀﻁﺭﺍﺒﺎﺕ‬ ‫ﻋﺩﻭﻯ‬ ‫ﺍﻨﺘﺸﺎﺭ‬ ‫ﻵﺜﺎﺭ‬ ‫ﻭﻨﺘﻴﺠﺔ‬ ‫ﻭﻝـﻭ‬ ‫ﻭﺍﺤﺩ‬ ‫ﺒﻨﻙ‬ ‫ﺴﻘﻭﻁ‬ ‫ﻓﺈﻥ‬ ،‫ﺍﻝﻤﺎﻝﻲ‬ ‫ﺍﻝﻨﻅﺎﻡ‬ ‫ﻭﺘﺭﺍﺒﻁ‬ ‫ﺘﺸﺎﺒﻙ‬ ‫ﺍﻝﻨﻅـﺎﻡ‬ ‫ﻓﻲ‬ ‫ﺍﻻﺴﺘﻘﺭﺍﺭ‬ ‫ﻝﻌﺩﻡ‬ ‫ﻤﺼﺩﺭﺍ‬ ‫ﺴﻴﻜﻭﻥ‬ ‫ﺼﻐﻴﺭﺍ‬ ‫ﻜﺎﻥ‬ ‫ﺒ‬ ‫ﺍﻝﻤﺎﻝﻲ‬‫ﻋﺎﻤﺔ‬ ‫ﺼﻔﺔ‬.‫ﻤـﻥ‬ ‫ﻤﺴﺘﺜﻨﺎﺓ‬ ‫ﻏﻴﺭ‬ ‫ﺍﻹﺴﻼﻤﻴﺔ‬ ‫ﻭﺍﻝﺒﻨﻭﻙ‬ ‫ﺍﻝﻅﺎﻫﺭﺓ‬ ‫ﻫﺫﻩ‬.‫ﺭﻗﺎﺒـﺔ‬ ‫ﺒﻌﻤﻠﻴـﺔ‬ ‫ﺒﺎﻝﻘﻴـﺎﻡ‬ ‫ﻴﺩﻓﻊ‬ ‫ﺍﻝﺫﻱ‬ ‫ﺍﻷﻤﺭ‬ ،‫ﺍﻝﻤﺼﺭﻓﻲ‬ ‫ﺍﻝﺠﻬﺎﺯ‬ ‫ﺒﻬﺎ‬ ‫ﻴﻘﻭﻡ‬ ‫ﺍﻝﺘﻲ‬ ‫ﺍﻝﻌﻤﻠﻴﺎﺕ‬ ‫ﻋﻠﻰ‬ ‫ﻭﺇﺸﺭﺍﻑ‬ ‫ﻭﺘﺤﺴﻴﻥ‬ ،‫ﺍﻝﻌﺎﻡ‬ ‫ﺍﻻﺴﺘﻘﺭﺍﺭ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻝﻤﺤﺎﻓﻅﺔ‬ ‫ﺃﺠل‬ ‫ﻤﻥ‬ ‫ﻭﺫﻝﻙ‬ ‫ﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﺍﻝﻭﺴﺎﻁﺔ‬ ‫ﻨﻅﺎﻡ‬ ‫ﻓﻲ‬ ‫ﺍﻝﺜﻘﺔ‬. ‫ﺍﻝﻤﻔﺘﺎﺤﻴﺔ‬ ‫ﺍﻝﻜﻠﻤﺎﺕ‬:‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﻤﺨﺎﻁﺭ‬‫ﻨﻤـﺎﺫﺝ‬ ،‫ﺍﻹﺴـﻼﻤﻲ‬ ‫ﻭﺍﻹﺸﺭﺍﻑ‬ ‫ﺍﻝﺭﻗﺎﺒﺔ‬ ،‫ﺍﻝﺘﻨﺒﺅ‬. Abstract: Banks use the funds deposited in the composition of assets. The revenue depends on the size of accumulated assets, which is a natural tendency toward mixing little with a lot of money from the funds of depositors to get the revenue-generating assets. As a result of the effects of financial turmoil spread of infection because of the complexity and interdependence of the financial system, the fall of one bank, even if he is young and will be a source of instability in the financial system in general. Islamic banks and is exempt from this phenomenon. Which is paid to the process of supervision and monitoring of the operations of the banking system, in order to maintain the overall stability, and improve confidence in the system of financial intermediation. Words key: Risks of Islamic finance, forecasting models, the control and supervision. ‫ﻤﻘﺩﻤﺔ‬: ‫ﺘﻌﺘﺒﺭ‬‫ﺍﻝﻭﻅﻴﻔﺔ‬‫ﺃ‬ ‫ﺘﻘﻠﻴﺩﻴﺔ‬ ‫ﻜﺎﻨﺕ‬ ‫ﺴﻭﺍﺀ‬ ‫ﻝﻠﺒﻨﻭﻙ‬ ‫ﺍﻷﺴﺎﺴﻴﺔ‬‫ﻭ‬‫ﺇﺴﻼﻤﻴﺔ‬‫ﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﺍﻝﻭﺴﺎﻁﺔ‬‫ﻓـ‬ ‫ﺴﻭﺍﺀ‬‫ﻲ‬ ‫ﻓ‬ ‫ﻜﻤﺎ‬ ‫ﺍﻝﻨﻘﺩﻱ‬ ‫ﺸﻜﻠﻬﺎ‬‫ﻲ‬‫ﺍﻝﺒﻨﻭ‬‫ﻙ‬‫ﺍ‬‫ﻓ‬ ‫ﻜﻤﺎ‬ ‫ﺍﻝﻌﻴﻨﻲ‬ ‫ﺃﻭ‬ ‫ﻝﺘﻘﻠﻴﺩﻴﺔ‬‫ﻲ‬‫ﺍﻹﺴﻼﻤﻴﺔ‬ ‫ﺍﻝﺒﻨﻭﻙ‬‫ﺍﻝﻤـﺼﺭﻓﻲ‬ ‫ﻓﺎﻝﻌﻤـل‬ ، ‫ﻴﻘﻭ‬ ‫ﺍﻝﺘﻘﻠﻴﺩﻱ‬‫ﻡ‬‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ‬ ‫ﺍﻝﻭﺤﺩﺍﺕ‬ ‫ﺇﻝﻰ‬ ‫ﺍﻹﻗﺭﺍﺽ‬ ‫ﺜﻡ‬ ‫ﺍﻝﻭﺩﺍﺌﻊ‬ ‫ﺘﻠﻘﻲ‬ ‫ﻋﻠﻰ‬‫ﻤﻘﺎﺒل‬‫ﻤﺎﻝﻲ‬ ‫ﻋﺎﺌﺩ‬"‫ﻓﺎﺌـﺩﺓ‬." ‫ﺃﻤﺎ‬‫ﻓﻴﻘﻭﻡ‬ ‫ﺍﻹﺴﻼﻤﻲ‬ ‫ﺍﻝﺒﻨﻙ‬‫ﺘﻠﻘﻲ‬ ‫ﻋﻠﻰ‬‫ﻤ‬ ‫ﺍﻷﻤﻭﺍل‬‫ﻥ‬‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﺼﻴﻎ‬ ‫ﺃﺴﺎﺱ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻝﻤﺩﺨﺭﻴﻥ‬‫ﺍﻹﺴـﻼﻤﻴﺔ‬ ‫ﺃﻨﻭﺍﻉ‬ ‫ﻓﻲ‬ ‫ﺍﺴﺘﺨﺩﺍﻤﻬﺎ‬ ‫ﺜﻡ‬‫ﺃﻭ‬ ‫ﻤـﺸﺎﺭﻜﺎﺕ‬ ‫ﻫﻴﺌـﺎﺕ‬ ‫ﻋﻠﻰ‬ ‫ﺘﻜﻭﻥ‬ ‫ﻭﺍﻝﺘﻲ‬ ‫ﺸﺭﻋﺎ‬ ‫ﺒﻬﺎ‬ ‫ﺍﻝﻤﺴﻤﻭﺡ‬ ‫ﺍﻝﻤﻌﺎﻤﻼﺕ‬ ‫ﻭﻏﻴﺭﻫﺎ‬ ‫ﺒﻴﻭﻉ‬.
  3. 3. ‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ‬ ‫ﻭﻤﺒﺭﺭﺍﺘﻬﺎ‬ ‫ﺍﻹﺴﻼﻤﻴﺔ‬ ‫ﺍﻝﺘﺠﺎﺭﻴﺔ‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﺼﻴﻎ‬ ‫ﻤﺨﺎﻁﺭ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻝﺭﻗﺎﺒﻴﺔ‬ ‫ﺍﻝﺴﻴﻁﺭﺓ‬ -3- ‫ﺍﻷﺼﻭل‬ ‫ﺘﻜﻭﻴﻥ‬ ‫ﻓﻲ‬ ‫ﺍﻝﻤﻭﺩﻋﻴﻥ‬ ‫ﺃﻤﻭﺍل‬ ‫ﺍﻝﺒﻨﻭﻙ‬ ‫ﺘﺴﺘﺨﺩﻡ‬.‫ﺤﺠـﻡ‬ ‫ﻋﻠـﻰ‬ ‫ﻴﻌﺘﻤـﺩ‬ ‫ﺍﻝﻌﺎﺌﺩ‬ ‫ﺃﻥ‬ ‫ﻭﺒﻤﺎ‬ ‫ﺃﻤﻭﺍل‬ ‫ﻤﻥ‬ ‫ﺍﻝﻜﺜﻴﺭ‬ ‫ﻤﻊ‬ ‫ﺃﻤﻭﺍﻝﻬﺎ‬ ‫ﻤﻥ‬ ‫ﺍﻝﻘﻠﻴل‬ ‫ﺨﻠﻁ‬ ‫ﻨﺤﻭ‬ ‫ﻁﺒﻴﻌﻴﺎ‬ ‫ﻤﻴﻼ‬ ‫ﺍﻝﺒﻨﻭﻙ‬ ‫ﻝﺩﻯ‬ ‫ﻓﺈﻥ‬ ‫ﺍﻝﻤﺘﺭﺍﻜﻤﺔ‬ ‫ﺍﻷﺼﻭل‬ ‫ﻋﻠﻰ‬ ‫ﻝﻠﺤﺼﻭل‬ ‫ﺍﻝﻤﻭﺩﻋﻴﻥ‬‫ﻝﻠﻌﺎﺌـﺩﺍﺕ‬ ‫ﺍﻝﻤـﺩﺭﺓ‬ ‫ﺍﻷﺼﻭل‬ ‫ﻫﺫﻩ‬.‫ﻵﺜـﺎﺭ‬ ‫ﻭﻨﺘﻴﺠـﺔ‬‫ﺍﻨﺘـﺸﺎﺭ‬‫ﻋـﺩﻭﻯ‬ ‫ﻭﺍﺤﺩ‬ ‫ﺒﻨﻙ‬ ‫ﺴﻘﻭﻁ‬ ‫ﻓﺈﻥ‬ ،‫ﺍﻝﺘﺴﻭﻴﺎﺕ‬ ‫ﻭﻋﻤﻠﻴﺔ‬ ‫ﺍﻝﻤﺎﻝﻲ‬ ‫ﺍﻝﻨﻅﺎﻡ‬ ‫ﻭﺘﺭﺍﺒﻁ‬ ‫ﺘﺸﺎﺒﻙ‬ ‫ﺒﺴﺒﺏ‬ ‫ﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﺍﻻﻀﻁﺭﺍﺒﺎﺕ‬ ‫ﻋﺎﻤـﺔ‬ ‫ﺒـﺼﻔﺔ‬ ‫ﺍﻝﻤـﺎﻝﻲ‬ ‫ﺍﻝﻨﻅﺎﻡ‬ ‫ﻓﻲ‬ ‫ﺍﻻﺴﺘﻘﺭﺍﺭ‬ ‫ﻝﻌﺩﻡ‬ ‫ﻤﺼﺩﺭﺍ‬ ‫ﺴﻴﻜﻭﻥ‬ ‫ﺼﻐﻴﺭﺍ‬ ‫ﻜﺎﻥ‬ ‫ﻭﻝﻭ‬.‫ﻭﺍﻝﺒﻨـﻭﻙ‬ ‫ﺍﻝﻅﺎﻫﺭﺓ‬ ‫ﻫﺫﻩ‬ ‫ﻤﻥ‬ ‫ﻤﺴﺘﺜﻨﺎﺓ‬ ‫ﻏﻴﺭ‬ ‫ﺍﻹﺴﻼﻤﻴﺔ‬. ‫ﺇﻥ‬‫ﻭﺘﺤـﺴﻴﻥ‬ ،‫ﺍﻝﻤﻭﺩﻋﻴﻥ‬ ‫ﺤﻘﻭﻕ‬ ‫ﻭﺤﻔﻅ‬ ،‫ﺍﻝﻌﺎﻡ‬ ‫ﺍﻻﺴﺘﻘﺭﺍﺭ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻝﻤﺤﺎﻓﻅﺔ‬‫ﻨﻅـﺎﻡ‬ ‫ﻓـﻲ‬ ‫ﺍﻝﺜﻘـﺔ‬ ‫ﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﺍﻝﻭﺴﺎﻁﺔ‬‫ﻭﻫـﺫﺍ‬ ‫ﻤـﺴﺘﻤﺭﺍ‬ ‫ﻭﺍﺠﺒﺎ‬ ‫ﻭﺴﻴﻅل‬ ،‫ﻭﺍﻹﺸﺭﺍﻓﻴﺔ‬ ‫ﺍﻝﺭﻗﺎﺒﻴﺔ‬ ‫ﺒﺎﻝﻤﻌﺎﻴﻴﺭ‬ ‫ﺍﻻﻫﺘﻤﺎﻡ‬ ‫ﻴﺴﺘﺩﻋﻲ‬ ‫ﺍﻝـﺼﻨﺎﻋﺔ‬ ‫ﻓـﻲ‬ ‫ﺍﻝﻤﻁـﺭﺩ‬ ‫ﺍﻝﺘﻘﻨـﻲ‬ ‫ﻭﺍﻝﺘﻁـﻭﺭ‬ ‫ﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﺍﻝﻤﻌﺎﻤﻼﺕ‬ ‫ﻁﺒﻴﻌﻴﺔ‬ ‫ﻓﻲ‬ ‫ﺍﻝﺴﺭﻴﻊ‬ ‫ﻝﻠﺘﻐﻴﺭ‬ ‫ﻨﻅﺭﺍ‬ ‫ﻨﺎﺤﻴﺔ‬ ‫ﻤﻥ‬ ‫ﺍﻝﻤﺼﺭﻓﻴﺔ‬‫ﺃﺨـﺭﻯ‬ ‫ﻨﺎﺤﻴـﺔ‬ ‫ﻤﻥ‬ ‫ﺍﻻﻝﻜﺘﺭﻭﻨﻴﺔ‬ ‫ﻭﺍﻷﻤﻭﺍل‬ ‫ﺍﻻﻝﻜﺘﺭﻭﻨﻴﺔ‬ ‫ﺍﻝﻭﺴﺎﺌل‬ ‫ﻭﺍﺴﺘﺨﺩﺍﻡ‬ ،. ‫ﻫﻲ‬ ‫ﻭﺇﺩﺍﺭﺘﻬﺎ‬ ‫ﻭﺘﻘﻭﻴﻤﻬﺎ‬ ‫ﺍﻝﻤﺨﺎﻁﺭ‬ ‫ﻤﻌﺭﻓﺔ‬ ‫ﺃﻥ‬ ‫ﺍﻝﻘﻭل‬ ‫ﻭﻴﻤﻜﻥ‬‫ﺍﻝﺒﻨـﻭﻙ‬ ‫ﻨﺠﺎﺡ‬ ‫ﻓﻲ‬ ‫ﺍﻝﺭﺌﻴﺴﺔ‬ ‫ﺍﻝﻌﻭﺍﻤل‬ ‫ﻤﻥ‬ ‫ﺍﻝﺩﺨﻭل‬ ‫ﻜﺎﻥ‬ ‫ﻓﺈﺫﺍ‬ ،‫ﻷﻫﺩﺍﻓﻬﺎ‬ ‫ﻭﺘﺤﻘﻴﻘﻬﺎ‬ ‫ﻭﺍﺯﺩﻫﺎﺭﻫﺎ‬‫ﺃﺭﺒﺎﺡ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻝﺤﺼﻭل‬ ‫ﺒﻪ‬ ‫ﺍﻝﻤﻘﺼﻭﺩ‬ ‫ﺍﻝﻤﺨﺎﻁﺭﺓ‬ ‫ﻓﻲ‬ ‫ﺇﺩﺍﺭ‬ ‫ﻋﺩﻡ‬ ‫ﺃﻥ‬ ‫ﺇﻻ‬ ‫ﺃﻋﻠﻰ‬‫ﺒﻁﺭﻴﻘ‬ ‫ﺍﻝﻤﺨﺎﻁﺭ‬ ‫ﻫﺫﻩ‬ ‫ﺓ‬‫ﺔ‬‫ﺍﻝﻌﺎﺌـﺩﺍﺕ‬ ‫ﻓﻘـﺩﺍﻥ‬ ‫ﺇﻝـﻰ‬ ‫ﻴﺅﺩﻱ‬ ‫ﻗﺩ‬ ‫ﺼﺤﻴﺤﺔ‬ ‫ﻋﻠﻤﻴﺔ‬ ‫ﻝﻠﺒﻨﻙ‬ ‫ﺍﻹﺴﺘﺭﺍﺘﻴﺠﻴﺔ‬ ‫ﺍﻷﻫﺩﺍﻑ‬ ‫ﺘﺤﻘﻴﻕ‬ ‫ﻓﻲ‬ ‫ﻭﺍﻝﻔﺸل‬. I-‫ﺍﻹﺸﻜﺎﻝﻴﺔ‬: ‫ﺍﻹﺴﻼﻤﻴﺔ‬ ‫ﺍﻝﺒﻨﻭﻙ‬ ‫ﻓﻲ‬ ‫ﺍﻝﻤﻬﻤﺔ‬ ‫ﺍﻝﻤﻭﺍﻀﻴﻊ‬ ‫ﺃﺤﺩ‬ ‫ﻓﻲ‬ ‫ﺍﻝﺒﺤﺙ‬ ‫ﻤﺤﺎﻭﻝﺔ‬ ‫ﻓﻲ‬ ‫ﺍﻝﻭﺭﻗﺔ‬ ‫ﻫﺩﻩ‬ ‫ﻤﺸﻜﻠﺔ‬ ‫ﺘﺘﻤﺜل‬ )‫ﺍﻹﺴﻼﻤﻴﺔ‬ ‫ﺍﻝﺘﻤﻭﻴﻠﻴﺔ‬ ‫ﺍﻝﺼﻴﻎ‬ ‫ﻤﺨﺎﻁﺭ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻝﺭﻗﺎﺒﺔ‬(‫ﺫﻝﻙ‬ ‫ﻭﺁﺜﺎﺭ‬‫ﻭﺒﻠـﻭﺭﺓ‬ ،‫ﺍﻻﻗﺘـﺼﺎﺩﻱ‬ ‫ﺍﻝﻨﺸﺎﻁ‬ ‫ﻋﻠﻰ‬ ‫ﺒـﺎﻝﺒﻨﻭﻙ‬ ‫ﻤﻘﺎﺭﻨـﺔ‬ ‫ﺍﻹﺴـﻼﻤﻴﺔ‬ ‫ﺍﻝﺒﻨـﻭﻙ‬ ‫ﺨﺼﻭﺼﻴﺔ‬ ‫ﻭﺇﺒﺭﺍﺯ‬ ‫ﺒﻪ‬ ‫ﻭﺍﻝﺘﻌﺭﻴﻑ‬ ‫ﺍﻝﻤﻭﻀﻭﻉ‬ ‫ﻫﺫﺍ‬ ‫ﺠﻭﺍﻨﺏ‬ ‫ﺍﻷﺨﺭﻯ‬. ‫ﺍﻝﻭﺭﻗﺔ‬ ‫ﻫﺫﻩ‬ ‫ﻓﻲ‬ ‫ﺴﻴﺘﻡ‬‫ﺍﻝﺘﺎﻝﻴﺔ‬ ‫ﺍﻷﺴﺌﻠﺔ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻹﺠﺎﺒﺔ‬: -‫ﻫﻲ‬ ‫ﻤﺎ‬‫ﺍﻝﻌﺎﻤﺔ‬ ‫ﺍﻷﻫﻤﻴﺔ‬‫ﻝﻠﺒﻨﻭﻙ‬‫ﺍﻹﺴﻼﻤﻴﺔ؟‬ -‫ﺃﻨﻭﺍﻉ‬ ‫ﻫﻲ‬ ‫ﻤﺎ‬‫ﺍﻝﺒﻨﻭﻙ‬ ‫ﻤﺨﺎﻁﺭ‬‫ﺍﻹﺴﻼﻤﻴﺔ‬‫ﻭ‬‫ﺘﻜﻭﻥ‬ ‫ﻜﻴﻑ‬‫ﻁﺒﻴﻌﺘﻬﺎ‬‫؟‬ -‫ﻜﻴ‬‫ﻋﻤﻠﻴﺔ‬ ‫ﺘﺘﻡ‬ ‫ﻑ‬‫ﺭﺼﺩ‬‫ﻭﺇﺩﺍﺭﺓ‬‫ﺍﻝﻤﺨﺎﻁﺭ‬‫ﺍﻝﺘﻨﺒﺅ‬ ‫ﻓﻲ‬ ‫ﺍﻝﻤﺴﺎﻋﺩﺓ‬ ‫ﺍﻝﻨﻤﺎﺫﺝ‬ ‫ﻫﻲ‬ ‫ﻭﻤﺎ‬ ،‫ﺍﻝﻤﺼﺭﻓﻴﺔ‬‫؟‬ -‫ﺍ‬ ‫ﻝﻤﺎﺫﺍ‬‫ﻝﺭﻗﺎﺒﺔ‬‫ﺍﻹﺴﻼﻤﻴﺔ‬ ‫ﺍﻝﺒﻨﻭﻙ‬ ‫ﻋﻠﻰ‬‫؟‬ -‫ﺍﻹﺴﻼ‬ ‫ﻝﻠﺒﻨﻭﻙ‬ ‫ﺼﺎﻝﺤﺔ‬ ‫ﺍﻝﺩﻭﻝﻴﺔ‬ ‫ﺍﻝﻤﻌﺎﻴﻴﺭ‬ ‫ﻫل‬‫ﻓﻌﺎﻝﺔ؟‬ ‫ﻤﺼﺭﻓﻴﺔ‬ ‫ﺭﻗﺎﺒﺔ‬ ‫ﻝﻤﻤﺎﺭﺴﺔ‬ ‫ﻤﻴﺔ‬
  4. 4. ‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ‬ ‫ﻭﻤﺒﺭﺭﺍﺘﻬﺎ‬ ‫ﺍﻹﺴﻼﻤﻴﺔ‬ ‫ﺍﻝﺘﺠﺎﺭﻴﺔ‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﺼﻴﻎ‬ ‫ﻤﺨﺎﻁﺭ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻝﺭﻗﺎﺒﻴﺔ‬ ‫ﺍﻝﺴﻴﻁﺭﺓ‬ -4- II-‫ﺍﻝﺩﺭﺍﺴﺔ‬ ‫ﺃﻫﻤﻴﺔ‬: ‫ﺍﻝﺘﻲ‬ ‫ﺍﻝﺘﺠﺎﺭﻴﺔ‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﺼﻴﻎ‬ ‫ﺒﻤﺨﺎﻁﺭ‬ ‫ﻝﻠﺘﻌﺭﻴﻑ‬ ‫ﺍﻝﺩﺭﺍﺴﺔ‬ ‫ﺠﺎﺀﺕ‬،‫ﺍﻹﺴـﻼﻤﻴﺔ‬ ‫ﺍﻝﺒﻨﻭﻙ‬ ‫ﺘﻭﺍﺠﻬﻬﺎ‬ ‫ﺍﻹﺴﻼﻤﻴﺔ‬ ‫ﺍﻝﺒﻨﻭﻙ‬ ‫ﻋﻠﻰ‬ ‫ﺘﻁﺒﻴﻘﻬﺎ‬ ‫ﻭﻜﻴﻔﻴﺔ‬ ‫ﺍﻝﻤﺼﺭﻓﻴﺔ‬ ‫ﺒﺎﻝﺭﻗﺎﺒﺔ‬ ‫ﺍﻝﺘﻌﺭﻴﻑ‬ ‫ﻭﺃﻴﻀﺎ‬.‫ﺃﻨﻬـﺎ‬ ‫ﻜﻤـﺎ‬‫ﺘـﺴﺘﻤﺩ‬ ‫ﺸـﺭﻋﻴﺔ‬ ‫ﻭﻀـﻭﺍﺒﻁ‬ ‫ﺃﺴﺱ‬ ‫ﻋﻠﻰ‬ ‫ﻗﺎﺌﻤﺔ‬ ‫ﻭﺤﻠﻭل‬ ‫ﺒﺩﺍﺌل‬ ‫ﻻﺒﺘﻜﺎﺭ‬ ‫ﺍﻝﺤﺎﺠﺔ‬ ‫ﻤﻥ‬ ‫ﺃﻫﻤﻴﺘﻬﺎ‬‫ﺃﻫـﺩﺍﻑ‬ ‫ﺘﺤﻘـﻕ‬ ‫ﺒﺎﻝﺘﻌﻘﻴﺩ‬ ‫ﺘﺘﺴﻡ‬ ‫ﻭﺇﻗﻠﻴﻤﻴﺔ‬ ‫ﻋﺎﻝﻤﻴﺔ‬ ‫ﺒﻴﺌﺔ‬ ‫ﻅل‬ ‫ﻓﻲ‬ ‫ﻭﺍﻝﻨﻤﻭ‬ ‫ﻭﺍﻻﺴﺘﻤﺭﺍﺭﻴﺔ‬ ‫ﺍﻝﻤﻨﺎﻓﺴﺔ‬‫ﻭﺍﻝﺘﻐﻴﻴﺭ‬. III-‫ﺍﻝﺩﺭﺍﺴﺔ‬ ‫ﺃﻫﺩﺍﻑ‬: ‫ﺍﻵﺘﻴﺔ‬ ‫ﺍﻷﻫﺩﺍﻑ‬ ‫ﺘﺤﻘﻴﻕ‬ ‫ﻤﺤﺎﻭﻝﺔ‬ ‫ﺤﻭل‬ ‫ﻴﻨﺼﺏ‬ ‫ﺍﻝﻤﻭﻀﻭﻉ‬ ‫ﻫﺫﺍ‬ ‫ﺘﻨﺎﻭل‬ ‫ﻤﻥ‬ ‫ﺍﻝﻐﺭﺽ‬: -‫ﺍﻹﺴﻼﻤﻴﺔ؛‬ ‫ﺍﻝﺒﻨﻭﻙ‬ ‫ﺘﻭﺍﺠﻪ‬ ‫ﺍﻝﺘﻲ‬ ‫ﺒﺎﻝﻤﺨﺎﻁﺭ‬ ‫ﺍﻝﺘﻌﺭﻴﻑ‬ -‫ﺍﻹﺴﻼﻤﻴﺔ؛‬ ‫ﺍﻝﺒﻨﻭﻙ‬ ‫ﻤﺨﺎﻁﺭ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻝﺭﻗﺎﺒﻴﺔ‬ ‫ﺍﻝﺴﻴﻁﺭﺓ‬ ‫ﻤﻔﻬﻭﻡ‬ ‫ﺒﻴﺎﻥ‬ -‫ﺍﻹﺴﻼﻤﻴﺔ؛‬ ‫ﺍﻝﺒﻨﻭﻙ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻝﺭﻗﺎﺒﺔ‬ ‫ﺃﺴﺒﺎﺏ‬ ‫ﺒﻴﺎﻥ‬ -‫ﺒﻴﺎﻥ‬‫ﺍﻝﻤﻌﺎﻴ‬ ‫ﺼﻼﺤﻴﺔ‬‫ﺍﻝﺩﻭﻝﻴﺔ‬ ‫ﻴﺭ‬‫ﺍ‬ ‫ﻋﻠﻰ‬ ‫ﻭﺍﻹﺸﺭﺍﻑ‬ ‫ﻝﻠﺭﻗﺎﺒﺔ‬‫ﺍﻹﺴﻼﻤﻴﺔ‬ ‫ﻝﺒﻨﻭﻙ‬. IV-‫ﺍﻝﺩﺭﺍﺴﺔ‬ ‫ﻭﻫﻴﻜل‬ ‫ﻤﻨﻬﺞ‬: ‫ﻋﻠـﻰ‬ ‫ﺍﻻﻋﺘﻤﺎﺩ‬ ‫ﺘﻡ‬ ‫ﺍﻝﺒﺤﺙ‬ ‫ﺇﺸﻜﺎﻝﻴﺔ‬ ‫ﻋﻠﻰ‬ ‫ﻭﺍﻹﺠﺎﺒﺔ‬ ‫ﺍﻝﻤﻭﻀﻭﻉ‬ ‫ﺠﻭﺍﻨﺏ‬ ‫ﺒﻤﺨﺘﻠﻑ‬ ‫ﺍﻹﺤﺎﻁﺔ‬ ‫ﻗﺼﺩ‬ ‫ﺍﻝﻨﺘﺎﺌﺞ‬ ‫ﺇﻝﻰ‬ ‫ﻭﺍﻝﻭﺼﻭل‬ ‫ﺍﻝﻤﻭﻀﻭﻉ‬ ‫ﺃﺒﻌﺎﺩ‬ ‫ﻤﺨﺘﻠﻑ‬ ‫ﻭﺘﺤﻠﻴل‬ ‫ﻭﺼﻑ‬ ‫ﺒﻬﺩﻑ‬ ،‫ﺍﻝﺘﺤﻠﻴﻠﻲ‬ ‫ﺍﻝﻭﺼﻔﻲ‬ ‫ﺍﻷﺴﻠﻭﺏ‬ ‫ﺍﻝﺒﺤﺙ‬ ‫ﻤﻥ‬ ‫ﺍﻝﻤﺘﻭﺨﺎﺓ‬.‫ﻭﺴﻴﺘﻡ‬‫ﺍﻝﺘﺎﻝﻴﺔ‬ ‫ﺍﻝﺒﺤﺙ‬ ‫ﺨﻁ‬ ‫ﺨﻼل‬ ‫ﻤﻥ‬ ‫ﺫﻝﻙ‬: ‫ﺃﻭﻻ‬‫ـ‬‫ﺍﻷ‬‫ﺍﻹﺴﻼﻤﻴﺔ‬ ‫ﻝﻠﺒﻨﻭﻙ‬ ‫ﺍﻝﻌﺎﻤﺔ‬ ‫ﻫﻤﻴﺔ‬. ‫ﺜﺎﻨﻴﺎ‬‫ـ‬‫ﺍﻝﻤﺘﻤﻴﺯﺓ‬ ‫ﻭﻁﺒﻴﻌﺘﻬﺎ‬ ‫ﺍﻹﺴﻼﻤﻴﺔ‬ ‫ﺍﻝﺒﻨﻭﻙ‬ ‫ﻤﺨﺎﻁﺭ‬. ‫ﺜﺎﻝﺜﺎ‬‫ـ‬‫ﺍﻝﻤﺨﺎﻁﺭ‬ ‫ﺇﺩﺍﺭﺓ‬ ‫ﻓﻲ‬ ‫ﺍﻝﻤﺴﺎﻋﺩﺓ‬ ‫ﺍﻝﺘﻨﺒﺅ‬ ‫ﻨﻤﺎﺫﺝ‬. ‫ﺭﺍﺒﻌﺎ‬‫ـ‬‫ﺒﺎﺯل‬ ‫ﻝﻤﻘﺭﺭﺍﺕ‬ ‫ﻭﻓﻘﺎ‬ ‫ﺍﻝﻤﺎل‬ ‫ﺭﺃﺱ‬ ‫ﻜﻔﺎﻴﺔ‬II. ‫ﺨﺎﻤﺴﺎ‬‫ـ‬‫ﻝﻠﺭﻗﺎﺒﺔ‬ ‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ‬ ‫ﺍﻝﻤﺒﺭﺭﺍﺕ‬‫ﺍﻝﻤﺼﺭﻓﻴﺔ‬ ‫ﺴﺎ‬‫ﺩﺴﺎ‬‫ـ‬‫ﺍﻹﺴﻼﻤﻴﺔ‬ ‫ﺍﻝﺒﻨﻭﻙ‬ ‫ﻋﻠﻰ‬ ‫ﻭﺍﻹﺸﺭﺍﻑ‬ ‫ﺍﻝﺭﻗﺎﺒﺔ‬:‫ﺍﻝﺩﻭﻝﻴﺔ‬ ‫ﺍﻝﻤﻌﺎﻴﻴﺭ‬ ‫ﻭﺼﻼﺤﻴﺔ‬ ‫ﺍﻝﺤﺎﻝﻲ‬ ‫ﺍﻝﻭﻀﻊ‬ ‫ﺃﻭﻻـ‬‫ﺍﻹﺴﻼﻤﻴ‬ ‫ﻝﻠﺒﻨﻭﻙ‬ ‫ﺍﻝﻌﺎﻤﺔ‬ ‫ﺍﻷﻫﻤﻴﺔ‬‫ﺔ‬: ‫ﻓﺎﻝﻘﻁـﺎﻉ‬ ،‫ﺍﻝﻤـﺎﻝﻲ‬ ‫ﻭﺍﻝﻘﻁـﺎﻉ‬ ‫ﺍﻝﺤﻘﻴﻘـﻲ‬ ‫ﺍﻝﻘﻁﺎﻉ‬ ‫ﻫﻤﺎ‬ ‫ﻗﻁﺎﻋﻴﻥ‬ ‫ﺇﻝﻰ‬ ‫ﻤﺠﺘﻤﻊ‬ ‫ﺃﻱ‬ ‫ﺍﻗﺘﺼﺎﺩ‬ ‫ﻴﻨﻘﺴﻡ‬ ‫ﺍﻹﻨ‬ ‫ﺍﻝﻌﻤﻠﻴﺔ‬ ‫ﻓﻲ‬ ‫ﺍﻝﻤﺴﺎﻫﻤﺔ‬ ‫ﻤﻥ‬ ‫ﻋﻤﻭﻤﺎ‬ ‫ﺍﻷﺭﺒﺎﺡ‬ ‫ﻓﻴﻪ‬ ‫ﺘﺘﻭﻝﺩ‬ ‫ﺍﻝﺤﻘﻴﻘﻲ‬‫ﻤﺨـﺎﻁﺭ‬ ‫ﺘﺤﻤل‬ ‫ﻴﺘﻡ‬ ‫ﺜﻡ‬ ‫ﻭﻤﻥ‬ ،‫ﺘﺎﺠﻴﺔ‬ ‫ﺍﻝﻤﺴﺎﻫﻤﺔ‬ ‫ﺘﻠﻙ‬ ‫ﻭﺭﺍﺀ‬ ‫ﻤﻥ‬.‫ﺃﻤﺎ‬‫ﺘﻌﺒﺌﺔ‬ ‫ﺍﻷﺴﺎﺴﻴﺔ‬ ‫ﻤﻬﻤﺘﻬﺎ‬ ‫ﺘﻜﻭﻥ‬ ‫ﺍﻝﺘﻲ‬ ‫ﺍﻝﻤﺅﺴﺴﺎﺕ‬ ‫ﻓﻴﺸﻤل‬ ‫ﺍﻝﻤﺎﻝﻲ‬ ‫ﺍﻝﻘﻁﺎﻉ‬
  5. 5. ‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ‬ ‫ﻭﻤﺒﺭﺭﺍﺘﻬﺎ‬ ‫ﺍﻹﺴﻼﻤﻴﺔ‬ ‫ﺍﻝﺘﺠﺎﺭﻴﺔ‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﺼﻴﻎ‬ ‫ﻤﺨﺎﻁﺭ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻝﺭﻗﺎﺒﻴﺔ‬ ‫ﺍﻝﺴﻴﻁﺭﺓ‬ -5- ‫ﺍﻷﻤـﻭﺍل‬ ‫ﺘﺠـﺫﺏ‬ ‫ﺒﻁﺭﻴﻘـﺔ‬ ‫ﻭﺘﺨﻔﻴـﻀﻬﺎ‬ ‫ﺍﻝﻤﺨﺎﻁﺭ‬ ‫ﻭﺘﻨﻭﻴﻊ‬ ‫ﻝﻼﺴﺘﺜﻤﺎﺭ‬ ‫ﻭﻀﺨﻬﺎ‬ ‫ﺍﻝﺘﻤﻭﻴﻠﻴﺔ‬ ‫ﺍﻝﻤﻭﺍﺭﺩ‬ ‫ﺍﻝﺤﻘﻴﻘﻲ‬ ‫ﺍﻝﻘﻁﺎﻉ‬ ‫ﻓﻲ‬ ‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬ ‫ﻷﻏﺭﺍﺽ‬.‫ﺍﻝ‬ ‫ﻓﻲ‬ ‫ﺍﻝﺒﻨﻭﻙ‬ ‫ﻋﻤل‬ ‫ﻴﻨﻁﻭﻱ‬ ‫ﻭﻗﺩ‬‫ﻋﻠـﻰ‬ ‫ﺍﻝﺭﺃﺴـﻤﺎﻝﻲ‬ ‫ﻨﻅﺎﻡ‬ ‫ﺍﻹﺴﻼﻤﻴﺔ‬ ‫ﺍﻝﺒﻨﻭﻙ‬ ‫ﻋﻤل‬ ‫ﻴﻘﻭﻡ‬ ‫ﺒﻴﻨﻤﺎ‬ ،‫ﺍﻝﻤﺎﻝﻲ‬ ‫ﻋﻥ‬ ‫ﺍﻝﺤﻘﻴﻘﻲ‬ ‫ﺍﻝﻘﻁﺎﻉ‬ ‫ﻋﺯل‬-‫ﻏﺎﻝﺒﺎ‬-‫ﺍﻝﺘﻜﺎﻤل‬ ‫ﺘﺤﻘﻴﻕ‬ ‫ﻋﻠﻰ‬ ‫ﻭﺍﻝﻤﺎﻝﻲ‬ ‫ﺍﻝﺤﻘﻴﻘﻲ‬ ‫ﺍﻝﻘﻁﺎﻋﻴﻥ‬ ‫ﺒﻴﻥ‬. ‫ﺃﻨﺸﻁﺔ‬ ‫ﺘﻤﻭﻴل‬ ‫ﺃﻭ‬ ‫ﻤﺤﺭﻤﺔ‬ ‫ﺒﺘﻤﻭﻴﻼﺕ‬ ‫ﺍﻝﻘﻴﺎﻡ‬ ‫ﻋﻥ‬ ‫ﺘﻤﺘﻨﻊ‬ ‫ﺒﻨﻭﻙ‬ ‫ﻤﺠﺭﺩ‬ ‫ﻝﻴﺴﺕ‬ ‫ﺍﻹﺴﻼﻤﻴﺔ‬ ‫ﺍﻝﺒﻨﻭﻙ‬ ‫ﺇﻥ‬ ‫ﻓﻲ‬ ‫ﺭﺌﻴﺴﻲ‬ ‫ﺩﻭﺭ‬ ‫ﻝﻬﺎ‬ ‫ﺒﻨﻭﻙ‬ ‫ﻫﻲ‬ ‫ﻭﺇﻨﻤﺎ‬ ‫ﻤﺤﺭﻤﺔ؛‬‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ‬ ‫ﺍﻝﺘﻨﻤﻴﺔ‬.‫ﺨـﻼل‬ ‫ﻤـﻥ‬ ‫ﺍﻝﺩﻭﺭ‬ ‫ﻫﺫﺍ‬ ‫ﻭﻴﻅﻬﺭ‬ ‫ﻓﻲ‬ ‫ﻭﺍﻝﻤﺘﻤﺜﻠﺔ‬ ‫ﺘﺤﻘﻴﻘﻬﺎ‬ ‫ﺇﻝﻰ‬ ‫ﺘﺴﻌﻰ‬ ‫ﺍﻝﺘﻲ‬ ‫ﺍﻷﻫﺩﺍﻑ‬: 1-‫ﺍﻻﺠﺘﻤﺎﻋﻴﺔ‬ ‫ﺍﻝﻨﺎﺤﻴﺔ‬ ‫ﻤﻥ‬:)1( -‫ﺍﻝﻌﻘﺎﺌﺩﻴﺔ‬ ‫ﺍﻝﻘﻴﻡ‬ ‫ﺘﻨﻤﻴﺔ‬‫ﻭﺍﻷﺨﻼﻗﻴﺔ‬‫ﻭﺍﻝﻤﺘﻌﺎﻤﻠﻴﻥ؛‬ ‫ﻝﻌﺎﻤﻠﻴﻥ‬ ‫ﻝﺩﻯ‬ ‫ﻭﺘﺜﺒﻴﺘﻬﺎ‬ ‫ﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﺍﻝﻤﻌﺎﻤﻼﺕ‬ ‫ﻓﻲ‬ -‫ﺇ‬ ‫ﺃﻗﺼﻰ‬ ‫ﺇﻝﻰ‬ ‫ﻝﻠﻭﺼﻭل‬ ‫ﺍﻝﻤﺠﺘﻤﻊ‬ ‫ﻓﻲ‬ ‫ﺍﻝﻜﺎﻤﻨﺔ‬ ‫ﺍﻝﻁﺎﻗﺎﺕ‬ ‫ﺘﺤﺭﻴﻙ‬‫ﻤﻤﻜﻨﺔ؛‬ ‫ﻨﺘﺎﺠﻴﺔ‬ -‫ﺘﺘﻨﺎﺴـﺏ‬ ‫ﻝﻼﺴﺘﺜﻤﺎﺭ‬ ‫ﻋﺩﻴﺩﺓ‬ ‫ﻭﺼﻴﻎ‬ ‫ﻓﺭﺹ‬ ‫ﺇﻴﺠﺎﺩ‬ ‫ﺨﻼل‬ ‫ﻤﻥ‬ ‫ﺍﻻﻜﺘﻨﺎﺯ‬ ‫ﻭﻤﺤﺎﺭﺒﺔ‬ ‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬ ‫ﺘﺸﺠﻴﻊ‬ ‫ﻭﺍﻝﺸﺭﻜﺎﺕ؛‬ ‫ﺍﻷﻓﺭﺍﺩ‬ ‫ﻤﻊ‬ -‫ﻓـﻲ‬ ‫ﻭﺍﻝﻤـﺴﺎﻫﻤﺔ‬ ،‫ﻭﺍﻻﺠﺘﻤﺎﻋﻴـﺔ‬ ‫ﺍﻹﻨﺘﺎﺠﻴـﺔ‬ ‫ﺍﻝﺤـﺴﻨﺔ‬ ‫ﺒـﺎﻝﻘﺭﻭﺽ‬ ‫ﺍﻹﺴﻼﻤﻴﺔ‬ ‫ﺍﻝﺒﻨﻭﻙ‬ ‫ﺍﻫﺘﻤﺎﻡ‬ ‫ﺍﻝﺭﺒﺢ‬ ‫ﺘﺤﻘﻴﻕ‬ ‫ﺇﻝﻰ‬ ‫ﺘﻬﺩﻑ‬ ‫ﻻ‬ ‫ﺍﻝﺘﻲ‬ ‫ﺍﻻﺠﺘﻤﺎﻋﻴﺔ‬ ‫ﺍﻝﻤﺸﺭﻭﻋﺎﺕ‬. 2-‫ﺍﻻ‬ ‫ﺍﻝﻨﺎﺤﻴﺔ‬ ‫ﻤﻥ‬‫ﻗﺘﺼﺎﺩﻴﺔ‬:)2( -‫ﺍﻝﺘﻨﻤﻭﻴﺔ؛‬ ‫ﻝﻸﻏﺭﺍﺽ‬ ‫ﻭﺘﻭﺠﻴﻬﻬﺎ‬ ‫ﺍﻝﻤﻭﺍﺭﺩ‬ ‫ﺘﻌﺒﺌﺔ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻝﻘﺩﺭﺓ‬ -‫ﺍﻝﻭﻁﻨﻲ؛‬ ‫ﻝﻠﺩﺨل‬ ‫ﻋﺩﺍﻝﺔ‬ ‫ﺃﻜﺜﺭ‬ ‫ﺘﻭﺯﻴﻊ‬ ‫ﺘﺤﻘﻴﻕ‬ -‫ﺍﻝﺘﻀﺨﻡ؛‬ ‫ﻅﺎﻫﺭﺓ‬ ‫ﻭﻤﻌﺎﻝﺠﺔ‬ ‫ﻭﺍﻝﻨﻘﺩﻱ‬ ‫ﺍﻻﻗﺘﺼﺎﺩﻱ‬ ‫ﺍﻻﺴﺘﻘﺭﺍﺭ‬ ‫ﺘﺤﻘﻴﻕ‬ ‫ﻓﻲ‬ ‫ﻓﻌﺎﻝﺔ‬ ‫ﺒﺼﻭﺭﺓ‬ ‫ﺍﻝﻤﺴﺎﻫﻤﺔ‬ -‫ﺍﻻﺴﺘﺨﺩﺍﻤﺎ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻝﻤﺘﺎﺤﺔ‬ ‫ﺍﻷﻤﻭﺍل‬ ‫ﺘﻭﺯﻴﻊ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻝﻘﺩﺭﺓ‬‫ﺕ‬‫ﺍﻻ‬ ‫ﺍﻝﺘﻨﻤﻴﺔ‬ ‫ﻷﻏﺭﺍﺽ‬ ‫ﺍﻷﻤﺜل‬‫ﻗﺘﺼﺎﺩﻴﺔ‬. ‫ﺍﻝﻘﺭﻥ‬ ‫ﻤﻥ‬ ‫ﺍﻝﺴﺒﻌﻴﻨﻴﺎﺕ‬ ‫ﻤﻁﻠﻊ‬ ‫ﻨﺸﺄﺘﻬﺎ‬ ‫ﻤﻨﺫ‬ ‫ﻗﻭﻴﺎ‬ ‫ﻨﻤﻭﺍ‬ ‫ﺘﺸﻬﺩ‬ ‫ﺍﻹﺴﻼﻤﻴﺔ‬ ‫ﺍﻝﻤﺼﺭﻓﻴﺔ‬ ‫ﺍﻝﺼﻨﺎﻋﺔ‬ ‫ﻅﻠﺕ‬ ‫ﺍﻝﻨﻤﻭ‬ ‫ﻫﺫﺍ‬ ‫ﺩﻭﺍﻓﻊ‬ ‫ﺒﻴﻥ‬ ‫ﻤﻥ‬ ‫ﻭﻝﻌل‬ ،‫ﺍﻝﻤﺎﻀﻲ‬:)3( -‫ﺴﻨﺔ‬ ‫ﺍﻵﺴﻴﻭﻴﺔ‬ ‫ﺍﻷﺯﻤﺔ‬ ‫ﺃﺜﺒﺘﺕ‬ ‫ﻭﻗﺩ‬ ،‫ﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﺍﻷﺯﻤﺎﺕ‬ ‫ﺇﺩﺍﺭﺓ‬ ‫ﻓﻲ‬ ‫ﺍﻹﺴﻼﻤﻴﺔ‬ ‫ﺍﻝﺒﻨﻭﻙ‬ ‫ﻜﻔﺎﺀﺓ‬1997‫ﻫﺫﺍ‬ ‫ﺍﻝﺤﺎﻝﻴﺔ؛‬ ‫ﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﺍﻷﺯﻤﺔ‬ ‫ﻅل‬ ‫ﻓﻲ‬ ‫ﻭﺘﻌﺯﺯ‬ -‫ﺍ‬‫ﺍﻝﻤﺼﺭﻓﻴﺔ؛‬ ‫ﻭﺍﻝﻤﻨﺘﺠﺎﺕ‬ ‫ﻭﺍﻵﻝﻴﺎﺕ‬ ‫ﺍﻷﺩﻭﺍﺕ‬ ‫ﺘﻁﻭﻴﺭ‬ ‫ﻋﻠﻰ‬ ‫ﻝﻘﺩﺭﺓ‬
  6. 6. ‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ‬ ‫ﻭﻤﺒﺭﺭﺍﺘﻬﺎ‬ ‫ﺍﻹﺴﻼﻤﻴﺔ‬ ‫ﺍﻝﺘﺠﺎﺭﻴﺔ‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﺼﻴﻎ‬ ‫ﻤﺨﺎﻁﺭ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻝﺭﻗﺎﺒﻴﺔ‬ ‫ﺍﻝﺴﻴﻁﺭﺓ‬ -6- -‫ﺍﻹﺴﻼﻤﻲ‬ ‫ﺍﻝﻤﺼﺭﻓﻲ‬ ‫ﺍﻝﻌﻤل‬ ‫ﻤﻨﻬﺠﻴﺔ‬ ‫ﺃﻥ‬ ‫ﻭﺫﻝﻙ‬ ،‫ﺍﻝﻤﺼﺭﻓﻴﺔ‬ ‫ﺍﻝﻤﺨﺎﻁﺭ‬ ‫ﺇﺩﺍﺭﺓ‬ ‫ﻓﻲ‬ ‫ﻭﺍﻝﻤﺭﻭﻨﺔ‬ ‫ﺍﻝﻘﺩﺭﺓ‬ ‫ﺍﻝﻤﺸﺎﺭﻜﺔ‬ ‫ﺃﺴﺎﺱ‬ ‫ﻋﻠﻰ‬ ‫ﺘﺒﻨﻰ‬. ‫ﺜﺎﻨﻴﺎـ‬‫ﺍﻝﻤﺘﻤﻴﺯﺓ‬ ‫ﻭﻁﺒﻴﻌﺘﻬﺎ‬ ‫ﺍﻹﺴﻼﻤﻴﺔ‬ ‫ﺍﻝﺒﻨﻭﻙ‬ ‫ﻤﺨﺎﻁﺭ‬: ‫ﺍﻝﻤﺨﺎﻁﺭ‬ ‫ﻤﻥ‬ ‫ﻨﻭﻋﻴﻥ‬ ‫ﺍﻹﺴﻼﻤﻴﺔ‬ ‫ﺍﻝﺒﻨﻭﻙ‬ ‫ﺘﻭﺍﺠﻪ‬:‫ﻤ‬ ،‫ﺍﻷﻭل‬‫ﺍﻝﺘﻘﻠﻴﺩﻴـﺔ‬ ‫ﺍﻝﺒﻨﻭﻙ‬ ‫ﻤﻊ‬ ‫ﻓﻴﻪ‬ ‫ﺘﺸﺘﺭﻙ‬ ‫ﻨﻬﺎ‬ ‫ﻤﺎﻝﻴﺔ‬ ‫ﻭﺴﺎﺌﻁ‬ ‫ﺒﺎﻋﺘﺒﺎﺭﻫﺎ‬.،‫ﺍﻝـﺴﻴﻭﻝﺔ‬ ‫ﻤﺨﺎﻁﺭ‬ ،‫ﺍﻝﺴﻭﻕ‬ ‫ﻤﺨﺎﻁﺭ‬ ،‫ﺍﻻﺌﺘﻤﺎﻥ‬ ‫ﻤﺨﺎﻁﺭ‬ ‫ﺍﻝﻤﺨﺎﻁﺭ‬ ‫ﻫﺫﻩ‬ ‫ﻭﻤﻥ‬ ‫ﺍﻝﺘﺸﻐﻴﻠﻴﺔ‬ ‫ﺍﻝﻤﺨﺎﻁﺭ‬.‫ﺍﻹﺴﻼﻤﻴﺔ‬ ‫ﺍﻝﺒﻨﻭﻙ‬ ‫ﺒﻬﺎ‬ ‫ﺘﻨﻔﺭﺩ‬ ‫ﻤﺨﺎﻁﺭ‬ ‫ﻫﻭ‬ ‫ﺍﻝﻤﺨﺎﻁﺭ‬ ‫ﻤﻥ‬ ‫ﺍﻵﺨﺭ‬ ‫ﻭﺍﻝﻨﻭﻉ‬. 1-‫ﻭﺍﻝﺘﻘﻠﻴﺩﻴﺔ‬ ‫ﺍﻹﺴﻼﻤﻴﺔ‬ ‫ﺍﻝﺒﻨﻭﻙ‬ ‫ﺒﻴﻥ‬ ‫ﺍﻝﻤﺸﺘﺭﻜﺔ‬ ‫ﺍﻝﻤﺨﺎﻁﺭ‬: 1-1‫ﺍﻝ‬‫ﺍﻻﺌﺘﻤﺎﻨﻴﺔ‬ ‫ﻤﺨﺎﻁﺭ‬: ‫ﺃﻨﻬﺎ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻻﺌﺘﻤﺎﻥ‬ ‫ﻤﺨﺎﻁﺭ‬ ‫ﺘﻌﺭﻑ‬" :‫ﻴﻜـﻭﻥ‬ ‫ﺃﻥ‬ ‫ﻴﻤﻜﻥ‬ ‫ﺍﻝﺘﻲ‬ ‫ﻭﺍﻝﻤﺴﺘﻘﺒﻠﻴﺔ‬ ‫ﺍﻝﺤﺎﻝﻴﺔ‬ ‫ﺍﻝﻤﺨﺎﻁﺭ‬ ‫ﻫﻲ‬ ‫ﺍﻝﻭﻓـﺎﺀ‬ ‫ﺍﻝﻤﻘﺘـﺭﺽ‬ ‫ﺍﻝﻌﻤﻴل‬ ‫ﻗﻴﺎﻡ‬ ‫ﻋﺩﻡ‬ ‫ﻋﻥ‬ ‫ﻭﺍﻝﻨﺎﺘﺠﺔ‬ ،‫ﺭﺃﺴﻤﺎﻝﻪ‬ ‫ﻭﻋﻠﻰ‬ ‫ﺍﻝﺒﻨﻙ‬ ‫ﺇﻴﺭﺍﺩﺍﺕ‬ ‫ﻋﻠﻰ‬ ‫ﺘﺄﺜﻴﺭ‬ ‫ﻝﻬﺎ‬ ‫ﺍﻝﻤﻨﺎﺴﺏ‬ ‫ﺍﻝﻭﻗﺕ‬ ‫ﻓﻲ‬ ‫ﺍﻝﺒﻨﻙ‬ ‫ﺘﺠﺎﻩ‬ ‫ﺍﺴﺘﺤﻘﺎﻗﻬﺎ‬ ‫ﻋﻨﺩ‬ ‫ﺒﺎﻝﺘﺯﺍﻤﺎﺘﻪ‬")4( .‫ﺍﻝ‬ ‫ﻫﺫﻩ‬ ‫ﺘﻨﺸﺄ‬ ‫ﻭﻗﺩ‬‫ﺘﺒـﺎﻴﻥ‬ ‫ﻨﺘﻴﺠﺔ‬ ‫ﻤﺸﻜﻠﺔ‬ ‫ﺠـﺎﺀ‬ ‫ﺍﻝﺘﻲ‬ ‫ﻝﻠﻤﻨﻅﻤﺎﺕ‬ ‫ﺍﻝﺤﻘﻴﻘﻴﺔ‬ ‫ﺍﻷﺭﺒﺎﺡ‬ ‫ﻋﻥ‬ ‫ﺍﻝﻜﺎﻓﻴﺔ‬ ‫ﺍﻝﻤﻌﻠﻭﻤﺎﺕ‬ ‫ﺍﻝﺒﻨﻭﻙ‬ ‫ﻴﻜﻭﻥ‬ ‫ﻻ‬ ‫ﻋﻨﺩﻤﺎ‬ ‫ﺍﻝﻤﻌﻠﻭﻤﺎﺕ‬ ‫ﺘﻤﻭﻴﻠﻬﺎ‬. 1-2‫ﺍﻝﺴﻭﻕ‬ ‫ﻤﺨﺎﻁﺭ‬: ‫ﻏﻴـﺭ‬ ‫ﺍﻨﺤﺭﺍﻓﺎﺕ‬ ‫ﻭﺘﻅﻬﺭ‬ ‫ﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﺍﻷﻭﺭﺍﻕ‬ ‫ﻓﻲ‬ ‫ﺒﺎﻝﻤﺘﺎﺠﺭﺓ‬ ‫ﺍﻝﺒﻨﻙ‬ ‫ﻗﻴﺎﻡ‬ ‫ﻋﻨﺩ‬ ‫ﺍﻝﺴﻭﻕ‬ ‫ﻤﺨﺎﻁﺭ‬ ‫ﺘﻨﺘﺞ‬ ‫ﻴﻘﻭﻡ‬ ‫ﺍﻝﺘﻲ‬ ‫ﺍﻝﻔﺘﺭﺓ‬ ‫ﻭﻓﻲ‬ ‫ﺍﻝﺴﻭﻕ‬ ‫ﻓﻲ‬ ‫ﻗﻴﻤﻬﺎ‬ ‫ﻓﻲ‬ ‫ﻤﻼﺌﻤﺔ‬‫ﺒﺘﺼﻔﻴﺘﻬﺎ‬)5( .‫ﺒﻌـﺽ‬ ‫ﺘﺤـﺩﺙ‬ ‫ﺍﻝﺘﻐﻴـﺭﺍﺕ‬ ‫ﻫﺫﻩ‬ ‫ﺴﻌﺭﺍ‬ ‫ﺘﺴﺘﺨﺩﻡ‬ ‫ﺍﻹﺴﻼﻤﻴﺔ‬ ‫ﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﻓﺎﻝﻤﺅﺴﺴﺎﺕ‬ ،‫ﺍﻹﺴﻼﻤﻴﺔ‬ ‫ﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﺍﻝﻤﺅﺴﺴﺎﺕ‬ ‫ﺇﻴﺭﺍﺩﺍﺕ‬ ‫ﻓﻲ‬ ‫ﺍﻝﻤﺨﺎﻁﺭ‬ ‫ﻝﻴﺒﻭﺭ‬ ‫ﻤﺅﺸﺭ‬ ‫ﺍﻝﻤﺅﺸﺭ‬ ‫ﻫﺫﺍ‬ ‫ﻴﻜﻭﻥ‬ ‫ﻤﺎ‬ ‫ﻭﻋﺎﺩﺓ‬ ،‫ﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﺃﺩﻭﺍﺘﻬﺎ‬ ‫ﺃﺴﻌﺎﺭ‬ ‫ﻝﺘﺤﺩﻴﺩ‬ ‫ﻤﺭﺠﻌﻴﺎ‬. 1-3‫ﺍﻝﺴﻴﻭﻝﺔ‬ ‫ﻤﺨﺎﻁﺭ‬: ‫ﺍﻻ‬ ‫ﺍﺴﺘﺤﻘﺎﻕ‬ ‫ﺘﻜﻭﻥ‬ ‫ﻋﻨﺩﻤﺎ‬ ‫ﺍﻝﺴﻴﻭﻝﺔ‬ ‫ﻤﺨﺎﻁﺭ‬ ‫ﺘﻅﻬﺭ‬‫ﺍﻝﻤـﺼﺎﺩﺭ‬ ‫ﺘﻭﻅﻴﻑ‬ ‫ﻤﺩﺓ‬ ‫ﻤﻥ‬ ‫ﺃﻜﺒﺭ‬ ‫ﺴﺘﻌﻤﺎﻻﺕ‬ ‫ﻤـﻥ‬ ‫ﺍﻝﻭﺩﺍﺌـﻊ‬ ‫ﻋﻠﻰ‬ ‫ﺤﺎﺩ‬ ‫ﻁﻠﺏ‬ ‫ﻭﺠﻭﺩ‬ ‫ﺤﺎﻝﺔ‬ ‫ﻓﻲ‬ ‫ﺍﻝﻤﺨﺎﻁﺭ‬ ‫ﻫﺩﻩ‬ ‫ﺘﺘﺤﻘﻕ‬ ‫ﻤﺎ‬ ‫ﻭﻏﺎﻝﺒﺎ‬ ،‫ﺃﻨﻭﺍﻋﻬﺎ‬ ‫ﺒﻤﺨﺘﻠﻑ‬ ‫ﺃﺯﻤـﺔ‬ ‫ﻭﺠﻭﺩ‬ ‫ﺃﻭ‬ ‫ﺍﻝﻁﻠﺏ‬ ‫ﺘﺤﺕ‬ ‫ﺒﺎﻝﻭﺩﺍﺌﻊ‬ ‫ﺍﻷﺠل‬ ‫ﻁﻭﻴﻠﺔ‬ ‫ﻝﻠﻘﺭﻭﺽ‬ ‫ﺍﻝﺒﻨﻙ‬ ‫ﺘﻤﻭﻴل‬ ‫ﺃﻭ‬ ،‫ﺍﻝﻤﻭﺩﻋﻴﻥ‬ ‫ﻁﺭﻑ‬ ‫ﺃﻡ‬ ‫ﺍﻝﻘﻭل‬ ‫ﻴﻤﻜﻥ‬ ‫ﺍﻝﻤﺴﺒﺒﺎﺕ‬ ‫ﻫﺫﻩ‬ ‫ﺃﺤﺩ‬ ‫ﻓﺒﺤﺩﻭﺙ‬ ‫ﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﺍﻝﺴﻭﻕ‬ ‫ﻓﻲ‬ ‫ﺴﻴﻭﻝﺔ‬‫ﻤﺨـﺎﻁﺭ‬ ‫ﻴﻭﺍﺠـﻪ‬ ‫ﺍﻝﺒﻨﻙ‬ ‫ﻫﺫﺍ‬ ‫ﺴﻴﻭﻝﺔ‬)6( .‫ﺍﻝﻤﺨﺎﻁﺭ‬ ‫ﻤﻥ‬ ‫ﺍﻝﻨﻭﻉ‬ ‫ﻫﺫﺍ‬ ‫ﻭﻗﻭﻉ‬ ‫ﺍﺤﺘﻤﺎﻝﻴﺔ‬ ‫ﺤﺎﻝﺔ‬ ‫ﻓﻲ‬ ‫ﺍﻹﺴﻼﻤﻴﺔ‬ ‫ﺍﻝﺒﻨﻭﻙ‬ ‫ﺘﻭﺍﺠﻬﻪ‬ ‫ﺍﻝﺫﻱ‬ ‫ﻭﺍﻷﻤﺭ‬
  7. 7. ‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ‬ ‫ﻭﻤﺒﺭﺭﺍﺘﻬﺎ‬ ‫ﺍﻹﺴﻼﻤﻴﺔ‬ ‫ﺍﻝﺘﺠﺎﺭﻴﺔ‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﺼﻴﻎ‬ ‫ﻤﺨﺎﻁﺭ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻝﺭﻗﺎﺒﻴﺔ‬ ‫ﺍﻝﺴﻴﻁﺭﺓ‬ -7- ‫ﺍﻝـﺴﻴﻭﻝﺔ‬ ‫ﻤﺘﻁﻠﺒﺎﺕ‬ ‫ﻝﻤﻘﺎﺒﻠﺔ‬ ‫ﺍﻻﺴﻤﻴﺔ‬ ‫ﻗﻴﻤﺘﻬﺎ‬ ‫ﻤﻥ‬ ‫ﺃﻜﺜﺭ‬ ‫ﺍﻝﺩﻴﻭﻥ‬ ‫ﺒﻴﻊ‬ ‫ﺃﻭ‬ ‫ﺍﻻﻗﺘﺭﺍﺽ‬ ‫ﻋﻠﻰ‬ ‫ﻗﺩﺭﺘﻬﺎ‬ ‫ﻋﺩﻡ‬ ‫ﻫﻭ‬ ‫ﺍﻝﺤﺎﺠﺔ‬ ‫ﻋﻨﺩ‬. 1-4‫ﺍﻝﺘﺸﻐﻴﻠﻴﺔ‬ ‫ﺍﻝﻤﺨﺎﻁﺭ‬: ‫ﺍﻝﺘﺸﻐﻴﻠ‬ ‫ﺍﻝﻤﺨﺎﻁﺭ‬ ‫ﺘﺘﻤﺜل‬‫ﻋﻤـﺎ‬ ‫ﻜﺒﻴﺭﺓ‬ ‫ﺒﺼﻭﺭﺓ‬ ‫ﺍﻝﺘﺸﻐﻴل‬ ‫ﻤﺼﺎﺭﻴﻑ‬ ‫ﻓﻲ‬ ‫ﺍﻝﺘﻐﻴﺭ‬ ‫ﺍﺤﺘﻤﺎﻻﺕ‬ ‫ﻓﻲ‬ ‫ﻴﺔ‬ ‫ﻭﺒﻌﺩﺩ‬ ‫ﺒﺄﻋﺒﺎﺀ‬ ‫ﻗﺭﺏ‬ ‫ﻋﻥ‬ ‫ﺍﻝﺘﺸﻐﻴل‬ ‫ﻤﺨﺎﻁﺭ‬ ‫ﻭﺘﺭﺘﺒﻁ‬ ،‫ﺍﻝﺒﻨﻙ‬ ‫ﻋﻭﺍﺌﺩ‬ ‫ﺍﻨﺨﻔﺎﺽ‬ ‫ﻓﻲ‬ ‫ﻴﺘﺴﺒﺏ‬ ‫ﻤﻤﺎ‬ ‫ﻤﺘﻭﻗﻊ‬ ‫ﻫﻭ‬ ‫ﻜﺫﻝﻙ‬ ‫ﻭﺘﺸﻤل‬ ‫ﺍﻝﻤﻭﻅﻔﻴﻥ‬ ‫ﻭﺒﻌﺩﺩ‬ ‫ﺍﻝﻔﺭﻭﻉ‬ ‫ﺃﻭ‬ ‫ﺍﻷﻗﺴﺎﻡ‬:‫ﻗـﺼﻭﺭ‬ ‫ﺃﻭ‬ ،‫ﻭﺍﻝﺘﺯﻭﻴﺭ‬ ‫ﺍﻝﻐﺵ‬ ،‫ﺍﻝﺒﺸﺭﻱ‬ ‫ﺍﻝﺨﻁﺄ‬ ‫ﺍﻝﻨﻅﺎﻡ‬...‫ﺍﻝﺦ‬)7( .‫ﺍﻝﺘﺸﻐﻴ‬ ‫ﻤﺨﺎﻁﺭ‬ ‫ﻭﺘﺤﺩﺙ‬‫ﺤﻴـﺙ‬ ‫ﺍﻝﻌـﺎﻤﻠﻴﻥ‬ ‫ﻋﻥ‬ ‫ﻤﺜﻼ‬ ‫ﺍﻝﻨﺎﺘﺠﺔ‬ ‫ﺍﻹﺴﻼﻤﻴﺔ‬ ‫ﺍﻝﺒﻨﻭﻙ‬ ‫ﻓﻲ‬ ‫ل‬ ‫ﻝﻠﻘﻴﺎﻡ‬ ‫ﻜﺎﻓﻴﺎ‬ ‫ﺘﺩﺭﻴﺒﺎ‬ ‫ﻭﺍﻝﻤﺩﺭﺒﺔ‬ ‫ﺍﻝﻜﺎﻓﻴﺔ‬ ‫ﺍﻝﺒﺸﺭﻴﺔ‬ ‫ﺍﻝﻤﻭﺍﺭﺩ‬ ‫ﺍﻹﺴﻼﻤﻲ‬ ‫ﺍﻝﺒﻨﻙ‬ ‫ﻝﺩﻯ‬ ‫ﺘﺘﻭﻓﺭ‬ ‫ﻻ‬ ‫ﻋﻨﺩﻤﺎ‬ ‫ﻫﻨﺎ‬ ‫ﺘﻨﺸﺄ‬ ‫ﺍﻹﺴﻼﻤﻴﺔ‬ ‫ﺒﺎﻝﻌﻤﻠﻴﺎﺕ‬. 2-‫ﺍﻹﺴﻼﻤﻴﺔ‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﺼﻴﻎ‬ ‫ﻤﺨﺎﻁﺭ‬: 2-1‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﻤﺨﺎﻁﺭ‬‫ﺒﺎﻹﺴﺘﺼﻨﺎﻉ‬: ‫ﻴﻜ‬ ‫ﺒﻤﻭﺠﺒﻪ‬ ‫ﻋﻘﺩ‬ ‫ﻫﻭ‬ ‫ﺍﻹﺴﺘﺼﻨﺎﻉ‬‫ﻭﺍﻝﻘـﺩﺭ‬ ‫ﻭﺍﻝﻨـﻭﻉ‬ ‫ﺍﻝﺠﻨﺱ‬ ‫ﻤﺤﺩﺩ‬ ‫ﺸﻲﺀ‬ ‫ﺒﺼﻨﺎﻋﺔ‬ ‫ﺍﻝﺼﺎﻨﻊ‬ ‫ﻠﻑ‬ ‫ﺍﻷﺠل‬ ‫ﺘﺤﺩﻴﺩ‬ ‫ﻋﺩﻡ‬ ‫ﻴﺠﻭﺯ‬ ‫ﻜﻤﺎ‬ ،‫ﻤﻌﻴﻥ‬ ‫ﺃﺠل‬ ‫ﺨﻼل‬ ‫ﺍﻹﺴﺘﺼﻨﺎﻉ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻻﺘﻔﺎﻕ‬ ‫ﻭﻴﺘﻡ‬ ،‫ﻭﺍﻝﺼﻔﺔ‬)8( .‫ﻭﻴﻜﻭﻥ‬ ‫ﻤﺘﻭﺍﺯﻴﻴﻥ‬ ‫ﻋﻘﺩﻴﻥ‬ ‫ﻓﻲ‬ ‫ﻴﺩﺨل‬ ‫ﺤﻴﺙ‬ ،‫ﻤﺴﺘﺼﻨﻌﺎ‬ ‫ﻭﺃﺨﺭﻯ‬ ،‫ﺼﺎﻨﻌﺎ‬ ‫ﺘﺎﺭﺓ‬ ‫ﺍﻝﻨﻭﻉ‬ ‫ﻫﺫﺍ‬ ‫ﻓﻲ‬ ‫ﺍﻝﺒﻨﻙ‬. ‫ﺍﻝﺜﻤﻥ‬ ‫ﻝﺩﻓﻊ‬ ‫ﺍﻝﻌﻘﺩ‬ ‫ﻤﺤل‬ ‫ﻝﻠﺴﻠﻌﺔ‬ ‫ﺍﺴﺘﻼﻤﻪ‬ ‫ﻭﻋﻨﺩ‬ ‫ﺍﻝﺒﻨﻙ‬ ‫ﻴﻘﻭﻡ‬‫ﺍﻝﻤﺒﻠـﻎ‬ ‫ﻴـﺴﺘﻠﻡ‬ ‫ﺃﻨﻪ‬ ‫ﺤﻴﻥ‬ ‫ﻓﻲ‬ ،‫ﻜﺎﻤﻼ‬ ‫ﺘﻜﻭﻥ‬ ‫ﺍﻝﻭﻗﻭﻉ‬ ‫ﺍﻝﻤﺤﺘﻤﻠﺔ‬ ‫ﺍﻝﻤﺨﺎﻁﺭ‬ ‫ﻓﺈﻥ‬ ‫ﻫﻨﺎ‬ ‫ﻭﻤﻥ‬ ،‫ﻝﻠﻌﻤﻴل‬ ‫ﺍﺴﺘﺼﻨﺎﻋﺎ‬ ‫ﺍﻝﺴﻠﻌﺔ‬ ‫ﺒﻴﻊ‬ ‫ﻋﻨﺩ‬ ‫ﺃﻗﺴﺎﻁ‬ ‫ﻋﻠﻰ‬: -‫ﺭﺩﻴﺌﺔ؛‬ ‫ﺴﻠﻌﺔ‬ ‫ﺘﻜﻭﻥ‬ ‫ﺃﻭ‬ ‫ﻤﻭﻋﺩﻫﺎ‬ ‫ﻓﻲ‬ ‫ﺍﻝﺴﻠﻌﺔ‬ ‫ﺘﺴﻠﻴﻡ‬ ‫ﻓﻲ‬ ‫ﺍﻵﺨﺭ‬ ‫ﺍﻝﻁﺭﻑ‬ ‫ﻓﺸل‬ ‫ﻤﺨﺎﻁﺭ‬ -‫ﻋﻠﻴﻬﺎ؛‬ ‫ﺍﻝﻤﺘﻔﻕ‬ ‫ﺍﻻﺴﺘﺤﻘﺎﻕ‬ ‫ﺘﻭﺍﺭﻴﺦ‬ ‫ﻓﻲ‬ ‫ﺍﻝﻤﺸﺘﺭﻱ‬ ‫ﺠﺎﻨﺏ‬ ‫ﻤﻥ‬ ‫ﺍﻝﺴﺩﺍﺩ‬ ‫ﻋﻥ‬ ‫ﺍﻝﻌﺠﺯ‬ ‫ﻤﺨﺎﻁﺭ‬ -‫ﺍﻹﺴﺘﺼﻨﺎﻉ‬ ‫ﻋﻘﺩ‬ ‫ﻝﺯﻭﻤﻴﺔ‬ ‫ﻋﺩﻡ‬ ‫ﻋﻨﺩ‬ ‫ﺘﻜﻭﻥ‬ ‫ﻭﺍﻝﺘﻲ‬ ‫ﺘﺤﺩﺙ‬ ‫ﻗﺩ‬ ‫ﺍﻝﺘﻲ‬ ‫ﺍﻝﻌﻘﺩ‬ ‫ﻋﻥ‬ ‫ﺍﻝﺘﺭﺍﺠﻊ‬ ‫ﻤﺨﺎﻁﺭ‬. 2-2‫ﺒﺎﻝﻤﺭﺍﺒﺤﺔ‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﻤﺨﺎﻁﺭ‬: ‫ﻝـﺩﻯ‬ ‫ﻤﻌﺭﻭﻓﺔ‬ ‫ﺃﺼﺒﺤﺕ‬ ‫ﺃﻨﻬﺎ‬ ‫ﺤﺘﻰ‬ ‫ﺍﺴﺘﺨﺩﺍﻤﺎ‬ ‫ﺍﻹﺴﻼﻤﻴﺔ‬ ‫ﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﺍﻝﻌﻘﻭﺩ‬ ‫ﺃﻜﺜﺭ‬ ‫ﻫﻭ‬ ‫ﺍﻝﻤﺭﺍﺒﺤﺔ‬ ‫ﻋﻘﺩ‬ ‫ﺍﻝﻨﺎﺱ‬ ‫ﻋﺎﻤﺔ‬.‫ﺒﺄﻨﻪ‬ ‫ﺍﻝﻤﺭﺍﺒﺤﺔ‬ ‫ﻋﻘﺩ‬ ‫ﻭﻴﻌﺭﻑ‬" :‫ﺒﻴﻊ‬ ‫ﺴﻌﺭ‬ ‫ﻓﻴﻪ‬ ‫ﻴﺯﻴﺩ‬ ‫ﺍﻝﺫﻱ‬ ‫ﺍﻝﺒﻴﻊ‬ ‫ﺫﻝﻙ‬‫ﻤـﻥ‬ ‫ﻝﺴﻠﻌﺔ‬ ‫ﺍﻝﺴﻠﻌﺔ‬ ‫ﺭﺒﺢ‬ ‫ﻝﺘﺤﻘﻴﻕ‬ ‫ﺍﻷﺼﻠﻲ‬ ‫ﺍﻝﺴﻠﻌﺔ‬ ‫ﺸﺭﺍﺀ‬ ‫ﺴﻌﺭ‬ ‫ﻋﻥ‬ ‫ﺍﻝﺴﻠﻊ‬")9( .‫ﻫـﺫﻩ‬ ‫ﻻﺴـﺘﺨﺩﺍﻡ‬ ‫ﺍﻝﺒﻨـﻭﻙ‬ ‫ﺘﻔﻀﻴل‬ ‫ﺃﻥ‬ ‫ﻜﻤﺎ‬ ‫ﻋﻠﻴﻪ‬ ‫ﺍﻝﻌﺎﺌﺩ‬ ‫ﻤﻘﺩﺍﺭ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻝﺘﻌﺭﻑ‬ ‫ﺍﻝﺒﻨﻙ‬ ‫ﺒﻤﻘﺩﺭﺓ‬ ‫ﺇﺫ‬ ،‫ﻤﺎ‬ ‫ﻨﻭﻋﺎ‬ ‫ﺍﻝﻤﺨﺎﻁﺭ‬ ‫ﻤﺘﺩﻨﻴﺔ‬ ‫ﻷﻨﻬﺎ‬ ‫ﺍﻝﺘﻤﻭﻴﻠﻴﺔ‬ ‫ﺍﻝﺼﻴﻐﺔ‬ ‫ﺍﻷﺤﻴﺎﻥ‬ ‫ﻤﻥ‬ ‫ﻜﺜﻴﺭ‬ ‫ﻓﻲ‬.
  8. 8. ‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ‬ ‫ﻭﻤﺒﺭﺭﺍﺘﻬﺎ‬ ‫ﺍﻹﺴﻼﻤﻴﺔ‬ ‫ﺍﻝﺘﺠﺎﺭﻴﺔ‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﺼﻴﻎ‬ ‫ﻤﺨﺎﻁﺭ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻝﺭﻗﺎﺒﻴﺔ‬ ‫ﺍﻝﺴﻴﻁﺭﺓ‬ -8- ‫ﻭ‬‫ﺠﻭﻫﺭﻴﺘﻴﻥ‬ ‫ﻨﻘﻁﺘﻴﻥ‬ ‫ﻓﻲ‬ ‫ﺍﻝﻤﺭﺍﺒﺤﺔ‬ ‫ﻤﺨﺎﻁﺭ‬ ‫ﺘﻨﺤﺼﺭ‬: ‫ﺍﻷ‬‫ﻭﻝﻰ‬:‫ﺍﻝﻤﺭ‬ ‫ﻋﻘﺩ‬ ‫ﻓﻲ‬‫ﺸﺭﺍﺀ‬ ‫ﺍﻝﺒﻨﻙ‬ ‫ﻋﻠﻰ‬ ‫ﻴﺘﻌﻴﻥ‬ ‫ﺍﺒﺤﺔ‬‫ﻋـﻥ‬ ‫ﻴـﺼﺩﺭ‬ ‫ﺒﺎﻝﺸﺭﺍﺀ‬ ‫ﺃﻤﺭ‬ ‫ﻤﻥ‬ ‫ﺍﻨﻁﻼﻗﺎ‬ ‫ﺍﻝﺴﻠﻌﺔ‬ ‫ﺍﻝﻌﻤﻴل‬ ‫ﺇﻝﻰ‬ ‫ﻤﻠﻜﻴﺘﻬﺎ‬ ‫ﺘﺤﻭﻴل‬ ‫ﺜﻡ‬ ‫ﻭﻤﻥ‬ ‫ﺍﻝﻌﻤﻴل‬.‫ﻋﺒـﺎﺭﺓ‬ ‫ﺍﻝﻌﻤﻴـل‬ ‫ﻫﺫﺍ‬ ‫ﻋﻥ‬ ‫ﻴﺼﺩﺭ‬ ‫ﺍﻝﺫﻱ‬ ‫ﻭﺍﻷﻤﺭ‬ ‫ﻓﻘﻁ‬ ‫ﺒﺎﻝﺸﺭﺍﺀ‬ ‫ﻭﻋﺩ‬ ‫ﻋﻥ‬.‫ﻭﺒﻬﺫﺍ‬ ‫ﺍﻝﺸﺭﺍﺀ‬ ‫ﻋﻤﻠﻴﺔ‬ ‫ﺇﺘﻤﺎﻡ‬ ‫ﻋﻥ‬ ‫ﺍﻝﺘﺭﺍﺠﻊ‬ ‫ﺍﻝﻌﻤﻴل‬ ‫ﺒﺈﻤﻜﺎﻥ‬ ،‫ﻫﺫﺍ‬ ‫ﻭﻋﻠﻰ‬ ‫ﺍ‬ ‫ﺍﻝﻤﺤﺘﻤل‬ ‫ﺍﻝﺨﻁﺭ‬ ‫ﻓﺈﻥ‬‫ﺘﻜـﺎﻝﻴﻑ‬ ‫ﺍﻝﺒﻨﻙ‬ ‫ﻴﺤﻤل‬ ‫ﻤﻤﺎ‬ ‫ﺒﻭﻋﺩﻩ‬ ‫ﺍﻝﻌﻤﻴل‬ ‫ﺇﻴﻔﺎﺀ‬ ‫ﻋﺩﻡ‬ ‫ﻓﻲ‬ ‫ﻴﺘﻤﺜل‬ ‫ﻝﻭﻗﻭﻉ‬ ‫ﺍﻷﺴﻌﺎﺭ‬ ‫ﻓﻲ‬ ‫ﺍﻝﺘﻐﻴﻴﺭ‬ ،‫ﺍﻝﺘﺨﺯﻴﻥ‬ ‫ﻜﺘﻜﺎﻝﻴﻑ‬ ‫ﺇﻀﺎﻓﻴﺔ‬...‫ﺁﺨـﺭ‬ ‫ﻤـﺸﺘﺭﻴﺎ‬ ‫ﺍﻝﺒﻨﻙ‬ ‫ﻴﺠﺩ‬ ‫ﺃﻥ‬ ‫ﺇﻝﻰ‬ ،‫ﺍﻝﺦ‬ ‫ﺍﻝﺴﻠﻊ‬ ‫ﻝﻬﺫﻩ‬. ‫ﺍﻝﺜﺎﻨﻴﺔ‬:‫ﻏﺭﺍﻤﺎﺕ‬ ‫ﻓﺭﺽ‬ ‫ﺍﻝﺒﻨﻙ‬ ‫ﻗﺩﺭﺓ‬ ‫ﻋﺩﻡ‬ ‫ﺇﻝﻰ‬ ‫ﺇﻀﺎﻓﺔ‬ ،‫ﺃﻗﺴﺎﻁ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻝﻤﺭﺍﺒﺤﺔ‬ ‫ﻓﻲ‬ ‫ﺍﻝﺒﻴﻊ‬ ‫ﻋﻤﻠﻴﺔ‬ ‫ﺘﻜﻭﻥ‬ ‫ﻓﻲ‬ ‫ﺍﻝﺯﻴﺎﺩﺓ‬ ‫ﺃﻭ‬ ‫ﺘﺄﺨﻴﺭ‬،‫ﺍﻝﺘﺴﺩﻴﺩ‬ ‫ﻋﻤﻠﻴﺔ‬ ‫ﻓﻲ‬ ‫ﻤﺎﻁل‬ ‫ﺃﻭ‬ ‫ﺘﺄﺨﺭ‬ ‫ﺇﺫﺍ‬ ‫ﻤﺎ‬ ‫ﺤﺎل‬ ‫ﻓﻲ‬ ‫ﻋﻠﻴﻪ‬ ‫ﺍﻝﻤﺘﻔﻕ‬ ‫ﺍﻝﺴﻌﺭ‬ ‫ﺍﻝﺨﺴﺎﺭﺓ‬ ‫ﺨﻁﺭ‬ ‫ﻤﻭﺍﺠﻬﺔ‬ ‫ﺍﻝﺒﻨﻙ‬ ‫ﻋﻠﻰ‬ ‫ﻴﺤﺘﻡ‬ ‫ﻤﻤﺎ‬. 2-3‫ﺒﺎﻝﺴﻠﻡ‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﻤﺨﺎﻁﺭ‬: ‫ﻴﻌﻨﻲ‬ ‫ﺍﻝﻠﻐﺔ‬ ‫ﻓﻲ‬ ‫ﻡ‬‫ﹰ‬‫ﻠ‬‫ﺴ‬‫ﺍﻝ‬" :‫ﻭﺍﻝﺘﺴﻠﻴﻑ‬ ‫ﺍﻹﻋﻁﺎﺀ‬")10( .‫ﺒﺎﻝﺴﻠﻡ‬ ‫ﻓﻴﻘﺼﺩ‬ ‫ﺍﺼﻁﻼﺤﺎ‬ ‫ﺃﻤﺎ‬"‫ﺒﻤﻭﺠﺒﻪ‬ ‫ﻴﺘﻡ‬ ‫ﻋﻘﺩ‬ ‫ﻤﻭﺼﻭﻓﺔ‬ ‫ﺁﺠﻠﺔ‬ ‫ﺒﻀﺎﻋﺔ‬ ‫ﻤﻘﺎﺒل‬ ‫ﺤﺎﻀﺭ‬ ‫ﺜﻤﻥ‬ ‫ﺘﺴﻠﻴﻡ‬‫ﻋﺩﺍ‬ ‫ﺃﻭ‬ ‫ﻭﺯﻨﺎ‬ ‫ﺃﻭ‬ ‫ﻜﻴﻼ‬ ‫ﺍﻝﻤﻘﺩﺍﺭ‬ ‫ﻭﻤﻌﻠﻭﻤﺔ‬ ‫ﺒﺩﻗﺔ‬")11( . ‫ﺍﻝﺯﺭﺍﻋـﺔ‬ ‫ﺒﻅﺭﻭﻑ‬ ‫ﻴﺭﺘﺒﻁ‬ ‫ﺃﻨﻪ‬ ‫ﺫﻝﻙ‬ ‫ﻝﻠﻤﺨﺎﻁﺭ‬ ‫ﺘﻌﺭﻀﺎ‬ ‫ﺍﻝﺘﻤﻭﻴﻠﻴﺔ‬ ‫ﺍﻝﺼﻴﻎ‬ ‫ﺃﻜﺜﺭ‬ ‫ﺍﻝﺴﻠﻡ‬ ‫ﻭﻴﻌﺘﺒﺭ‬.‫ﻭﻋﻠﻴـﻪ‬ ‫ﻓﻲ‬ ‫ﺘﺘﻤﺜل‬ ‫ﻭﺍﻝﺘﻲ‬ ،‫ﺍﻝﺯﺭﺍﻋﺔ‬ ‫ﻝﻤﺨﺎﻁﺭ‬ ‫ﻨﺘﻴﺠﺔ‬ ‫ﺘﻨﺸﺄ‬ ‫ﺍﻝﺴﻠﻡ‬ ‫ﻤﺨﺎﻁﺭ‬ ‫ﻓﺈﻥ‬: -‫ﻋﻠﻴـ‬ ‫ﺍﻝﻤﺘﻔﻕ‬ ‫ﺍﻝﻭﻗﺕ‬ ‫ﻓﻲ‬ ‫ﻓﻴﻪ‬ ‫ﺍﻝﻤﺴﻠﻡ‬ ‫ﺘﺴﻠﻴﻡ‬ ‫ﻋﺩﻡ‬ ‫ﻓﻲ‬ ‫ﻭﺘﺘﻤﺜل‬ ،‫ﺍﻝﺴﺩﺍﺩ‬ ‫ﻋﺩﻡ‬ ‫ﻤﺨﺎﻁﺭ‬،‫ﺍﻝﻌﻘـﺩ‬ ‫ﻓـﻲ‬ ‫ﻪ‬ ‫ﻝﻠﻌﻤﻴل؛‬ ‫ﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﺒﺎﻝﻤﻼﺀﺓ‬ ‫ﻋﻼﻗﺔ‬ ‫ﺒﻬﺎ‬ ‫ﻝﻴﺱ‬ ‫ﻅﺭﻭﻑ‬ ‫ﺇﻝﻰ‬ ‫ﺴﺒﺒﻬﺎ‬ ‫ﺍﻝﺭﺍﺠﻊ‬ -‫ﻓﻴﻪ؛‬ ‫ﺍﻝﻤﺴﻠﻡ‬ ‫ﺠﻭﺩﺓ‬ ‫ﺍﻨﺨﻔﺎﺽ‬ -‫ﺍﻝﺴﻭﻕ‬ ‫ﻝﻅﺭﻭﻑ‬ ‫ﺍﻝﺴﻠﻡ‬ ‫ﺴﻠﻌﺔ‬ ‫ﺒﻴﻊ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻝﺒﻨﻙ‬ ‫ﻗﺩﺭﺓ‬ ‫ﻋﺩﻡ‬. 2-4‫ﺒﺎﻝﻤﺸﺎﺭﻜﺔ‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﻤﺨﺎﻁﺭ‬: ‫ﻓـﻲ‬ ‫ﻤﻨﻬﻤﺎ‬ ‫ﻜل‬ ‫ﻴﺴﻬﻡ‬ ‫ﺒﺄﻥ‬ ،‫ﺃﻜﺜﺭ‬ ‫ﺃﻭ‬ ‫ﺸﺨﺼﺎﻥ‬ ‫ﺒﻤﻘﺘﻀﺎﻩ‬ ‫ﻴﻠﺘﺯﻡ‬ ‫ﻋﻘﺩ‬ ‫ﻫﻲ‬ ‫ﺍﻝﻤﺸﺎﺭﻜﺔ‬ ‫ﺃﻭ‬ ‫ﺍﻝﺸﺭﺍﻜﺔ‬ ‫ﻤ‬ ‫ﻤﺸﺭﻉ‬‫ﻋﻨـﻪ‬ ‫ﻴﻨﺸﺄ‬ ‫ﻗﺩ‬ ‫ﻤﺎ‬ ‫ﻭﺍﻗﺘﺴﺎﻡ‬ ،‫ﺍﻝﻤﺸﺭﻭﻉ‬ ‫ﺩﻝﻙ‬ ‫ﻻﺴﺘﺜﻤﺎﺭ‬ ،‫ﻋﻤل‬ ‫ﺃﻭ‬ ،‫ﻤﺎل‬ ‫ﻤﻥ‬ ‫ﺤﺼﺔ‬ ‫ﺒﺘﻘﺩﻴﻡ‬ ‫ﺎﻝﻲ‬ ‫ﺨﺴﺎﺭﺓ‬ ‫ﺃﻭ‬ ‫ﺭﺒﺢ‬ ‫ﻤﻥ‬.‫ﻋﻠـﻰ‬ ‫ﺍﻝﺘﻤﻠـﻙ‬ ‫ﺃﻭ‬ ‫ﺍﻝﻭﺼﺎﻴﺎ‬ ‫ﺃﻭ‬ ‫ﺍﻝﻤﻴﺭﺍﺙ‬ ‫ﻤﻥ‬ ‫ﻭﺘﻨﺸﺄ‬ ‫ﺍﻝﻤﻠﻙ‬ ‫ﺸﺭﻜﺔ‬ ‫ﻨﻭﻋﺎﻥ‬ ‫ﻭﻫﻲ‬ ‫ﺒﺤﻴـﺙ‬ ،‫ﻋﻤل‬ ‫ﻋﻠﻰ‬ ‫ﺍﺘﻔﺎﻗﺎ‬ ‫ﺃﻜﺜﺭ‬ ‫ﺃﻭ‬ ‫ﺍﺜﻨﺎﻥ‬ ‫ﻴﻌﻘﺩ‬ ‫ﺤﻴﺙ‬ ،‫ﺍﻻﺘﻔﺎﻕ‬ ‫ﻤﻥ‬ ‫ﺘﻨﺸﺄ‬ ‫ﻭﺍﻝﺘﻲ‬ ‫ﺍﻝﻌﻘﺩ‬ ‫ﻭﺸﺭﻜﺔ‬ ،‫ﺍﻝﺸﻴﻭﻉ‬ ‫ﻤﻨﻬﻡ‬ ‫ﻜل‬ ‫ﻴﺴﻬﻡ‬‫ﺒﻴﻨﻬﻤﺎ‬ ‫ﺍﻝﺨﺴﺎﺭﺓ‬ ‫ﺃﻭ‬ ‫ﺍﻝﺭﺒﺢ‬ ‫ﻴﻭﺯﻉ‬ ‫ﺃﻥ‬ ‫ﻋﻠﻰ‬ ‫ﻤﺤﺩﺩ‬ ‫ﺒﺭﺃﺴﻤﺎل‬.)12( .
  9. 9. ‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ‬ ‫ﻭﻤﺒﺭﺭﺍﺘﻬﺎ‬ ‫ﺍﻹﺴﻼﻤﻴﺔ‬ ‫ﺍﻝﺘﺠﺎﺭﻴﺔ‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﺼﻴﻎ‬ ‫ﻤﺨﺎﻁﺭ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻝﺭﻗﺎﺒﻴﺔ‬ ‫ﺍﻝﺴﻴﻁﺭﺓ‬ -9- ‫ﺍﻷﻋﻤﺎل‬ ‫ﻤﺨﺎﻁﺭ‬ ،‫ﺍﻝﻤﺸﺎﺭﻜﺔ‬ ‫ﺒﺒﻴﺌﺔ‬ ‫ﺍﻝﻤﺤﻴﻁﺔ‬ ‫ﺍﻝﻤﺨﺎﻁﺭ‬ ‫ﻤﻥ‬‫ﻤﺜﻼ‬ ‫ﻜﺎﻝﻤﻨﺎﻓﺴﺔ‬ ‫ﺍﻝﻌﺎﺩﻴﺔ‬‫ﺇﻝﻰ‬ ‫ﺇﻀﺎﻓﺔ‬ ، ‫ﺍﻻﺴﺘﺜﻤﺎﺭﻴﺔ‬ ‫ﺍﻝﻤﺤﻔﻅﺔ‬ ‫ﺘﻨﻭﻴﻊ‬ ‫ﻤﻴﺯﺓ‬ ‫ﻤﻥ‬ ‫ﺍﻻﺴﺘﻔﺎﺩﺓ‬ ‫ﻋﺩﻡ‬ ‫ﺨﻁﺭ‬.‫ﺍﻝﺒﻨـﻭﻙ‬ ‫ﺍﺴـﺘﺨﺩﺍﻡ‬ ‫ﺇﻥ‬ ‫ﺍﻝﻭﺍﻗـﻊ‬ ‫ﻭﻓﻲ‬ ‫ﺒﻤﺨﺎﻁﺭ‬ ‫ﻴﻌﻭﺩ‬ ‫ﺍﻝﻤﺸﺎﺭﻜﺔ‬ ‫ﻝﺼﻴﻐﺔ‬ ‫ﺍﻹﺴﻼﻤﻴﺔ‬‫ﺍﻝﺴﺩﺍﺩ‬ ‫ﻋﺩﻡ‬ ‫ﺃﻭ‬ ‫ﺍﻝﺴﺩﺍﺩ‬ ‫ﻓﻲ‬ ‫ﺍﻝﺘﺄﺨﺭ‬ ‫ﻓﻲ‬ ‫ﺘﺘﻤﺜل‬ ‫ﺍﺌﺘﻤﺎﻨﻴﺔ‬. 2-5‫ﻤﺨﺎﻁﺭ‬‫ﺍﻝﺘﻤﻭﻴل‬‫ﺒ‬‫ﺎﻝﻤﻀﺎﺭﺒﺔ‬: ‫ﺍﻝﻤﻌﺎﺼـﺭ‬ ‫ﺍﻻﻗﺘـﺼﺎﺩﻱ‬ ‫ﺍﻝﻔﻜـﺭ‬ ‫ﻓﻲ‬ ‫ﻋﻨﻪ‬ ‫ﺘﻤﺎﻤﺎ‬ ‫ﻴﺨﺘﻠﻑ‬ ‫ﺍﻹﺴﻼﻤﻲ‬ ‫ﺍﻝﻤﻔﻬﻭﻡ‬ ‫ﻓﻲ‬ ‫ﺍﻝﻤﻀﺎﺭﺒﺔ‬.‫ﺇﺫ‬ ‫ﺒﻪ‬ ‫ﻴﻘﺼﺩ‬" :‫ﺠﻬﺩﻩ‬ ‫ﺍﻵﺨﺭ‬ ‫ﻭﻴﻘﺩﻡ‬ ،‫ﺍﻝﻤﺎل‬ ‫ﺼﺎﺤﺏ‬ ‫ﻭﻴﺴﻤﻰ‬ ‫ﺍﻝﻤﺎل‬ ‫ﺭﺃﺱ‬ ‫ﺃﺤﺩﻫﻤﺎ‬ ‫ﻴﻘﺩﻡ‬ ‫ﻁﺭﻓﻴﻥ‬ ‫ﺒﻴﻥ‬ ‫ﺍﺘﻔﺎﻕ‬ ‫ﺍﻹﺩﺍﺭﺓ‬ ‫ﻓﻲ‬ ‫ﺍﻝﻤﺘﻤﺜل‬‫ﺍﻝﻤﻀﺎﺭﺏ‬ ‫ﺍﻝﺠﻬﺩ‬ ‫ﺼﺎﺤﺏ‬ ‫ﻭﻴﺴﻤﻰ‬ ،‫ﺍﻝﺘﻘﻨﻴﺔ‬ ‫ﺃﻭ‬ ‫ﺍﻝﺨﺒﺭﺓ‬ ‫ﺃﻭ‬)13( . ‫ﺫﻝـﻙ‬ ‫ﻭﻤﻊ‬ ،‫ﻭﺍﺴﻊ‬ ‫ﺒﻘﺒﻭل‬ ‫ﺘﺤﻅﻰ‬ ‫ﺤﻴﺙ‬ ،‫ﺍﻝﻤﺼﺭﻓﻲ‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﻓﻲ‬ ‫ﺍﻝﺯﺍﻭﻴﺔ‬ ‫ﺤﺠﺭ‬ ‫ﺍﻝﻤﻀﺎﺭﺒﺔ‬ ‫ﺘﻤﺜل‬ ‫ﺘﻜﺘﻨﻔﻬـﺎ‬ ‫ﺍﻝﺘـﻲ‬ ‫ﺍﻝﻤﺨﺎﻁﺭ‬ ‫ﺇﻝﻰ‬ ‫ﺭﺍﺠﻊ‬ ‫ﻭﺫﻝﻙ‬ ‫ﺸﺩﻴﺩ‬ ‫ﻭﺒﺤﺫﺭ‬ ‫ﺤﺩﻭﺩ‬ ‫ﻓﻲ‬ ‫ﺒﻬﺎ‬ ‫ﺘﺘﻌﺎﻤل‬ ‫ﺍﻹﺴﻼﻤﻴﺔ‬ ‫ﻓﺎﻝﺒﻨﻭﻙ‬. ‫ﺍﻝﺨﺎﻁ‬ ‫ﻭﺍﻻﻨﺘﻘﺎﺀ‬ ‫ﺍﻷﺨﻼﻗﻴﺔ‬ ‫ﺍﻝﻤﺨﺎﻁﺭ‬ ‫ﻫﺫﻩ‬ ‫ﺃﻫﻡ‬ ‫ﻭﻤﻥ‬‫ﺍﻝﻤﺤﺘﻤﻠﻴﻥ‬ ‫ﻝﻠﻌﻤﻼﺀ‬ ‫ﺊ‬. 2-6‫ﺒﺎﻹﺠﺎﺭﺓ‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﻤﺨﺎﻁﺭ‬: ‫ﻤﺘﻌـﺩﺩﺓ‬ ‫ﺒﻤﺯﺍﻴﺎ‬ ‫ﺘﺘﻤﺘﻊ‬ ‫ﺃﻨﻬﺎ‬ ‫ﺇﺫ‬ ،‫ﺍﻹﺴﻼﻤﻴﺔ‬ ‫ﺍﻝﺘﻤﻭﻴﻠﻴﺔ‬ ‫ﺍﻷﺩﻭﺍﺕ‬ ‫ﺃﻫﻡ‬ ‫ﻤﻥ‬ ‫ﺍﻹﺠﺎﺭﺓ‬ ‫ﺃﻭ‬ ‫ﺍﻹﻴﺠﺎﺭ‬ ‫ﻋﻘﺩ‬ ‫ﻤﻌﺎ‬ ‫ﻭﺍﻝﻤﺴﺘﺄﺠﺭ‬ ‫ﻝﻠﻤﺅﺠﺭ‬.‫ﺃﻭ‬ ‫ﻤﻌﻠﻭﻤﺔ‬ ‫ﻋﻴﻥ‬ ‫ﻓﻲ‬ ،‫ﻤﻌﻠﻭﻤﺔ‬ ‫ﻝﻤﺩﺓ‬ ،‫ﻤﻌﻠﻭﻤﺔ‬ ‫ﻤﺒﺎﺤﺔ‬ ‫ﻤﻨﻔﻌﺔ‬ ‫ﻋﻠﻰ‬ ‫ﻋﻘﺩ‬ ‫ﻭﻫﻲ‬ ‫ﻤﻌﻠﻭﻡ‬ ‫ﺒﻌﻭﺽ‬ ‫ﻋﻤل‬ ‫ﺃﻭ‬ ،‫ﺍﻝﺫﻤﺔ‬ ‫ﻓﻲ‬ ‫ﻤﻭﺼﻭﻓﺔ‬)14( . ‫ﻨﻭﻋﻴﻥ‬ ‫ﺇﻝﻰ‬ ‫ﺍﻹﻴﺠﺎﺭﻱ‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﻴﺼﻨﻑ‬:‫ﺇﻴﺠﺎﺭﻱ‬ ‫ﻭﺘﻤﻭﻴل‬ ‫ﺒﺎﻝﻤﻠﻜﻴﺔ‬ ‫ﻤﻨﺘﻬﻲ‬ ‫ﻏﻴﺭ‬ ‫ﺇﻴﺠﺎﺭﻱ‬ ‫ﺘﻤﻭﻴل‬ ‫ﺍﻝﻘﻴﻤﺔ‬ ‫ﻤﺨﺎﻁﺭ‬ ‫ﻋﺩﺍ‬ ‫ﺍﻝﻤﺅﺠﺭ‬ ‫ﻋﺎﺘﻕ‬ ‫ﻋﻠﻰ‬ ‫ﺘﻅل‬ ‫ﺍﻹﻴﺠﺎﺭ‬ ‫ﻋﻘﺩ‬ ‫ﻋﻥ‬ ‫ﺍﻝﻨﺎﺘﺠﺔ‬ ‫ﻭﺍﻝﻤﺨﺎﻁﺭ‬ ،‫ﺒﺎﻝﻤﻠﻜﻴﺔ‬ ‫ﻤﻨﺘﻬﻲ‬ ‫ﺍﻝﻤﺨﺎﻁ‬ ‫ﺃﻫﻡ‬ ‫ﺒﻴﻥ‬ ‫ﻭﻤﻥ‬ ،‫ﺍﻝﻤﺴﺘﺄﺠﺭ‬ ‫ﺴﻴﺘﺤﻤﻠﻬﺎ‬ ‫ﺍﻝﺘﻲ‬ ‫ﺒﺎﻝﻤﻠﻜﻴﺔ‬ ‫ﺍﻝﻤﻨﺘﻬﻲ‬ ‫ﺍﻹﻴﺠﺎﺭ‬ ‫ﻤﺩﺓ‬ ‫ﻨﻬﺎﻴﺔ‬ ‫ﻓﻲ‬ ‫ﺍﻝﻤﺘﺒﻘﻴﺔ‬‫ﺭ‬ ‫ﻨﺠﺩ‬ ‫ﺍﻹﻴﺠﺎﺭﻱ‬ ‫ﻝﻠﺘﻤﻭﻴل‬ ‫ﺍﻝﻤﺼﺎﺤﺒﺔ‬: -‫ﺍﻝﻤﺴﺘﺄﺠﺭ؛‬ ‫ﺫﻤﺔ‬ ‫ﻓﻲ‬ ‫ﺍﻝﺘﻲ‬ ‫ﺍﻹﻴﺠﺎﺭ‬ ‫ﺒﻤﺩﻓﻭﻋﺎﺕ‬ ‫ﺍﻝﻤﺘﻌﻠﻘﺔ‬ ‫ﺍﻻﺌﺘﻤﺎﻥ‬ ‫ﻤﺨﺎﻁﺭ‬ -‫ﺇﻋـﺎﺩﺓ‬ ‫ﺒـﺎﻝﻤﺅﺠﺭ‬ ‫ﻴﺩﻓﻊ‬ ‫ﺍﻝﺫﻱ‬ ‫ﺍﻷﻤﺭ‬ ،‫ﺍﻝﻌﻘﺩ‬ ‫ﺘﻨﻔﻴﺫ‬ ‫ﺍﻝﻤﺴﺘﺄﺠﺭ‬ ‫ﺭﻏﺒﺔ‬ ‫ﻋﺩﻡ‬ ‫ﺤﺎﻝﺔ‬ ‫ﻓﻲ‬ ‫ﺍﻝﺴﻭﻕ‬ ‫ﻤﺨﺎﻁﺭ‬ ‫ﺍ‬ ‫ﺍﻝﻤﺒﻠﻎ‬ ‫ﻤﻥ‬ ‫ﺃﻗل‬ ‫ﺍﻝﻤﺴﺘﺭﺩ‬ ‫ﺍﻷﺼل‬ ‫ﻗﻴﻤﺔ‬ ‫ﻭﻜﺎﻨﺕ‬ ،‫ﺍﻝﻤﺴﺘﺤﻘﺔ‬ ‫ﺍﻝﻤﺒﺎﻝﻎ‬ ‫ﺨﺼﻡ‬ ‫ﺒﻌﺩ‬ ‫ﺍﻝﺸﺭﺍﺀ‬ ‫ﺃﻗﺴﺎﻁ‬‫ﻝﻤﺭﺍﺩ‬ ‫ﻝﻠﻤﺅﺠﺭ‬ ‫ﺨﺴﺎﺭﺓ‬ ‫ﻴﺸﻜل‬ ‫ﺍﻝﻔﺭﻕ‬ ‫ﻭﺒﺎﻝﺘﺎﻝﻲ‬ ،‫ﺇﻋﺎﺩﺘﻪ‬.
  10. 10. ‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ‬ ‫ﻭﻤﺒﺭﺭﺍﺘﻬﺎ‬ ‫ﺍﻹﺴﻼﻤﻴﺔ‬ ‫ﺍﻝﺘﺠﺎﺭﻴﺔ‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﺼﻴﻎ‬ ‫ﻤﺨﺎﻁﺭ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻝﺭﻗﺎﺒﻴﺔ‬ ‫ﺍﻝﺴﻴﻁﺭﺓ‬ -10- ‫ﺭﻗﻡ‬ ‫ﺍﻝﺸﻜل‬)01(:‫ﺍﻝﺘﻘﻠﻴﺩﻴﺔ‬ ‫ﻭﺍﻝﺒﻨﻭﻙ‬ ‫ﺍﻹﺴﻼﻤﻴﺔ‬ ‫ﺍﻝﺒﻨﻭﻙ‬ ‫ﻤﻥ‬ ‫ﻜل‬ ‫ﻤﺨﺎﻁﺭ‬ ‫ﺘﺩﺍﺨل‬ ‫ﺍﻝﻤﺼﺩﺭ‬:‫ﺍﻝﺒﺎﺤﺜﺎ‬ ‫ﺇﻋﺩﺍﺩ‬ ‫ﻤﻥ‬‫ﻥ‬ ‫ﺜﺎﻝﺜﺎـ‬‫ﺇﺩﺍﺭﺓ‬ ‫ﻓﻲ‬ ‫ﺍﻝﻤﺴﺎﻋﺩﺓ‬ ‫ﺍﻝﺘﻨﺒﺅ‬ ‫ﻨﻤﺎﺫﺝ‬‫ﺍﻝﻤﺨﺎﻁﺭ‬: ‫ﺍﻝ‬ ‫ﻴﻌﺭﻑ‬‫ﺭ‬‫ﹶ‬‫ﻁ‬‫ﹶ‬‫ﺨ‬‫ﺃﻨﻪ‬ ‫ﻋﻠﻰ‬:"‫ﺤﺩﻭﺜﻬﺎ‬ ‫ﺇﻤﻜﺎﻨﻴﺔ‬ ،‫ﻤﺘﺘﺎﺒﻌﺔ‬ ‫ﺃﻭ‬ ‫ﻤﺘﺯﺍﻤﻨﺔ‬ ‫ﺃﺤﺩﺍﺙ‬ ‫ﻝﻤﺠﻤﻭﻋﺔ‬ ‫ﻤﺎ‬ ‫ﻭﻀﻌﻴﺔ‬ ‫ﻏﻴ‬‫ﺭ‬‫ﺍﻝﻤﺅﺴﺴﺔ‬ ‫ﺃﻫﺩﺍﻑ‬ ‫ﻴﺼﻴﺏ‬ ‫ﻭﺤﺩﻭﺜﻬﺎ‬ ‫ﻤﺅﻜﺩﺓ‬")15( .‫ﻓـﻲ‬ ‫ﻴﺘﻤﺜل‬ ‫ﺍﻝﻤﺨﺎﻁﺭ‬ ‫ﺇﺩﺍﺭﺓ‬ ‫ﻫﺩﻑ‬ ‫ﻓﺈﻥ‬ ‫ﻭﺒﺎﻝﺘﺎﻝﻲ‬ ‫ﻴﻌـﺭﻑ‬ ‫ﺤﻴـﺙ‬ ،‫ﺍﻷﺩﻨـﻰ‬ ‫ﺍﻝﺤﺩ‬ ‫ﺇﻝﻰ‬ ‫ﺍﻝﺘﻜﻠﻔﺔ‬ ‫ﻭﺘﻘﻠﻴل‬ ‫ﺍﻝﻤﺨﺎﻁﺭ‬ ‫ﺘﺨﻔﻴﻑ‬Williams and Heinz‫ﺇﺩﺍﺭﺓ‬ ‫ﺃﻨﻬﺎ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻝﻤﺨﺎﻁﺭ‬:"‫ﺨـﻼل‬ ‫ﻤﻥ‬ ‫ﻤﻤﻜﻨﺔ‬ ‫ﺘﻜﻠﻔﺔ‬ ‫ﺒﺄﻗل‬ ‫ﺍﻷﺩﻨﻰ‬ ‫ﺍﻝﺤﺩ‬ ‫ﺇﻝﻰ‬ ‫ﻝﻠﻤﺨﺎﻁﺭﺓ‬ ‫ﺍﻝﺴﻠﺒﻴﺔ‬ ‫ﺍﻵﺜﺎﺭ‬ ‫ﺘﻘﻠﻴل‬ ‫ﻋﻠﻴﻬﺎ‬ ‫ﻭﺍﻝﺴﻴﻁﺭﺓ‬ ‫ﻭﻗﻴﺎﺴﻬﺎ‬ ‫ﻋﻠﻴﻬﺎ‬ ‫ﺍﻝﺘﻌﺭﻑ‬")16( .‫ﺍﻝﻤﺨﺎﻁﺭ‬ ‫ﺇﺩﺍﺭﺓ‬ ‫ﻋﻤﻠﻴﺔ‬ ‫ﻤﻥ‬ ‫ﺍﻝﻬﺩﻑ‬ ‫ﻓﺈﻥ‬ ‫ﻋﺎﻤﺔ‬ ‫ﻭﺒﺼﻔﺔ‬ ‫ﻨﻔـﺴﻪ‬ ‫ﺍﻝﻭﻗﺕ‬ ‫ﻭﻓﻲ‬ ،‫ﻨﺘﺎﺌﺠﻬﺎ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻝﺴﻴﻁﺭﺓ‬ ‫ﺒﻌﺽ‬ ‫ﺍﻝﻤﺅﺴﺴﺔ‬ ‫ﻝﺩﻯ‬ ‫ﻴﻜﻭﻥ‬ ‫ﺍﻝﺘﻲ‬ ‫ﺍﻝﻤﺴﺎﺤﺎﺕ‬ ‫ﺘﻌﻅﻴﻡ‬ ‫ﻫﻭ‬ ‫ﺍﻝﺘﻲ‬ ‫ﺍﻝﻤﺴﺎﺤﺎﺕ‬ ‫ﺘﺨﻔﻴﺽ‬‫ﺇﺩﺍﺭﺓ‬ ‫ﻭﻤﺴﺎﺤﺔ‬ ‫ﺤﺠﻡ‬ ‫ﻤﻥ‬ ‫ﺍﻝﺘﻌﻅﻴﻡ‬ ‫ﺃﻱ‬ ،‫ﺫﻝﻙ‬ ‫ﻋﻠﻰ‬ ‫ﺴﻴﻁﺭﺓ‬ ‫ﻓﻴﻬﺎ‬ ‫ﻝﻬﺎ‬ ‫ﻴﻜﻭﻥ‬ ‫ﻻ‬ ‫ﺍﻝﻤﺨﺎﻁﺭ‬ ‫ﺇﺩﺍﺭﺓ‬ ‫ﻋﻤﻠﻴﺔ‬ ‫ﺃﻭﻝﻭﻴﺎﺕ‬ ‫ﺃﻫﻡ‬ ‫ﻤﻥ‬ ‫ﺘﺤﺩﻴﺩﻫﺎ‬ ‫ﻴﻤﺜل‬ ‫ﻭﺍﻝﺫﻱ‬ ‫ﺍﻝﻤﺨﺎﻁﺭ‬)17( ‫ﺭﻗﻡ‬ ‫ﺍﻝﺸﻜل‬)2:(‫ﺍﻝﺨﻁﺭ‬ ‫ﺇﺩﺍﺭﺓ‬ ‫ﻤﻨﻁﻘﺔ‬ ‫ﺍﻻﺌﺘﻤﺎﻥ‬ ‫ﻤﺨﺎﻁﺭ‬ ‫ﺍﻝﺴﻴﻭﻝﺔ‬ ‫ﻤﺨﺎﻁﺭ‬ ‫ﺍﻝﺴﻭﻕ‬ ‫ﻤﺨﺎﻁﺭ‬ ‫ﺘﺸﻐﻴﻠﻴﺔ‬ ‫ﻤﺨﺎﻁﺭ‬ ‫ﺍﻹﺴﺘﺼﻨﺎﻉ‬ ‫ﻤﺨﺎﻁﺭ‬ ‫ﺍﻝﻤﺭﺍﺒﺤﺔ‬ ‫ﻤﺨﺎﻁﺭ‬ ‫ﺍﻝﺴﻠﻡ‬ ‫ﻤﺨﺎﻁﺭ‬ ‫ﺍﻝﻤﺸﺎﺭﻜﺔ‬ ‫ﻤﺨﺎﻁﺭ‬ ‫ﺍﻝﻤﻀﺎﺭﺒﺔ‬ ‫ﻤﺨﺎﻁﺭ‬ ‫ﺍﻹﺠﺎﺭﺓ‬ ‫ﻤﺨﺎﻁﺭ‬ ‫ﺒﻨﻭﻙ‬‫ﺘﻘﻠﻴﺩﻴﺔ‬ ‫ﺇﺴﻼﻤﻴﺔ‬‫ﺒﻨﻭﻙ‬ ‫ﺒﺎﻨﺘﻅﺎﻡ‬ ‫ﺍﻝﺘﻜﺭﺍﺭ‬ ‫ﺍﻝﺨﻁﺭ‬ ‫ﻤﻨﻁﻘﺔ‬ ‫ﺍﻝﻤﻘﺒﻭل‬ ‫ﻏﻴﺭ‬
  11. 11. ‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ‬ ‫ﻭﻤﺒﺭﺭﺍﺘﻬﺎ‬ ‫ﺍﻹﺴﻼﻤﻴﺔ‬ ‫ﺍﻝﺘﺠﺎﺭﻴﺔ‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﺼﻴﻎ‬ ‫ﻤﺨﺎﻁﺭ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻝﺭﻗﺎﺒﻴﺔ‬ ‫ﺍﻝﺴﻴﻁﺭﺓ‬ -11- ‫ﻴ‬ ‫ﺍﻝﻨﺘﺎﺌﺞ‬ ‫ﻭﺘﺤﻘﻴﻕ‬ ‫ﺍﻝﻤﺨﺎﻁﺭ‬ ‫ﺒﻴﻥ‬ ‫ﺍﻝﻘﺎﺌﻡ‬ ‫ﺍﻻﺭﺘﺒﺎﻁ‬ ‫ﺇﻥ‬‫ﻤـﻥ‬ ‫ﺃﻜﺒﺭ‬ ‫ﻝﻘﺩﺭ‬ ‫ﺍﻝﺘﻌﺭﺽ‬ ‫ﺇﻝﻰ‬ ‫ﺒﺎﻝﺒﻨﻭﻙ‬ ‫ﺩﻓﻊ‬ ‫ﺤﺠـﻡ‬ ‫ﺘﻘﻴـﻴﻡ‬ ‫ﻫـﻭ‬ ‫ﺍﻝﻤﺨﺎﻁﺭ‬ ‫ﺇﺩﺍﺭﺓ‬ ‫ﻋﻤل‬ ‫ﻭﻜﻭﻥ‬ ،‫ﺨﺴﺎﺌﺭ‬ ‫ﺍﻝﻨﺘﺎﺌﺞ‬ ‫ﺘﻜﻭﻥ‬ ‫ﺃﻥ‬ ‫ﺍﺤﺘﻤﺎل‬ ‫ﻭﻤﻊ‬ ،‫ﺍﻝﻤﺨﺎﻁﺭ‬ ‫ﺍﻝﺨﺴﺎﺌﺭ‬.‫ﺍﻝﻤﺨـﺎﻁﺭ‬ ‫ﻻﻜﺘﺸﺎﻑ‬ ‫ﺘﻌﺩ‬ ‫ﻝﻡ‬ ‫ﺍﻝﺩﻭﻝﻴﺔ‬ ‫ﺍﻝﻬﻴﺌﺎﺕ‬ ‫ﻭﻤﻌﺎﻴﻴﺭ‬ ‫ﺍﻝﻘﺎﻨﻭﻨﻴﺔ‬ ‫ﺍﻷﻁﺭ‬ ‫ﻋﻥ‬ ‫ﺍﻝﻨﻅﺭ‬ ‫ﻭﺒﻐﺽ‬ ‫ﺍﻝﻌﺎﺌﺩ‬ ‫ﻝﺘﻌﻅﻴﻡ‬ ‫ﺍﺤﺘﻭﺍﺌﻬﺎ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻝﻌﻤل‬ ‫ﺒل‬ ‫ﺘﺠﻨﺒﻬﺎ‬ ‫ﺒﻬﺩﻑ‬ ‫ﺃﻫﻤﻴﺔ‬. ‫ﺃﻥ‬ ‫ﻴﻨﺒﻐـﻲ‬ ‫ﻓﺈﻨﻪ‬ ‫ﻭﺒﺎﻝﺘﺎﻝﻲ‬ ،‫ﺍﻝﻤﺨﺎﻁﺭ‬ ‫ﺘﺤﺩﻴﺩ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻝﻜﺎﻤﻠﺔ‬ ‫ﺍﻝﻘﺩﺭﺓ‬ ‫ﻝﻪ‬ ‫ﻴﻜﻭﻥ‬ ‫ﺃﻥ‬ ‫ﺒﻨﻙ‬ ‫ﻷﻱ‬ ‫ﻴﻤﻜﻥ‬ ‫ﻻ‬ ‫ﻭﺍﻝﺴﻴﻁﺭﺓ‬ ‫ﻭﺘﺴﺠﻴﻠﻬﺎ‬ ‫ﻭﻤﺭﺍﻗﺒﺘﻬﺎ‬ ‫ﺍﻝﻤﺘﻌﺩﺩﺓ‬ ‫ﻝﻠﻤﺨﺎﻁﺭ‬ ‫ﺍﻝﺘﻌﺭﺽ‬ ‫ﻝﻘﻴﺎﺱ‬ ‫ﻤﻌﻠﻭﻤﺎﺕ‬ ‫ﻨﻅﻡ‬ ‫ﺍﻝﺒﻨﻙ‬ ‫ﻝﺩﻯ‬ ‫ﻴﻜﻭﻥ‬ ‫ﻋﻠﻴﻬﺎ‬.‫ﺒﻴﻨﻬﺎ‬ ‫ﻤﻥ‬ ‫ﻭﺍﻝﺘﻲ‬ ‫ﺍﻝﺸﺄﻥ‬ ‫ﻫﺫﺍ‬ ‫ﻓﻲ‬ ‫ﻜﺜﻴﺭﺓ‬ ‫ﻨﻤﺎﺫﺝ‬ ‫ﻋﻠﻰ‬ ‫ﺫﻝﻙ‬ ‫ﻓﻲ‬ ‫ﺍﻝﺒﻨﻭﻙ‬ ‫ﺘﻌﺘﻤﺩ‬ ‫ﺤﻴﺙ‬: 1-‫ﺘﺴ‬ ‫ﻨﻤﻭﺫﺝ‬‫ﺍﻝﺭﺃﺴﻤﺎﻝﻴﺔ‬ ‫ﺍﻷﺼﻭل‬ ‫ﻌﻴﺭ‬:)18( ‫ﺍﻝﻌﺎﻤـﺔ‬ ‫ﺃﻭ‬ ‫ﺍﻝﻤﻨﺘﻅﻤـﺔ‬ ‫ﻝﻠﻤﺨﺎﻁﺭ‬ ‫ﺘﻌﻭﻴﺽ‬ ‫ﻋﻥ‬ ‫ﻋﺒﺎﺭﺓ‬ ‫ﺍﻝﻤﺘﻭﻗﻊ‬ ‫ﺍﻝﻌﺎﺌﺩ‬ ‫ﺒﺄﻥ‬ ‫ﺍﻝﻨﻤﻭﺫﺝ‬ ‫ﻫﺫﺍ‬ ‫ﻴﻘﻀﻲ‬ ،‫ﺍﻝﻤـﺴﺘﺜﻤﺭﻴﻥ‬ ‫ﺃﺨﻁـﺄ‬ ‫ﻋﻥ‬ ‫ﺘﻨﺸﺄ‬ ‫ﻓﺈﻨﻬﺎ‬ ‫ﺍﻝﺨﺎﺼﺔ‬ ‫ﺍﻝﻤﺨﺎﻁﺭ‬ ‫ﺃﻤﺎ‬ ،‫ﺒﺎﻝﺘﻭﺯﻴﻊ‬ ‫ﻤﻨﻬﺎ‬ ‫ﺍﻝﺘﺨﻠﺹ‬ ‫ﻴﺼﻌﺏ‬ ‫ﺍﻝﺘﻲ‬ ‫ﻋﻨﻬﺎ‬ ‫ﻝﻠﺘﻌﻭﻴﺽ‬ ‫ﻤﺠﺎل‬ ‫ﻻ‬ ‫ﺜﻡ‬ ‫ﻭﻤﻥ‬. 2-‫ﺃﻝﺘﻤﺎﻥ‬ ‫ﻨﻤﻭﺫﺝ‬Altman: ‫ﺴ‬ ‫ﺍﻝﻨﻤﻭﺫﺝ‬ ‫ﻫﺫﺍ‬ ‫ﻅﻬﺭ‬‫ﻨﺔ‬1968‫ﻗﺎﻡ‬ ‫ﺤﻴﺙ‬Altman‫ﺍﻝﻤـﺎﻝﻲ‬ ‫ﺍﻝﺘﺤﻠﻴـل‬ ‫ﺃﺩﻭﺍﺕ‬ ‫ﺒـﻴﻥ‬ ‫ﺒـﺎﻝﺭﺒﻁ‬ ‫ﻗﺎﻡ‬ ‫ﻭﻗﺩ‬ ،‫ﺍﻹﺤﺼﺎﺌﻴﺔ‬ ‫ﻭﺍﻝﺘﻘﻨﻴﺎﺕ‬Altman‫ﻤﻥ‬ ‫ﺘﺘﻜﻭﻥ‬ ‫ﻋﻴﻨﺔ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻝﺩﺭﺍﺴﺔ‬ ‫ﺒﻬﺫﻩ‬66‫ﻤﻨﻬﺎ‬ ،‫ﻤﺅﺴﺴﺔ‬33 ‫ﻋﺎﺠﺯﺓ‬ ‫ﻤﺅﺴﺴﺔ‬‫ﻭ‬33‫ﻤﺤﺎﺴﺒﻴﺔ‬ ‫ﻨﺴﺏ‬ ‫ﺨﻤﺱ‬ ‫ﻤﻥ‬ ‫ﻤﺘﻜﻭﻨﺔ‬ ‫ﺘﻨﻘﻴﻁ‬ ‫ﺩﺍﻝﺔ‬ ‫ﺇﻝﻰ‬ ‫ﻓﺘﻭﺼل‬ ،‫ﺴﻠﻴﻤﺔ‬ ‫ﻤﺅﺴﺴﺔ‬. ‫ﻝﻨﻤﻭﺫﺝ‬ ‫ﺍﻝﺘﻨﻘﻴﻁﻴﺔ‬ ‫ﺍﻝﺩﺍﻝﺔ‬ ‫ﺘﻜﺘﺏ‬Altman‫ﻤ‬‫ﻥ‬‫ﺍﻝﺸﻜل‬: ‫ﻋﻠﻰ‬ ‫ﺘﺩل‬ ‫ﻝﻠﻨﻤﻭﺫﺝ‬ ‫ﺍﻝﻤﻜﻭﻨﺔ‬ ‫ﺍﻝﻤﺘﻐﻴﺭﺍﺕ‬ ‫ﺤﻴﺙ‬: -z:‫ﻤﺅﺸﺭ‬‫ﺍﻝﺘﻌﺜﺭ‬‫ﺍﻝﻔﺸل؛‬ ‫ﺃﻭ‬ -x1:‫ﺍﻝﻤﺎل‬ ‫ﺭﺃﺱ‬ ‫ﺼﺎﻓﻲ‬ ‫ﻨﺴﺒﺔ‬‫ﺍﻝﻌﺎﻤل‬‫ﺍﻷﺼﻭل؛‬ ‫ﻤﺠﻤﻭﻉ‬ ‫ﺇﻝﻰ‬ X ‫ﺍﻷﻫﻤﻴﺔ‬‫ﻋﺩﻴﻤﺔ‬ ‫ﺩﻨﻴﺎ‬ ‫ﺃﻫﻤﻴﺔ‬‫ﺫﺍﺕ‬ ‫ﺸﺩﻴﺩﺓ‬ ‫ﺨﻁﻭﺭﺓ‬ ‫ﺍﺴﺘﺜﻨﺎﺌﻲ‬ ‫ﻨﺎﺩﺭ‬ ‫ﺩﻭﺭﻱ‬ ‫ﺍﻝﺨﻁﺭ‬ ‫ﻤﻨﻁﻘﺔ‬ ‫ﺍﻝﻤﻬﻤل‬ ‫ﺇﺩﺍﺭﺓ‬ ‫ﻤﻨﻁﻘﺔ‬ ‫ﺍﻝﺨﻁﺭ‬ Z = 0,012x1 + 0,014x2 + 0,033x3 + 0,006x4 + 0,999x5 Source: Jean Le Ray, Gérer Les Risques - Pourquoi ? Comment ? ,Edition AFNOR, France.2006, P: 84.
  12. 12. ‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ‬ ‫ﻭﻤﺒﺭﺭﺍﺘﻬﺎ‬ ‫ﺍﻹﺴﻼﻤﻴﺔ‬ ‫ﺍﻝﺘﺠﺎﺭﻴﺔ‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﺼﻴﻎ‬ ‫ﻤﺨﺎﻁﺭ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻝﺭﻗﺎﺒﻴﺔ‬ ‫ﺍﻝﺴﻴﻁﺭﺓ‬ -12- -x2:‫ﺍﻷﺼﻭل؛‬ ‫ﻤﺠﻤﻭﻉ‬ ‫ﺇﻝﻰ‬ ‫ﺍﻝﻤﺤﺘﺠﺯﺓ‬ ‫ﺍﻷﺭﺒﺎﺡ‬ ‫ﻨﺴﺒﺔ‬ -x3:‫ﺍﻷﺼﻭل؛‬ ‫ﻤﺠﻤﻭﻉ‬ ‫ﺇﻝﻰ‬ ‫ﻭﺍﻝﻀﺭﻴﺒﺔ‬ ‫ﺍﻝﻔﺎﺌﺩﺓ‬ ‫ﻗﺒل‬ ‫ﺍﻝﺭﺒﺢ‬ ‫ﺼﺎﻓﻲ‬ ‫ﻨﺴﺒﺔ‬ -x4:‫ﺍﻝﺴﻭﻗﻴﺔ‬ ‫ﺍﻝﻘﻴﻤﺔ‬ ‫ﻨﺴﺒﺔ‬‫ﻝﻠﺩﻴﻭﻥ؛‬ ‫ﺍﻝﺩﻓﺘﺭﻴﺔ‬ ‫ﺍﻝﻘﻴﻤﺔ‬ ‫ﺇﻝﻰ‬ ‫ﺍﻝﻤﺎل‬ ‫ﻝﺭﺃﺱ‬ -x5:‫ﺼﺎﻓﻲ‬ ‫ﻨﺴﺒﺔ‬‫ﺍﻝﻤﺒﻴﻌﺎﺕ‬‫ﺍﻷﺼﻭل‬ ‫ﻤﺠﻤﻭﻉ‬ ‫ﺇﻝﻰ‬. ‫ﺘﻭﺼل‬ ‫ﻭﻗﺩ‬Altman‫ﺃﻥ‬ ‫ﺇﻝﻰ‬ ‫ﺍﻝﻨﻤﻭﺫﺝ‬ ‫ﻫﺫﺍ‬ ‫ﺨﻼل‬ ‫ﻤﻥ‬: -‫ﺒﻨﺴﺒﺔ‬ ‫ﻋﺎﺠﺯﺓ‬ ‫ﺍﻝﻤﺅﺴﺴﺔ‬ ‫ﺘﻜﻭﻥ‬ ‫ﺃﻥ‬ ‫ﺍﺤﺘﻤﺎل‬50%‫ﻗﻴﻤﺔ‬ ‫ﻜﺎﻨﺕ‬ ‫ﺇﺫﺍ‬z=2,675‫؛‬ -‫ﻗﻴﻤﺔ‬ ‫ﻜﺎﻨﺕ‬ ‫ﺇﺫﺍ‬ ‫ﻋﺎﺠﺯﺓ‬ ‫ﺍﻝﻤﺅﺴﺴﺔ‬z>2,675‫؛‬ -‫ﻜﺎﻨﺕ‬ ‫ﺇﺫﺍ‬ ‫ﺴﻠﻴﻤﺔ‬ ‫ﺘﻌﺘﺒﺭ‬ ‫ﺍﻝﻤﺅﺴﺴﺔ‬‫ﻗﻴﻤﺔ‬z<2,675. ‫ﺘﻘﻭﻡ‬‫ﻏﺎﻝﺒﻴﺔ‬‫ﺍﻝﺒﻨﻭﻙ‬‫ﺒﺘﻁﺒﻴﻕ‬‫ﻫﺫﺍ‬‫ﺍﻝﻨﻤﻭﺫﺝ‬‫ﻝﻤﺎ‬‫ﻝﻪ‬‫ﻤﻥ‬‫ﻤﻤﻴﺯﺍﺕ‬‫ﺘﺘﺭﻜﺯ‬‫ﻓﻲ‬‫ﺘـﻭﻓﺭ‬‫ﺍﻝﻤﻌﻠﻭﻤـﺎﺕ‬ ‫ﺍﻝﻼﺯﻤﺔ‬‫ﻝﻠﺘﻁﺒﻴﻕ‬‫ﺍﻝﺜﻘﺔ‬ ‫ﻭﺩﺭﺠﺔ‬‫ﺍﻝﻌﺎﻝﻴﺔ‬‫ﻓﻲ‬،‫ﻨﺘﺎﺌﺠﻪ‬‫ﺇﻻ‬‫ﺃﻨﻪ‬‫ﻓﻲ‬‫ﺫﺍﺕ‬‫ﺍﻝﻭﻗﺕ‬‫ﻴﻌﺎﻨﻲ‬‫ﻤـﻥ‬‫ﻋـﺩﺩ‬‫ﻤـﻥ‬ ‫ﺍﻝﻌﻴﻭﺏ‬‫ﺃﻫﻤﻬﺎ‬‫ﺍﻋﺘﻤﺎﺩﻩ‬‫ﻋﻠﻰ‬‫ﺒﻴﺎﻨﺎﺕ‬‫ﺘﺎﺭﻴﺨﻴﺔ‬‫ﻭﺘﺠﺎﻫﻠﻪ‬‫ﻝﻠﻤﻌﻠﻭﻤﺎﺕ‬‫ﻏﻴﺭ‬،‫ﺍﻝﻜﻤﻴﺔ‬‫ﻜﻤﺎ‬‫ﺃﻨﻪ‬‫ﻤﻌﺎﺩﻝﺔ‬‫ﻫﺫﺍ‬ ‫ﺍﻝﻨﻤﻭﺫﺝ‬‫ﻨﺎﺘﺠﺔ‬‫ﺘﻁﺒﻴﻕ‬ ‫ﻋﻥ‬‫ﺘﻡ‬‫ﺇﺠﺭﺍﺀﻩ‬‫ﻋﻠﻰ‬‫ﺍﻝﻤﺅﺴﺴﺎﺕ‬‫ﺍﻷﻤﺭﻴﻜﻴﺔ‬‫ﻤﻤﺎ‬‫ﻴﺼﻌﺏ‬‫ﻓﻲ‬‫ﺒﻌﺽ‬‫ﺍﻷﺤﻴـﺎﻥ‬ ‫ﺘﻁﺒﻴﻘﻪ‬‫ﻋﻠﻰ‬‫ﺍﻝﻤﺅﺴﺴﺎﺕ‬‫ﻏﻴﺭ‬‫ﺍﻷﻤﺭﻴﻜﻴﺔ‬. 3-‫ﻨﻤﻭﺫﺝ‬AFDCC: ‫ﺴـﻨﺔ‬ ‫ﺍﻝﻘﺭﻭﺽ‬ ‫ﻭﺭﺅﺴﺎﺀ‬ ‫ﻝﻤﺩﺭﺍﺀ‬ ‫ﺍﻝﻔﺭﻨﺴﻴﺔ‬ ‫ﺍﻝﺠﻤﻌﻴﺔ‬ ‫ﻁﺭﻑ‬ ‫ﻤﻥ‬ ‫ﺍﻝﻨﻤﻭﺫﺝ‬ ‫ﻫﺫﺍ‬ ‫ﻭﻀﻊ‬ ‫ﺘﻡ‬1995، ‫ﻤﺸﻜﻠﺔ‬ ‫ﻋﻴﻨﺔ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻝﺩﺭﺍﺴﺔ‬ ‫ﻫﺫﻩ‬ ‫ﺘﻤﺕ‬ ‫ﻭﻗﺩ‬‫ﻤﻥ‬50000،‫ﻤﺤﺩﻭﺩﺓ‬ ‫ﻤﺴﺅﻭﻝﻴﺔ‬ ‫ﺫﺍﺕ‬ ‫ﺸﺭﻜﺎﺕ‬ ‫ﻤﻨﻬﺎ‬ ‫ﺸﺭﻜﺔ‬ ‫ﺭﻗﻡ‬ ‫ﻴﻔﻭﻕ‬ ‫ﺍﻝﺘﻲ‬ ‫ﺠﻤﺎﻋﻴﺔ‬ ‫ﻭﺸﺭﻜﺎﺕ‬‫ﻓﺭﻨﺴﻲ‬ ‫ﻓﺭﻨﻙ‬ ‫ﻤﻼﻴﻴﻥ‬ ‫ﻋﺸﺭﺓ‬ ‫ﺃﻋﻤﺎﻝﻬﺎ‬.‫ﺍﻝﻨﻤـﻭﺫﺝ‬ ‫ﻫـﺫﺍ‬ ‫ﻗﺎﻡ‬ ‫ﻭﻗﺩ‬ ‫ﺍﻝﺘﺎﻝﻲ‬ ‫ﺍﻝﺠﺩﻭل‬ ‫ﻓﻲ‬ ‫ﻤﻭﺠﺯﺓ‬ ‫ﺍﺴﺘﻘﺼﺎﺌﻴﺔ‬ ‫ﻨﺴﺏ‬ ‫ﺒﻭﻀﻊ‬: ‫ﺭﻗﻡ‬ ‫ﺍﻝﺠﺩﻭل‬)2(:‫ﺍﺴﺘﻘﺼﺎﺀ‬ ‫ﻨﺴﺏ‬AFDCC ‫ﺍﻝﻨﺴﺒﺔ‬‫ﺍﻝﻤﻌﺎﻤل‬ ‫ﺜﺎﺒﺕ‬+1,057 ‫ﻤﺎﻝﻴﺔ‬ ‫ﻤﺼﺎﺭﻴﻑ‬/‫ﺍﻝ‬ ‫ﺍﻝﻔﺎﺌﺽ‬‫ﻝﻼﺴﺘﻐﻼل‬ ‫ﺨﺎﻡ‬-0,0635 ‫ﺤﻘﻭﻕ‬+‫ﺇﺘﺎﺤﺎﺕ‬/‫ﺍﻷﺠل‬ ‫ﻗﺼﻴﺭﺓ‬ ‫ﺩﻴﻭﻥ‬+0,0183 ‫ﺩﺍﺌﻤﺔ‬ ‫ﺃﻤﻭﺍل‬/‫ﺍﻝﺨﺼﻭﻡ‬ ‫ﻤﺠﻤﻭﻉ‬+0,0471 ‫ﺍﻝﻤﻀﺎﻓﺔ‬ ‫ﺍﻝﻘﻴﻤﺔ‬/‫ﺍﻷﻋﻤﺎل‬ ‫ﺭﻗﻡ‬-0,0246 ‫ﺍﻝﺨﺯﻴﻨﺔ‬/‫ﺍﻷﻋﻤﺎل‬ ‫ﺭﻗﻡ‬+0,0115 ‫ﺍﻝﻌﺎﻤل‬ ‫ﺭﺃﺴﻤﺎل‬/‫ﺍﻷﻋﻤﺎل‬ ‫ﺭﻗﻡ‬-0,0096
  13. 13. ‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ‬ ‫ﻭﻤﺒﺭﺭﺍﺘﻬﺎ‬ ‫ﺍﻹﺴﻼﻤﻴﺔ‬ ‫ﺍﻝﺘﺠﺎﺭﻴﺔ‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﺼﻴﻎ‬ ‫ﻤﺨﺎﻁﺭ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻝﺭﻗﺎﺒﻴﺔ‬ ‫ﺍﻝﺴﻴﻁﺭﺓ‬ -13- Source: Jacque Teulie & Patrick Topsacalian, op.cit, P: 278 ‫ﻝﻨﻤﻭﺫﺝ‬ ‫ﺍﻝﻘﺭﺍﺭ‬ ‫ﻗﺎﻋﺩﺓ‬AFDCC‫ﻜﺎﻝﺘﺎﻝﻲ‬ ‫ﻫﻲ‬: -‫ﻜﺎﻨﺕ‬ ‫ﺇﺫﺍ‬Z‫ﺃﺼﻐﺭ‬‫ﺍﻝﻌﺎﺠﺯﺓ؛‬ ‫ﺍﻝﻤﺅﺴﺴﺎﺕ‬ ‫ﻗﺴﻡ‬ ‫ﺇﻝﻰ‬ ‫ﺘﻨﺘﻤﻲ‬ ‫ﺍﻝﻤﺅﺴﺴﺔ‬ ‫ﺃﻥ‬ ‫ﻴﻌﻨﻲ‬ ‫ﻓﻬﺫﺍ‬ ‫ﺍﻝﺼﻔﺭ‬ ‫ﻤﻥ‬ -‫ﻜﺎﻨﺕ‬ ‫ﺇﺫﺍ‬Z‫ﺍﻝﺴﻠﻴﻤﺔ‬ ‫ﺍﻝﻤﺅﺴﺴﺎﺕ‬ ‫ﻗﺴﻡ‬ ‫ﺇﻝﻰ‬ ‫ﺘﻨﺘﻤﻲ‬ ‫ﺍﻝﻤﺅﺴﺴﺔ‬ ‫ﺃﻥ‬ ‫ﻴﻌﻨﻲ‬ ‫ﻓﻬﺫﺍ‬ ‫ﺍﻝﺼﻔﺭ‬ ‫ﻤﻥ‬ ‫ﺃﻜﺒﺭ‬. 4-‫ﻨﻤﻭﺫﺝ‬‫ﺍﻝﻔﺠﻭﺓ‬‫ﺍﻝﺤﺴﺎﺴﻴﺔ‬ ‫ﻭﺘﺤﻠﻴل‬: ‫ﻴﺘ‬ ‫ﺍﻝﻔﺠﻭﺓ‬ ‫ﻨﻤﻭﺫﺝ‬ ‫ﻓﻲ‬‫ﻷﺴـﻌﺎﺭ‬ ‫ﺍﻝﺤﺴﺎﺴﺔ‬ ‫ﺍﻝﻌﻨﺎﺼﺭ‬ ‫ﺇﻝﻰ‬ ‫ﺍﻝﻌﺎﻤﺔ‬ ‫ﺍﻝﺒﻨﻙ‬ ‫ﻤﻴﺯﺍﻨﻴﺔ‬ ‫ﻤﻜﻭﻨﺎﺕ‬ ‫ﺘﻘﺴﻴﻡ‬ ‫ﻡ‬ ‫ﻓﺘـﺭﺓ‬ ‫ﺤـﺴﺏ‬ ‫ﺒﺩﻭﺭﻫﺎ‬ ‫ﺍﻝﻌﻨﺎﺼﺭ‬ ‫ﻫﺫﻩ‬ ‫ﺘﺼﻨﻴﻑ‬ ‫ﺫﻝﻙ‬ ‫ﺒﻌﺩ‬ ‫ﻭﻴﺘﻡ‬ ،‫ﻜﺫﻝﻙ‬ ‫ﻝﻴﺴﺕ‬ ‫ﺍﻝﺘﻲ‬ ‫ﻭﺍﻝﻌﻨﺎﺼﺭ‬ ‫ﺍﻝﻔﺎﺌﺩﺓ‬ ‫ﺍﻝﺘﺴﻌﻴﺭ‬ ‫ﺇﻋﺎﺩﺓ‬)‫ﺍﻝﻤﻌﺩﻝﺔ‬ ‫ﺍﻝﻤﺩﺓ‬(‫ﺍﻻﺴﺘﺤﻘﺎﻕ‬ ‫ﺤﺯﻡ‬ ‫ﺒﺎﺴﻡ‬ ‫ﻤﻌﺭﻭﻓﺔ‬ ‫ﺯﻤﻨﻴﺔ‬ ‫ﻓﺘﺭﺍﺕ‬ ‫ﻋﻠﻰ‬ ‫ﻭﺘﻭﺯﻉ‬.‫ﻭﺘﺠـﺩﺭ‬ ‫ﻫ‬ ‫ﻓﻲ‬ ‫ﺍﻝﺘﺭﻜﻴﺯ‬ ‫ﺇﻝﻰ‬ ‫ﻫﻨﺎ‬ ‫ﺍﻹﺸﺎﺭﺓ‬‫ﺃﺴـﻌﺎﺭ‬ ‫ﺘﻐﻴﻴـﺭ‬ ‫ﻋﻨﺩﻫﺎ‬ ‫ﻴﻤﻜﻥ‬ ‫ﺍﻝﺘﻲ‬ ‫ﺍﻝﻨﻘﻁﺔ‬ ‫ﻋﻠﻰ‬ ‫ﻤﻨﺼﺏ‬ ‫ﺍﻝﺘﺤﻠﻴل‬ ‫ﺫﺍ‬ ‫ﺍﻝﻨﻘﺩﻱ‬ ‫ﻭﺍﻝﺘﺩﻓﻕ‬ ‫ﺍﻝﺴﻴﻭﻝﺔ‬ ‫ﻤﻔﻬﻭﻡ‬ ‫ﻭﻝﻴﺱ‬ ،‫ﺍﻝﻔﺎﺌﺩﺓ‬. ‫ﺍﻝﺤـﺴﺎﺴﺔ‬ ‫ﻭﺍﻻﻝﺘﺯﺍﻤـﺎﺕ‬ ‫ﺍﻷﺼﻭل‬ ‫ﺘﺴﻌﻴﺭ‬ ‫ﻹﻋﺎﺩﺓ‬ ‫ﻜﺎﻑ‬ ‫ﺘﻁﺎﺒﻕ‬ ‫ﻴﺤﺩﺙ‬ ‫ﻋﻨﺩﻤﺎ‬ ‫ﺍﻝﻔﺠﻭﺓ‬ ‫ﺴﺩ‬ ‫ﻭﻴﺘﻡ‬ ‫ﺍﻝﻔﺎﺌﺩﺓ‬ ‫ﻷﺴﻌﺎﺭ‬.‫ﺍﻷ‬ ‫ﺘﺠـﺎﻩ‬ ‫ﺤﺴﺎﺱ‬ ‫ﺍﻝﻌﺎﻤﺔ‬ ‫ﺍﻝﻤﻴﺯﺍﻨﻴﺔ‬ ‫ﻤﺭﻜﺯ‬ ‫ﺃﻥ‬ ‫ﺇﻝﻰ‬ ‫ﺍﻹﻴﺠﺎﺒﻴﺔ‬ ‫ﺍﻝﻔﺠﻭﺓ‬ ‫ﻭﺘﺸﻴﺭ‬،‫ﺼـﻭل‬ ‫ﺍﻝﻌﺎﻤﺔ‬ ‫ﺍﻝﻤﻴﺯﺍﻨﻴﺔ‬ ‫ﻤﺭﻜﺯ‬ ‫ﺃﻥ‬ ‫ﺇﻝﻰ‬ ‫ﻓﺘﺸﻴﺭ‬ ‫ﺍﻝﺴﻠﺒﻴﺔ‬ ‫ﺍﻝﻔﺠﻭﺓ‬ ‫ﺃﻤﺎ‬ ،‫ﺍﻝﻌﺎﺌﺩ‬ ‫ﺯﺍﺩ‬ ‫ﺇﺫﺍ‬ ‫ﺩﺨل‬ ‫ﺤﺩﻭﺙ‬ ‫ﺫﻝﻙ‬ ‫ﻭﻴﺅﺩﻱ‬ ‫ﺒﻔﺘﺭ‬ ‫ﺍﻝﻤﺭﺘﺒﻁﺔ‬ ‫ﺍﻝﻌﻭﺍﺌﺩ‬ ‫ﻓﻲ‬ ‫ﻤﻤﺎﺜﻠﺔ‬ ‫ﺯﻴﺎﺩﺓ‬ ‫ﺤﺩﻭﺙ‬ ‫ﻓﻴﻪ‬ ‫ﻴﺅﺩﻱ‬ ‫ﻤﻭﻗﻔﺎ‬ ‫ﻴﺼﻑ‬ ‫ﻭﻫﻭ‬ ،‫ﻝﻼﻝﺘﺯﺍﻤﺎﺕ‬ ‫ﺤﺴﺎﺱ‬‫ﺓ‬ ‫ﺍﻝﺼﺎﻓﻲ‬ ‫ﺍﻝﻔﺎﺌﺩﺓ‬ ‫ﺩﺨل‬ ‫ﻓﻲ‬ ‫ﻨﻘﺹ‬ ‫ﺇﻝﻰ‬ ‫ﻤﺤﺩﺩﺓ‬ ‫ﺯﻤﻨﻴﺔ‬. ‫ﺇﺒﺭﺍﺯ‬ ‫ﻫﻭ‬ ‫ﺍﻝﺤﺴﺎﺴﻴﺔ‬ ‫ﺘﺤﻠﻴل‬ ‫ﻤﻥ‬ ‫ﺍﻝﻬﺩﻑ‬ ‫ﺇﻥ‬‫ﻭﻋﻠﻰ‬ ‫ﺍﻝﺩﺨل‬ ‫ﻗﺎﺌﻤﺔ‬ ‫ﻋﻠﻰ‬ ‫ﻤﺤﺩﺩ‬ ‫ﺭﺌﻴﺴﻲ‬ ‫ﺴﻌﺭ‬ ‫ﺘﺄﺜﻴﺭ‬ ‫ﺍﺴﺘﻌﺩﺍﺩ‬ ‫ﻋﻠﻰ‬ ‫ﻴﻜﻭﻥ‬ ‫ﺍﻝﺫﻱ‬ ‫ﻝﻠﺘﺄﺜﻴﺭ‬ ‫ﺤﺩﻭﺩﺍ‬ ‫ﻴﻀﻊ‬ ‫ﺃﻥ‬ ‫ﺍﻝﺒﻨﻙ‬ ‫ﻋﻠﻰ‬ ‫ﻴﻨﺒﻐﻲ‬ ‫ﻝﺫﺍ‬ ،‫ﻭﺍﻻﺤﺘﻴﺎﻁﺎﺕ‬ ‫ﺍﻝﻤﺎل‬ ‫ﺭﺃﺱ‬ ‫ﻓـﻲ‬ ‫ﺘﻐﻴـﺭﺍﺕ‬ ‫ﺤـﺩﻭﺙ‬ ‫ﺤﺎﻝﺔ‬ ‫ﻓﻲ‬ ‫ﻤﻠﻜﻴﺘﻪ‬ ‫ﻝﺤﻘﻭﻕ‬ ‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ‬ ‫ﺍﻝﻘﻴﻤﺔ‬ ‫ﻭﻓﻲ‬ ‫ﺇﻴﺭﺍﺩﺍﺘﻪ‬ ‫ﻓﻲ‬ ‫ﻻﻤﺘﺼﺎﺼﻪ‬ ‫ﺍﻝﺴﻭﻗﻴﺔ‬ ‫ﺍﻝﻔﺎﺌﺩﺓ‬ ‫ﺃﺴﻌﺎﺭ‬. 5-‫ﺒﻬﺎ‬ ‫ﺍﻝﻤﺨﺎﻁﺭ‬ ‫ﺍﻝﻘﻴﻤﺔ‬(VAR):)19( ‫ﻓﺘـﺭﺓ‬ ‫ﺨﻼل‬ ‫ﺍﻝﻤﺅﺴﺴﺔ‬ ‫ﺭﺒﺢ‬ ‫ﺃﻭ‬ ‫ﺨﺴﺎﺭﺓ‬ ‫ﻤﻘﺩﺍﺭ‬ ‫ﺍﻝﻤﺨﺎﻁﺭ‬ ‫ﺇﺩﺍﺭﺓ‬ ‫ﻓﻲ‬ ‫ﺍﻝﺠﺩﻴﺩﺓ‬ ‫ﺍﻷﺩﺍﺓ‬ ‫ﻫﺫﻩ‬ ‫ﺘﻜﺸﻑ‬ ‫ﻤﻌﻴﻥ‬ ‫ﻭﺒﺎﺤﺘﻤﺎل‬ ‫ﻤﺤﺩﺩﺓ‬ ‫ﺯﻤﻨﻴﺔ‬.‫ﻭﻁﺭﻴﻘـﺔ‬ ‫ﺒﻬـﺎ‬ ‫ﺍﻝﻤﺨﺎﻁﺭ‬ ‫ﺍﻝﻘﻴﻤﺔ‬ ‫ﻷﺩﺍﺓ‬ ‫ﺍﻷﺴﺎﺴﻲ‬ ‫ﺍﻝﻤﻔﻬﻭﻡ‬ ‫ﻭﻝﺘﻭﻀﻴﺢ‬ ‫ﻝﻨﻔﺘﺭﺽ‬ ‫ﺤﺴﺎﺒﻬﺎ‬:‫ﺍﻝﻤﺎل‬ ‫ﻤﻥ‬ ‫ﻤﺒﻠﻎ‬A0‫ﺍﺴﺘﺜﻤﺎﺭﻩ‬ ‫ﺘﻡ‬‫ﻋﺎﺌﺩ‬ ‫ﺒﻤﻌﺩل‬r‫ﺍﻝـﺯﻤﻥ‬ ‫ﻤـﻥ‬ ‫ﻤﺩﺓ‬ ‫ﺒﻌﺩ‬ ‫ﺃﻨﻪ‬ ‫ﺤﻴﺙ‬ ‫ﻭﻝﺘﻜﻥ‬‫ﻫﻲ‬ ‫ﺍﻝﻤﺴﺘﺜﻤﺭ‬ ‫ﺍﻝﻤﺒﻠﻎ‬ ‫ﻗﻴﻤﺔ‬ ‫ﺘﺼﺒﺢ‬ ‫ﺴﻨﺔ‬:A=A0(1+r)‫ﺍﻝﻤﺘﻭﻗﻊ‬ ‫ﺍﻝﻌﺎﺌﺩ‬ ‫ﻭﻤﻌﺩل‬( )‫ﺍﻨﺤﺭﺍﻑ‬ ‫ﻤﻊ‬ ‫ﻴﺴﺎﻭﻱ‬ ‫ﻤﻌﻴﺎﺭﻱ‬(σ)‫ﺯﻤﻨﻴﺔ‬ ‫ﻓﺘﺭﺓ‬ ‫ﺨﻼل‬ ،(t).‫ﺜﻘـﺔ‬ ‫ﻭﺩﺭﺠـﺔ‬ ‫ﺍﻝﻌﻭﺍﺌﺩ‬ ‫ﻻﺤﺘﻤﺎﻻﺕ‬ ‫ﺘﻭﺯﻴﻌﺎ‬ ‫ﻭﻝﻨﻔﺘﺭﺽ‬ (c)‫ﺘﺴﺎﻭﻱ‬95٪.‫ﺍﻝﺨﺴﺎﺭﺓ‬ ‫ﺤﺠﻡ‬ ‫ﺘﺤﺩﻴﺩ‬ ‫ﻤﻥ‬ ‫ﺴﻨﺘﻤﻜﻥ‬ ‫ﻓﺈﻨﻨﺎ‬ ‫ﺍﻝﻤﻌﻁﻴﺎﺕ‬ ‫ﻫﺫﻩ‬ ‫ﺤﺩﻭﺩ‬ ‫ﻓﻲ‬(A*).‫ﺒﻤﻌﻨـﻰ‬
  14. 14. ‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ‬ ‫ﻭﻤﺒﺭﺭﺍﺘﻬﺎ‬ ‫ﺍﻹﺴﻼﻤﻴﺔ‬ ‫ﺍﻝﺘﺠﺎﺭﻴﺔ‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﺼﻴﻎ‬ ‫ﻤﺨﺎﻁﺭ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻝﺭﻗﺎﺒﻴﺔ‬ ‫ﺍﻝﺴﻴﻁﺭﺓ‬ -14- ‫ﺍﻝ‬ ‫ﻤﻌﺭﻓﺔ‬ ،‫ﺁﺨﺭ‬‫ﺤﺩﻭﺜﻬﺎ‬ ‫ﺍﺤﺘﻤﺎل‬ ‫ﻴﻜﻭﻥ‬ ‫ﺍﻝﺘﻲ‬ ‫ﺨﺴﺎﺭﺓ‬1-c‫ﺍﻝﺯﻤﻨﻴﺔ‬ ‫ﺍﻝﻔﺘﺭﺓ‬ ‫ﺨﻼل‬ ‫ﺍﻝﺨﺴﺎﺌﺭ‬ ‫ﺍﺤﺘﻤﺎﻻﺕ‬ ‫ﻤﻥ‬ t.‫ﻋﺎﺌﺩ‬ ‫ﻤﻌﺩل‬ ‫ﻫﻨﺎﻙ‬ ‫ﺃﻥ‬ ‫ﺤﻴﺙ‬r*‫ﺍﻝﺨﺴﺎﺭﺓ‬ ‫ﻴﻘﺎﺒل‬ ‫ﺍﻷﺼﻭل‬ ‫ﻋﻠﻰ‬A*.‫ﻝﺘﻘـﺩﻴﺭ‬ ‫ﺍﻷﺴﺎﺴـﻴﺔ‬ ‫ﻭﺍﻝﻔﻜﺭﺓ‬ ‫ﺃﺩﻨﺎﻩ‬ ‫ﻤﺒﻴﻨﺔ‬ ‫ﺒﻬﺎ‬ ‫ﺍﻝﻤﺨﺎﻁﺭ‬ ‫ﺍﻝﻘﻴﻤﺔ‬: ‫ﺭﻗﻡ‬ ‫ﺍﻝﺸﻜل‬)3(:‫ﺒﻬﺎ‬ ‫ﺍﻝﻤﺨﺎﻁﺭ‬ ‫ﻝﻠﻘﻴﻤﺔ‬ ‫ﺍﻷﺴﺎﺴﻲ‬ ‫ﺍﻝﻤﻔﻬﻭﻡ‬ Source: Jorion, Phillipe, Value at Risk, The New Benchmark for Managing Financial Risk, McGraw Hill, New York, 2001. 6-‫ﺍﻝﻤﺨﺎﻁﺭ‬ ‫ﻭﻓﻕ‬ ‫ﺍﻝﻤﻌﺩل‬ ‫ﺍﻝﻌﺎﺌﺩ‬ ‫ﻤﻌﺩل‬(RAROC):)20( ‫ﻤﺅﺴﺴﺔ‬ ‫ﻁﻭﺭﺘﻪ‬ ‫ﺍﻝﺫﻱ‬ ‫ﺍﻝﻤﻌﺩل‬ ‫ﻫﺫﺍ‬ ‫ﻴﻘﻴﺱ‬Bankers Trust‫ﺍﻝﻤﻔﺎﻀـﻠﺔ‬ ‫ﺨـﻼل‬ ‫ﻤﻥ‬ ‫ﺍﻝﻤﺨﺎﻁﺭ‬ ‫ﻭ‬ ‫ﺍﻝﻤﺨﺎﻁﺭ‬ ‫ﺒﻴﻥ‬‫ﻭﺃﻨﺸﻁﺔ‬ ‫ﺍﻷﺼﻭل‬ ‫ﻤﻥ‬ ‫ﻤﺠﻤﻭﻋﺔ‬ ‫ﻤﻥ‬ ‫ﺍﻝﻌﺎﺌﺩ‬.‫ﺍﻗﺘـﺼﺎﺩﻴﺔ‬ ‫ﻗﺎﻋﺩﺓ‬ ‫ﺍﻝﻁﺭﻴﻘﺔ‬ ‫ﻫﺫﻩ‬ ‫ﻭﺘﻌﻁﻲ‬ ‫ﺒﺎﻝﻤﻭﺍﺯﻨـﺔ‬ ‫ﺍﻝﺨﺎﺼـﺔ‬ ‫ﺍﻝﺴﻠﻴﻤﺔ‬ ‫ﺍﻝﻘﺭﺍﺭﺍﺕ‬ ‫ﺼﻨﻊ‬ ‫ﻤﻥ‬ ‫ﺘﻤﻜﻥ‬ ‫ﻤﻨﺴﺠﻤﺔ‬ ‫ﺍﻝﺼﻠﺔ‬ ‫ﺫﺍﺕ‬ ‫ﺍﻝﻤﺨﺎﻁﺭ‬ ‫ﻜل‬ ‫ﻝﻘﻴﺎﺱ‬ ‫ﺍﻷﺼﻭل‬ ‫ﻝﻤﺨﺘﻠﻑ‬ ‫ﻭﺍﻝﻌﺎﺌﺩ‬ ‫ﺍﻝﻤﺨﺎﻁﺭ‬ ‫ﺒﻴﻥ‬. ‫ﺍﻝﻤﺘﻭﻗ‬ ‫ﻏﻴﺭ‬ ‫ﺍﻝﻤﺨﺎﻁﺭ‬ ‫ﻤﻥ‬ ‫ﺤﻤﺎﻴﺔ‬ ‫ﺃﺩﺍﺓ‬ ‫ﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﻝﻠﻤﺅﺴﺴﺎﺕ‬ ‫ﺒﺎﻝﻨﺴﺒﺔ‬ ‫ﺍﻝﻤﺎل‬ ‫ﺭﺃﺱ‬ ‫ﻴﻌﺘﺒﺭ‬‫ﻓﻤـﻥ‬ ،‫ﻌﺔ‬ ‫ﺍﻝﻤﺅﺴﺴﺎﺕ‬ ‫ﻫﺫﻩ‬ ‫ﺘﻌﺘﺭﺽ‬ ‫ﺍﻝﺘﻲ‬ ‫ﺍﻝﻤﺨﺘﻠﻔﺔ‬ ‫ﺍﻝﻤﺨﺎﻁﺭ‬ ‫ﻝﻤﻭﺍﺠﻬﺔ‬ ‫ﺘﺨﺼﻴﺼﻪ‬ ‫ﺍﻝﻤﻬﻡ‬.‫ﺍﺴﺘﺨﺩﺍﻡ‬ ‫ﻴﻤﻜﻥ‬ ‫ﻭﺒﻴﻨﻤﺎ‬ ‫ﻭﻤﺨـﺎﻁﺭ‬ ،‫ﺍﻻﺌﺘﻤـﺎﻥ‬ ،‫ﺍﻝﺴﻭﻕ‬ ‫ﻤﺨﺎﻁﺭ‬ ‫ﻝﻤﻘﺎﺒﻠﺔ‬ ‫ﺍﻝﻤﺎل‬ ‫ﺭﺃﺱ‬ ‫ﺍﺤﺘﻴﺎﺠﺎﺕ‬ ‫ﻝﺘﻘﺩﻴﺭ‬ ‫ﺍﻝﻤﻌﺩل‬ ‫ﺍﻝﻌﺎﺌﺩ‬ ‫ﻁﺭﻴﻘﺔ‬ ‫ﺍﻝﻤﺨﺎﻁﺭ‬ ‫ﻹﺩﺍﺭﺓ‬ ‫ﻤﺘﻜﺎﻤﻠﺔ‬ ‫ﻜﺄﺩﺍﺓ‬ ‫ﻜﺫﻝﻙ‬ ‫ﺍﻝﻁﺭﻴﻘﺔ‬ ‫ﻫﺫﻩ‬ ‫ﺍﺴﺘﺨﺩﺍﻡ‬ ‫ﻓﻴﻤﻜﻥ‬ ،‫ﺍﻝﺘﺸﻐﻴل‬. 7-‫ﺒﺎﺯل‬ ‫ﻝﺠﻨﺔ‬ ‫ﺘﻭﺠﻬﺎﺕ‬ ‫ﻭﻓﻕ‬ ‫ﺍﻝﻤﺨﺎﻁﺭ‬ ‫ﺇﺩﺍﺭﺓ‬: 7-1‫ﺍﻝﺯﺒﺎﺌﻥ‬ ‫ﺘﺼﻨﻴﻑ‬‫ﻭﻓﻕ‬‫ﺒﺎﺯل‬ ‫ﻝﺠﻨﺔ‬ ‫ﺘﻭﺠﻬﺎﺕ‬: ‫ﺍﻝﻌﺎ‬ ‫ﺘﻭﺯﻴﻊ‬‫ﺌﺩ‬ ‫ﺒﻬﺎ‬ ‫ﺍﻝﻤﺨﺎﻁﺭ‬ ‫ﺍﻝﻘﻴﻤﺔ‬ )‫ﺼﻔﺭ‬( ‫ﺍﻝﻤﺨﺎﻁﺭ‬ ‫ﺍﻝﻘﻴﻤﺔ‬ )•( ‫ﺒﻨﺴﺒﺔ‬ ‫ﺍﻝﺨﺴﺎﺭﺓ‬ ‫ﺍﺤﺘﻤﺎل‬5٪ r* ‫ﺼﻔﺭ‬ ‫ﺍﻝﻤﺘﻭﻗﻊ‬ ‫ﺍﻝﻌﺎﺌﺩ‬)( ‫ﻝﻠﻔﺘﺭﺓ‬ ‫ﺍﻝﻌﺎﺌﺩ‬t،r)٪(
  15. 15. ‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ‬ ‫ﻭﻤﺒﺭﺭﺍﺘﻬﺎ‬ ‫ﺍﻹﺴﻼﻤﻴﺔ‬ ‫ﺍﻝﺘﺠﺎﺭﻴﺔ‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﺼﻴﻎ‬ ‫ﻤﺨﺎﻁﺭ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻝﺭﻗﺎﺒﻴﺔ‬ ‫ﺍﻝﺴﻴﻁﺭﺓ‬ -15- ‫ﻋﺎﻡ‬ ‫ﻓﻲ‬ ‫ﺒﺎﺯل‬ ‫ﻝﺠﻨﺔ‬ ‫ﺃﺼﺩﺭﺕ‬2001‫ﺍﻝﻌﻤـﻼﺀ‬ ‫ﻋﻠـﻰ‬ ‫ﻝﻠﺘﻌﺭﻑ‬ ‫ﺍﻷﺴﺎﺴﻴﺔ‬ ‫ﺍﻝﻤﺒﺎﺩﺉ‬ ‫ﺤﻭل‬ ‫ﻭﺭﻗﺔ‬ ‫ﻋﻨﻭﺍﻥ‬ ‫ﺘﺤﺕ‬)*( « Devoir de diligence au sujet de la clientèle».‫ﺍﻝﻤﺒـﺎﺩﺉ‬ ‫ﻫـﺫﻩ‬ ‫ﻭﺘﺘﻌﻠـﻕ‬ ‫ﺒﻤﺘ‬ ،‫ﺍﻝﻌﻤﻼﺀ‬ ‫ﻗﺒﻭل‬ ‫ﺒﺴﻴﺎﺴﺔ‬‫ﺍﻝﻤﺴﺘﻤﺭﺓ‬ ‫ﺍﻝﻤﺘﺎﺒﻌﺔ‬ ‫ﻭ‬ ‫ﺒﺎﻹﺸﺭﺍﻑ‬ ،‫ﺍﻝﻌﻤﻼﺀ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻝﺘﻌﺭﻑ‬ ‫ﻭﻨﻭﺍﺤﻲ‬ ‫ﻁﻠﺒﺎﺕ‬ ‫ﺍﻝﻤﺨﺎﻁﺭ‬ ‫ﺒﺈﺩﺍﺭﺓ‬ ‫ﻭﺃﺨﻴﺭﺍ‬ ‫ﻭﺍﻝﻤﻌﺎﻤﻼﺕ‬ ‫ﻝﻠﺤﺴﺎﺒﺎﺕ‬. ‫ﻝﻠﺘﻘﻴﻴﻡ‬ ‫ﺘﺒﻌﺎ‬ ‫ﺒﺴﻴﻁﺔ‬ ‫ﻤﺨﺎﻁﺭ‬ ‫ﺒﺄﻭﺯﺍﻥ‬ ‫ﺍﻝﻘﺭﻭﺽ‬ ‫ﺘﺭﺠﻴﺢ‬ ‫ﻴﺘﻡ‬ ‫ﻓﺈﻨﻪ‬ ‫ﺒﺎﺯل‬ ‫ﻝﺠﻨﺔ‬ ‫ﺒﻪ‬ ‫ﺠﺎﺀﺕ‬ ‫ﻤﺎ‬ ‫ﻭﻭﻓﻕ‬ ‫ﻤﻥ‬ ‫ﺍﻷﻭﺯﺍﻥ‬ ‫ﺘﺘﺭﺍﻭﺡ‬ ،‫ﺍﻝﺘﺴﻬﻴل‬ ‫ﺘﺒﻭﻴﺏ‬ ‫ﻭﺤﺴﺏ‬ ‫ﻝﻠﻌﻤﻴل‬ ‫ﺍﻻﺌﺘﻤﺎﻨﻲ‬0%‫ﺤﺘﻰ‬150%‫ﻭﺘﺭ‬‫ﻜﻠﻤـﺎ‬ ‫ﺘﻔـﻊ‬ ‫ﺍﻷﻭﺯﺍﻥ‬ ‫ﺃﻥ‬ ‫ﻜﻤﺎ‬ ،‫ﻝﻠﻌﻤﻴل‬ ‫ﺍﻻﺌﺘﻤﺎﻨﻲ‬ ‫ﺍﻝﺘﻘﻴﻴﻡ‬ ‫ﻤﺴﺘﻭﻱ‬ ‫ﺘﺩﻨﻰ‬ ‫ﺃﻭ‬ ‫ﺍﻝﻤﺨﺎﻁﺭ‬ ‫ﺯﺍﺩﺕ‬‫ﻝﻠﻘـﺭﻭﺽ‬ ‫ﺍﻝﻤﺤـﺩﺩﺓ‬ ‫ﺇﻝـﻲ‬ ‫ﻴـﺼل‬ ‫ﺍﻝـﺫﻱ‬ ‫ﺍﻝﻤﻘﻴﻤـﻴﻥ‬ ‫ﻏﻴﺭ‬ ‫ﻝﻠﻌﻤﻼﺀ‬ ‫ﺍﻝﻤﺨﺼﺹ‬ ‫ﺍﻝﻭﺯﻥ‬ ‫ﺫﻝﻙ‬ ‫ﺇﻝﻰ‬ ‫ﻴﻀﺎﻑ‬ ،‫ﻜﺒﻴﺭﺓ‬ ‫ﺍﻝﻤﺘﻌﺜﺭﺓ‬ 100%‫ﺍﻷﻭﺯﺍﻥ‬ ‫ﺒﻬﺫﻩ‬ ‫ﻤﻠﺨﺹ‬ ‫ﻴﻠﻲ‬ ‫ﻭﻓﻴﻤﺎ‬ ،: ‫ﺭﻗﻡ‬ ‫ﺍﻝﺠﺩﻭل‬)3:(‫ﺒﺎﺯل‬ ‫ﻝﺠﻨﺔ‬ ‫ﺘﻭﺠﻬﺎﺕ‬ ‫ﻭﻓﻕ‬ ‫ﺍﻷﺼﻭل‬ ‫ﺘﺭﺠﻴﺢ‬. ‫ﺍﻝﻤ‬‫ﺩﻴـﻥ‬ ‫ﻤﻥ‬AAA‫ﺇﻝﻰ‬ AA- ‫ﻤﻥ‬A+‫ﺇﻝﻰ‬ A- ‫ﻤﻥ‬BBB+‫ﺇﻝﻰ‬ BBB- ‫ﻤﻥ‬BB+‫ﺇﻝﻰ‬ B- ‫ﻤﻥ‬ ‫ﺃﻗل‬ B- ‫ﺨﺎﻀﻊ‬ ‫ﻏﻴﺭ‬ ‫ﻝﻠﺘﻘﻴﻴﻡ‬ ‫ﺍﻝﻤﺭﻜﺯﻴﺔ‬ ‫ﻭﺍﻝﺒﻨﻭﻙ‬ ‫ﺍﻝﺤﻜﻭﻤﺎﺕ‬ ‫ﺼﻔﺭ‬20%50%100%150%100% ‫ﺃﻭل‬ ‫ﺨﻴﺎﺭ‬20%50%100%100%150%100% ‫ﺜﺎﻨﻲ‬ ‫ﺨﻴﺎﺭ‬20%50%50%100%150%50% ‫ﻭﺍﻝﻤﺅﺴﺴﺎﺕ‬ ‫ﺍﻝﺒﻨﻭﻙ‬ ‫ﻓﻲ‬ ‫ﺘﺘﻌﺎﻤل‬ ‫ﺍﻝﺘﻲ‬ ‫ﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﺍﻷﻭﺭﺍﻕ‬ ‫ﻤﻥ‬ ‫ﺃﻗل‬ ‫ﺃﺠل‬ 3‫ﺸﻬﻭﺭ‬ 20%20%20%50%150%20% ‫ﺍﻝﻤﺅﺴﺴﺎﺕ‬ 75%50% ‫ﻤﻥ‬BBB+‫ﺇﻝﻰ‬BB 100% ‫ﻤﻥ‬ ‫ﺃﻗل‬BB- 150% 100% ‫ﺍﻝﺩﻭﻝﻴﺔ‬ ‫ﺍﻝﺘﻨﻤﻴﺔ‬ ‫ﺒﻨﻭﻙ‬‫ﺼﻔــﺭ‬ ‫ﺍﻝﺘﺠﺯﺌﺔ‬ ‫ﻤﺤﺎﻓﻅ‬75% ‫ﺍﻹﺴﻜﺎﻥ‬ ‫ﺒﻐﺭﺽ‬ ‫ﺍﻷﻓﺭﺍﺩ‬35% ‫ﺘﺠﺎﺭﻱ‬ ‫ﻋﻘﺎﺭﻱ‬ ‫ﺘﻤﻭﻴل‬100% ‫ﺍﻝﻤﺭﻜﺯﻴﺔ‬ ‫ﻏﻴﺭ‬ ‫ﺍﻝﺤﻜﻭﻤﺎﺕ‬‫ﺍﻝﻤ‬ ‫ﺍﻝﻭﺯﻥ‬ ‫ﺤﺴﺏ‬‫ﺍﻝﻤﺭﻜﺯﻴﺔ‬ ‫ﻝﻠﺤﻜﻭﻤﺔ‬ ‫ﺨﺼﺹ‬ ‫ﺍﻝﻤﺼﺩﺭ‬:‫ﻋﻠﻰ‬ ‫ﺒﺎﻻﻋﺘﻤﺎﺩ‬ ‫ﺍﻝﺒﺎﺤﺜﺎﻥ‬ ‫ﺇﻋﺩﺍﺩ‬ ‫ﻤﻥ‬:www.bis.org/publ/bcbs85f.pdf
  16. 16. ‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ‬ ‫ﻭﻤﺒﺭﺭﺍﺘﻬﺎ‬ ‫ﺍﻹﺴﻼﻤﻴﺔ‬ ‫ﺍﻝﺘﺠﺎﺭﻴﺔ‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﺼﻴﻎ‬ ‫ﻤﺨﺎﻁﺭ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻝﺭﻗﺎﺒﻴﺔ‬ ‫ﺍﻝﺴﻴﻁﺭﺓ‬ -16- ‫ﺍﻝﺘﺴﺩﻴﺩ‬ ‫ﻋﻤﻠﻴﺔ‬ ‫ﺘﺄﺨﺭ‬ ‫ﺤﺎﻝﺔ‬ ‫ﻭﻓﻲ‬‫ﺍﻝﺴﺩﺍﺩ‬ ‫ﻋﻥ‬ ‫ﺍﻝﻌﻤﻼﺀ‬ ‫ﺘﺄﺨﺭ‬ ‫ﺃﻱ‬‫ﺒﻌﺩ‬90،‫ﺍﻻﺴـﺘﺤﻘﺎﻕ‬ ‫ﻤﻥ‬ ‫ﻴﻭﻡ‬ ‫ﺍﻝﻤﺨﺎ‬ ‫ﺃﻭﺯﺍﻥ‬ ‫ﺘﻌﺩﻴل‬ ‫ﻴﺘﻡ‬ ‫ﻓﺈﻨﻪ‬‫ﻋﻠـﻰ‬ ‫ﺍﻝﻤﻜـﻭﻥ‬ ‫ﺍﻝﻤﺨﺼﺹ‬ ‫ﻭﺍﻝﺤﺠﻡ‬ ‫ﻭﻓﻘﺎ‬ ‫ﺍﻝﻌﻤﻼﺀ‬ ‫ﺒﻬﺅﻻﺀ‬ ‫ﺍﻝﺨﺎﺼﺔ‬ ‫ﻁﺭ‬ ‫ﺍﻝﺘﺎﻝﻲ‬ ‫ﺍﻝﻨﺤﻭ‬: ‫ﺭﻗﻡ‬ ‫ﺍﻝﺠﺩﻭل‬)4:(‫ﺍﻝﺘﺭﺠﻴﺢ‬ ‫ﻭﺃﻭﺯﺍﻥ‬ ‫ﺍﻝﺘﺴﺩﻴﺩ‬ ‫ﻓﻲ‬ ‫ﺍﻝﺘﺄﺨﺭ‬ ‫ﺍﻝﻤﺨﺼﺹ‬ ‫ﺤﺠﻡ‬‫ﺍﻝﻤﺨﺎﻁﺭ‬ ‫ﻭﺯﻥ‬ ‫ﻤﻥ‬ ‫ﺃﻗل‬20%150% ‫ﻤﻥ‬20%‫ﺇﻝﻲ‬50%100% ‫ﻤﻥ‬ ‫ﺃﻜﺜﺭ‬50%50% ‫ﺍﻝﻤﺼﺩﺭ‬:‫ﺇﻋﺩﺍﺩ‬ ‫ﻤﻥ‬‫ﺍﻝﺒﺎﺤﺜﺎﻥ‬،‫ﻋﻠﻰ‬ ‫ﺒﺎﻻﻋﺘﻤﺎﺩ‬‫ﺍﻝﻤﺭﺠﻊ‬ ‫ﻨﻔﺱ‬. ‫ﺭﺍﺒﻌ‬‫ﺎ‬‫ـ‬‫ﺒﺎﺯل‬ ‫ﻝﻤﻘﺭﺭﺍﺕ‬ ‫ﻭﻓﻘﺎ‬ ‫ﺍﻝﻤﺎل‬ ‫ﺭﺃﺱ‬ ‫ﻜﻔﺎﻴﺔ‬ ‫ﻤﻌﻴﺎﺭ‬II: ‫ﺯﻴﺎﺩﺓ‬ ‫ﻓﻲ‬ ‫ﺍﻷﻭﻝﻰ‬ ‫ﺒﺎﺯل‬ ‫ﺍﺘﻔﺎﻗﻴﺔ‬ ‫ﺴﺎﻫﻤﺕ‬‫ﺍﺴﺘﻘﺭﺍﺭ‬‫ﻓـﻲ‬ ‫ﺴﺎﻫﻤﺕ‬ ‫ﻜﻤﺎ‬ ‫ﺍﻝﺩﻭﻝﻲ‬ ‫ﺍﻝﻤﺼﺭﻓﻲ‬ ‫ﺍﻝﻨﻅﺎﻡ‬ ‫ﻤـﻥ‬ ‫ﺍﻝﺭﻏﻡ‬ ‫ﻋﻠﻰ‬ ‫ﺃﻨﻪ‬ ‫ﺇﻻ‬ ،‫ﺍﻝﺩﻭﻝﻲ‬ ‫ﺍﻝﺼﻌﻴﺩ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻝﺒﻨﻭﻙ‬ ‫ﺒﻴﻥ‬ ‫ﻋﺩﺍﻝﺔ‬ ‫ﺃﻜﺜﺭ‬ ‫ﺘﻨﺎﻓﺴﻴﺔ‬ ‫ﺒﻴﺌﺔ‬ ‫ﺇﻝﻰ‬ ‫ﺍﻝﻭﺼﻭل‬ ‫ﺃﺴﺒﺎﺏ‬ ‫ﺒﺭﺯﺕ‬ ‫ﺍﻷﻭﻝﻰ‬ ‫ﺍﻻﺘﻔﺎﻗﻴﺔ‬ ‫ﺤﻘﻘﺘﻪ‬ ‫ﺍﻝﺫﻱ‬ ‫ﺍﻝﻨﺠﺎﺡ‬‫ﻓﻴ‬ ‫ﺍﻝﻨﻅﺭ‬ ‫ﺇﻋﺎﺩﺓ‬ ‫ﻓﺭﻀﺕ‬ ‫ﻋﺩﺓ‬‫ﻬﺎ‬‫ﺃﻫﻤﻬﺎ‬ ‫ﻤﻥ‬ ،: -‫ﺍﻝﻘﻁـﺎﻉ‬ ‫ﻫﻴﻜﻠﺔ‬ ‫ﺇﻋﺎﺩﺓ‬ ‫ﺇﻝﻰ‬ ‫ﺃﺩﺕ‬ ‫ﺍﻝﺘﻲ‬ ‫ﺍﻝﺘﻜﻨﻭﻝﻭﺠﻴﺎ‬ ‫ﻓﻲ‬ ‫ﺨﺼﻭﺼﺎ‬ ‫ﺍﻝﺤﺩﻴﺜﺔ‬ ‫ﻭﺍﻷﺴﺎﻝﻴﺏ‬ ‫ﺍﻝﺘﻁﻭﺭﺍﺕ‬ ‫ﻋﺎﻝﻤﻴﺎ؛‬ ‫ﺍﻝﻤﺎﻝﻲ‬ -‫ﺍﻝـﺴﻠﺒﻴﺔ‬ ‫ﺍﻵﺜـﺎﺭ‬ ‫ﺘﻔﺎﺩﻱ‬ ‫ﺍﻷﺴﺎﺴﻲ‬ ‫ﻫﺩﻓﻬﺎ‬ ‫ﻭﺍﻝﺘﻲ‬ ‫ﺍﻝﻤﺼﺭﻓﻴﺔ‬ ‫ﺍﻝﻌﻤﻠﻴﺎﺕ‬ ‫ﻓﻲ‬ ‫ﺤﺩﺜﺕ‬ ‫ﺍﻝﺘﻲ‬ ‫ﺍﻝﺘﺠﺩﻴﺩﺍﺕ‬ ‫ﺍﻻﺌﺘﻤﺎ‬ ‫ﻭﺍﻝﻤﺸﺘﻘﺎﺕ‬ ،‫ﺍﻝﺘﻭﺭﻴﻕ‬ ‫ﻤﺜل‬ ‫ﺒﺎﺯل‬ ‫ﻝﻤﻌﻴﺎﺭ‬‫ﺇﻝـﻰ‬ ‫ﺃﺩﺕ‬ ‫ﺒـﺎﺯل‬ ‫ﻝﺠﻨﺔ‬ ‫ﻗﻭﺍﻋﺩ‬ ‫ﺒﺴﺒﺏ‬ ‫ﺍﻝﻨﺎﺸﺌﺔ‬ ‫ﻨﻴﺔ‬ ‫ﺍﻻﺘﻔﺎﻗﻴﺔ؛‬ ‫ﻓﻌﺎﻝﻴﺔ‬ ‫ﺇﻨﻘﺎﺹ‬ -‫ﺍﻝﺘﻁـﻭﺭﺍﺕ‬ ‫ﺃﻥ‬ ‫ﺇﻻ‬ ،‫ﺴﻨﻭﺍﺕ‬ ‫ﺍﻝﻌﺸﺭ‬ ‫ﺨﻼل‬ ‫ﺍﻝﺒﻨﻭﻙ‬ ‫ﻤﺎل‬ ‫ﺭﺃﺱ‬ ‫ﺯﻴﺎﺩﺓ‬ ‫ﻓﻲ‬ ‫ﺒﺎﺯل‬ ‫ﺍﺘﻔﺎﻗﻴﺔ‬ ‫ﻨﺠﺎﺡ‬ ‫ﺭﻏﻡ‬ ‫ﺨﻁـﻭﻁ‬ ‫ﻭﻤﺠﺭﺩ‬ ‫ﺇﻝﺯﺍﻤﺎ‬ ‫ﺃﻗل‬ ‫ﺃﺼﺒﺢ‬ ‫ﺍﻝﺫﻱ‬ ‫ﺒﺎﺯل‬ ‫ﻤﻌﻴﺎﺭ‬ ‫ﺇﻁﺎﺭ‬ ‫ﻴﻐﻁﻴﻬﺎ‬ ‫ﻻ‬ ‫ﻤﺨﺎﻁﺭ‬ ‫ﺃﻭﺠﺩﺕ‬ ‫ﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﺇﺘﺒﺎﻋﻬﺎ‬ ‫ﻴﻤﻜﻥ‬ ‫ﻋﺭﻴﻀﺔ‬. 1-‫ﺍﻻﺘ‬ ‫ﻤﻀﻤﻭﻥ‬‫ﺍﻝﻤﺎل‬ ‫ﺭﺃﺱ‬ ‫ﻜﻔﺎﻴﺔ‬ ‫ﻝﻤﻌﻴﺎﺭ‬ ‫ﺍﻝﺠﺩﻴﺩ‬ ‫ﻔﺎﻕ‬–‫ﺒﺎﺯل‬II-: ‫ﺍﻝﺨﺎﺼﺔ‬ ‫ﺍﻷﻤﻭﺍل‬ ‫ﻤﻔﻬﻭﻡ‬ ‫ﺫﺍﺕ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻝﺠﺩﻴﺩﺓ‬ ‫ﺍﻻﺘﻔﺎﻗﻴﺔ‬ ‫ﺃﺒﻘﺕ‬)‫ﻭﺍﻝﻤﺴﺎﻨﺩﺓ‬ ‫ﺍﻷﺴﺎﺴﻴﺔ‬(‫ﺫﺍﺕ‬ ‫ﻭﻋﻠـﻰ‬ ‫ﺍﻝﻤﻼﺀﺓ‬ ‫ﻤﻌﺩل‬)8(%‫ﻨﻅﺎﻡ‬ ‫ﺠﺫﺭﻴﺎ‬ ‫ﻋﺩﻝﺕ‬ ‫ﻓﻘﺩ‬ ،‫ﺍﻷﻭﺯﺍﻥ‬‫ﻫﻭﻴـﺔ‬ ‫ﺤـﺴﺏ‬ ‫ﺘﻌﻁـﻰ‬ ‫ﺍﻷﻭﺯﺍﻥ‬ ‫ﺘﻌﺩ‬ ‫ﻓﻠﻡ‬ ، ‫ﺍﻝﻤﻘﺘﺭﺽ‬)‫ﺍﻷﺨﺭﻯ‬ ‫ﺍﻝﺒﻨﻭﻙ‬ ‫ﺃﻭ‬ ‫ﺍﻝﻤﺅﺴﺴﺎﺕ‬ ،‫ﺍﻝﺩﻭﻝﺔ‬(‫ﺃﺼـﺒ‬ ‫ﺒل‬‫ﺍﻝﺘـﺼﻨﻴﻑ‬ ‫ﺒﺩﺭﺠـﺔ‬ ‫ﻤﺭﺘﺒﻁـﺔ‬ ‫ﺤﺕ‬
  17. 17. ‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ‬ ‫ﻭﻤﺒﺭﺭﺍﺘﻬﺎ‬ ‫ﺍﻹﺴﻼﻤﻴﺔ‬ ‫ﺍﻝﺘﺠﺎﺭﻴﺔ‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﺼﻴﻎ‬ ‫ﻤﺨﺎﻁﺭ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻝﺭﻗﺎﺒﻴﺔ‬ ‫ﺍﻝﺴﻴﻁﺭﺓ‬ -17- ‫ﻭﺤﺴﺏ‬ ‫ﺍﻝﺼﺎﺩﺭﺍﺕ‬ ‫ﺘﻤﻭﻴل‬ ‫ﻭﻜﺎﻻﺕ‬ ‫ﻓﻴﻬﺎ‬ ‫ﺒﻤﺎ‬ ‫ﺍﻝﻌﺎﻝﻤﻴﺔ‬ ‫ﺍﻝﺘﺼﻨﻴﻑ‬ ‫ﻤﺅﺴﺴﺎﺕ‬ ‫ﻗﺒل‬ ‫ﻤﻥ‬ ‫ﻝﻠﺩﻴﻭﻥ‬ ‫ﺍﻝﻤﻤﻨﻭﺤﺔ‬ ‫ﻤﺤﺩﺩﺓ‬ ‫ﻤﻌﺎﻴﻴﺭ‬.‫ﺍﻷﺨﺭﻯ‬ ‫ﻭﺍﻝﺒﻨﻭﻙ‬ ‫ﺍﻝﻤﺅﺴﺴﺎﺕ‬ ‫ﻗﺭﻭﺽ‬ ‫ﺃﻥ‬ ‫ﺍﻷﻭﺯﺍﻥ‬ ‫ﻝﻨﻅﺎﻡ‬ ‫ﺍﻝﺘﻌﺩﻴل‬ ‫ﻫﺫﺍ‬ ‫ﻋﻠﻰ‬ ‫ﻭﻴﺘﺭﺘﺏ‬ ‫ﺍﻝﻤﻌﻁﺎﺓ‬ ‫ﺘﻠﻙ‬ ‫ﻤﻥ‬ ‫ﺃﺤﺴﻥ‬ ‫ﻤﺨﺎﻁﺭﺓ‬ ‫ﺒﻭﺯﻥ‬ ‫ﻭﺒﺎﻝﺘﺎﻝﻲ‬ ‫ﺃﻓﻀل‬ ‫ﺒﺘﺼﻨﻴﻑ‬ ‫ﺘﺤﻅﻰ‬ ‫ﺃﻥ‬ ‫ﻴﻤﻜﻥ‬‫ﺒﻤﻌﻨـﻰ‬ ،‫ﻝﻠﺩﻭﻝﺔ‬ ‫ﺍﻝﺴﻴﺎﺩﻴﺔ‬ ‫ﺍﻝﻤﺨﺎﻁﺭ‬ ‫ﺴﻘﻑ‬ ‫ﺘﺤﺕ‬ ‫ﺤﻜﻤﺎ‬ ‫ﺍﻝﻤﺅﺴﺴﺎﺕ‬ ‫ﻤﺨﺎﻁﺭ‬ ‫ﺘﻌﺩ‬ ‫ﻝﻡ‬ ‫ﺃﻨﻪ‬.‫ﺒﺎﺯل‬ ‫ﺍﺘﻔﺎﻗﻴﺔ‬ ‫ﻭﺃﺩﺨﻠﺕ‬II‫ﺠﺩﻴﺩﺍ‬ ‫ﺃﻭﻝﻰ‬ ‫ﺠﻬﺔ‬ ‫ﻤﻥ‬ ‫ﺃﻋﻁﺕ‬ ‫ﺤﻴﺙ‬,‫ﺍﻝﻤﺨـﺎﻁﺭ‬ ‫ﻨﻅـﺎﻡ‬ ‫ﺒﺩل‬ ‫ﺫﺍﺘﻴﺎ‬ ‫ﻤﺨﺎﻁﺭﻫﺎ‬ ‫ﻗﻴﺎﺱ‬ ‫ﻓﻲ‬ ‫ﻝﻠﺒﻨﻭﻙ‬ ‫ﺃﻜﺒﺭ‬ ‫ﺤﺭﻴﺔ‬ ‫ﺒﻤﺨـﺎﻁﺭ‬ ‫ﺨﺎﺼـﺔ‬ ‫ﺭﺴﻤﻠﺔ‬ ‫ﺜﺎﻨﻴﺔ‬ ‫ﺠﻬﺔ‬ ‫ﻤﻥ‬ ‫ﻭﻓﺭﻀﺕ‬ ،‫ﺍﻝﺒﻨﻭﻙ‬ ‫ﻜل‬ ‫ﻗﺒل‬ ‫ﻤﻥ‬ ‫ﺤﺎﻝﻴﺎ‬ ‫ﺒﻪ‬ ‫ﺍﻝﻤﻌﻤﻭل‬ ‫ﺍﻝﻭﺤﻴﺩ‬ ‫ﺍﻹ‬ ‫ﻝﻤﺨﺎﻁﺭ‬ ‫ﻤﻁﻠﻭﺒﺔ‬ ‫ﻜﺎﻨﺕ‬ ‫ﺍﻝﺘﻲ‬ ‫ﺍﻝﺭﺴﻤﻠﺔ‬ ‫ﺇﻝﻰ‬ ‫ﺇﻀﺎﻓﺔ‬ ‫ﺍﻝﺘﺸﻐﻴل‬‫ﺍﻝﺴﻭﻕ‬ ‫ﻭﻝﻤﺨﺎﻁﺭ‬ ‫ﻗﺭﺍﺽ‬. ‫ﻴﻠﻲ‬ ‫ﻜﻤﺎ‬ ‫ﺍﻝﺠﺩﻴﺩﺓ‬ ‫ﺍﻝﻤﻼﺀﺓ‬ ‫ﻨﺴﺒﺔ‬ ‫ﺤﺩﺩﺕ‬ ‫ﻭﻝﻘﺩ‬:)21( ‫ﻭ‬‫ﺍﻷﻭﻝﻰ‬ ‫ﺍﻝﺩﻋﺎﻤﺔ‬ ‫ﻴﺨﺹ‬ ‫ﻓﻴﻤﺎ‬ ‫ﺍﻝﺠﺩﻴﺩ‬ ‫ﺍﻝﻤﺎل‬ ‫ﺭﺃﺱ‬ ‫ﺍﺘﻔﺎﻕ‬ ‫ﺒﻬﺎ‬ ‫ﺠﺎﺀ‬ ‫ﺍﻝﺘﻲ‬ ‫ﺍﻻﺘﺠﺎﻫﺎﺕ‬ ‫ﺃﻫﻡ‬:)22( -‫ﺍﻻﺌﺘﻤﺎﻥ؛‬ ‫ﺘﺼﻨﻴﻑ‬ ‫ﻭﻜﺎﻻﺕ‬ ‫ﺘﺼﻨﻴﻔـﺎﺕ‬ ‫ﻤﻥ‬ ‫ﺍﻝﻨﻅﺎﻤﻴﺔ‬ ‫ﺍﻻﺴﺘﻔﺎﺩﺓ‬ -‫ﺍﻝﺩﺍﺨﻠﻴـﺔ‬ ‫ﺍﻝﺘﺼﻨﻴـﻑ‬ ‫ﺃﻨﻅﻤـﺔ‬ ‫ﻤﻥ‬ ‫ﺍﻻﺴﺘﻔﺎﺩﺓ‬. 2-‫ﺍﻝﺘﺸﻐﻴﻠﻴﺔ‬ ‫ﺍﻝﻤﺨﺎﻁﺭ‬ ‫ﻝﻤﻭﺍﺠﻬﺔ‬ ‫ﺍﻝﺭﺃﺴﻤﺎﻝﻴﺔ‬ ‫ﺍﻝﻤﺘﻁﻠﺒﺎﺕ‬: ‫ﺫﺍﺕ‬ ‫ﺘﻜـﻭﻥ‬ ‫ﺃﻥ‬ ‫ﻴﻤﻜﻥ‬ ‫ﺃﺨﺭﻯ‬ ‫ﻤﺨﺎﻁﺭ‬ ‫ﻫﻨﺎﻙ‬ ‫ﺃﻥ‬ ‫ﺇﻝﻰ‬ ‫ﺍﻝﻤﺼﺭﻓﻴﺔ‬ ‫ﺍﻝﻤﻤﺎﺭﺴﺎﺕ‬ ‫ﻓﻲ‬ ‫ﺍﻝﺘﻁﻭﺭ‬ ‫ﺃﻅﻬﺭ‬ ‫ﺍﻝﺴﻭﻕ‬ ‫ﻭﻤﺨﺎﻁﺭ‬ ‫ﺍﻻﺌﺘﻤﺎﻥ‬ ‫ﻤﺨﺎﻁﺭ‬ ‫ﺠﺎﻨﺏ‬ ‫ﺇﻝﻰ‬ ‫ﺃﻫﻤﻴﺔ‬‫ﻭﺃﺴﻌﺎﺭ‬‫ﺍﻝﺘﺸﻐﻴﻠﻴﺔ‬ ‫ﺒﺎﻝﻤﺨﺎﻁﺭ‬ ‫ﺘﻌﺭﻑ‬ ‫ﺍﻝﻔﺎﺌﺩﺓ‬)**( . ‫ﺤﻴﺙ‬‫ﺍﻝﻬﻴﺌـﺎﺕ‬ ‫ﻗﺒل‬ ‫ﻤﻥ‬ ‫ﻤﺘﺴﺎﺭﻉ‬ ‫ﻨﺤﻭ‬ ‫ﻭﻋﻠﻰ‬ ‫ﻤﺘﻌﺎﻅﻤﺔ‬ ‫ﺒﺄﻫﻤﻴﺔ‬ ‫ﺘﺤﻀﻰ‬ ‫ﺍﻝﺘﺸﻐﻴﻠﻴﺔ‬ ‫ﺍﻝﻤﺨﺎﻁﺭ‬ ‫ﺃﺼﺒﺤﺕ‬ ‫ﺍﻝﺩﻭﻝﻴﺔ‬ ‫ﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﻭﺍﻝﻤﺅﺴﺴﺎﺕ‬ ‫ﻭﺍﻝﺒﻨﻭﻙ‬ ‫ﺍﻝﺩﻭﻝﻴﺔ‬...‫ﻁﺒﻴﻌـﺔ‬ ‫ﺘـﺸﻜﻴل‬ ‫ﻓﻲ‬ ‫ﺒﺎﺭﺯ‬ ‫ﺩﻭﺭ‬ ‫ﻝﻬﺎ‬ ‫ﻭﺃﺼﺒﺢ‬ ،‫ﺍﻝﺦ‬ ‫ﺍﻝﻤﻤﺎﺭﺴـﺔ‬ ‫ﻤﻌـﺎﻝﻡ‬ ‫ﻤﻥ‬ ‫ﻫﺎﻤﺎ‬ ‫ﻤﻌﻠﻤﺎ‬ ‫ﺇﺩﺍﺭﺘﻬﺎ‬ ‫ﺠﻌل‬ ‫ﻤﻤﺎ‬ ،‫ﺍﻝﺒﻨﻭﻙ‬ ‫ﻝﻬﺎ‬ ‫ﺘﺘﻌﺭﺽ‬ ‫ﺍﻝﺘﻲ‬ ‫ﺍﻝﻤﺨﺎﻁﺭ‬ ‫ﻭﺤﺩﻭﺩ‬ ‫ﺍﻝﺴﻠﻴ‬ ‫ﺍﻹﺩﺍﺭﻴﺔ‬‫ﻝﻠﻤﺨﺎﻁﺭ‬ ‫ﻤﺔ‬. ‫ﺤﻭل‬ ‫ﻭﺭﻗﺔ‬ ‫ﺒﺎﺯل‬ ‫ﻝﺠﻨﺔ‬ ‫ﻋﻥ‬ ‫ﺼﺩﺭ‬ ‫ﻓﻘﺩ‬ ،‫ﺍﻝﺘﺸﻐﻴﻠﻴﺔ‬ ‫ﻝﻠﻤﺨﺎﻁﺭ‬ ‫ﺍﻝﻤﺘﻨﺎﻫﻴﺔ‬ ‫ﻝﻸﻫﻤﻴﺔ‬ ‫ﻭﻨﻅﺭﺍ‬"‫ﺇﻁـﺎﺭ‬ ‫ﺍﻝﻤﺼﺭﻓﻴﺔ‬ ‫ﺍﻝﻤﺅﺴﺴﺎﺕ‬ ‫ﻓﻲ‬ ‫ﺍﻝﺩﺍﺨﻠﻴﺔ‬ ‫ﺍﻝﺭﻗﺎﺒﻴﺔ‬ ‫ﺍﻷﻨﻅﻤﺔ‬"‫ﻓـﻲ‬ ‫ﺍﻝﻤﺨـﺎﻁﺭ‬ ‫ﻤﻥ‬ ‫ﺍﻝﻨﻭﻉ‬ ‫ﻫﺫﺍ‬ ‫ﺇﺩﺍﺭﺓ‬ ‫ﻝﺘﻌﺯﻴﺯ‬ 1998‫ﻋﻨﻭﺍﻥ‬ ‫ﺘﺤﺕ‬ ‫ﻭﺃﺨﺭﻯ‬ ،"‫ﺍﻝﺘـﺸﻐﻴﻠﻴﺔ‬ ‫ﻝﻠﻤﺨﺎﻁﺭ‬ ‫ﻭﺍﻝﻘﺎﻨﻭﻨﻴﺔ‬ ‫ﺍﻝﺘﻨﻅﻴﻤﻴﺔ‬ ‫ﺍﻝﻤﻌﺎﻝﺠﺔ‬"‫ﺴـﺒﺘ‬ ‫ﻓـﻲ‬‫ﻤﺒﺭ‬ 2001.‫ﺒﻌﻨﻭﺍﻥ‬ ‫ﺃﺨﺭﻯ‬ ‫ﻭﺭﻗﺔ‬ ‫ﻋﻨﻬﺎ‬ ‫ﺼﺩﺭ‬ ‫ﻜﻤﺎ‬"‫ﺍﻝﻤﺨﺎﻁﺭ‬ ‫ﺇﺩﺍﺭﺓ‬ ‫ﻋﻠﻰ‬ ‫ﻝﻺﺸﺭﺍﻑ‬ ‫ﺍﻝﺴﻠﻴﻤﺔ‬ ‫ﺍﻝﻤﻤﺎﺭﺴﺎﺕ‬ ‫ﺍﻝﺘﺸﻐﻴﻠﻴﺔ‬"‫ﻓﻴﻔﺭﻱ‬ ‫ﻓﻲ‬2003.‫ﺭﺃﺱ‬ ‫ﻤﺘﻁﻠﺒﺎﺕ‬ ‫ﻝﻘﻴﺎﺱ‬ ‫ﻁﺭﻕ‬ ‫ﺜﻼﺙ‬ ‫ﺍﻻﺴﺘﺭﺸﺎﺩﻴﺔ‬ ‫ﺒﺎﺯل‬ ‫ﻭﺭﻗﺔ‬ ‫ﺘﺘﻀﻤﻥ‬ ‫ﺍﻝﺼﺎﻓﻴﺔ‬ ‫ﺍﻝﺨﺎﺼﺔ‬ ‫ﺍﻷﻤﻭﺍل‬ ‫ﺍﻝﻤﺎل‬ ‫ﺭﺃﺱ‬ ‫ﻜﻔﺎﻴﺔ‬ ‫ﻤﻌﺩل‬=≤8% Ratio Mac Donough‫ﺍﻻﺌﺘﻤﺎﻥ‬ ‫ﻤﺨﺎﻁﺭ‬+‫ﺍﻝﺴﻭﻕ‬ ‫ﻤﺨﺎﻁﺭ‬+‫ﺍﻝﺘﺸﻐﻴﻠﻴﺔ‬ ‫ﺍﻝﻤﺨﺎﻁﺭ‬ 6.6%0.4%1%
  18. 18. ‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ‬ ‫ﻭﻤﺒﺭﺭﺍﺘﻬﺎ‬ ‫ﺍﻹﺴﻼﻤﻴﺔ‬ ‫ﺍﻝﺘﺠﺎﺭﻴﺔ‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﺼﻴﻎ‬ ‫ﻤﺨﺎﻁﺭ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻝﺭﻗﺎﺒﻴﺔ‬ ‫ﺍﻝﺴﻴﻁﺭﺓ‬ -18- ‫ﻤـﺴﺘﻠﺯﻤﺎﺕ‬ ‫ﻝﺘﻘـﺩﻴﺭ‬ ‫ﺜﺎﻨﻴﺔ‬ ‫ﻤﺭﺤﻠﺔ‬ ‫ﻓﻲ‬ ‫ﺇﻝﻴﻬﺎ‬ ‫ﺘﻠﺠﺄ‬ ‫ﺃﻥ‬ ‫ﻝﻠﺒﻨﻭﻙ‬ ‫ﻴﻤﻜﻥ‬ ‫ﺍﻝﺘﺸﻐﻴﻠﻴﺔ‬ ‫ﺍﻝﻤﺨﺎﻁﺭ‬ ‫ﻤﻘﺎﺒل‬ ‫ﺍﻝﻤﺎل‬ ‫ﺍﻝﺭ‬‫ﺍﻝﻤﺨﺎﻁﺭ‬ ‫ﻤﻥ‬ ‫ﺍﻝﻨﻭﻉ‬ ‫ﻫﺫﺍ‬ ‫ﻝﺘﻐﻁﻴﺔ‬ ‫ﺴﻤﻠﺔ‬:)23( ‫ﻤـﻨﻬﺞ‬ ‫ﺍﻋﺘﻤﺎﺩ‬ ‫ﻓﻲ‬ ‫ﺍﻷﻭل‬ ‫ﺍﻷﺴﻠﻭﺏ‬ ‫ﻴﺘﻤﺜل‬‫ﺍﻝﻤﺅﺸـﺭ‬‫ﺍﻷﺴﺎﺴـﻲ‬(Approche Indicateur de Base)‫ﺍﻝﺨﺎﺼﺔ‬ ‫ﺍﻷﻤﻭﺍل‬ ‫ﺤﺠﻡ‬ ‫ﺘﻜﻭﻴﻥ‬ ‫ﻴﺘﻡ‬ ‫ﺤﻴﺙ‬(Fonds Propres)‫ﺍﻝﺘـﺸﻐﻴﻠﻴﺔ‬ ‫ﺍﻝﻤﺨﺎﻁﺭ‬ ‫ﻝﻤﻘـﺎﺒﻠﺔ‬ ‫ﻁﺭﻴﻕ‬ ‫ﻋﻥ‬‫ﺍ‬‫ﺍﻝﻨــ‬ ‫ﻭﻫـﻭ‬ ‫ﻝﻠﻤﺨﺎﻁﺭ‬ ‫ﺍﻹﺠﻤﺎﻝﻲ‬ ‫ﺍﻝﺘﻌﺭﺽ‬ ‫ﻴﻤﺜل‬ ‫ﻭﺤﻴﺩ‬ ‫ﻤﺅﺸﺭ‬ ‫ﺨﺘﻴﺎﺭ‬‫ﺍﻝﻤـﺼﺭﻓﻲ‬ ‫ﺎﺘﺞ‬ ‫ﺍﻹﺠﻤـﺎﻝﻲ‬(Produit Brut)‫ﻓﻲ‬ ‫ﻭﻀﺭﺒﻪ‬‫ﺍﻝﻤﺨﺎﻁﺭﺓ‬ ‫ﻨﺴﺒﺔ‬(Alpha)‫ﺍﻝﺭﻗﺎﺒﻴـﺔ‬ ‫ﺍﻝﺴﻠﻁﺔ‬ ‫ﺘﺤﺩﺩﻫﺎ‬ ‫ﺍﻝﺘﻲ‬ ‫ﺒﻴﻥ‬ ‫ﺘﺘﺭﺍﻭﺡ‬ ‫ﻭﺍﻝﺘﻲ‬12‫ﻭ‬20%. ‫ﺍﻝﺘﺎﻝﻴﺔ‬ ‫ﺍﻝﺭﻴﺎﻀﻴﺔ‬ ‫ﺒﺎﻝﻌﻼﻗﺔ‬ ‫ﺫﻝﻙ‬ ‫ﻋﻥ‬ ‫ﺍﻝﺘﻌﺒﻴﺭ‬ ‫ﻴﻤﻜﻥ‬ ‫ﻭ‬: -‫ﺍﻝﻤﻌﻴﺎﺭﻱ‬ ‫ﺍﻝﻤﻨﻬﺞ‬ ‫ﻓﻬﻭ‬ ،‫ﺍﻝﺜﺎﻨﻲ‬ ‫ﺍﻷﺴﻠﻭﺏ‬ ‫ﺃﻤﺎ‬(Approche Standardisée)‫ﺍﻝﺒﻨﻙ‬ ‫ﻴﻌﺘﻤﺩ‬ ‫ﺍﻝﺫﻱ‬‫ﻓﻴﻪ‬ ‫ﻨﺸﺎﻁﻪ‬ ‫ﺃﻨﻭﺍﻉ‬ ‫ﻤﻥ‬ ‫ﻨﻭﻉ‬ ‫ﻜل‬ ‫ﺘﺨﺹ‬ ‫ﻤﺅﺸﺭﺍﺕ‬ ‫ﻋﺩﺓ‬ ‫ﻋﻠﻰ‬)،‫ﺍﻝﺘﺠـﺎﺭﺓ‬ ‫ﺘﻤﻭﻴـل‬ ،‫ﺍﻝـﺸﺭﻜﺎﺕ‬ ‫ﺘﻤﻭﻴل‬ ‫ﻭﺍﻝﺘﺴﻭﻴﺔ‬ ‫ﺍﻝﻤﺩﻓﻭﻋﺎﺕ‬ ،‫ﻝﻸﻓﺭﺍﺩ‬ ‫ﺍﻝﻤﺼﺭﻓﻴﺔ‬ ‫ﺍﻝﺨﺩﻤﺎﺕ‬...‫ﺍﻝﺦ‬(‫ﻤﺨﺎﻁﺭﺓ‬ ‫ﻨﺴﺒﺔ‬ ‫ﻋﻠﻴﻬﺎ‬ ‫ﻭﻴﻁﺒﻕ‬(Bêta) ‫ﺍﻝﺭﻗﺎﺒﻴﺔ‬ ‫ﺍﻝﺴﻠﻁﺔ‬ ‫ﺃﻴﻀﺎ‬ ‫ﺘﺤﺩﺩﻫﺎ‬.‫ﻝﻤﻭﺍﺠﻬـﺔ‬ ‫ﺍﻝﻼﺯﻤـﺔ‬ ‫ﺍﻝﺭﺃﺴـﻤﺎﻝﻴﺔ‬ ‫ﺍﻝﻤﺘﻁﻠﺒـﺎﺕ‬ ‫ﺃﻥ‬ ‫ﺫﻝﻙ‬ ‫ﻭﻴﻌﻨﻲ‬ ‫ﺍﻝﺘﺸﻐﻴﻠﻴﺔ‬ ‫ﺍﻝﻤﺨﺎﻁﺭ‬‫ﻴﺘﻡ‬ ‫ﺍﻝﺘﻲ‬ ‫ﺍﻝﻤﻁﻠﻭﺒﺔ‬ ‫ﺍﻝﺨﺎﺼﺔ‬ ‫ﺍﻷﻤﻭﺍل‬ ‫ﻝﻤﺠﻤﻭﻉ‬ ‫ﻤﺴﺎﻭﻴﺔ‬ ‫ﺍﻝﺤﺎﻝﺔ‬ ‫ﻫﺫﻩ‬ ‫ﻓﻲ‬ ‫ﺘﻜﻭﻥ‬ ‫ﺍﻝﺒﻨﻙ‬ ‫ﻨﺸﺎﻁﺎﺕ‬ ‫ﻤﻥ‬ ‫ﻓﺌﺔ‬ ‫ﺃﻭ‬ ‫ﻨﻭﻉ‬ ‫ﻝﻜل‬ ‫ﺤﺴﺎﺒﻬﺎ‬.‫ﻴﻠﻲ‬ ‫ﻜﻤﺎ‬ ‫ﻴﻜﻭﻥ‬ ‫ﺭﻴﺎﻀﻴﺎ‬ ‫ﻋﻨﻬﺎ‬ ‫ﻭﺍﻝﺘﻌﺒﻴﺭ‬: ‫ﺤﻴﺙ‬:i‫ﺍﻝﻨﺸﺎﻁ‬ ‫ﻓﺌﺔ‬ ‫ﺘﻤﺜل‬. ‫ﻫﻤـﺎ‬ ‫ﺸﺭﻁﻴﻥ‬ ‫ﺘﻭﻓﺭ‬ ‫ﻤﻥ‬ ‫ﺒﺩ‬ ‫ﻻ‬ ‫ﺍﻷﺴﻠﻭﺏ‬ ‫ﻫﺫﺍ‬ ‫ﺍﺴﺘﺨﺩﺍﻡ‬ ‫ﻤﻥ‬ ‫ﺍﻝﺒﻨﻙ‬ ‫ﺇﺩﺍﺭﺓ‬ ‫ﺘﺘﻤﻜﻥ‬ ‫ﻭﻝﻜﻲ‬:‫ﻭﺠـﻭﺩ‬ ‫ﻓ‬ ‫ﻤﺨﺎﻁﺭ‬ ‫ﺇﺩﺍﺭﺓ‬‫ﺍﻝﻤـﺎل‬ ‫ﺭﺃﺱ‬ ‫ﺃﻥ‬ ‫ﻤـﻥ‬ ‫ﺍﻝﺘﺤﻘـﻕ‬ ‫ﻭﻜـﺫﻝﻙ‬ ‫ﺇﺠﺭﺍﺀﺍﺕ‬ ‫ﻭﻭﺠﻭﺩ‬ ،‫ﺼﺎﺭﻤﺔ‬ ‫ﻭﺭﻗﺎﺒﺔ‬ ‫ﻌﺎﻝﺔ‬ ‫ﺒﺎﻝﻔﻌل‬ ‫ﺍﻝﺘﺸﻐﻴﻠﻴﺔ‬ ‫ﺍﻝﻤﺨﺎﻁﺭ‬ ‫ﺒﻌﺽ‬ ‫ﻴﻐﻁﻲ‬ ‫ﺍﻝﻤﺤﺘﺴﺏ‬. -‫ﺍﻝﺘﻘـﺩﻴﺭ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻹﻗﺭﺍﺽ‬ ‫ﻤﺨﺎﻁﺭ‬ ‫ﻓﻲ‬ ‫ﻜﻤﺎ‬ ‫ﻭﺘﻘﻭﻡ‬ ،‫ﺍﻝﻤﺘﻘﺩﻡ‬ ‫ﺍﻝﻘﻴﺎﺱ‬ ‫ﻤﻨﻬﺞ‬ ‫ﻫﻲ‬ ‫ﺍﻝﺜﺎﻝﺜﺔ‬ ‫ﺍﻝﻁﺭﻴﻘﺔ‬ ‫ﺃﻤﺎ‬ ‫ﺍﻝﺩﺍﺨ‬ ‫ﺍﻝﻨﻤـﺎﺫﺝ‬ ‫ﺒﺎﺴـﺘﺨﺩﺍﻡ‬ ‫ﺍﻝﺒﻨﻭﻙ‬ ‫ﺇﺩﺍﺭﺍﺕ‬ ‫ﻗﺒل‬ ‫ﻤﻥ‬ ‫ﺍﻝﺘﺸﻐﻴﻠﻴﺔ‬ ‫ﻝﻠﻤﺨﺎﻁﺭ‬ ‫ﺍﻝﺫﺍﺘﻲ‬‫ﻻﺤﺘـﺴﺎﺏ‬ ‫ﻠﻴـﺔ‬ ‫ﻤﺨـﺎﻁﺭ‬ ‫ﻨـﺴﺒﺔ‬ ‫ﺍﻝﺤﺎﻝـﺔ‬ ‫ﻫﺫﻩ‬ ‫ﻓﻲ‬ ‫ﻭﻴﻁﺒﻕ‬ ،‫ﺍﻝﺘﺸﻐﻴﻠﻴﺔ‬ ‫ﺍﻝﻤﺨﺎﻁﺭ‬ ‫ﻝﻤﻭﺍﺠﻬﺔ‬ ‫ﺍﻝﻤﺎل‬ ‫ﺭﺃﺱ‬ ‫ﻤﺘﻁﻠﺒﺎﺕ‬ (Gamma).‫ﻁﺭﻴﻘـﺔ‬ ،‫ﺍﻝﺨﺴﺎﺌﺭ‬ ‫ﺘﻭﺯﻴﻊ‬ ‫ﻤﻨﻬﺞ‬ ،‫ﺍﻝﺩﺍﺨﻠﻲ‬ ‫ﺍﻝﻘﻴﺎﺱ‬ ‫ﻤﻨﻬﺞ‬ ‫ﺃﻫﻤﻬﺎ‬ ‫ﻁﺭﻕ‬ ‫ﻋﺩﺓ‬ ‫ﻭﺘﻭﺠﺩ‬ ‫ﺍﻝﻨﻘﺎﻁ‬ ‫ﺒﻁﺎﻗﺎﺕ‬. ‫ﺍﻝﺨﺎﺼﺔ‬ ‫ﺍﻷﻤﻭﺍل‬ (FP) = α ×‫ﺍﻹﺠﻤﺎﻝﻲ‬ ‫ﺍﻝﻨﺎﺘﺞ‬ (PB). (FP) =‫ﺍﻝﺨﺎﺼﺔ‬ ‫ﺍﻷﻤﻭﺍل‬ Σ FPi =Σ βi × Indicateur i ‫ﺍﻝﻤﺨﺎﻁﺭﺓ‬ ‫ﻤﺅﺸﺭ‬
  19. 19. ‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ‬ ‫ﻭﻤﺒﺭﺭﺍﺘﻬﺎ‬ ‫ﺍﻹﺴﻼﻤﻴﺔ‬ ‫ﺍﻝﺘﺠﺎﺭﻴﺔ‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﺼﻴﻎ‬ ‫ﻤﺨﺎﻁﺭ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻝﺭﻗﺎﺒﻴﺔ‬ ‫ﺍﻝﺴﻴﻁﺭﺓ‬ -19- ‫ﺭﻗﻡ‬ ‫ﺍﻝﺸﻜل‬)4(:‫ﺍﻝﺘﺸﻐﻴﻠﻴﺔ‬ ‫ﺍﻝﻤﺨﺎﻁﺭ‬ ‫ﻤﻘﺎﺒل‬ ‫ﺍﻝﻤﺎل‬ ‫ﺭﺃﺱ‬ ‫ﻤﺘﻁﻠﺒﺎﺕ‬ ‫ﻗﻴﺎﺱ‬ ‫ﻁﺭﻕ‬ Source: Comité de Bâle sur le Contrôle Bancaire, Vue d’ensemble du nouvel accord de Bâle sur les fonds propres, Op.cit. ‫ﺨﺎﻤﺴﺎ‬‫ـ‬‫ﺍﻝﻤﺒﺭﺭﺍﺕ‬‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ‬‫ﺍﻝﻤﺼﺭﻓﻴﺔ‬ ‫ﻝﻠﺭﻗﺎﺒﺔ‬: ‫ﺍﻝﻜﺜﻴﺭ‬ ‫ﺒﺩﻤﺞ‬ ‫ﻤﻴل‬ ‫ﻫﻨﺎﻙ‬ ‫ﻓﺈﻥ‬ ‫ﻭﺒﺎﻝﺘﺎﻝﻲ‬ ،‫ﻝﺩﻴﻬﺎ‬ ‫ﺍﻝﻤﺘﺭﺍﻜﻤﺔ‬ ‫ﺍﻷﺼﻭل‬ ‫ﺤﺠﻡ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻝﺒﻨﻭﻙ‬ ‫ﻋﺎﺌﺩ‬ ‫ﻴﻌﺘﻤﺩ‬ ‫ﺃ‬ ‫ﻤﻥ‬‫ﺍﻝﻤـﺼﺭﻓﻴﺔ‬ ‫ﺍﻝﻌﻤﻠﻴـﺎﺕ‬ ‫ﺇﺠﺭﺍﺀ‬ ‫ﻴﺼﺎﺤﺏ‬ ‫ﻝﻤﺎ‬ ‫ﻭﻨﻅﺭﺍ‬ ،‫ﺍﻝﺒﻨﻙ‬ ‫ﺃﻤﻭﺍل‬ ‫ﻤﻥ‬ ‫ﺒﺎﻝﻘﻠﻴل‬ ‫ﺍﻝﻤﻭﺩﻋﻴﻥ‬ ‫ﻤﻭﺍل‬ ‫ﻝﻠﻤﺭﺍﺠﻌـﺔ‬ ‫ﺃﺴﺱ‬ ‫ﻭﻀﻊ‬ ‫ﻴﺴﺘﻠﺯﻡ‬ ‫ﺍﻷﻤﺭ‬ ‫ﻓﺈﻥ‬ ،‫ﻤﺘﻌﺩﺩﺓ‬ ‫ﻤﺨﺎﻁﺭ‬ ‫ﻤﻥ‬ ‫ﺍﻻﻝﻜﺘﺭﻭﻨﻴﺔ‬ ‫ﺍﻝﺩﻓﻊ‬ ‫ﻭﺴﺎﺌل‬ ‫ﻭﺇﺼﺩﺍﺭ‬ ‫ﺫﺍﺕ‬ ‫ﺍﻝﺠﻬـﺎﺕ‬ ‫ﻤﺨﺘﻠـﻑ‬ ‫ﻝﻤـﺴﺅﻭﻝﻴﺎﺕ‬ ‫ﺍﻝﺩﻗﻴﻕ‬ ‫ﻭﺍﻝﺘﺤﺩﻴﺩ‬ ‫ﺍﻝﻤﺨﺎﻁﺭ‬ ‫ﻝﻬﺫﻩ‬ ‫ﺒﺎﻝﺸﻔﺎﻓﻴﺔ‬ ‫ﺍﻝﻤﺘﻤﺘﻊ‬ ‫ﻭﻝﻺﺩﺍﺭﺓ‬ ‫ﻭ‬ ‫ﺒﻬﺎ‬ ‫ﺍﻝﻌﻼﻗﺔ‬‫ﺍﻝﺒﻴﺎﻨـﺎﺕ‬ ‫ﻋﻠـﻰ‬ ‫ﻭﺇﻁﻼﻋـﻪ‬ ‫ﺍﻝﺒﻨﻙ‬ ‫ﻤﻥ‬ ‫ﺘﺭﺨﻴﺹ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻝﺤﺼﻭل‬ ‫ﻤﻥ‬ ‫ﺫﻝﻙ‬ ‫ﻴﺴﺘﻠﺯﻤﻪ‬ ‫ﻤﺎ‬ ‫ﺍﻝﻼﺯﻤﺔ‬. 1-‫ﺍﻝﻌﺎﻤﺔ‬ ‫ﺍﻝﻤﺨﺎﻁﺭ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻝﺴﻴﻁﺭﺓ‬: ‫ﻭﺍﻝﻨﺎﺘﺠﺔ‬ ،‫ﺒﺄﺴﺭﻩ‬ ‫ﺍﻝﻤﺩﻓﻭﻋﺎﺕ‬ ‫ﻨﻅﺎﻡ‬ ‫ﺇﺭﺒﺎﻙ‬ ‫ﺇﻝﻰ‬ ‫ﺘﺅﺩﻱ‬ ‫ﺍﻝﺘﻲ‬ ‫ﺍﻝﻤﺨﺎﻁﺭ‬ ‫ﺘﻠﻙ‬ ‫ﻫﻲ‬ ‫ﺍﻝﻌﺎﻤﺔ‬ ‫ﺍﻝﻤﺨﺎﻁﺭ‬ ‫ﺼﻐﻴﺭﺍ‬ ‫ﻜﺎﻥ‬ ‫ﻭﻝﻭ‬ ‫ﺤﺘﻰ‬ ‫ﺒﻨﻙ‬ ‫ﺴﻘﻭﻁ‬ ‫ﻋﻥ‬.‫ﻤﻨﻬﺎ‬ ‫ﺍﻝﻬﺩﻑ‬ ‫ﺍﻝﻤﺨﺎﻁﺭ‬ ‫ﻫﺫﻩ‬ ‫ﻋﻠﻰ‬ ‫ﻭﺍﻝﺭﻗﺎﺒﺔ‬:)24( -‫ﺴﻼﻤﺔ‬ ‫ﻤﻥ‬ ‫ﺍﻝﺘﺄﻜﺩ‬‫ﺍﻝﻭﻀﻊ‬‫ﺍﻝﻜﻔﺎﺀﺓ‬ ‫ﻤﻥ‬ ‫ﺍﻝﺘﺄﻜﺩ‬ ‫ﺨﺎﺼﺔ‬ ‫ﻭﺒﺼﻭﺭﺓ‬ ،‫ﻤﺎﻝﻴﺔ‬ ‫ﻭﻤﺅﺴﺴﺔ‬ ،‫ﺒﻨﻙ‬ ‫ﺒﻜل‬ ‫ﺍﻝﻤﺎﻝﻲ‬ ‫ﺍﻝﻘﻴـﺎﻡ‬ ‫ﻋﻠـﻰ‬ ‫ﺍﻝﻤﺎﻝﻴـﺔ‬ ‫ﻭﺍﻝﻤﺅﺴـﺴﺎﺕ‬ ‫ﺍﻝﺒﻨـﻭﻙ‬ ‫ﺘﻠﻙ‬ ‫ﻭﻗﺎﺒﻠﻴﺔ‬ ‫ﺍﻝﻼﺯﻤﺔ‬ ‫ﺍﻝﺴﻴﻭﻝﺔ‬ ‫ﻭﻀﻤﺎﻥ‬ ‫ﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﻭﺃﻋﺒﺎﺌﻬﺎ؛‬ ،‫ﺒﺎﻝﺘﺯﺍﻤﺎﺘﻬﺎ‬ -‫ﺍﻝﺒﻨﻭﻙ‬ ‫ﺃﻥ‬ ‫ﻤﻥ‬ ‫ﺍﻝﺘﺤﻘﻕ‬‫ﺘﺘﻘﻴﺩ‬،‫ﺍﻝﻤﺭﻜﺯﻱ‬ ‫ﺍﻝﺒﻨﻙ‬ ‫ﻋﻥ‬ ‫ﺍﻝﺼﺎﺩﺭﺓ‬ ‫ﻭﺍﻷﻨﻅﻤﺔ‬ ‫ﺒﺎﻝﻘﻭﺍﻨﻴﻥ‬‫ﺍﻝﻭﺠﻭﺩ‬ ‫ﻭﻤﺘﺎﺒﻌﺔ‬ ‫ﻤﺘﻐﻴﺭﺍﺕ‬ ‫ﻤﻥ‬ ‫ﻴﻭﺍﺠﻬﻪ‬ ‫ﻭﻤﺎ‬ ‫ﻝﻠﺒﻨﻙ‬ ‫ﻭﺍﻻﻋﺘﺒﺎﺭﻱ‬ ‫ﺍﻝﻘﺎﻨﻭﻨﻲ‬. 2-‫ﺍﻷﺴﻭﺍﻕ‬ ‫ﻓﻲ‬ ‫ﺍﻝﻌﺎﻤﺔ‬ ‫ﺍﻝﺜﻘﺔ‬ ‫ﺩﻋﻡ‬: ‫ﻜﺒﻴﺭﺓ‬ ‫ﻤﺭﺘﻔﻊ‬‫ﺍﻷﺴﺎﺴﻲ‬ ‫ﺍﻝﻤﺅﺸﺭ‬ ‫ﻤﻨﻬﺞ‬Approche Indicateur de Base ‫ﺍﻝﻤﻌﻴـﺎﺭﻱ‬ ‫ﺍﻝﻤﻨﻬﺞ‬Approche Standardisée ‫ﺍﻝﺩﺍﺨﻠﻲ‬ ‫ﺍﻝﻘﻴﺎﺱ‬ ‫ﻤﻨﻬﺞ‬Approche Mesure Interne ‫ﺍﻝﻤﺎل‬ ‫ﺭﺃﺱ‬ Capital ‫ﺍﻝﻤﻨﻅﻤﺔ‬ ‫ﺘﻌﻘﻴﺩ‬ ‫ﺩﺭﺠﺔ‬ Complexité de l’organisation
  20. 20. ‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ‬ ‫ﻭﻤﺒﺭﺭﺍﺘﻬﺎ‬ ‫ﺍﻹﺴﻼﻤﻴﺔ‬ ‫ﺍﻝﺘﺠﺎﺭﻴﺔ‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﺼﻴﻎ‬ ‫ﻤﺨﺎﻁﺭ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻝﺭﻗﺎﺒﻴﺔ‬ ‫ﺍﻝﺴﻴﻁﺭﺓ‬ -20- ،‫ﺍﻝﻤﺎﻝﻴـﺔ‬ ‫ﺍﻝﻭﺴﺎﺌﻁ‬ ‫ﻓﻲ‬ ‫ﺍﻝﺠﻤﻬﻭﺭ‬ ‫ﺜﻘﺔ‬ ‫ﺍﻷﺴﻭﺍﻕ‬ ‫ﻜﻔﺎﺀﺓ‬ ‫ﻋﻠﻴﻬﺎ‬ ‫ﺘﻌﺘﻤﺩ‬ ‫ﺍﻝﺘﻲ‬ ‫ﺍﻷﺴﺎﺴﻴﺔ‬ ‫ﺍﻝﻤﺒﺎﺩﺉ‬ ‫ﻤﻥ‬ ‫ﺍﻝﻤﺅﺴﺴﺎﺕ‬ ‫ﻫﺫﻩ‬ ‫ﺘﺭﺍﺒﻁ‬ ‫ﻭﺘﻜﺎﻤل‬ ‫ﺴﻼﻤﺔ‬ ‫ﻋﻠﻰ‬ ‫ﺒﺩﻭﺭﻫﺎ‬ ‫ﺘﻌﺘﻤﺩ‬ ‫ﺍﻷﺨﻴﺭﺓ‬ ‫ﻫﺫﻩ‬.‫ﺍﻝﺜﻘﺔ‬ ‫ﺘﻘﻭﻱ‬ ‫ﺤﻴﺙ‬‫ﺍﻝﻌﺎﻤـﺔ‬ ‫ﺍﺴﺘﻘﺭﺍﺭ‬ ‫ﻤﺎﻝﻴﺔ‬ ‫ﻜﻔﺎﺀﺓ‬ ‫ﺼﻭﺭﺓ‬ ‫ﻓﻲ‬ ‫ﺫﻝﻙ‬ ‫ﻤﻥ‬ ‫ﺒﻤﺠﻤﻠﻪ‬ ‫ﺍﻝﻤﺠﺘﻤﻊ‬ ‫ﻭﻴﺴﺘﻔﻴﺩ‬ ‫ﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﺍﻝﻭﺴﺎﺌﻁ‬ ‫ﻓﻲ‬. ‫ﺴﺎﺩﺴﺎ‬‫ـ‬‫ﺍﻹﺴﻼﻤﻴﺔ‬ ‫ﺍﻝﺒﻨﻭﻙ‬ ‫ﻋﻠﻰ‬ ‫ﻭﺍﻹﺸﺭﺍﻑ‬ ‫ﺍﻝﺭﻗﺎﺒﺔ‬:‫ﺍﻝﻭﻀﻊ‬‫ﺍﻝﺩﻭﻝﻴﺔ‬ ‫ﺍﻝﻤﻌﺎﻴﻴﺭ‬ ‫ﻭﺼﻼﺤﻴﺔ‬ ‫ﺍﻝﺤﺎﻝﻲ‬ ‫ﺍﻝﻤﻌـﺎﻴﻴﺭ‬ ‫ﺒﻌـﺽ‬ ‫ﻓﺈﻥ‬ ‫ﻭﻝﻬﺫﺍ‬ ،‫ﺍﻝﺘﻘﻠﻴﺩﻴﺔ‬ ‫ﺍﻝﺒﻨﻭﻙ‬ ‫ﻤﺨﺎﻁﺭ‬ ‫ﻋﻥ‬ ‫ﺍﻹﺴﻼﻤﻴﺔ‬ ‫ﺍﻝﺒﻨﻭﻙ‬ ‫ﻤﺨﺎﻁﺭ‬ ‫ﺘﺨﺘﻠﻑ‬ ‫ﺍﻝﺭﻗﺎﺒﻴﺔ‬‫ﺍﻝﺘﻤﻭﻴﻠﻴﺔ‬ ‫ﺼﻴﻐﻬﺎ‬ ‫ﻤﺨﺎﻁﺭ‬ ‫ﻁﺒﻴﻌﺔ‬ ‫ﻻﺨﺘﻼﻑ‬ ‫ﺍﻹﺴﻼﻤﻴﺔ‬ ‫ﺍﻝﺒﻨﻭﻙ‬ ‫ﺘﻨﺎﺴﺏ‬ ‫ﻻ‬ ‫ﻗﺩ‬. 1-‫ﺍﻹﺴﻼﻤﻴﺔ‬ ‫ﺍﻝﺒﻨﻭﻙ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻝﺭﻗﺎﺒﺔ‬ ‫ﺃﺴﺒﺎﺏ‬: ‫ﺍﻝﺘﺎﻝﻴﺔ‬ ‫ﻝﻸﺴﺒﺎﺏ‬ ‫ﻭﺫﻝﻙ‬ ،‫ﻀﺭﻭﺭﻴﺔ‬ ‫ﻤﺴﺄﻝﺔ‬ ‫ﻝﻠﺭﻗﺎﺒﺔ‬ ‫ﺍﻹﺴﻼﻤﻴﺔ‬ ‫ﺍﻝﺒﻨﻭﻙ‬ ‫ﺨﻀﻭﻉ‬ ‫ﺇﻥ‬:)25( -‫ﺍﻝﻭﻁﻨﻲ؛‬ ‫ﺍﻻﻗﺘﺼﺎﺩ‬ ‫ﻓﻲ‬ ‫ﺍﻝﻌﺎﻤﻠﺔ‬ ‫ﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﺍﻝﻤﺅﺴﺴﺎﺕ‬ ‫ﺴﻠﺴﻠﺔ‬ ‫ﻤﻥ‬ ‫ﺤﻠﻘﺔ‬ ‫ﺍﻹﺴﻼﻤﻴﺔ‬ ‫ﺍﻝﺒﻨﻭﻙ‬ -‫ﻝﻠ‬‫ﻭﺍﻷﻋﻤـﺎل‬ ‫ﺍﻷﻨـﺸﻁﺔ‬ ‫ﻏﺎﻝﺒﻴﺔ‬ ‫ﻓﻲ‬ ‫ﺘﺴﺎﻫﻡ‬ ‫ﻜﻭﻨﻬﺎ‬ ‫ﺍﻝﻭﻁﻨﻲ‬ ‫ﺍﻻﻗﺘﺼﺎﺩ‬ ‫ﻋﻠﻰ‬ ‫ﺘﺄﺜﻴﺭ‬ ‫ﺍﻹﺴﻼﻤﻴﺔ‬ ‫ﺒﻨﻭﻙ‬ ‫ﺍﻝﺒﻠﺩ؛‬ ‫ﻓﻲ‬ ‫ﺍﻝﻤﻭﺠﻭﺩﺓ‬ -‫ﺨـﻀﻭﻋﻬﺎ‬ ‫ﻤـﻥ‬ ‫ﻻﺒـﺩ‬ ‫ﺍﻝﻐﻴﺭ‬ ‫ﺃﻤﻭﺍل‬ ‫ﻋﻠﻰ‬ ‫ﻭﺤﻔﻅﺎ‬ ،‫ﺍﻝﻐﻴﺭ‬ ‫ﺃﻤﻭﺍل‬ ‫ﻓﻲ‬ ‫ﺍﻹﺴﻼﻤﻴﺔ‬ ‫ﺍﻝﺒﻨﻭﻙ‬ ‫ﺘﺘﻌﺎﻤل‬ ‫ﺍﻝﻤﺼﺭﻓﻴﺔ؛‬ ‫ﻝﻠﺭﻗﺎﺒﺔ‬ -‫ﺍﻷ‬ ‫ﻭﻫﺫﻩ‬ ،‫ﺍﻝﻨﻘﺩﻴﺔ‬ ‫ﺍﻝﺴﻴﺎﺴﺔ‬ ‫ﻓﻲ‬ ‐

×